Do you struggle to get your taxes together year after year? Then you’re not alone.
Many Australian business owners find it difficult to understand what taxes they must pay, when payment is due, and their tax reporting obligations, often getting in trouble with the tax authorities.
Since it’s still early in the 2025 financial year (FY25), instead of going through tax season unsure or confused, wouldn’t it be better to approach your tax payments from an informed perspective and a position of strength? If the answer is yes, we’ve got you covered.
In this guide, we lay out all the important dates you need to know for FY25 in a simple, easy-to-follow format to keep you on track throughout the year.
Overview of the Australian Financial Year
The Australian financial year is the official time frame for financial reporting, accounting, and taxation in the country.
During this 12-month period, businesses and individuals are expected to assess their income, expenses, and overall financial activities to prepare and lodge tax returns with the Australian Taxation Office (ATO) at defined intervals.
The Australian financial year usually runs from July 1 to June 30 of the following year. This means that the current financial year (FY) 2025 began on July 1, 2024, and will end on June 30, 2025.
If you’re new to taxation in Australia, the commencement and end dates for the financial year might seem odd compared to the regular calendar. However, the timing was purposely made to align with other government operations.
Understanding this cycle is important for proper tax and financial planning and management as a small business owner. If you structure your business operations around the financial year instead of the calendar year, it might be easier to navigate how it works and adjust to the disparity in dates.
During the financial year, you might need to note certain significant dates, some of which are highlighted in the table below. These dates are critical for small business owners like you to meet your financial and tax obligations, avoid penalties, and ensure smooth operations throughout the year.
Important dates during the Australian financial year
| Date | Event |
| July 1 | Start of the financial year |
| July 28 | Quarterly Business Activity Statement (BAS) due for the April-June period (if lodging quarterly). |
| August 28 | Taxable Payments Annual Report (TPAR) due for businesses in the building and construction industry, cleaning services, courier services, IT services, and security services |
| October 28 | Quarterly BAS( due for the July-September period). The due date for PAYG (Pay As You Go) instalments (for quarterly payers). The due date for GST quarterly instalment payment (for July to September ) Due date for payment of superannuation guarantee contributions(for July–September) |
| October 31 | Final date for income tax returns lodgment for individuals without a Tax AgentAnnual GST lodgment and paymentLodgment for PAYG withholding (from certain payments made to non-Australian residents or where the other party in a transaction did not quote their Australian Business Number (ABN) |
| January 28 | Superannuation contribution for October -December |
| February 28 | Final date for lodging and paying quarterly BAS, PAYG instalment, and GST instalment for the previous quarter (October – December) |
| April 28 | Final date for quarter 3 (January – March) BAS lodgment, PAYG and GST instalments, and superannuation contributions. |
| May 15 | Last lodgement date for Companies (note: some may have earlier lodgement deadlines depending on size and previous lodgement history) |
| May 21 | Fringe benefits tax payment and return lodgement |
| June 30 | End of the financial year |
Some of the above dates may change depending on whether you file your taxes yourself or through a tax agent. When in doubt, consider seeking clarification from professional tax consultants to avoid making mistakes.
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Key tax dates for Australian Small Businesses
The above table outlines the critical dates for BAS, PAYG, FBT, and other essential reporting and payment obligations for small businesses in Australia. This section provides more details about those tax obligations to help you understand why they matter and avoid penalties and interest charges.
Quarterly BAS Lodgement Dates
BAS stands for Business Activity Statement. It’s a form that most businesses in Australia must fill out to report and pay certain taxes, like Goods and Services Tax (GST) and Pay As You Go (PAYG) withholding.
BAS is crucial because it helps the government keep track of the taxes your business owes. It also allows you to claim credits for GST you’ve paid on business expenses. Filling out your BAS correctly and on time ensures that you avoid any penalties or interest charges.
BAS can be lodged annually, monthly, or quarterly depending on the size of your business. If, like most individuals and businesses, you’re lodging your BAS quarterly, here are the quarterly deadlines you must follow for FY25:
- Q1 (July – September): Due October 28, 2024
- Q2 (October – December): Due February 28, 2025
- Q3 (January – March): Due April 28, 2025
- Q4 (April – June): Due July 28, 2025
Make sure to mark these dates in your calendar to stay on top of your BAS obligations.
If you do not already use this method, you might also consider lodging your BAS online. Online lodging could make you eligible for a two-week deadline extension.
Annual Income Tax Return Dates
Income tax is a payable on taxable income – which for a business is closely related to its accounting profit, and for individuals is income minus eligible deductionson profits (income less expenses).
There’s no business income tax threshold in Australia, so as a small business owner, you need to lodge an income tax return even if your business has earned only $1.
Businesses will have a different lodgement date depending on your structure, lodgement history and size. You may be required to lodge as early as October 31 or as late as 15 May the following year.
Lodging your income tax return late can lead to several consequences/penalties:
- The Australian Taxation Office (ATO) may impose penalties for late lodgement, which can increase the longer you delay.
- If you owe tax and lodge late, interest charges may apply from the original due date.
- If you’re entitled to a refund, lodging late could delay when you receive it.
Superannuation Guarantee Contribution Date
If you have employees, you might need to make superannuation guarantee contributions on their behalf at least four times a year
The FY25 quarterly due dates for superannuation contributions are as follows:
- 1st Quarter (July 1 – September 30): Due by October 28, 2024
- 2nd Quarter (October 1 – December 31): Due by January 28, 2025
- 3rd Quarter (January 1 – March 31): Due by April 28, 2025
- 4th Quarter (April 1 – June 30): Due by July 28, 2025.
If you do not make the minimum contributions for each quarter by the due dates, you’ll need to pay a super guarantee charge and lodge a superannuation guarantee charge statement by the 28th of the next month after the due date.
Having to pay a super charge means spending more money than you should have. So, it is important to comply with the contribution deadlines and seek professional counsel if you’re having trouble.
Fringe Benefits Tax Dates
Fringe Benefits Tax (FBT) in Australia is a tax that employers pay on certain non-cash benefits they provide to their employees. These benefits can include things like company cars, private health insurance, or paying for an employee’s gym membership.
The FBT year runs from April 1 to March 31, which is different from the usual financial year.
If your employees receive fringe benefits, you must pay your FBT tax and lodge returns by May 21.
If your FBT for the FBT year is over $3000, you must pay it in quarterly instalments. The ATO will send you an activity statement each quarter, which will show the due date for payment and lodgement and the required instalment amount.
If you miss a tax deadline in Australia, you may face penalties, interest charges, or legal action from the Australian Taxation Office (ATO), but you can often work out a payment plan or get a deadline extension from the ATO if needed.
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Final thoughts
Understanding and adhering to the key tax dates for FY25 is essential for both individuals and businesses. With deadlines ranging from income tax returns to superannuation contributions, being proactive can help you avoid late fees and penalties.
Marking these dates on your calendar and consulting with a tax professional if needed will ensure that you remain compliant and can smoothly navigate the fiscal year ahead, setting yourself up for financial success.
If you need help keeping track of your deadlines, Lawpath’s business tax compliance services and resources can help you stay organised and ensure that your tax obligations are met efficiently.
We know the difficulties of running a small business, and our goal is to take the tax management burden off you, allowing you to focus on what matters most—growing your business and achieving your financial goals.
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