Finance

Understanding 2024 Tax Return deadlines for small business owners

- June 26, 2024 2 MIN READ

 

As tax time approaches, it’s crucial for small business owners to be aware of key tax return deadlines, Suzanne Mitchell, GoDaddy Australia explains the dates you need to mark in your calendar to stay on the front foot.

Business Tax Return Deadlines

Small business owners must lodge their tax returns between 1 July and 31 October 2024. If you use a tax agent and book them before 31 October 2024, you can extend this deadline to 15 May 2025.

Additional Due Dates


Apart from the business tax return, you should also be aware of the deadlines for:

  • Goods and Services Tax (GST)
  • Business Activity Statements (BAS)
  • Fringe Benefits Tax (FBT)
  • Pay-As-You-Go (PAYG) if you employ staff

Key Dates for the 2024/2025 Financial Year

  • 1 July 2024: The ATO begins processing tax returns for the 2023/2024 financial year. Wait for all your documentation to be marked as ‘tax ready’ before lodging.
  • 14 July 2024: Employers must update and upload their PAYG summaries.
  • Financial institutions may take until late July or early September to report earnings.
  • 31 October 2024: Deadline for individuals, sole traders, freelancers, and trusts to lodge their tax returns with the ATO. If using a tax agent, ensure they add you to their client list by this date to extend the deadline to 15 May 2025.
  •  15 January 2025: Lodgement deadline for medium to large trusts with annual income over $10 million.
  • 28 February 2025: Lodgement deadline for non-taxable medium to large trusts with annual income over $10 million. New registrations are also due.
  • 31 March 2025: Tax returns due for individuals and trusts with a liability of $20,000 or more in the latest return.

Small Business Guide To: Tax Time

Business Activity Statements (BAS)

If your business turnover exceeds $75,000, you must lodge BAS and claim GST credits:


  • Quarter 1 (July-September): Due 28 October
  • Quarter 2 (October-December): Due 28 February
  • Quarter 3 (January-March): Due 28 April
  • Quarter 4 (April-June): Due 28 July

Superannuation

Pay superannuation contributions by these dates:

  • Quarter 1 (July-September): Due 28 October
  • Quarter 2 (October-December): Due 28 January
  • Quarter 3 (January-March): Due 28 April
  • Quarter 4 (April-June): Due 28 July

PAYG Withholding

Payers must issue income statements to the ATO by 14 July 2024.

  • 15 August 2024: Final date for summarising payments to employees. PAYG instalments are due on:
  • 21 October: Annual instalment notice
  • 28 October: Quarter 1
  • 28 February: Quarter 2
  • 28 April: Quarter 3
  • 28 July: Quarter 4

Plan Ahead

Staying organized is essential. Use an accounting app like MYOB Business to manage your tax obligations. If you’re unsure about your tax deductions, consult a tax professional to ensure you maximize your claims and avoid paying too much in tax.

Pro Tip: If you miss a deadline, provide supporting documentation to the ATO as soon as possible to potentially minimize penalties. Always plan ahead and keep track of the dates listed to stay on top of your tax responsibilities.


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