KEY FINANCIAL YEAR DATES
for individuals and businesses
It’s incredible how quickly the months can go by, and before you know it, you’ve missed a critical financial deadline or the chance to get in front of things to optimise your tax position as the financial year runs out.
The yearly financial planning calendar below will help ensure you’re always in front of where you need to be! Click here to download a printable version of the below.
JANUARY
For individuals, the start of a new year is a good time to do an expense stocktake from the year before.
This allows you to check in with where you’ve been spending your money and identify if there is any unnecessary wastage happening. It’s also a good time to plan out your big expenses for the year (holidays, Christmas, big birthday milestones) and ensure you have confidence that you have the cash flow required to cover it all.
For businesses, super guarantee contributions for Q2 (October to December) are due on 28 January.
FEBRUARY
If you are receiving FBT entitlements, it's important to remember that the FBT year ends on 31 March. So February is a good time to check you're on track to have used up all your entitlements by the end of the FBT year.
For businesses, 28 February is when you lodge and pay your Q2 (October to December) BAS.
MARCH
If you are receiving FBT entitlements, hopefully you took heed of the note in February above to ensure you were on track to use all your entitlements ahead of the FBT year ending on 31 March.
This means that you may now qualify for an entitlement you didn't previously qualify for. So it's always worth checking if the new threshold amount changes your personal situation.
APRIL
If you’re a small business owner, April is the time you usually sit down with your accountant to do your year-end tax planning. This allows you to identify whether you should bring forward or delay certain capital purchases and ensures you’re finishing out the financial year in the most tax-effective way.
For businesses, super guarantee contributions for Q3 (January to March) are due on 28 April.
For businesses, 28 April is when you lodge and pay your Q3 (January to March) BAS.
MAY
May is a good month in which to investigate and consider whether making use of concessional Super benefits and topping up your Super accordingly before the 30 June cutoff makes sense for you and your situation.
Fringe Benefit Tax returns are due for lodgement at the end of May
If you’re a company owner, company income tax returns are due for lodgement and payment at the end of May.
Partnership and Trust income tax returns are due for lodgement and payment at the end of May.
JUNE
For individuals planning to make use of concessional Super benefits, those contributions must be made before 30 June.
Business owners typically spend June ensuring their bookkeeping is up to date and they are well-positioned from a tax and planning point of view when the Financial Year wraps up on 30 June.
JULY
If you're making use of Super spouse splits, check the set up of these match the best outcome for your personal situation.
Depending on your age, there is a minimum amount you must withdraw as a pension payment from an account-based pension each financial year. The start of a new financial year is a good time to check what you're drawing is in line with the minimum.
It is always a good idea to review the salary sacrifice arrangements you have with your employer at the start of each new financial year to ensure they are optimised for your personal situation.
If you are an employee, your PAYG withholding summary will be available in your myGov account in mid-July. You need this summary to prepare and finalise your tax return.
This means that may now qualify for an entitlement you didn't previously qualify for. So it's always worth checking if the new threshold amount changes your personal situation.
The amount of Super you need to pay your employees has been legislated to increase to 11% as of July 1 2023 and 11.5% as of July 2024. Make sure your business is prepared for these increases.
For businesses, super guarantee contributions for Q4 (April to June) are due on 28 July.
For businesses, 28 July is when you lodge and pay your Q4 (April to June) BAS.
SEPTEMBER
This means that may now qualify for an entitlement you didn't previously qualify for. So it's always worth checking if the new threshold amount changes your personal situation.
These need to be passed on to the person preparing your tax return.
OCTOBER
It's important to remember that these Notice to Claim forms MUST be lodged BEFORE your personal tax return is lodged.
If you are not using a tax agent, your individual tax return must be lodged by 31 October.
For businesses, super guarantee contributions for Q1 (July to September) are due on 28 October.
For businesses, 28 October is when you lodge and pay your Q1 (July to September) BAS.