Payroll FAQ: What are the Key Financial Year (FY) Dates in the Australian Calendar for 2022

Question

What are the Key Financial Year (FY) Dates in the Australian Calendar?

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Answer

The Australian Financial Year Calendar has an array of key dates and cut-off periods for businesses with employees. These are vital for companies to know in advance when your due dates are coming up, and to help you meet your tax reporting and payment obligations. Make work easier by keeping on top of due dates so they do not sneak up on you.

When a due date falls on a Saturday, Sunday or public holiday, you can lodge or pay on the next business day. This list of key dates is not comprehensive, and drawn from the Australian Taxation Office. It is just a summary and we strongly encourage that you seek professional, independent legal, financial, taxation or other advice if you need more information.

Monthly breakdown

May 2022

  15

• Partnership & Trust Income tax returns are due to be lodged.
• Company income tax returns are due to be lodged and paid.
  • 2021 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, are due to be lodged.
• Companies and super funds are due to be paid (if required).
  
  

  Helpful Hint

  Individuals and trusts in this category pay as advised on their notice of assessment.

  21

• April 2022 monthly Business Activity Statement (BAS) is due to be lodged and paid.
• Final date to add new Fringe Benefit Tax (FBT) clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.
• Fringe Benefit Tax (FBT) Annual Return is due to be lodged and paid if lodging by paper.

  28

• Fringe Benefit Tax (FBT) Annual Return is due to be lodged and paid if lodging electronically.

June 2022

  5

• Tax returns are due to be lodged for all entities with a lodgment due date of 15 May 2022 if the tax return is not required earlier, and you must have meet both the following criteria :
  • Non-taxable or a credit assessment in the latest year lodged.
  • Non-taxable or receiving a credit assessment in the current year.

  Helpful Hint

  This includes companies and super funds but excludes large/medium taxpayers and head companies of consolidated groups.

• Tax returns are due to be lodged for individuals and trusts with a lodgment due date of 15 May 2022, provided they also pay any liability due by this date.
  
  

  Helpful Hint

  This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.

  21

• Lodge and pay May 2022 monthly Business Activity Statement (BAS) if lodging monthly.

  25

• Fringe Benefit Tax (FBT) Annual Return for tax agents is due to be lodged and paid if lodging electronically.

  30

• Superannuation Guarantee Contribution (SGC) payments need to be paid if you want to qualify for a tax deduction in the current fiscal year.
• The fiscal year ends today! Prepare for end of financial year (EOFY).
• Pencil's down....time to wrap up your books for the 2021/22 financial year!

July 2022

  1

• A new fiscal year begins today!
• Individual income tax returns are due from now until 31 October if preparing and lodging yourself.
• Sole trader/self-employed tax returns are due from now until 31 October if preparing and lodging yourself.
• Partnership tax returns are due from now until 31 October if preparing and lodging yourself.

  14

• Issue Pay As You Go (PAYG) withholding payment summaries for your employees (as the employer). This is in myGov for your employees if reporting with STP.

  21

• June 2022 monthly Business Activity Statement (BAS) to be lodged and paid if lodging monthly.

  28

• Quarter 4 (April - June) 2022 quarterly Business Activity Statement (BAS) to be lodged and paid if lodging quarterly.
• Super guarantee contributions (SGC) for Quarter 4 (April - June) 2022 are due to be paid.

August 2022

  14

• Pay As You Go (PAYG) withholding payment summaries annual report are due.

  21

• July 2022 monthly Business Activity Statement (BAS) is due to be lodged and paid if lodging monthly.

September 2022

  21

• August 2022 monthly Business Activity Statement (BAS) is due to be lodged and paid if lodging monthly.

October 2022

  21

• September 2022 monthly Business Activity Statement (BAS) is due to be lodged and paid if lodging monthly.

  28

• Quarter 1 (July - September) 2023 quarterly Business Activity Statement (BAS) is due to be lodged and paid if lodging quarterly.
• Super guarantee contributions (SGC) for Quarter 1 (July - September) 2023 are due.

  31

• Last day to submit individual income tax returns if you are lodging yourself.

November 2022

  21

• October 2022 monthly Business Activity Statement (BAS) is due to be lodged and paid if lodging monthly.

December 2022

  21

• November 2022 monthly Business Activity Statement (BAS) is due to be lodged and paid if lodging monthly.