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Important dates to remember

CVW Accounting important dates

The financial year is filled with important dates to remember for your business to maintain compliance. So, read on and take notes or mark your calendar.

Firstly, these key tax dates relate to compulsory lodgement of information to the Australian Taxation Office. Secondly, for your business to remain ATO compliant we recommend you mark your calendar. Lastly and most importantly this will mean your business financial reporting will not fall behind.

Upcoming dates – mark your calendar

Important calendar dates in December 2021

1 December

  • Pay income tax for the following;
    • the taxable large/medium taxpayers, companies and superannuation funds.
    • the taxable head company of a consolidated group with a member deemed to be a large/medium taxpayer in the latest year lodged.

Lodgement of the above returns is due 15 January 2022.

  • Pay income tax for companies and superannuation funds when lodgement of the tax return was due 31 October 2021.

21 December

  • Monthly BAS due for November 2021.

HAPPY NEW YEAR!!!

Mark your calendar with the following dates for January 2022

15 January

  • Lodge tax return for taxable large/medium entities as per the latest year lodged (all entities other than individuals), unless required earlier.
  • Payment for large/medium entities with a 15 January due date is:
    • 1 December 2021 – for companies and super funds
    • For trusts – as stated on their notice of assessment.

Note: You cannot request an agent assessed deferral from this date or assume a later date for lodgement on the basis that the taxpayer will be non-taxable in the current year.

  • Lodge tax return for the taxable head company of a consolidated group (including a new registrant) that has a member who has been deemed a large/medium entity in the latest year lodged, unless the return was required earlier. Payment was due 1 December 2021.

21 January

  • Lodge and pay quarter 2, 2021-22 PAYG instalment activity statement for head companies of consolidated groups.
  • Monthly BAS due for December 2021 except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.

28 January

  • Make quarter 2, 2021–22 super guarantee contributions to funds by this date.
    Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 February 2022.

Note: The super guarantee charge is not tax deductible.

31 January

  • Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in the December quarter.

February 2022 important dates

21 February

  • Monthly BAS due for December 2021 for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
  • Monthly BAS due for January 2022.

28 February

  • Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals).
    Payment (if required) for companies and super funds is also due on this date.

Payment for trusts in this category is due as per notice of assessment.

  • Lodge tax returns for new registrant (taxable and non-taxable) large/medium entities (except individuals).
    Payment (if required) for companies and super funds is also due on this date.

Payment for trusts in this category is due as per notice of assessment.

  • Lodge tax return for non-taxable head company of a consolidated group, including a new registrant, that has a member who has been deemed a large/medium entity in the latest year lodged.
    Lodge tax return for any member of a consolidated group who exits the consolidated group for any period during the year of income.
  • Lodge tax return for large/medium new registrant (non-taxable) head company of a consolidated group.
  • Lodge and pay Self-managed superannuation fund annual return (NAT 71226) for new registrant (taxable and non-taxable) SMSF, unless they have been advised of a 31 October 2021 due date at finalisation of a review of the SMSF at registration.
    Note: There are special arrangements for newly registered SMSFs that do not have to lodge a return – contact the CVW Accounting team for further details.
  • Quarterly BAS statement due for December 2021 for all lodgement methods.
  • Pay December quarter instalment notice (form R, S or T). Lodge the notice only if you vary the instalment amount.
  • Annual GST return – lodge (and pay if applicable) if the taxpayer does not have a tax return lodgement obligation.
    If the taxpayer does have a tax return obligation, this return must be lodged by the due date of the tax return.
  • Lodge and pay quarter 2, 2021–22 Superannuation guarantee charge statement  quarterly if the employer did not pay enough contributions on time.
    Employers lodging a Superannuation guarantee charge statement – quarterly 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.

A very big month indeed. So, to reiterate please do not hesitate to contact the CVW Accounting team on 9219 1300.

Important dates for ATO compliance

CVW Accounting staff are often asked questions about due dates. Below is  a list that includes generic lodgement dates for;

  • Superannuation contribution due dates,
  • Quarterly BAS Statement due dates
  • Monthly BAS / IAS Statement due dates

If you have questions about due dates for your business, superannuation fund or trust, contact us for more information.

SUPERANNUATION CONTRIBUTION DUE DATES

for the period                          due date

July to September                   28 October

October to December             28 January

January to March                    28 April

April to June                            28 July

QUARTERLY BUSINESS ACTIVITY STATEMENT DUE DATES

for the period                          due date

July to September                   28 October

October to December             28 February

January to March                    28 April

April to June                            28 July

MONTHLY BUSINESS ACTIVITY STATEMENT / INSTALMENT ACTIVITY STATEMENT DUE DATES

for the period                          due date

July                                          21 August

August                                     21 September

September                              21 October

October                                   21 November

November                               21 December

December                               21 January

(do you see a pattern here?)

January                                    21 February

February                                  21 March

March                                      21 April

April                                        21 May

May                                         21 June

June                                         21 July

Source: ATO

Are you behind in your lodgements?

CVW Accounting can negotiate with the ATO on your behalf which means you can touch base today to get your ATO compliance back on track.

Contact CVW Accounting for a no obligation chat on 9219 1300.

 

This blog was originally created in February 2017. It has been updated in June 2018, March 2020, January 2021, and March 2021 as well as in June 2021. The most recent update was 30 August 2021.

INFORMATION SOURCE: Australian Taxation Office

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The financial year is filled with important dates to remember for your business to maintain compliance. So, read on and take notes or mark your calendar. Firstly, these key tax dates relate to compulsory lodgement of information to the Australian… Continue reading →

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