Staying on top of ATO deadlines is essential for individuals and businesses to avoid unnecessary stress, penalties, and cash flow issues. Missing key lodgement or payment dates can lead to fines or additional charges, which can impact your financial stability. At JD Scott + Co, we help clients stay organised and compliant with personalised accounting and tax services.

Monthly Lodgement and Payment Deadlines

For businesses lodging BAS or PAYG instalments monthly:

  • 21st of Each Month:
    • Monthly Business Activity Statements (BAS) lodgement and payment.
    • PAYG withholding payment due for the previous month.

Example: BAS for January 2025 must be lodged and paid by 21 February 2025.

Quarterly Lodgement and Payment Deadlines

For businesses and individuals lodging quarterly:

  • 28 October 2024: First Quarter BAS and PAYG instalments (July–September 2024).
  • 28 February 2025: Second Quarter BAS and PAYG instalments (October–December 2024). (Extended due date for agents lodging on behalf of clients).
  • 28 April 2025: Third Quarter BAS and PAYG instalments (January–March 2025).
  • 28 July 2025: Fourth Quarter BAS and PAYG instalments (April–June 2025).

Annual Lodgement and Payment Deadlines

  • 31 October 2024:
    • Deadline for individual tax returns if self-lodging without a registered tax agent.
  • 15 May 2025:
    • Extended lodgement date for individual and company tax returns if using a registered tax agent and meeting earlier lodgement criteria.
  • 30 June 2025:
    • Superannuation contributions must be received by this date to be deductible in the 2024–25 financial year.

Superannuation Deadlines

Employers must ensure Superannuation Guarantee (SG) contributions are paid quarterly:

  • 28 October 2024: Quarter 1 (July–September 2024).
  • 28 January 2025: Quarter 2 (October–December 2024).
  • 28 April 2025: Quarter 3 (January–March 2025).
  • 28 July 2025: Quarter 4 (April–June 2025).
  • 28 May 2025: Lodge and pay the Superannuation Guarantee Charge (SGC) statement if you did not pay the minimum SG contributions for Quarter 3 by the due date.

Tax Payment Deadlines

  • PAYG Instalments: Payments aligned with quarterly or monthly BAS deadlines.
  • Income Tax Payment:
    • Payment for individuals and businesses is typically due on the date specified in the Notice of Assessment.

Deadlines and Keynotes

Quarter

Deadline

Obligation

Key Notes

Q1

28 January 2025

Superannuation Guarantee (SG) payments

Ensure payments are received by funds by this date to avoid SGC penalties.

 

21 February 2025

BAS for December quarter, PAYG instalments

Late lodgements may attract penalties and interest.

 

31 March 2025

Fringe Benefits Tax (FBT) year ends

Ensure FBT calculations are accurate for reporting.

Q2

28 April 2025

SG payments for Jan-Mar 2025

Use the SBSCH or a clearing house for efficient processing.

 

21 May 2025

BAS for March quarter, PAYG instalments

Review GST credits and liabilities before submission.

 

30 June 2025

End of Financial Year (EOFY)

Finalise payroll, lodge STP, and prepare for EOFY reporting.

Q3

28 July 2025

SG payments for Apr-Jun 2025

Double-check employee eligibility and contributions.

 

21 August 2025

BAS for June quarter, PAYG instalments

Ensure accurate reporting for EOFY data included in this quarter.

 

30 September 2025

Lodge Taxable Payments Annual Report (TPAR)

Required for specific industries like building, cleaning, or courier work.

Q4

28 October 2025

SG payments for Jul-Sep 2025

Use automated reminders to ensure deadlines are not overlooked.

 

21 November 2025

BAS for September quarter, PAYG instalments

Submit early to avoid last-minute technical issues with the ATO portal.

Annual

31 October 2024

Individual tax return deadline (self-lodged)

Submit on time to avoid penalties unless using a registered tax agent.

 

15 May 2025

Extended tax return deadline (via agent)

Only applicable if meeting prior lodgement and payment criteria.

 

28 May 2025

Lodge and pay SGC statement (if applicable)

Applies if minimum SG contributions for Q3 were missed.

Important Notes for Lodgements and Payments

  • Timely Submissions Prevent Penalties: Missing ATO deadlines can result in fines and interest charges. 
  • Plan for Processing Delays: Payments and lodgements must be completed by the due date. Allow additional time for bank processing or system delays, especially when using third-party platforms.
  • Use Registered Tax Agents Wisely: If you engage a registered tax agent, you may be eligible for extended lodgement deadlines. Ensure all documents and information are provided to your agent well before the cut-off date.
  • Monitor Superannuation Deadlines Closely: Superannuation contributions must be received by the employee’s fund by the due date to count as on time. Late payments may attract the Superannuation Guarantee Charge (SGC).
  • Keep Records Up to Date: Accurate and detailed records of all financial transactions, payments, and correspondence with the ATO are essential for compliance and auditing purposes.
  • Review Notices from the ATO: Notices and statements from the ATO often include specific deadlines. Mark these dates to avoid missing obligations.

Stay Ahead of Your Deadlines with JD Scott + Co

Navigating ATO deadlines can be overwhelming, but you don’t have to do it alone. At JD Scott + Co, we specialise in helping SME businesses manage their tax compliance obligations. From tracking lodgements to managing superannuation deadlines, our team ensures you stay compliant.

Let us handle the complexities so you can avoid penalties and streamline your financial processes. Contact JD Scott + Co today to learn how our accounting services can keep you on track for success.

I recently read a post by Joanna Perry about some non-negotiables graduates should seek to have in their career in accounting. Honestly, they’re not just helpful—they’re essential for anyone looking to build a strong foundation and go far in this field. Here’s my take on them:

1. Be Proactive in Problem-Solving

Everyone wants a solution, not a problem. Spot potential problems early, think critically, and offer solutions. This shows initiative – you’re paid to use your brain, so use it.

2. Attention to Detail is Your Superpower

Details matter. Even small things, like typos or misaligned figures, can shake confidence in your work. Master the art of precision—it speaks volumes about your professionalism.

3. Ethics are Non-Negotiable

Integrity is the foundation of trust. The world is a small place. People remember, even decades later.

4. Communication is Crucial

Learn to explain complex things simply, no matter your audience.

5. Accuracy Matters

Close enough isn’t good enough in accounting. Double-check your work for errors or inconsistencies—it’ll save you time and stress in the long run.

6. Embrace Technology

Being proficient in technology is given. Don’t let some 50 year old Gen X show you how its done (even if we did build the internet from scratch and have been using Excel since time immemorial).

7. Time Management is Essential

Balancing deadlines and setting client expectations requires strong time management skills. You can have a work-life balance – you work, then you have a life.

8. Understand the Business

Understand your clients’ businesses. Learn to speak the lingo. Knowing how industries typically operate and their common pain points. This should be the most interesting part of your job.

9. Networking is Key to Your Growth

Build strong relationships with colleagues, mentors, and industry professionals. Networking and a strong reputation will help you in your professional journey. It pays you back 100x in years to come.

10. Develop Strong Analytical Skills

Numbers are more than data—they tell a story. Learn the language of accounting and learn to speak to fluently. You will be light years ahead of everyone else.

11. Seek Certifications

Earning credentials like CA or CPA can significantly boost your career prospects and credibility. Set professional development goals and elevate your accounting skillset.

12. Always Aim for Continuous Improvement

Accounting is constantly evolving, and so should you. Stay curious, actively seek feedback, and never stop learning. Growth is a career-long commitment.

These 12 non-negotiables aren’t just tips, they’re a guide to help you succeed. The effort you put in now will set you up for a challenging and rewarding career in accounting.

Source: Joanna Perry on LinkedIn, November 2024.

There are many forms of business structure available, from companies to sole traders. Each type of structure has its pros and cons, which we explain in detail here. One of the more popular of structures, especially when it comes to holding investment assets, are discretionary trusts.

What is a ‘family trust’?

A ‘family trust’ (FT) for tax purposes is one whose trustee has made a valid family trust election (FTE). It is not sufficient to simply include the words ‘family trust’ in the trust’s name.

A valid FTE can only be made if the family control test is satisfied. This test means that only a trust that is not widely held and is effectively controlled by a specific family can make a valid FTE.

An FTE must be in writing in the approved form. Once the election has been made, it cannot be varied or revoked except in limited circumstances.

The ATO has listed on its website the 5 main reasons to become a family trust.

Five reasons to become a family trust

1. Trust loss measures

A FT only has to satisfy one test (the income injection test) to utilise tax losses or debt deductions, and it becomes easier to pass the income injection test. Trusts that have

not made an FTE have to satisfy additional tests and it is more difficult to satisfy the income injection test.

2. Company loss tracing concession

Broadly, if a company has a non-fixed trust as a shareholder and the trust is a FT, a single notional entity that is a person will be taken to own the interests. This means that there is no need to trace past the FT. This makes it easier for the company to recoup its tax losses.

3. Access to franking credits

A concession makes it easier for franking credits to pass through to beneficiaries of a family trust where the trust has received franked distributions from a company or another trust.

4. Trustee beneficiary reporting rules

Generally, these rules require the trustee of a closely held trust to advise the ATO of certain details about each beneficiary of the trust that is also the trustee of another trust (a trustee beneficiary). Family trusts are excluded from having to comply with the rules (although trustee beneficiary non-disclosure tax may be payable in certain circumstances).

5. Small business restructure roll-over

Small business entities can restructure their business by moving active assets into, or out of, a trust, company, partnership, or a combination, without adverse capital gains tax (CGT) consequences. This is called CGT roll-over relief. One of the requirements to be met to access the CGT roll-over relief is that there is no material change in the ultimate economic ownership of an asset. Special rules apply in this context to family trusts.

What are the pitfalls of a family trust?

· Family Trust distribution tax (FTDT) is imposed when distributions are made outside the family group. The rate is 47%. The meaning of ‘distribution’ for this purpose is very broad and includes the transfer of property, the use of an asset and debt forgiveness.

· The trustee of a family trust will be liable to pay trustee beneficiary non-disclosure tax if it makes what is called a ‘circular trust distribution’. The rate is 47%.

For a more comprehensive analysis of family trust elections read our article.

Tip! We can help you decide if a FT is right for you.

Logo
Share This

Select your desired option below to share a direct link to this page.
Your friends or family will thank you later.