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The new financial year is here, so don’t miss these important dates for business owners

The new financial year has begun, so here are a few important dates for business owners to remember.

1. Income tax return

Your business will need to lodge an income tax return. Due dates vary depending on your business structure:

  • Sole traders, partnerships and trusts – your tax return is due by 31 October, unless you use us to lodge your return.
  • Companies – if you lodge the company tax return yourself, you will need to check the due date. Generally the due date for small companies is 28 February. If you lodge through us, we will be in contact with the date for lodgement.

2. Do you have employees?

If you have employees you have three key dates to remember:

Also it is always a good idea to check you’re using the right rates when paying your employees for the new financial year. Set a reminder in your calendar and check the tax tables and tax withheld calculator on the Australian Taxation Office (ATO) website.

3. Are you registered for GST?

If your business is registered for Goods and Services Tax (GST) you’ll need to do your Business Activity Statement (BAS).

There are three options available:

  • Quarterly BAS – If you’re registered for quarterly GST, your BAS is due on 28 July.
  • Monthly BAS – If you’re registered monthly, the due date is usually the 21st day of the following month.
  • GST annual return – In some cases businesses opt to report GST annually.
    • If you have chosen to do a GST annual return, the due date will be shown on the form, and is usually the same date your income tax return is due.
    • If you don’t need to lodge an income tax return, the due date will be 28 February following the end of the annual tax period.

Find your BAS due date on the ATO website including dates GST annual returns.

For advice on due dates and information relating to your specific business circumstances contact us today.

2017-07-05T06:34:32+00:00 July 5th, 2017|Small Business, Tax & Business Services|0 Comments

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