As first published in The Q Review Autumn 2020 Magazine. Follow the link to Subscribe and receive your FREE copy each quarter!
UDPATE (13 March 2020)! This article was written prior to the impact of the Coronavirus outbreak and the resulting indications of assistance to business from the ATO. All dates below are as per the legislation and what will apply if you don’t qualify for special assistance. But where a business is suffering hardship as a result of the outbreak, there may be scope to receive extensions. Please contact our office if your business is suffering difficulties as a result of the outbreak and we will look to assist wherever possible, including seeking access to any and all Federal Government assistance that may be available.
While many consider ‘tax time’ to be the post 30 June period, the truth is tax lodgement and payment obligations extend right throughout the entire year.
And they culminate into the hyper busy period for Accountants and their small business and investor Clients from late March to early June.
So here are (some, though not all*) key upcoming dates on the tax calendar from now to 30 June 2020…
|31 March 2020||Lodgements|
|Lodge tax returns for Individuals and Trusts who aren’t Large/Medium taxpayers but whose latest return resulted in a tax liability of $20,000 or more (Payment for the Individuals and Trusts in this category is due as advised on the notice of assessment).|
|Lodgements & Payments|
|Lodge tax returns for Companies and Super Funds who aren’t Large/Medium taxpayers but who had total income of more than $2 million in the latest year lodged (Payment is also due by this date).|
|20 April 2020||Do you have your Year End Tax Planning Meeting locked in (this year we are highly recommend you do so before 31 May, as there are a number of new rules this year that will make very last minute planning more difficult)? Please contact Mariama on (08) 9228 7100 to secure a convenient appointment time.|
|15 May 2020||Lodgements|
|Lodge tax returns for all remaining Individuals, Partnerships, Trusts, Companies and Super Funds not required earlier and not eligible for the 5 June concession (see below).|
|Pay income tax for all Companies and Super Funds where tax return lodgement is also due today.|
|28 May 2020||Payments|
|Pay fringe benefits tax for all taxpayers (Note: lodgement is not required until 25 June 2020 per below).|
|5 June 2020||Note: This is not actually a lodgement due date. It is a lodgement concession. This means the ATO will not consider a return lodged late, and will not apply penalties, if a taxpayer qualifies for this concession date and complies with its requirements as below…|
|Lodgements & Payments|
|Lodge income tax returns for Individuals, Partnerships & Trusts who didn’t have a lodgement due date earlier than 15 May 2020, and where no tax payment is required, or where tax payment is required it is actually made by this date. If this criteria is met, the return will not be considered late and will not incur penalties.|
|Lodge income tax returns for Companies and Super Funds who didn’t have a lodgement due date earlier than 15 May AND who were non-taxable or received a credit assessment in the latest year lodged AND who are actually non-taxable or receiving a credit assessment in the current year. If this criteria is met, the return will not be considered late and will not incur penalties.|
|This is the earliest possible income tax payment due date for Individual and Trust taxpayers where the due date for lodgement is 15 May 2019 but lodgement occurred on or after 13 March 2019. The actual applicable due date will be as disclosed on the Notice of Assessment!|
|25 June 2020||Lodgements|
|Lodge fringe benefits tax returns for all taxpayers (note payment was due on 28 May 2020 as above).|
|30 June 2020||These tax related items MUST be completed by midnight on 30 June to be effective:|
|• All Trust Income Distribution Resolutions for 2020|
|• Director Bonus Resolutions for 2020|
|• Salary Sacrifice Agreements for 2021|
|• Partner’s Salary Resolutions for 2021|
* These dates are provided as general reminders, however this is not an exhaustive list and the dates that apply to you and your business may vary.