As we enter the end of the financial year in Australia, it’s worth noting changes that the coronavirus and the summer bushfires have had on key deadlines for EOFY. The ATO has extended some lodgement and payment dates. Here are some notable deadlines for the 2019-20 tax year:
Key dates to watch
15 May – Tax return (2019)
Deadline to lodge 2019 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession.
Due date for companies and super funds to pay if required.
Note: Individuals and trusts in this category pay as advised on their notice of assessment.
21 May – Monthly business activity statement (BAS)
Lodge and pay April 2020 monthly business activity statement.
For advisors, this is the final date to add new fringe-benefits tax (FBT) clients to your client list to ensure they receive the lodgment and payment concessions for their FBT returns.
Lodge and pay fringe benefits tax annual return if lodging by paper.
26 May – Quarterly activity statement
Lodge and pay eligible third-quarter 2019–20 activity statements if you or your clients have elected to receive and lodge electronically.
28 May – Fringe benefits tax (FBT) and bushfire deferrals
Pay FBT annual return if lodging electronically.
Lodge and pay third-quarter superannuation guarantee charge statement – quarterly (NAT 9599) if the employer did not pay enough contributions on time.
In bushfire-affected postcodes, lodgment and their associated payments for income tax, activity statement, SMSF and excise returns are due.
Employers who lodge a quarterly superannuation-guarantee charge statement can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
Note: The super guarantee charge is not tax deductible.
5 June – Tax return (2020)
Lodge tax return for all entities with a lodgment due date of 15 May 2020 if the tax return is not required earlier and both 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.
Note: This includes companies and super funds, but excludes large/medium taxpayers and head companies of consolidated groups.
Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2020 provided they also pay any liability due by this date.
Note: This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.
21 June – Monthly BAS
Lodge and pay May 2020 monthly business activity statement.
25 June – FBT for tax agents and bushfire regions
Lodge 2020 fringe benefits tax annual return for tax agents if lodging electronically and self-filers in bushfire-affected regions. Payment (if required) is due 28 May.
30 June – Super contributions
Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2019–20 financial year.
14 July – EOFY finalisation
Employers must make an EOFY finalisation declaration in Single Touch Payroll (STP) by 14 July (or 31 July if the employer started using STP during the 2019-20 tax year and has no more than 19 employees).
For more on how to prepare for EOFY, we have a dedicated hub. It includes sections dedicated to accountants and bookkeepers, and an area just for small businesses. You’ll find the latest resources including webinars, checklists and more useful information.