Tax Lodgement Dates

Individual Tax Return Lodgement Dates

15 May 2023

Individuals and partnerships that engage the services of a tax agent have until 15 May 2023 to lodge their tax returns. Employing a tax agent can help individuals and partnerships navigate the complexities of tax laws, ensuring accurate and compliant reporting.

Taxpayers who lodge their tax returns by 5 June 2023 and make any outstanding payments may be eligible for a concession from the tax authorities. This concession allows for the avoidance of certain penalties associated with late lodgement.

The tax authorities provides the flexibility of staggered payment dates based on the lodgement date. This arrangement assists taxpayers in managing their cash flow by aligning payment obligations with their lodgement timelines.

31 October 2023

Individuals who do not engage the services of a tax agent must lodge their tax returns by 31 October 2023. These individuals must gather and accurately report all relevant income, deductions, and other financial details to meet their tax obligations.

Registered tax agents benefit from extended lodgement due dates for their clients. This allows tax agents to provide their professional services effectively and ensures accurate and timely reporting for taxpayers.

Individuals who fail to lodge their tax returns by the specified deadline face penalties imposed by the tax authorities. These penalties serve as a deterrent for late lodgement and reinforce the importance of meeting tax obligations promptly.

Trust Tax Return Lodgement Due Dates

15 May 2023

Trusts that engage the services of a tax agent must lodge their tax returns by 15 May 2023. Working with a tax agent helps ensure accurate reporting and compliance with trust tax obligations.

Trusts that lodge their tax returns by 5 June 2023 and make necessary payments are eligible for a concession from the tax authorities. This concession allows for the avoidance of certain penalties associated with late lodgement.

Similar to individual tax returns, trusts also benefit from staggered payment dates based on their lodgement date. This arrangement assists trusts in managing their cash flow by aligning payment obligations with their lodgement timelines.

31 January 2024

Large and medium trusts with a total annual income exceeding $10 million must lodge their tax returns by 31 January 2024. These trusts typically have more complex financial arrangements and require additional time for accurate reporting.

Trusts that were taxable in the latest year lodged are also required to lodge their tax returns by 31 January 2024. This includes trusts that had taxable income or incurred losses that can be carried forward.

28 February 2024

Similar to the previous deadline, large and medium trusts with total annual income over $10 million have an extended deadline of 28 February 2024. This allows trusts with complex financial structures to fulfill their tax obligations accurately.

Trusts that were non-taxable in the latest year lodged, meaning they had no taxable income or carried forward losses, must also lodge their tax returns by 28 February 2024.

15 May 2024

Trusts not required to lodge their tax returns by the earlier deadlines must do so by 15 May 2024. This deadline applies to trusts that do not fall into the abovementioned categories.

Trusts newly registered and required to lodge tax returns must also meet the 15 May 2024 deadline. This allows sufficient time for these newly registered trusts to comply with their tax obligations.

Business Activity Statements (BAS) Lodgement Due Dates

Quarterly Lodgement for Small Businesses

Small businesses that report and pay Goods and Services Tax (GST) quarterly have specific due dates for lodging their BAS and making GST claims and payments. These due dates are based on the quarterly periods of July-September, October-December, January-March, and April-June.

Superannuation Contributions Due Dates

Quarterly Due Dates for Super Guarantee Payments

Employers are required to make superannuation guarantee payments on behalf of their employees. These payments follow a quarterly schedule from October to September.

Fringe Benefits Tax (FBT) Lodgement Due Date

21 May 2023

Businesses that provide fringe benefits to their employees must lodge and pay Fringe Benefits Tax (FBT) by 21 May 2023. This deadline ensures compliance with FBT regulations and the accurate reporting of fringe benefits provided.

PAYG Withholding Lodgement Due Dates

14 July 2023

Employers must issue income statements (payment summaries) to the tax authorities by 14 July 2023. These statements contain information on the payments made to employees and payees during the financial year.

15 August 2023

Employers must lodge their PAYG withholding information, including the payment summaries, with the tax authorities by 15 August 2023. This ensures accurate reporting of withheld amounts for tax purposes.

Factors Affecting Lodgement Due Dates

There are several factors that can have an impact on the lodgement due dates for tax returns for all of the aforementioned individuals and entities. These include:

1. Taxpayers with a history of timely lodgement and compliance may receive extensions or concessions from the tax authorities.

2. Higher-income individuals, large businesses, and trusts with substantial annual total income may have different lodgement due dates to allow for more complex reporting.

3. New registrants, whether individuals, businesses, or trusts, have specific lodgement due dates to provide sufficient time for initial tax reporting. The 5 June concession allows taxpayers to avoid certain penalties when lodging within the concession period.

Lodging on Weekends and Public Holidays

Taxpayers should know how to handle lodgement due dates that fall on non-business days, such as weekends and public holidays. In such cases, the tax authorities generally extends the due date to the next business day to ensure fair and practical lodgement.

Here’s a comprehensive table summarizing the important dates for tax lodgement: