Being proactive and planning early helps to avoid last-minute stresses when it comes to meeting lodgement and payment deadlines.

This article will provide insight into some of the important 2024 tax dates from June that all Australians should be aware of.

June 2024

5th June

  • Lodge tax returns for all entities with a 15th of May 2024 lodgement due date if they were non-taxable or received a credit assessment in the latest year lodged and meet the same criteria for the current year. This excludes large/medium taxpayers and head companies of consolidated groups.
  • Taxpayers must lodge tax returns for individuals and trusts by the 15th of May 2024, provided they also pay any tax liability by this date.
    • The ATO notes that 15th May is a concessional date. They will waive failure to lodge penalties if taxpayers complete both lodgement and payment by this date. However, the original underlying lodgement due date does not change. This arrangement provides leniency as long as taxpayers meet their lodgement obligations by the 15th of May.

21st June

  • Lodge and pay the May 2024 monthly business activity statement (BAS).

25th June

  • Lodge and pay 2024 Fringe benefits tax annual return for tax agents if lodging electronically.

30th June

  • Employers must pay superannuation guarantee contributions by this date to qualify for a tax deduction in the 2023-24 financial year
  • Clients who receive Child Care Subsidy and Family Tax Benefit payments from Services Australia must lodge their 2022-23 tax return by 30th June 2024, regardless of any lodgement deferrals in place. This ensures eligibility for ongoing government payments can be correctly determined.

BAS Quarters 2024

Business Activity Statement (BAS) payment deadlines vary depending on a business’s reporting cycle. This cycle is determined by annual GST turnover.

  • For small businesses, the BAS may be due quarterly or annually. The less frequent reporting obligations are due to the lower transaction volumes these businesses conduct.
  • For larger businesses with an annual GST turnover under $10 million, the default reporting cycle is quarterly.
  • For businesses with $10 million or more in annual GST, turnover must be reported monthly via BAS.
  • Voluntarily GST-registered businesses can report annually if their turnover is under $75,000 (or $150,000 for non-for-profits).

Having an awareness of these schedules helps businesses comply with their tax obligations:

Quarter Period Due Date
1 July, August, September 28th October
2 October, November, December 28th February
3 January, February, March 28th April
4 April, May, June 28th July

 

Tax agent/BAS agents get an extension of time for these to be lodged and paid per below:

bas agent due dates 2024

 

Superannuation

Employers must pay superannuation guarantee contributions for eligible employees on time each quarter in order to avoid penalties under the super guarantee charge. The following table outlines the payment due dates for each quarter to ensure compliance.

Quarter Period Due Date
1 1st July – 30th September 28th October
2 1st October – 31st December 28th February
3 1st January – 31st March 28th April
4 1st April – 30th June 28th July

 

If a superannuation payment due date falls on a weekend or public holiday, super funds must receive the contribution by the next business day.

Employers can choose to make superannuation contributions more regularly than quarterly, such as fortnightly or monthly. Employers must ensure however that they pay the total required super guarantee amount for the entire quarter in full by the required quarterly due date.

 

Not Sure About Your Obligations? Chat With An Accountant

The team at F5 Accountants are hoping that providing an overview of these key Australia tax dates will help you better plan to meet your lodgement and payment obligations as we approach tax time. Keeping on top of deadlines and having your documentation organised well in advance can certainly help reduce last-minute stress.

We can help ensure accurate and timely lodging, while also identifying any rebates or deductions employers may be entitled to. This can help minimise the tax you need to pay while giving you peace of mind of having an expert handle compliance on your behalf. Our expertise and experience navigating tax laws means one less thing for you to worry about. If you’re looking for bookkeeping and tax accounting services as we move into the new financial year, get in touch with our team today!

Justin Fahey - F5 Accountants

Justin Fahey

Justin Fahey, a respected tax agent and BAS agent based on the Gold Coast in Australia, excels in cryptocurrency tax, business tax, and personal tax. He was recognised as a finalist for the ‘Rising Star of the Year’ award at the Australian Accounting Awards in 2021. As the director of F5 Accountants, Justin prioritises financial clarity and long-term success for his clients, maintaining a thorough understanding of the latest industry trends and regulations.