Key Tax Deadline In Australia
There's a lot to think about when you're running a business. So pop these key tax deadlines for Australia 2023 - 2024 financial year into the calendar or bookmark this page so that you stay on track and avoid any problems. Note, these key due dates are for businesses with a balance date of 30 June and are to be used as a guide only. Contact your accountant for due dates as they relate to your situation.
Date | Details |
|---|---|
15 Jan | Income tax returns due for medium-large taxpayers (annual total income was more than $10 million in latest lodgement year). Please note, although lodgement isn't due until this date, payment is due earlier on 1 Dec |
21 Jan | |
28 Jan | |
21 Feb | |
21 Feb | |
28 Feb | Income tax returns due for medium-large taxpayers (annual total income was more than $10 million in last lodgement year) that were non-taxable in latest year lodged. Newly registered medium-large taxpayers also have this lodgement deadline. |
21 Mar | |
31 Mar | Income tax returns due for all entities whose latest return resulted in a tax liability of $20,000 or more (excluding medium/large entities who have an earlier lodgement date). |
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What tax due dates apply for businesses in Australia?
In Australia, business owners file their income tax returns between 1 July to 31 October unless you’re registered with a tax agent. If you’re registered with a tax agent before 31 October, your tax return deadline may be extended until 15 May the following year.
There are also some important tax deadlines in Australia for you to remember:
- Goods and Services Tax (GST)
- Business Activity Statements (BAS)
- Fringe Benefits Tax (FBT)
- Pay-As-You-Go (PAYG) if you’re an employer
Read more: When and how to register for GST
What do I do if I’ve missed the tax deadlines?
You may be liable for interest or penalties if you didn’t lodge and pay your tax on time. You can find more details on ATO’s website. If you can’t make payment on time, get in touch with ATO or an accountant to see if you can set up a payment plan using instalments.
How can I file my taxes?
There are several ways to file your taxes. You can choose to either file your taxes yourself or via an accountant or a tax agent.
- DIY: You can choose to lodge online through myTax if you operate your business via a sole trader structure. If you operate your business through other business structures (e.g., company, partnership, trust), you need to use an SBR (standard business reporting) enabled software or lodge by paper. You can find more details on ATO's website.
- Via an accountant or a tax agent: if you are working with an accountant or a tax agent, they can take care of your taxes.
Keeping track of tax deadlines
Business owners mark tax deadlines as important on their calendars to receive notifications as they approach. However, Beany makes it even easier. The Beany-ATO integration means we remind you when and how much to file when a tax deadline approaches. With our painless tax questionnaire, we streamline the entire process of asking relevant business information and eliminate tons of paperwork you need to submit. You will also be supercharged by your own Beany accountant and friendly admin team throughout the whole process to ensure you maximise your tax deductions and don’t overpay taxes.
Meeting your tax deadlines
It’s important to plan ahead for the tax season. Beany accountants recommend setting aside some of your income in a separate bank accountant to ensure you won’t face any cash flow problems during tax times. In order to determine how much money you need to set aside, you’ll need to discuss this with your accountant as the number depends on your business’s situation. It’s also important to keep accounting records such as receipts, bank statements, and invoices. You should keep these records for at least 5 years as per ATO’s requirement.
Get started in minutes with Beany today, and let us handle your accounting and tax stress.