Three New Year’s Resolutions for a Better BusinessDecember 19, 2019
Walker Hill Highlights | October to December 2019December 19, 2019
Each year we get asked what due dates our clients should keep in mind to ensure their businesses remain compliant. Twice a year, we will release the Australian Taxation Office (ATO)’s list of lodgement and payment due dates for you to pop in your calendar, or better yet, download the calendar that we’ve created for you.
The below due dates are separated into the following compliance areas:
- Instalment Activity Statement (IAS)
- Super Guarantee Contribution (SGC)
- Business Activity Statement (BAS)
- Fringe Benefits Tax (FBT); and
- Income Tax Returns.
Depending on what compliance areas are relevant to you and your business, we strongly recommend putting the below dates into your calendar that relate to you.
Installment Activity Statement (IAS) Due Dates
- 21 January – Lodgement and Payment of Q2 PAYG IAS.
- 21 February – Lodge and pay January 2020 IAS
- 21 March – Lodge and Pay February 2020 IAS
- 21 April – Lodge and pay March 2020 IAS
- 21 May – Lodge and pay April 2020 IAS
- 21 June – Lodge and pay May 2020 IAS
Business Activity Statement (BAS) Due Dates
- 21 February – Lodge and Pay December 2019 monthly BAS (for businesses with $10M turnover)
- 28 February – Lodge and Pay Q2 BAS
- 26 May – Lodge and pay Q3 BAS
Top Tip: Does Walker Hill lodge your Business Activity Statements? If you have engaged a tax agent to lodge your BAS, then you will have a four week extension on the above due dates for September, March and June Quarters. Note, this extension does not apply to the December Quarter.
Income Tax Returns Due Dates
- 28 February – Lodge tax returns for non-taxable entities
- 28 February – Lodge and pay (if applicable) annual GST return
- 31 March – Lodge and pay tax returns for companies and super funds with incomes of more than $2M. Lodge tax returns for individuals and trusts whose latest returns resulted in a tax liability of $20K or more.
- 15 May – Lodge all 2019 tax returns for all entities who have not lodged earlier; Pay company and super fund returns
Super Guarantee Contribution (SGC) Due Dates
- 28 January – SGC for Q2 are due
- 28 February – Superannuation guarantee charge statement – quarterly If amendments need to be made on the SGC for Q2.
- 28 April – SGC for Q3
- 28 May – Superannuation guarantee charge statement – quarterly If amendments need to be made on the SGC for Q3.
- 30 June – SGCs must be paid by this date to qualify for a tax deduction for the 2020 financial year.
Fringe Benefit Tax (FBT) Due Dates
- 21 May – Final date to add FBT clients to your client list; Lodge and pay Fringe benefits tax annual return if lodging by paper.
- 28 May – Pay Fringe benefits tax annual return if lodging electronically.
- 25 June – Lodge 2020 FBT annual return for agents. Note: payment is still due 28 May
Please keep in mind with these dates that they could change and are current at the publication of this blog. If you require any assistance with understanding, preparing or lodging any of the below compliance pieces, please contact us for assistance.