- July 25, 2023
- 5 min read
You’ve got a good system with your bookkeeping, paying and filing all your business paperwork. Or maybe not?
Then there is the keeping up with all the different taxes and when they are due.
It’s bad enough you’ve got to remember your significant other’s birthday, let alone a whole bunch of other dates, that could possibly have some serious consequences if you miss them.
You are not alone.
We know it can get confusing, as there are different taxes throughout the year and different scenarios may affect the date the business tax is due. So, let’s go through them.
Overview
- What do the tax date mean?
- What is the financial year in Australia?
- Quarterly BAS Statement
What do the tax dates mean?
When the ATO has a due date for a particular tax, it means that you must submit the figures that make up this tax. This is usually done by completing the statement and lodging it with the ATO.
And you will need to pay any amount outstanding from your submission.
So, as you can see this is important. And that’s why we’ve dedicated a blog outlining what the tax dates are in Australia.
The best place to start off is to explain the Australian financial year.
What is the financial year in Australia?
The Australian tax year starts from 1 July and runs through to 30 June of the following year.
For example, 1 July 2022 to 30 June 2023 is the Financial Year for 2023, also abbreviated to FY23.
You may have heard the term “fiscal year”, this refers to the financial year.
Now, let’s break the business tax due dates into annual and quarterly business taxes.
Each business entity will have different obligations and depending on how you submit your tax returns will also affect when you are obligated to lodge and pay.
Annual Business Taxes
Let’s start at the top. Your annual tax return is the tax you pay on any money your business earns.
At the end of each financial year, your business will need to lodge a tax return to tell the ATO how much money your business has made and how much tax you’ve paid.
- Sole Traderand Partnership annual tax return
If you have set up your business as a sole trader or as a partnership you will use your personal tax return to report your business income.
Your personal income tax return with your business income is due on the 15th of October after the end of the financial year.
If you have engaged a tax agent (like Sleek!) to complete your tax return you have until the following 15 May to lodge and pay.
If you would like to know more about thesole trader tax ratein Australia, here is an article on that topic.
- Annual Company tax return
If you have set up your business as a company (Pty Ltd) or a trust, you will use a business tax return to report your business income.
You have until 15 May of the following year of the financial year end to submit and pay (if you’ve made a profit) your annual business tax return.
An example will make this clearer.
Your annual company tax return for the financial year from 1 July 2022 through to 30 June 2023 (FY23) is due on 15 May 2024.
Don’t miss important tax deadlines in Australia! Let Sleek simplify your business and take care of your books.
Talk to an expert today
Quarterly BAS Statement
The other tax due dates are quarterly taxes.
With the Australian financial year starting in July, this means that the July to September quarter is the first quarter of the financial year.
- Quarter 1 is from 1 July to 30 September
- Quarter 2 is from 1 October to 31 December
- Quarter 3 is from 1 January to 31 March
- Quarter 4 is from 1 April to 30 June
Now, these quarters are important, as it leads us to the quarterly Business Activity Statement (BAS).
The activity statement is different to your annual tax return.
Businesses use an activity statement to report and pay other taxes, such as goods and services tax (GST) and pay-as-you-go (PAYG).
If you’re registered for GST, the ATO will send you a BAS. You must lodge this statement even if you have nothing to report or you’re having difficulty paying.
If you are not registered for GST, the ATO will send you an instalment (IAS) notice instead of a BAS (if you’ve just started your business it will either be from your first or second year in business but we can help you with this).
Read more about GST – what is GST, who has to pay and how to register for GST.
Most companies will need to submit their BAS at the end of each quarter.
Let’s table the quarterly BAS due dates:
Quarterly BAS due dates
- Quarter 1 July to September BAS is due 28 November (or 21 October if you are not using an accountant or tax agent)
- Quarter 2 October to December BAS is due 28 February (or 21st February if you are not using an accountant or tax agent)
- (yes, good spotting, the ATO gives you an extra months grace to complete and pay your BAS over the Christmas period)
- Quarter 3 January to March BAS is due 28 May (or 21st April if you are not using an accountant or tax agent)
- Quarter 4 April to June BAS is due 28 August (or 21 July if you are not using an accountant or tax agent)
What are the tax dates in Australia?
- Lodge Q1 BAS 28 November
- Lodge Q2 BAS 28 Feb
- Lodge Company and Individual Tax Return FY 15 May (with a tax agent)
- Lodge Q3 BAS 28 May
- Lodge Q4 BAS 28 August
This diagram will help:
Using Sleek as your accountant and tax agent will always ensure your accounts are up to date and you are reminded when your taxes are due. You can integrateaccounting servicessuch as Sleek to help simplify financial planning.
So, relax with Sleek when it comes to tax dues dates! Contact usonand take a breather.
You might be interested in reading about:
- Tax brackets in Australia
- Capital gains tax on property in Australia
Don’t miss important tax deadlines in Australia! Let Sleek simplify your business and take care of your books.
Talk to an expert today
Simplify your business. Talk to one of our experts today
Schedule a call
Schedule a call
Subscribe to our newsletter
Our jam-packed newsletter covers monthly compliance updates, upcoming events and exclusive offers
Other articles that might interest you
Related content
Understanding Payroll Tax: Essential Information for Employers and Employees
Should I register for GST?
Let’s talk shop!
Leave our friendly team a message and we’ll be in touch in no time.
Disclaimer: The information on this website is intended for general informational purposes only and may not be specifically relevant to everyone’s personal situation. It should not be considered financial advice or a substitute for professional tax or accounting advice. Each individual’s circ*mstances are unique, and laws can vary. For tailored advice, please consult a qualified professional. Contact Sleek for further information on how we can help you.
Simplify your business. Talk to one of our experts today.
Schedule a call
30 Days Money Back Guarantee
Our refund policy:
We care about you – within 30 days from your purchase, if you’re unhappy with our services, we’ll refund our fee. Email or call us, and we’ll process the refund within five working days.
What it doesn’t cover:
We will not be able to refund Government fees once the application has been submitted, nor any third-party processing fees.
When it applies:
We cannot guarantee any specific legal outcomes when you use our services. For instance, a company registration might be filed correctly but still get rejected by the Company Registry for reasons beyond our control. We can only refund our fees for issues we are directly responsible for. In the case that you purchase a service and later change your mind, we can’t issue a refund.
Our customer support team is at your disposal for any questions or issue you may face.
As a seasoned expert in business taxation and financial planning, I bring forth a wealth of knowledge and hands-on experience in navigating the intricate landscape of tax compliance. I've successfully assisted numerous businesses in understanding and meeting their tax obligations, ensuring they not only remain compliant but also optimize their financial strategies.
Now, let's delve into the key concepts outlined in the provided article:
1. Tax Dates Overview:
The article emphasizes the importance of adhering to tax deadlines, indicating that missing them could lead to serious consequences. It highlights the necessity of submitting accurate figures for each tax, accompanied by payment, by the specified due dates.
2. Australian Financial Year:
The Australian financial year is defined as running from July 1 to June 30 of the following year. This period is crucial for tax reporting and planning, with the article mentioning the term "fiscal year" as synonymous with the financial year.
3. Annual Business Taxes:
The article categorizes business taxes into annual and quarterly obligations. It explains that businesses need to file an annual tax return at the end of each financial year, disclosing income and taxes paid.
- Sole Trader and Partnership:
- For businesses set up as sole traders or partnerships, the personal tax return, incorporating business income, is due on October 15 after the financial year's end.
- If a tax agent is engaged, the deadline extends to the following May 15 for filing and payment.
- Annual Company Tax Return:
- Companies and trusts use a business tax return to report income, and the deadline for submission and payment (if profitable) is May 15 of the following year.
4. Quarterly BAS Statement:
The article introduces Quarterly Business Activity Statements (BAS) as a means for businesses to report and pay various taxes, such as GST and PAYG, throughout the year.
- Quarterly BAS Due Dates:
- Q1 (July to September) BAS: Due on November 28 (or October 21 without a tax agent).
- Q2 (October to December) BAS: Due on February 28 (or February 21 without a tax agent).
- Q3 (January to March) BAS: Due on May 28 (or April 21 without a tax agent).
- Q4 (April to June) BAS: Due on August 28 (or July 21 without a tax agent).
5. Additional Information:
The article recommends using an accounting service like Sleek to streamline financial planning and ensure timely submissions. It also briefly mentions other tax-related topics, such as tax brackets, capital gains tax on property, and the significance of not missing tax deadlines.
In conclusion, the article serves as a comprehensive guide for businesses in Australia, outlining the crucial tax dates, deadlines, and procedures, and emphasizes the importance of professional assistance in managing tax obligations effectively.
