The new financial year is here: important dates for business owners | business.gov.au
It’s the beginning of the new financial year again, so here are a few important due dates you might need to remember as a business owner.
Income tax return
Your business needs to lodge an income tax return. The due date depends on your business structure:
- Sole traders, partnerships and trusts – your tax return is due by 31 October, unless you use a tax agent to lodge.
- Companies – if you lodge the company tax return yourself, you need to check the due date. Generally the due date for small companies is 28 February. If you lodge through a registered tax agent, they’ll tell you when to lodge.
Do you have workers?
If you have employees you’ll need to:
- Give them a payment summary by 14 July.
- Lodge a PAYG withholding annual report by 14 August.
- Pay quarterly superannuation contributions by 28 July.
It’s also a good idea to check you’re using the right rates when paying your employees for the new financial year. You can check the tax tables and tax withheld calculator on the Australian Taxation Office (ATO) website.
Are you registered for Goods and Service Tax?
- Quarterly BAS – If you’re registered for quarterly GST, your BAS is due on 28 July.
- Monthly BAS – If you’re registered monthly, the due date is usually the 21st day of the following month.
Find your BAS due date on the ATO website.
GST annual return
In some cases businesses opt to report GST annually.
- If you have chosen to do a GST annual return, the due date will be shown on the form, and is usually the same date your income tax return is due.
- If you don’t need to lodge an income tax return, the due date will be 28 February following the end of the annual tax period.
GST annual return due dates can be found on the ATO website.
Are you in the building and construction industry?
Businesses in the building and construction industry need to complete a Taxable payments annual report by 28 August.
Find out more:
- See our information on other essential tasks at the end of financial year.