Tax Tips & Key Dates
As we move through the first quarter of the financial year, the lodgement obligations for this period are many and an important part of finalising the prior financial year to allow Income Tax Returns to commence lodgement.
As we head towards the October to December period, lodgement dates start to include the lodgement of Income Tax Returns along with relevant lodgements as an employer. Below we have provided a detailed list of some of the key lodgement obligations for your business.
7th September 2020 – Lodgement of the August 2020 Monthly QLD Payroll Tax obligation.
14th September 2020 – Jobkeeper Monthly Reporting for August 2020
21st September 2020 – Due date to lodge and pay monthly activity statements for August 2020.
30th September 2020 - Due date for small and medium withholders (total annual PAYG withholding $1m or less) to lodge the PAYG payment summary statement for the year to 30 June 2020, if they use a tax agent or BAS agent to prepare the report and payees include unrelated persons.
30th September 2020 – Reassessment of Reduction in Turnover for the September 2019 Quarter against the September 2020 Quarter to determine eligibility for the Jobkeeper 2.0 payment
7th October 2020 - Lodgement of the September 2020 Monthly QLD Payroll Tax obligation.
14th October 2020 – Jobkeeper Monthly Reporting for September 2020
14th October 2020 – Enrolment confirmation for the Jobkeeper 2.0
21st October 2020 – Due date to lodge and pay monthly activity statements for September 2020
28th October 2020 – Due date to lodge and pay quarterly activity statements for the September 2020 quarter if lodging by paper.
28th October 2020 – Final date to change GST payment option for the 2020-21.
28th October 2020 – Final date for eligible quarterly GST Payers to elect to report GST annually for 2020-21
28th October 2020 – Due date for employers to lodge and pay superannuation guarantee contributions for the September 2020 quarter.
31st October 2020 – Due date to lodge 2019/20 individual, partnership and trust income tax returns where not lodged by a tax agent.
31st October 2020 - Due date for all entities with one or more prior year returns outstanding to lodge 2019/20 income tax returns.
31st October 2020 - Due date for entities who pay or report GST annually, and who are required to lodge income tax returns by 31 October, to lodge the Annual GST return or Annual GST information report for the year to 30 June 2020.
31st October 2020 - Due date for entities subject to PAYG withholding to lodge the following annual reports for the year to 30 June 2020:
PAYG withholding where ABN not quoted - annual report.
PAYG withholding from interest, dividend and royalty payments paid to non-residents - annual report.
PAYG withholding annual report - payments to foreign residents.
PAYG withholding annual report - natural resource payments to foreign residents (to be lodged as a letter).
7th November 2020 - Lodgement of the October 2020 Monthly QLD Payroll Tax obligation
14th November 2020 – Jobkeeper Monthly Reporting for October 2020
21st November 2020 – Due date to lodge and pay monthly Activity Statements for October 2020.
25th November 2020 – Due date to lodge and pay quarterly activity statements for the September 2020 Business Activity Statement if lodged electronically thorugh a BAS or Tax Agent.
28th November 2020 - Employers who fail to pay the minimum superannuation guarantee contributions by this date must pay the superannuation guarantee charge (SGC) and lodge a Superannuation guarantee charge statement - quarterly by 28 Nov 2020. The SGC is not tax deductible.
1st December 2020 – For all companies and Superannuation Funds who had a 31st October 2020 lodgement date, payment of any Income tax Liability is due by this date.
1st December 2020 - Due date for companies and superannuation funds, that were taxable large/medium entities in the immediate prior year, to pay income tax for the year to 30 June 2020.
7th December 2020 - Lodgement of the November 2020 Monthly QLD Payroll Tax obligation
14th December 2020 – Jobkeeper Monthly Reporting for November 2020.
21st December 2020 – Due date to lodge and pay monthly activity statements for November 2020.
If you require assistance with lodgement of your business obligations, please contact our office and we can assist in ensuring all reporting obligations are lodged on time.