Key dates coming up for small businesses

Over the next few months, small businesses have a few key dates they need to keep in mind. Taking the time to prepare for these dates can help you better manage your tax.

Here’s a detailed look at these important dates and steps you can take to prepare for them.

31 March: End of the fringe benefits tax (FBT) year

The FBT year runs from 1 April to 31 March. If you’re an employer who provides benefits to your employees, you’ll need to:

• Work out if you have an FBT liability for fringe benefits you’ve provided to your staff or their associates between 1 April 2024 and 31 March 2025.
• If you have an FBT liability you need to lodge an FBT return and pay the amount due by 21 May 2025.
• If you work out that you don’t need to lodge an FBT return and you’re currently registered for FBT, you’ll need to let the ATO know.
• Report each employee’s reportable fringe benefits amount in their end of year payment information.

To get more information about FBT visit the ATO website at ato.gov.au/FBT.

28 April: Business activity statement

If your business is registered for goods and services tax (GST), the ATO will automatically send you a business activity statement (BAS) when it’s time to lodge. If you report quarterly, the due date for the January-March quarter is 28 April.

To prepare for lodging and paying your BAS, take the time to:

• Set aside your GST, Pay as you go (PAYG) withholding and super from your cash flow so you have the funds available when it’s time to pay – the ATO has tips about managing payments.
• Check out these BAS and GST tips to help you get it right.
• See if you’re eligible for extra time to lodge and pay.

Remember, it’s important to lodge and pay your BAS in full and on time. Even if you have nothing to report in your BAS, you still need to lodge by the due date.

28 April: Super Guarantee Contributions due

If your business has employees, super guarantee payments for the January-March quarter are due on 28 April. Failure to pay super by the due date means you’ll need to complete and lodge an SGC Statement with the ATO by 28 May 2025. To prepare:

• Calculate your super contributions – ensure you have accurately calculated the super contributions for each employee.
• Save time and reduce errors by making your super payments through SuperStream.
• Keep up to date – the current super guarantee rate is 11.5%, this will increase to 12% on 1 July 2025.

21 May: FBT due date

Here are 4 easy steps to getting your FBT reporting right by the due date:

1. Identify the types of fringe benefits you provide.
2. Determine their taxable value.
3. Lodge an FBT return by 21 May if you’re a self-preparer, or a tax professional lodges for you by paper. If your tax professional lodges electronically for you, you have until 25 June to lodge your FBT return and pay any FBT you owe.
4. Keep records that demonstrate your calculations and support your FBT position.

25 June: FBT concessional due date

If your tax professional lodges your FBT return electronically on your behalf, you have until 25 June to lodge your FBT return and pay any FBT owed.

30 June: End of Financial Year

The financial year ends on 30 June. This is an important time for your financial reporting and managing your tax obligations. To prepare:

• Check your income – ensure that all your sources of income are being accurately recorded.
• Track your deductions – keep good records of your expenses and plan out what deductions you’re going to claim.

14 July: Single Touch Payroll and pay as you go withholding

If you have employees, you should be reporting your payroll information through STP. You need to make an STP finalisation declaration by 14 July and provide your employees with their payment summaries so they have the right information to lodge their tax return. If you have any closely held payees, you have a later due date for those payees only. Remember to finalise all employees you’ve paid in the financial year.  Make sure that you:

• Review your payroll data – do a check in on your payroll data before the due date so you have time to correct any discrepancies.
• Withhold the right amount of tax from payments you make to your employees and other payees, and pay those amounts to the ATO.

28 July: Business activity statement

Your BAS for the April-June quarter is due on 28 July. Remember to check out our tips above. To prepare, you can also:

• Keep good financial records – make sure you’re keeping all the records you need to keep.
• Pay close attention to your GST – keep track of the GST you collect, and the GST included in the price of goods and services you buy for your business.
• Lodge all your BAS before you lodge your tax return to help with reconciling your figures.
• If you’ve been making ‘nil’ BAS lodgments for a while, think about cancelling your GST and other registrations.

28 July: Super Guarantee Contributions

Super guarantee payments for the April-June quarter are due on 28 July, if you don’t pay this on time means you’ll need to complete and lodge an SGC Statement with the ATO by 28 August 2025. To get ready to make your contributions on time:

• Update employee records – verify that all employee details including their funds are up to date in your payroll system.
• Keep track of the new rate – the super guarantee rate increases to 12% on 1 July. This means you need to calculate SG contributions at 12% for your eligible workers for payments of ordinary time earnings you make from this date.
• Your SG contributions for this quarter are still calculated at the 11.5% rate for payments of ordinary time earnings made prior to 1 July.

By staying organised and proactive, you can navigate these key dates with confidence and set yourself up for success this tax time. There are also some good habits you can build throughout the year:

• Reviewing your finances – regularly reviewing your finances can help keep your business healthy and on the right track. Use these reviews to adjust budgets, forecast cash flow, and plan for upcoming expenses.
• Staying up to date – stay informed by attending workshops or webinars offered by industry associations or government agencies such as the ATO.
• Engaging with your tax professional – talking to a registered tax professional can help you better understand your tax obligations. They can also provide ongoing support and advice.