EOFY Key Tax Dates
If you have been out of routine this year, you have probably realised how easy it is to lose track of the days. To help keep you up to date, we have put together a list of dates you will not want to forget. The end of financial year in Australia is looking a little different this year, so it is worth noting the changes that the coronavirus and bushfires have had on key deadlines for EOFY.
15 May – 2019 Tax Return
- Normally, this date would be the due date for lodgement of 2019 Tax Returns for all companies and self-managed superannuation funds (SMSF), (apart from those entities with an earlier lodgement due date). However, given the current environment with COVID-19, the ATO have granted lodgement and payment extensions for these entities to 5 June 2020 for companies and 30 June 2020 for SMSFs. Note: These extensions only apply to returns lodged by registered tax agents.
- The 15 May deadline remains in place for any individuals who have a tax liability owing on their 2019 returns. If they lodge after 15 May they have up until 5 June, however payment must be made at the same time as the return is lodged.
21 May – Monthly business activity statement (BAS)
- Lodge and pay April 2020 monthly business activity statement.
- Final date for advisors to add new fringe-benefits tax (FBT) clients, (so contact us pronto), to their list and ensure they receive the lodgement and payment concessions for their FBT returns.
26 May – Quarterly activity statement
- Lodge and pay eligible third-quarter 2019–20 activity statements if you have elected to receive and lodge electronically.
28 May – Bushfire deferrals
- If you received a deferral of lodgement and payment of any liability incurred for IAS and BAS or other tax obligations from November 2019 up to and including February 2020, lodgement and associated payments for those obligations is due on this date.
- Lodge and pay third-quarter superannuation guarantee charge statement – quarterly (NAT 9599) if the employer did not pay enough contributions on time.
5 June – 2020 Tax Return
- Lodge tax return for all entities with a lodgement due date of 15 May 2020 if the tax return is not required to be lodged earlier and either of the following criteria are met:
- Non-taxable or a credit assessment in latest year lodged Non-taxable or receiving a credit assessment in the current year.
As noted above, this is the deadline for lodgement of all remaining company, trust, partnership and individual tax returns for the 2019 year. Any tax liabilities arising from the lodgement of the tax returns will also be due for payment on this date.
21 June – Monthly BAS
- Lodge and pay May 2020 monthly BAS.
25 June – FBT for tax agents and bushfire regions
- Lodge 2020 fringe benefits annual tax return for tax agents lodging either electronically or by paper and self-filers (i.e those taxpayers who do not use a tax agent). Payments are also due on this date.
30 June – Super contributions
- All super guarantee contributions are to be paid by this date to qualify for a tax deduction in the 2019–20 financial year.
14 July – EOFY Finalisation through STP
- You need to make a finalisation declaration by 14 July each year.
- If you started reporting through STP in the 2019–20 financial year and have 19 or fewer employees, you have until 31 July 2020 to make the finalisation declaration.
For more information on how to prepare for the end of financial year, please get in touch with our team on 1300 363 866 or visit our website www.mcconachiestedman.com.au .