The Australian financial year begins on July 1 and concludes on June 30 the following year. With this financial year fast approaching, here are all the dates you need to keep in mind to stay on top of your tax obligations and make it through the fiscal year.
- 5 June – due date for FY2021 tax returns if you have no previous late returns and lodging through a tax professional, or if you are a person or trust that pays any tax due by this date.
- 20 June – payment of year-end superannuation is due by 2pm AEST (if using Xero) – so the transfer arrives by 30 June. Make contact with your account manager to ensure that payments are received by this deadline.
- 27 June – if you have a tax agent, FBT tax returns are due.
- 30 June – due date for finalising trust resolutions – there have been substantial modifications to trust tax strategy, which must be discussed before June 30.
- 14 July – STP finalisation declarations are due on this day (excluding closely held employees i.e. related parties).
- 31 July – ESIC annual reporting deadline – startups with qualifying ESIC investors who were issued shares in FY2022 must submit their annual reports by this date.
- 15 Aug – companies issuing ESOPs in FY2022 must submit annual ATO ESOP reporting by this date.
- 28 Aug – Taxable Payments Annual Reports are due on this day and are required for businesses who contract out their IT services and businesses that pay contractors.
- 30 Sep – STP finalisation declarations for closely held personnel – those who are not at arm’s length, such as family members, directors, shareholders, and trust beneficiaries – are due on this day.
Keeping track of due dates might aid in the efficient operation of your company. Take note of these dates in 2022 so you can plan for the year ahead and prevent penalties.