Essential 2024-25 Compliance Deadlines for Australian Businesses: BAS, ITR, Superannuation, TPAR, FBT, CTR, and TTR
For Australian businesses, staying compliant with key tax deadlines is crucial to avoid penalties and ensure smooth operations. The upcoming financial year introduces essential dates for Business Activity Statements (BAS), Income Tax Returns (ITR), Superannuation Guarantee (SG) contributions, Taxable Payments Annual Report (TPAR), Fringe Benefits Tax (FBT), Company Tax Returns (CTR), and Trust Tax Returns (TTR). Each compliance requirement has unique lodgement dates, with some deadlines offering extensions when managed through registered tax agents.
This guide covers each major deadline and explains how these obligations impact businesses. With clear planning and preparation, businesses can save time, reduce stress, and avoid costly penalties.
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2024 BAS Deadlines Australia: Business Activity Statements Guide
Business Activity Statements (BAS) are used to report and pay several tax obligations including GST and PAYG withholding. Businesses lodge BAS monthly or quarterly depending on their GST turnover. Getting the lodgment date right is important to avoid penalties and get tax returns and contributions in on time.
What is a Business Activity Statement (BAS)?
A Business Activity Statement (BAS) is an important document used by Australian businesses to report and pay taxes to the Australian Taxation Office (ATO). The BAS is a comprehensive reporting tool for several tax obligations including Goods and Services Tax (GST), Pay As You Go (PAYG) withholding and other taxes. Depending on the business’s turnover the BAS is lodged monthly or quarterly. This regular reporting helps businesses stay compliant and keep their financial records up to date.
Who Needs to Lodge a BAS?
Businesses registered for GST must lodge a BAS. This includes any business with an annual turnover of $75,000 or more. Businesses that are required to pay PAYG withholding or other taxes must also lodge a BAS. If your business is registered for GST or has other tax obligations then lodging a BAS is part of your compliance requirements.
How to prepare and lodge a BAS
Preparing and lodging a BAS involves:
- Get your information: Collect all your GST, PAYG withholding and other tax information for the period. Accurate records are important for completing the BAS correctly.
- Complete the BAS: The BAS can be completed online or on paper. Make sure you use the right form and include all the required information to avoid errors and penalties.
- Lodge the BAS: You can lodge online or by mail. Get the BAS in on time to avoid late lodgement penalties.
- Pay any tax owing: Pay any tax due by the payment date to avoid penalties and interest.
Using a registered tax agent to prepare and lodge your BAS is highly recommended. Tax agents can give you expert advice, ensure you meet all your tax obligations and help with any tax issues that may arise.
BAS Lodgement Dates
| Quarterly BAS Reporting Period | Standard Due Date | Extended Due Date (with BAS Agent) |
|---|---|---|
| Quarter 1 (Jul–Sept) | 28 October 2024 | 25 November 2024 |
| Quarter 2 (Oct–Dec) | 28 February 2025 | 28 February 2025 (no extension) |
| Quarter 3 (Jan–Mar) | 28 April 2025 | 25 May 2025 |
| Quarter 4 (Apr–Jun) | 28 July 2025 | 25 August 2025 |
Businesses with an annual turnover of less than $20 million lodge quarterly. Businesses with an annual turnover of $20 million or more lodge monthly. Monthly BAS is due 21st of the following month for each period
Income Tax Returns (ITR)
Income Tax Returns are another compliance requirement and part of the tax return. Getting the tax return in on time is important to avoid penalties. Dates vary depending on the entity type, size and prior compliance history. Trust income tax returns have specific lodgment and payment dates to meet.
ITR Due Dates
| Entity Type | Income Threshold | Due Date |
|---|---|---|
| Self-preparing individuals and entities | N/A | 31 October 2024 |
| Using a registered tax agent | N/A | 15 May 2025 |
| Large/medium businesses | Over $10 million revenue | 31 January 2025 |
| Entities with prior-year tax liabilities | Tax liability of $20,000 or more | 31 March 2025 |
This table shows the tax return deadlines for different entity types. Self-lodgers have until 31 Oct 2024. Those using a registered tax agent most have until 15 May 2025. Large businesses and those with higher revenue thresholds have specific due dates depending on their structure
Superannuation Guarantee (SG) Contributions
The Superannuation Guarantee (SG) is a requirement for Australian employers to make super contributions on behalf of their employees. These are due quarterly and late payments will incur penalties including the Superannuation Guarantee Charge.
Superannuation Contribution Due Dates
| Quarter | Period | SG Due Date |
|---|---|---|
| Quarter 1 | 1 Jul – 30 Sept | 28 October 2024 |
| Quarter 2 | 1 Oct – 31 Dec | 28 January 2025 |
| Quarter 3 | 1 Jan – 31 Mar | 28 April 2025 |
| Quarter 4 | 1 Apr – 30 Jun | 28 July 2025 |
For businesses, these are the last day to make contributions without penalties. The SG charge can be up to 200% of the contribution, plus interest
Taxable Payments Annual Report (TPAR)
The Taxable Payments Annual Report (TPAR) is for businesses in construction, cleaning, courier services and other industries that make payments to contractors. It ensures payments to contractors are reported correctly and helps the ATO verify taxable income.
TPAR Lodgement Date
| Lodgement Type | TPAR Due Date |
|---|---|
| Annual Report | 28 August 2025 |
This report is due by 28 August each year, covering payments from the previous financial year. Maintaining contractor records, including ABN and payment details, ensures that businesses can complete the TPAR accurately and on time
Fringe Benefits Tax (FBT)
Fringe Benefits Tax (FBT) applies to non-cash benefits provided to employees, such as vehicle use, entertainment and housing allowances. The FBT year runs from 1 Apr to 31 Mar. Get the FBT deadlines right to avoid penalties as this tax is complex with many components and calculations.
FBT Lodgement Dates
| FBT Year | Lodgement Due Date | Extended Due Date (via Tax Agent) |
|---|---|---|
| 1 April 2023 – 31 March 2024 | 21 May 2024 | 25 June 2024 |
Employers must submit their FBT return by 21 May each year. If using a tax agent, the extended due date is 25 June. Calculations often include various details like vehicle logbooks, employee reimbursements, and benefit tracking, making timely preparation essential
Company Tax Returns (CTR) and Trust Tax Returns (TTR)
CTR and TTR are compliance obligations for businesses that operate as companies or trusts.
Company Tax Reporting (CTR)
CTR requires businesses to report their taxable income, expenses, and tax payable.
CTR Due Dates
| Entity Type | Due Date |
|---|---|
| Small businesses | 31 October |
| Large businesses | 31 January |
| Using a registered tax agent | 15 May |
Trust Tax Reporting (TTR)
TTR applies to trusts and requires reporting on the income generated and distributions made to beneficiaries.
TTR Due Dates
| Entity Type | Due Date |
|---|---|
| Trusts | 31 October |
| Using a registered tax agent | 15 May |
Both CTR and TTR contribute to accurate tax reporting, ensuring fair income reporting from companies and trusts.
Avoiding Penalties and Ensuring Compliance
To prevent late lodgement penalties, businesses can use reminders, apps, and systems that track these compliance dates. Registered tax agents offer extra support, providing extensions for some deadlines and ensuring that businesses meet ATO requirements. Key actions to help businesses stay compliant include:
- Marking Deadlines: Setting up calendar reminders with at least a week’s buffer for each deadline.
- Engaging a Tax Agent: For more complex businesses, a tax agent provides critical support, offers potential extensions, and handles intricate reporting like FBT and TPAR.
- Maintaining Accurate Records: Businesses should keep detailed records of transactions, payments, and benefits provided to employees, simplifying the lodgement process.
- Reviewing Past Compliance: Reviewing previous years’ lodgement histories can highlight areas needing improvement or additional attention to avoid future issues.
Each of these measures not only assists in meeting deadlines but also reduces stress and allows businesses to focus on their core operations rather than administrative tasks.
Conclusion
Meeting compliance deadlines for BAS, ITR, Superannuation, TPAR, FBT, CTR, and TTR is a proactive approach to managing finances and minimizing penalties. By understanding these key deadlines and planning ahead, businesses can maintain their focus on growth without the distractions of administrative compliance.
ACT Tax Group is here to help you navigate the complexities of tax compliance. Our expertise in Australian business tax can provide the support your business needs to stay compliant and avoid penalties. Reach out to ACT Tax Group for tailored guidance on your tax and reporting obligations.