Keeping track of due dates can help in the smooth functioning of your business.
We’ve put together a list of the most important financial dates for 2022, so you can plan for the year ahead and avoid any penalties for missing a deadline.
End of the financial year (EOFY)
The end of the fiscal year is a crucial time for small businesses. The fiscal year is 12 months used for tax purposes. The Australian fiscal year begins on July 1 and ends on June 30 of the following year.
Small business owners close their books at the end of the fiscal year and begin finalising their tax time paperwork and accounting. Individuals and businesses submit their tax returns to the Australian Taxation Office (ATO) from July 1 to October 31. The ATO uses the information to determine how much tax they owe.
Businesses need to complete bookkeeping tax returns and plan for the new financial year.
Learn how to prepare for the EOFY to get your business organised in the year ahead.
What do I need to submit at EOFY?
Most businesses will be required to file a tax return at the end of the fiscal year. A tax return summarises your income and expenses for the tax year.
Business activity statements (BAS)
A Business Activity Statement (or BAS) is a form issued by the ATO to all GST registered entities. It summarises a company’s Goods and Services Tax (GST) activity for the period.
The majority of Business Business Activity Statements are issued quarterly; however, in some cases, a company may be required (or voluntarily elect) to complete their Business Activity Statements every month.
Business activity statements are used to report and pay different taxation obligations for your business, including:
- goods and services tax (GST)
- pay as you go withholding (PAYG withholding) – if you have employees
- pay as you go instalments (PAYG instalments).
Most small businesses lodge their BAS and pay any amount owing (or get a refund) quarterly.
- Quarter 1 (July, August and September) – October 28
- Quarter 2 (October, November and December) – February 28
- Quarter 3 (January, February and March) – April 28
- Quarter 4 (April, May and June) – July 28
Tax returns
At the end of a financial year, businesses must lodge tax returns with the Australian Taxation Office (ATO).
If you do not use a registered tax agent to lodge your tax return, you must submit your returns by October 31. If you are using a tax agent for the first time or changing tax agents, you must contact them before October 31.
Small business development Corp (SBDC) created several tax tip guides to assist readers in preparing for their financial year tax filings. They cover annual topics as well tax issues for SME owners. Click here.
Superannuation
Super is money businesses pay for their employees to provide for their retirements. Businesses must pay super on top of employees’ wages if paid $450 or more before tax in a calendar month.
The superannuation guarantee applies to all employees. It applies to full-time, part-time, and casual employees.
Suppose you’re required to pay super for your employees or workers. In that case, you must pay super contributions to their nominated super fund by the following dates. It is important to meet these deadlines; otherwise, you may face a super guarantee charge.
- Quarter 1 (July, August, and September) – October 28
- Quarter 2 (October, November and December) – January 28
- Quarter 3 (January, February and March) – April 28
- Quarter 4 (April, May and June) – July 28
When a super due date falls on a weekend or public holiday, you can make the payment on the next business day.
Click here for Important financial dates by month.
Source: business.gov.au
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