We know that the End of the Financial Year always brings questions for those who need to file, and those questions become more complex when you’re a global business.

With that in mind, this article will act as your living, breathing guide to the End of Financial Year 2023, covering various topics like key dates for filing, any changes to tax legislation you need to know about, and information about specific benefits you may be entitled to.

However, before starting, we need to stress that this guide should not be taken as legal advice. This article is aimed to provide you with information to be aware of when consulting with a qualified tax agent about your Australian tax obligations.

Some considerations for filing

Before filing, companies should have a few things on their radar. For example, the Australian Taxation Office (ATO) sets Goods and Services Tax (GST) reporting and payment cycles based on the GST turnover of a company.

Therefore, if your GST turnover is less than AUD $20 million and the ATO has not told you to report monthly, you should be reporting quarterly. Likewise, you should report monthly if your GST turnover is AUD $20 million or more.

Additionally, you can report annually if you are voluntarily registered for GST and your GST turnover is under AUD $75,000 (or AUD $150,000 for not-for-profit bodies).

Key dates in 2023

Keeping track of Australia’s key dates for filing taxes is crucial for maintaining your business’ cash flow. Here are some important dates to mark in your calendar:

28 February

Company tax returns due for the previous financial year (if not done through an agent).

31 March

End of the Family Tax Benefit year, where eligible Australians can request government financial assistance for raising children.

15 May

•    If you use a tax agent, individual income tax returns are due for lodgement. This deadline is for the 2021/2022 tax year, almost a full year after the closure of the last tax year.
•  Company income tax returns are also due for lodgement and payment. Again, this deadline is for the 2021/2022 tax year.
•  Partnership & Trust income tax returns are due for lodgement for the 2021/2022 tax year.

To file any of the above for the 2022/2023 financial year, it would be a date in 2024.Check on the ATO website closer to the time, as information for 2024 dates is not currently available at the time of publishing.

21 May

• Lodge and pay April Business Activity Statement (BAS) if you lodge and pay monthly for things like GST and other taxes to ATO.
• Fringe Benefits Tax return due by this date if you lodge by paper.

28 May

The Fringe Benefits Tax return is due by today if you lodge electronically.

5 June

Lodge tax return for all entities with a lodgment due date of 15 May for the 2022/2023 financial year, if the tax return is not required earlier, and if both the below criteria are met:

•  Non-taxable or a credit assessment in the latest year lodged.
•  Non-taxable or receiving a credit assessment in the current year.

This deadline includes companies and super funds but excludes large and medium taxpayers and head companies of consolidated groups. Lodge tax returns are due for individuals and trusts with a lodgment date of 15 May 2023, provided they also pay any liability by this date.

21 June

Lodge and pay May 2023 monthly business activity statement.

25 June

Lodge and pay the 2023 Fringe Benefits Tax annual return for agents if lodging electronically.

30 June

To qualify for a tax deduction in the 2022/2023 financial year, super guarantee contributions must be paid by this date.

Please note if a tax lodgement or payment due date falls on a weekend or public holiday, the ATO will give you until the next business day.