Tax season is once again upon us, and for small businesses in Australia, May marks an important deadline for lodging various tax reports. It’s important to ensure you know these tax return deadlines to avoid late fees and potential legal complications. In this article, we’ll cover the tax reporting due dates for Australian small businesses in May. So, whether you’re a sole trader or a small business owner, read on to ensure you don’t miss any important deadlines.
Tax reporting due dates are important to keep in mind for Australian small businesses, as missing a deadline can result in penalties and fees. For the month of May 2023, the Australian Taxation Office suggests several key dates to keep in mind.
Tax Return Deadlines for May 2023
It’s important to note that the due dates listed below are for 30 June balancers only and events or timelines may change.
If a due date falls on a weekend or public holiday, you can lodge or pay on the next business day.
- 15 May
- Lodge 2022 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups) and are not eligible for the 5 June concession.
- Due date for companies and super funds to pay if required.
- Note: Individuals and trusts in this category pay as advised on their notice of assessment.
- 21 May
- Lodge and pay April 2023 monthly business activity statement.
- Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.
- Lodge and pay Fringe benefits tax annual return if lodging by paper.
- 26 May
- Lodge and pay eligible quarter 3, 2022–23 activity statements if you or your client have elected to receive and lodge electronically.
- 28 May
- Lodge and pay quarter 3, 2022–23 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.
- Employers who submit a Superannuation Guarantee charge statement have the option to offset any late contributions paid to a fund against their super guarantee charge for the quarter. However, they are still required to pay the remaining balance of the super guarantee charge.
- Note: The super guarantee charge is not tax deductible.
Use the ATO’s Super guarantee charge statement and calculator tool to work out the super guarantee charge and prepare the Superannuation guarantee charge statement – quarterly.
Schedule your tax time appointment with SG Advisory now
Book in your tax time appointment now. The first quarter of the new financial year is a hectic time for accountants and appointment times fill up fast so don’t put it off.
Should you require more general advice and guidance, speak with one of our tax accountants or financial planners and let’s take the anxiety out of tax time in 2023.
Stay ahead of the game and keep your tax reporting up to date to ensure a stress-free financial year.