Tax (BAS) News
Now that the financial year has ended, your business may soon need to meet some compliance reporting deadlines. If your business needs to lodge an income tax return the due date will depend upon your business structure.
- Sole traders, partnerships and trusts – your tax return is due by 31 October, unless you use a tax agent to lodge.
- Companies – if you lodge the company tax return yourself, you need to check the due date. Generally the due date for small companies is 28 February. If you lodge through a registered tax agent, they’ll tell you when to lodge.
Workers obligations
Most companies would have checked to ensure that their payroll software is up to date and compliant for the new financial year. If you’re unsure about your own situation you can check the tax tables and tax withheld calculator on the Australian Taxation Office (ATO) website.
GST Reporting
If your business is registered for Goods and Services Tax (GST) you’ll need to do your Business Activity Statement (BAS).
- 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.
Find your BAS due date on the ATO website.
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.
GST annual return due dates can be found on the ATO website.
ASIC and reporting key changes.
We all get so very busy these days growing our businesses and living our lives it’s easy to forget to update important records and failure to do so can be costly. It’s important however to remember and make the time to update ASIC within 28 days of certain key changes to your company’s details
Key changes can include:
- names and addresses of its directors and secretary
- registered office details
- share details
- members’ details (names and addresses but only regarding proprietary companies)
- changes to the company’s annual statement.
For more information on Key Changes and ASIC obligations please click here.
