Happy New Year, everyone, as we are entering a new year. It is some deadlines for business owners in Australia.
21 January
- Lodge and pay quarter 2, 2022–23 PAYG instalment activity statement for head companies of consolidated groups.
- Lodge and pay December 2022 monthly BAS except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
Table of content
28 January
Quarterly Superannuation deadline
- The Superannuation Guarantee quarterly payment deadline for the October to December 2022 period is due Saturday 28 January.
- Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 February 2023.
31 January 2023 business deadlines
- Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2022–23.
- Lodge tax return for taxable large and medium entities as per the latest year lodged (all entities other than individuals), unless required earlier.
- Payment for large and medium entities with a 31 January due date is
- 1 December 2022 – for companies and super funds
- for trusts – as stated on their notice of assessment.
FAQ:
What happens if super is not paid on time?
Employers who fail to pay the super on time can result in significant fine.
The late super is called the Superannuation Guarantee.
Note: The super guarantee charge is not tax deductible.
What happens if you miss tax deadline Australia?
You may receive a Failure to lodge (FTL) on time penalty
This may include, lodging your tax return, reporting PAYG instalments, GST or PAYG withholding on an activity statement by the due date.
What is the deadline for 2022 tax return Australia?
Short answer is 31 October 2022.
If you’re lodging your own tax return, you need to lodge it by 31 October each year. If 31 October falls on a weekend, the due date to lodge your tax return is the next business day after 31 October.
If you choose to use the services of a registered tax agent, they will generally have special lodgment schedules and can lodge returns for clients later than 31 October. If you are using a registered tax agent, you need to engage them before 31 October.
Missed the director ID deadline?
The deadline for directors of Australian companies to apply for a director ID has now passed. If you missed the deadline, you can still apply.
After 14 December 2022, penalties may apply for directors who have deliberately not met their obligations.
What happens if super is not paid on time?
Employers who fail to pay the super on time can result in significant fines and possible imprisonment for company directors. The charge is not tax deductible.
The late super is called the Superannuation Guarantee Charge and is calculated based on how much you owe. It includes:
- the shortfall amount (the contributions not paid or paid late),
- the interest of ten per cent per annum, and
- an administration fee
Note: The super guarantee charge is not tax deductible.
Kingsman can help you with your deadlines. Please Contact us for more details.
+61 2 8011 4699
