Key Tax dates and Financial deadlines for Australian Businesses in 2024–25

Published on 2025-03-21

Category: Small Business Owners

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The financial year is the foundation of business accounting, tax reporting, and financial management in Australia. The financial year (also called the fiscal year) for businesses in Australia runs from July 1 to June 30 of the following year. For example, the 2024–25 financial year begins on July 1, 2024, and ends on June 30, 2025. By staying aware of key dates and obligations, businesses can ensure compliance, optimize tax planning, and maintain financial health.

Why is the Financial Year Important?

Tax Reporting and Compliance

Businesses must report their income, expenses, and deductions to the Australian Taxation Office (ATO) based on the financial year.
Income tax returns for businesses and individuals are typically due by October 31 if self-lodging or later if using a registered tax agent.

Business Activity Statements (BAS) and GST

Companies registered for Goods and Services Tax (GST) must report and pay GST obligations on a monthly, quarterly, or annual basis.
BAS deadlines align with the financial year, making it critical for businesses to track income and expenses efficiently.

Superannuation and Payroll Responsibilities

Employers must make Superannuation Guarantee (SG) contributions for employees, which must be paid quarterly.
End-of-year payroll reconciliations and Single Touch Payroll (STP) reporting also follow the financial year cycle.

Financial Planning and Budgeting

Businesses use the financial year to assess profitability, expenses, and investment plans.
Many companies prepare annual budgets, financial statements, and forecasts based on this period.

Government Grants and Incentives

Several government programs, tax deductions, and small business incentives are tied to financial year deadlines.
Examples include Instant Asset Write-Offs, R&D Tax Incentives, and small business tax concessions.

Annual Reporting for ASIC and Companies

Registered companies must lodge annual financial reports with the Australian Securities and Investments Commission (ASIC) based on the financial year.
Public and larger proprietary companies have statutory financial reporting obligations that follow this timeline.

Key Financial and Tax Dates for 2024–25

Financial Year Period:

Start Date: July 1, 2024
End Date: June 30, 2025

Important Tax Dates

Monthly Obligations:

Business Activity Statements (BAS): Due on the 21st of each month for businesses reporting and paying GST monthly.
Pay As You Go (PAYG) Withholding Payments: Due on the 21st of each month for businesses withholding tax from employee payments.

Quarterly Obligations:

BAS and PAYG Installments:
- Q1 (July–September 2024): Due October 28, 2024
- Q2 (October–December 2024): Due February 28, 2025
- Q3 (January–March 2025): Due April 28, 2025
- Q4 (April–June 2025): Due July 28, 2025

Annual Obligations:

Income Tax Returns:
- Individuals and Trusts: Due October 31, 2025
- Companies and Super Funds: Due February 15, 2026, if lodging through a tax agent; otherwise, October 31, 2025
Fringe Benefits Tax (FBT) Return: Due June 25, 2025, for electronic lodgments

Superannuation Guarantee (SG) Contributions:

Quarterly Payment Deadlines:
- Q1 (July–September 2024): Due October 28, 2024
- Q2 (October–December 2024): Due January 28, 2025
- Q3 (January–March 2025): Due April 28, 2025
- Q4 (April–June 2025): Due July 28, 2025

Notable Changes Effective January 1, 2025

Welfare Payments Increase

As of January 1, 2025, several welfare payments in Australia, including Youth Allowance and Austudy, have increased due to routine indexation. This adjustment aims to assist recipients in managing the rising cost of living.

Criminalization of Wage Underpayment

Deliberate underpayment of wages or entitlements is now considered a criminal offense in Australia. This excludes genuine errors. Employers who intentionally underpay workers may face severe penalties, including up to 10 years in prison and fines of up to $1.65 million (or triple the underpaid amount, whichever is greater). Companies could be fined up to $8.25 million or triple the underpayment. These measures aim to deter wage theft and ensure fair compensation for workers.

The Fair Work Ombudsman (FWO) is responsible for investigating these offenses and referring cases for criminal prosecution. Employers should review their payroll practices to ensure compliance with these new regulations. While unintentional underpayments due to genuine mistakes are not subject to criminal penalties, they should be rectified promptly to avoid civil liabilities.

Import Ban on Engineered Stone

Australia has implemented a ban on the importation of engineered stone products, effective from January 1, 2025, to protect workers from silicosis—a severe lung disease caused by inhaling silica dust. This follows an earlier domestic ban on the use, supply, and manufacture of engineered stone within Australia, which commenced on July 1, 2024.

Australian Border Force (ABF) Post

Recommendations

Stay Updated: Regularly consult the Australian Taxation Office (ATO) website for any updates or changes to tax obligations.
Professional Consultation: Engage with a registered tax agent or accountant to ensure compliance and to receive tailored advice for your financial situation.
Timely Lodgment: Adhere to all lodgment and payment deadlines to avoid penalties and interest charges.

By keeping these dates and changes in mind, individuals and businesses can effectively manage their financial responsibilities in the 2024–2025 financial year.

TAGS: Tax deadlines, Financial year Australia, BAS lodgment, PAYG payments, Superannuation contributions, Income tax return, ATO compliance, Business finance, Australian business regulations, Financial planning