What are the tax dates in Australia?

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 Trader and 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.

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.

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).

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)