Important end of financial year reporting dates
The end of the financial year can be a busy period for many businesses but it’s essential to lock in the required taxation reporting dates to ensure your business is financially up to date and compliant.
Income tax lodgement dates
Sole trader, partnerships and trust income tax returns
31 October is the due date for tax returns by:
- Sole trader or self employed individuals - self lodged individual tax returns
- Partnerships and partners if self lodging individual tax returns
- Trust tax returns lodged by yourself
If lodging your tax return via a registered tax agent they will provide you with the relevant due dates.
Company income tax returns
Self lodged company tax return dates may vary however general lodgement and payment due date for small companies is 28 February.
Please note - due dates can vary depending on factors like overdue prior year returns. For more information on the due dates for income tax can be found - ato.gov.au
Activity Statement reporting dates
Activity Statements are usually submitted quarterly which means the end of financial year is not such a deadline.
Monthly activity statements are due each month on the 21st.
Quarterly activity reporting - lodged electronically is due:
- 11 November - Quarter 1 - covering July to September
- 28 February - Quarter 2 - covering October to December
- 12 May - Quarter 3 - covering January to March
- 11 August - Quarter 4 - covering April to June
More information on Activity statement due dates - ato.gov.au
Pay as you go - PAYG reporting dates
By the 14 July payers are required to provide employees and other workers with PAYG withholding payment summaries.
The final date for lodging PAYG withholding payment summary annual report is 14 August.
The due dates for PAYG installments throughout the year as well as the annual installment are as follows:
- 21 October - Annual PAYG installment
- 28 October - Quarter 1 - July to September
- 28 February - Quarter 2 - October to December
- 28 April - Quarter 3 - January to March
- 28 July - Quarter 4 - April to June
More information on Pay as you go due dates - ato.gov.au
Goods and services tax - GST reporting dates
Annual GST return and lodgement is due 31 October (when your income statement is due however if you use a tax agent dates can vary). Alternatively if you do not have an income tax return obligation the date for annual GST lodgement and payment is 28 February.
More information on GST due dates - ato.gov.au
Fringe benefits tax reporting dates
The fringe benefits tax year is 1 April to 31 March and lodgements and payments are due by 21 May each year.
Please Note - Due to COVID-19 the 2020 FBT return and payment due date is extended to 24 June 2020.
More information on lodging and due dates for fringe benefits tax can be found here - ato.gov.au
TFN reporting for closely held trusts reporting
The annual TFN withholding reporting due date for closely held trusts is 30 September.
More information can be found here - ato.gov.au
ATOs Small Business Newsroom
The ATOs Small Business Newsroom is a great resource for businesses and has all the key dates throughout the year for reporting and payments - ato.gov.au/Newsroom/smallbusiness/Key-dates
Need help during your end of financial year preparations? Take a look at our End of financial year checklist for small businesses or book visit to our Sunshine Coast accountants today.
This web page and its contents are general in nature. You should always speak to a professional regarding your exact circumstances before making any decision in relation to creating a trust of any kind, as the information contained on this page may not be suited to your needs.
References - https://www.ato.gov.au/Business/Reports-and-returns/Due-dates-for-lodging-and-paying/ , https://www.ato.gov.au/Business/Reports-and-returns/
