Introduction
As we step into the heart of the 2023–24 income year, it’s essential to stay on top of your tax obligations to avoid interest and penalties. To help you navigate the upcoming months of September and October, we’ve put together a quick guide to key compliance dates. Whether you’re an individual, business owner, or trustee, these dates are crucial for ensuring your tax affairs are in order.
September 2023:
- 21 September 2023 – GST and PAYG Monthly Activity Statements: If you’re a business registered for GST, don’t forget to lodge your Monthly Activity Statement and make payments for August by this date. Additionally, it’s time to submit your PAYG withheld Monthly Activity Statement for August.
- 30 September 2023 – Trusts: For those involved with closely held trusts, this is the final day to lodge the annual TFN withholding report for the previous financial year. Ensure you’ve withheld the necessary amounts from payments to beneficiaries.
October 2023:
- 21 October 2023 – PAYG Instalment: If you’re a head company of a consolidated group, it’s time to lodge and pay the first quarter of the 2023–24 PAYG instalment activity statement.
- 28 October 2023 – GST and PAYG: October brings the deadline for your Monthly Activity Statement and payment for September. Small PAYG withholders who are not deferred BAS payers should also report PAYG amounts withheld from payments from July to September 2023.
- 28 October 2023 – Superannuation Guarantee: Don’t miss the due date for superannuation guarantee contributions for the July to September 2023 quarter. Ensure your employees’ superannuation funds receive their rightful contributions.
- 28 October 2023 – PAYG Instalment and FBT Instalment: Quarterly PAYG instalment payers must lodge and pay their PAYG instalment activity statement. Employers should also pay the second FBT instalment for the year ending 31 March 2024.
- 31 October 2023 – Income Tax Return (Companies and Super Funds): If your company or superannuation fund has one or more prior year returns outstanding, the due date for lodgement is 31 October 2023. Ensure your financial records are in order and that you meet this deadline.
- 31 October 2023 – Income Tax Return (All Entities): For all entities with prior year returns outstanding as of 30 June 2023, it’s time to lodge your tax returns. This includes individuals, partnerships, trusts, and more.
- 31 October 2023 – GST (Instalment Payers): If you’re required to lodge tax returns by 31 October 2022, this is the due date for the annual 2022–23 GST return for instalment payers.
- 31 October 2023 – Franking Account Tax Return: If your return is a disclosure only (no amount payable) and you’re a 30 June balancer, it’s time to lodge your franking account tax return.
- 31 October 2023 – Trusts (Distribution Statements): Most private companies must provide distribution statements to shareholders for the 2022–23 financial year by this date.
- 31 October 2023 – PAYG Withheld (Annual Report): Entities subject to PAYG withholding need to forward their annual report relating to various payments, including dividends, interest, and payments to foreign residents.
- 31 October 2023 – Income Tax Return (Non-Lodgement): For entities prosecuted for non-lodgement of prior year returns based on a revised lodgement due date advised by the ATO, it’s time to lodge your tax returns. Payment (if required) for individuals and trusts is due as advised, while companies and super funds have until 1 December 2023.
Remember, staying organised and meeting these deadlines is crucial to avoid penalties and ensure your tax affairs are in order. If you have questions or need assistance with any of these tax obligations, our team is here to help. Don’t hesitate to reach out and ensure a smooth and compliant tax season for 2023.
