Business owners already have a million-and-one things to think about all year round, let alone memorising EOFY dates when tax time rolls around. We’ve collated upcoming key dates to add to your diary for the current financial year in Australia.
8 May – new federal budget is released
The announcement of the new federal budget is either a cause for celebration or commiseration depending on your business structure and industry. It’s good to remember this date so that you have time to wrap your head around new budget initiatives and regulations before they take effect, and start planning accordingly.
21/28 May – Fringe Benefits Tax return due
If you provide employees with benefits like cars, gym memberships, entertainment or other expenses, you may be liable to pay Fringe Benefits Tax (FBT) and need to file a paper return before 21 May. Lodging your FBT return electronically through a tax agent? That buys you a little more time – up until 25 June.
30 June – end of financial year in Australia
By now you should have started getting your ducks in a row for your tax return and planning for the new year. Make sure you have your payroll reconciled, superannuation payments made, and all your accounts in order. If you deal with stock, you’ll also need to do a stocktake to ensure your recorded inventory levels match your actual stock numbers (for tax liability purposes).
16 July – PAYG payment summaries to be provided to employees
Payment summaries are needed for your employees to lodge their tax returns, so it goes without saying that the ATO is strict on the due date for these. Reconcile your payroll if you haven’t already done so before generating your PAYG payment summaries to make sure all yearly totals for wages and taxes are correct.
28 July – quarterly BAS due
If you lodge business activity statements on a quarterly basis, your BAS for April, May, and June is due on 28 July. Businesses that report monthly should lodge statements by the 21st of the following month.
28 August – taxable payments annual report due
If your business is in the construction or building industry and you have paid contractors for building or construction services at any point throughout the year, you’ll need to lodge a taxable payments annual report. You can lodge online or by mailing in a paper form.
For many SMEs, managing tax obligations at the end of the financial year is a logistical headache. Consider hiring accounting, finance or administrative staff on a contract basis to ensure you remain compliant and well prepared for the financial year ahead.
READ MORE: Why hire contract workers?