The Ultimate Tax Return Deadline Checklist for Small Businesses in Australia

Tax schedules at a glance

Now that we have established the need for timely and meticulous tax management for your small business, let’s take a look at the key deadlines that you need to meet during the financial year. We will also summarise the documents that you need to submit.

1. Business activity statements (BAS)
   
   • Annual reporting
   • If voluntarily registered for GST, and GST turnover is under $75,000 ($150,000 for not-for-profit bodies)
   • The deadline is 31 October

Note: if you have a tax agent to lodge on your behalf, a different due date may apply

• Quarterly reporting
  • If the GST turnover is less than $20 million
  • Monthly reporting only if advised by ATO
• Monthly reporting
  • If the GST turnover is $20 million or more
• Supporting documents: Records of sales, expenses, and GST (Goods and Services Tax) information.

1. Pay as you go (PAYG) summary 
   • Annual reports: Due by August 14th of each year for the previous financial year
   • PAYG withholding where ABN is not quoted – annual report and others – 31st of October
   • Required documents: Payment summaries, records of withheld amounts, and employee information.
2. Fringe benefits tax (FBT)
   • FBT return: Due on March 21st of each year
   • Required documents: Records of fringe benefits provided to employees
   • Keeping records for FBT
     • For FBT record keeping you must keep the following for 5 years:
       • calculations
       • worksheets
       • declarations
       • elections
       • supporting details
3. Income tax return
   • Sole traders: Due by October 31st of each year, extension available if lodged through SLEEK Australia or a registered tax agent.
   • Companies: Due by February 28th of each year, extension available if lodged through SLEEK Australia or a registered tax agent
   • Trusts and partnerships: October 31st of each year, unless lodged by a tax agent for which a different due date applies
   • Required documents: Financial statements, records of income and expenses, payroll records, and other relevant financial documents.

1. Superannuation
   • Superannuation guarantee contributions: Due by the 28th day of the month following the end of the quarter
   • Superannuation payment summaries: Due by July 14th of each year for the previous financial year
   • Required documents: Records of superannuation contributions made for employees, payroll activity or employee payroll summary
2. Instalment activity statements (IAS) -PAYG Withholding and PAYG Instalments
   • If the business is registered for goods and services tax (GST) – you may report PAYG instalments on your BAS or separately depending on the reporting cycles. Example- If you are registered for GST and PAYG Installments on a quarterly basis, the IAS is reported along with BAS. No separate reportings are required.
   • If the business is not registered for GST – you report on an instalment activity statement (IAS) based on the reporting cycle.
   • If your annual GST turnover is less than $20m, you may qualify for quarterly reporting.
     • Quarter 1 (July, August, September):Due date for lodgement- 28th of October
     • Quarter 2 (October, November, December): Due date for lodgement- 28th of February
     • Quarter 3 (January, February, March): Due date for lodgement- 28th of April
     • Quarter 4 (April, May, June): Due date for lodgement- 28th of July.
   • If your annual GST turnover is $20m or more, you are generally required to lodge your BAS and IAS every month:
     • Monthly IAS lodgment due dates are generally by the 21st day of the following month.
     • However, if you lodge electronically through the business portal or tax agent, the due date may be extended to the 25th day of the following month.
   • Documents required: All documents for the various taxes listed above.