Tax year Australia: Key deadlines
Managing a business can keep you on your toes, especially when the Australia tax year rolls around! Add these tax deadlines for the Australia 2023 - 2024 financial year to your calendar, or bookmark this page for reference.
Note, these key due dates are a guide for the tax year in Australia, and are specifically meant for those businesses with a balance date of 30 June. Scroll down for more details or have a chat with our support team - they’re always ready to help.
Income tax returns due for medium-large taxpayers (annual total income was more than $10 million in latest lodgement year) for June 2023 year-end. Please note, although lodgement isn't due until this date, payment was due earlier on 1 December 2023.
Income tax returns due for June 2023 year-end for medium-large taxpayers (annual total income was more than $10 million in last lodgement year) that were non-taxable in latest year lodged
Income tax returns due for newly registered medium-large entities (taxable and non-taxable) for June 2023 year-end
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What tax deadlines apply for businesses in Australia?
For the tax year in Australia, business owners file their income tax returns between 1 July to 31 October unless they’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): For monthly GST reporting, the deadline is usually the 21st day of the following month. For quarterly GST reporting, deadlines typically fall on 28 October, 28 February, 28 April, and 28 July. GST is reported as part of Business Activity Statements (BAS).
- Fringe Benefits Tax (FBT): The FBT year runs from 1 April to 31 March. The annual FBT return is usually due by 21 May, following the end of the FBT year.
- Pay-As-You-Go (PAYG) if you’re an employer: PAYG withholding payments are generally due monthly or quarterly. Monthly payments are typically due on the 21st day of the following month. For quarterly reporting, the deadlines are usually the same as for quarterly BAS and GST.
Read more: When and how to register for GST
What if I’ve missed the Australia tax deadlines?
If you've missed a deadline for the 2023-2024 tax year in Australia, you may be liable for interest or penalties if you didn’t lodge or pay your taxes 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.
While navigating these Australia tax year deadlines can be complex, you don’t have to do it on your own. Reach out to Beany - our experts are well-versed in Australian tax regulations and can provide you with the guidance and support you need to ensure timely and accurate tax submissions.
How can I file my taxes?
Filing your taxes and meeting your Australia tax deadlines doesn't have to be a headache. You've got options: tackle it yourself, or let a professional accountant or tax agent ease the burden.
- DIY: Lodge your taxes online through myGov if you operate your business via a sole trader structure. The usual deadline for DIY tax lodgement is 31st October. 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. Find more details on ATO's website.
- Via an accountant or a tax agent: partnering with a tax agent or an accounting firm like Beany can simplify things immensely. They handle your taxes, so you can focus on running your business. If you're using a tax agent and have no outstanding lodgements, you typically get an extended deadline until 15th May of the following year to lodge your taxes.
Keeping track of tax deadlines in Australia
As an Australian business owner, keeping tax deadlines on your agenda is absolutely essential. But why not make it easier?
Beany’s integration with ATO does exactly that, simplifying your taxes by providing key reminders about upcoming due dates and amounts due for the tax year in Australia. Our simple process and friendly tax questionnaire give your personal accountant all the information they need to process your tax returns.
Plus, with Beany by your side, you’re not just getting an accountant; you’re gaining a partner who is dedicated to maximising your tax deductions and ensuring you avoid overpaying.
Our friendly admin team and your personal Beany accountant are with you every step of the way to simplify your tax process and ensure your business is fully prepared for the tax year in Australia.
Meeting your tax deadlines
Planning ahead is essential for any business owner, and our accountants at Beany suggest setting aside 30% of your gross income in a separate bank account for taxes (e.g., GST, FBT and income tax). This strategy helps prevent cash flow issues when Australia tax deadlines roll around.
Equally important is maintaining your accounting records, such as receipts, bank statements, invoices, etc. The ATO requires you to keep these records for at least 5 years, so staying organised is crucial.
If you’re feeling overwhelmed, don’t worry. Beany is here to help.
From Cape York to the scenic coasts of Tasmania, we've assisted countless Australians in navigating their tax deadlines and reducing their tax obligations. We’re here for small businesses across Australia that need support with everything from their tax filing, to cash flow forecasting, to choosing the right business structure.
Get started in minutes with Beany today, and leave your tax concerns behind.