Keeping the books balanced, staying on top of paperwork and managing various tax deadlines all appear to be a never-ending juggling trick. Only you start thinking – it is challenging to remember your friend’s birthday, they’re these critical dates for the audit and taxation dateline, if missed or delayed may result in bad consequences for you – financial state and company status. Fortunately, FastLane is there to guide you through the daunting world of the Australian financial year and tax deadlines and help you comply with each step of the way.
Content Outline
What Do the Tax Dates Mean?
The key deadline for submitting all necessary information and figures concerning taxes is the tax due date set by the Australian Tax Office (ATO). This requires one to fill in a relevant statement and forward it to the ATO, along with payments outstanding. We recognize the importance of being compliant and therefore would like to help you with a list that covers all required tax dates for Australia. This valuable resource makes it so easy for you to record your tax obligations and avoid the risk of missing out on any important deadline, hence ensuring a stress-free process when filing taxes.
The Financial Year in Australia 2023
The financial calendar of Australia runs from 1st July to 30th June the following year. Illustratively, FY23 is from 1st July 2022 – 30th June 2023. Often, it uses fiscal year and financial year synonymously.
Next, we will learn about the deadlines for business tax payments, which include annual and quarterly taxes.
Annual Business Taxes
In a nutshell, this refers to the tax you pay annually on your business income. Each business is expected to make a tax return annually which shall provide details on the revenues earned for the entire financial year and the amount of tax paid throughout the year.
Annual Tax Return for Sole Traders and Partnerships: Sole traders are self-employed individuals; their business income is declared on Personal Tax Returns. It is necessary to report these latest reports as soon as possible, not later than October 15 after the end of the fiscal year. However, in case you hire a tax agent like FastLane, then you will have up to mid-May of the subsequent financial year to file your returns.
Annual Company Tax Return: Income must be reported in business tax returns by companies. All materials must be submitted and fees paid by 15 May following each financial year. Therefore, one should submit a tax return for the year 2022-2023 (from July 1st, 2022 to June 30th, 2023) no later than May 15th, 2024
Quarterly BAS Statement
Quarterly taxes also hold significant importance. With the Australian fiscal year starting in July, each quarter is defined as follows:
- Q1: 1st July – 30th September
- Q2: 1st October – 31st December
- Q3: 1st January – 31st March
- Q4: 1st April – 30th June
These quarters are crucial for the Business Activity Statement (BAS), which is separate from your annual return. The BAS is responsible for reporting and settling taxes like GST and PAYG.
If you are registered for GST, the ATO will send you a BAS, which you must submit regardless of whether there is anything to report.
Quarterly BAS Due Dates:
| Quarter | Due by | Due date without a tax agent |
|---|---|---|
| Q1 (July-September) | 28 October | 21 October |
| Q2 (October-December) | 28 February | 21 February |
| Q3 (January-March) | 28 April | 21 April |
| Q4 (April, May and June) | 28 July | 21 July |
Conclusion
Any successful business in Australia must comply with the Australian financial year and taxation requirements. Leverage FastLane’s deep knowledge and best-in-class solutions to simplify and cut costs from your tax administration. Don’t wait any longer, be proactive and get in touch with us today for your peace of mind.