The end of the financial year is a time when there are many competing priorities.
There are many key dates that business owners need to be aware of to ensure they are meeting all these compliance and business deadlines in a timely manner.
To help you we have outlined a variety of key dates and deadlines for you to diarise.
So be sure to consult with your registered BAS and Tax agent to help you with your lodgement obligations.
Key tax dates for businesses
1 April 2024
Firstly, ensure that you have diarised the best date to pay quarter 3, 2023-24 super guarantee contributions to meet the 28 April deadline.
Secondly, always allow between 7 and 10 days for clearing houses to make these payments to the employee fund.
21 April 2024
Lodge and pay quarter 3, 2023–24 PAYG instalment activity statement
Lodge and pay March 2024 monthly business activity statement.
28 April
Lodge and pay quarter 3, 2023–24 activity statement
Pay quarter 3, 2023–24 pay as you go instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.
It’s also the deadline for super guarantee contributions for quarter 3, 2023–24 to an employee’s fund.
Note: Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 May 2024.
21 May
Lodge and pay April 2024 monthly business activity statement.
Lodge and pay Fringe benefits tax annual return if lodging by paper.
26 May
Lodge and pay eligible quarter 3, 2023–24 activity statements if you or your client have elected to receive and lodge electronically.
28 May
Lodge and pay quarter 3, 2023–24 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.
Note: Employers who lodge a Superannuation guarantee charge statement can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
21 June
Lodge and pay May 2024 monthly business activity statement.
30 June
Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2023–24 financial year.
14 July
End of year Single Touch Payroll finalisation declaration is due 14 July. You can then notify your employees they can access their income statements via mygov.
Don’t forget TPAR
Businesses and government entities who make payments to contractors may need to report these payments and lodge a Taxable payments annual report (TPAR).
Contractors can include subcontractors, consultants and independent contractors. They can operate as sole traders (individuals), companies, partnerships or trusts.
Also, a TPAR must be lodged by 28 August each year.
Also don’t forget payroll tax
Payroll tax payment dates is one element that employers must be familiar with.
When those specific dates are, however, depends on your specific obligations and your state, as this is a state based tax.
Contact your advisor further information
Stay organised and on-track
Keeping up to date with your business tax obligations can be challenging but is nevertheless absolutely necessary to avoid being penalised by the ATO.
Tips to help you stay on top of things:
- Create a schedule (and stick to it!) — this should include all key dates and deadlines for EOFY
- Keep records — maintaining accurate records of all financial transactions will make it easier for you to assess your tax position, report to the ATO or adequately respond should you ever be faced with an audit
- Get a professional on board — unless you’re a qualified expert, you’re at risk of getting things wrong. Eliminate your risk and make tax time much simpler by engaging a bookkeeper/BAS Agent and accountant or tax agent ahead of time
End of financial year can be a stressful time of year, but it doesn’t have to be
Familiarise yourself with the key tax dates that are most important to your business. Organise your tax time activities around these dates. Also consider engaging a professional so that you can maintain compliance without the hassle.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
MYOB is not a registered entity pursuant to the Tax Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BAS return or annual tax statements then you should consult with your accountant or other registered tax adviser.
