fbpx 2025 Financial Year Key business dates for business compliance
1 Jul 2024

2025 Financial Year Key business dates for business compliance

Are you a dedicated business owner committed to maintaining financial stability and ensuring the seamless operation of your enterprise? If so, meticulous planning and staying well-informed about crucial accounting and payroll dates are paramount. In this comprehensive guide, we present invaluable insights into 2025 financial year key business dates —dates that every small business owner should be well-versed in.

The importance of filing on time cannot be overstated. Timely lodgement of your business’s accounting and payroll returns is not just good practice; it’s essential to avoid potential penalties, fines, and unnecessary expenses. Late submissions can result in costly consequences, including the inability to claim certain expenses and the imposition of interest charges. Therefore, being well-informed about the due dates for your business and planning accordingly is a strategic imperative.

Furthermore, late lodgement can lead to additional administrative work and delays in receiving refunds or credits to which your business may be entitled. Staying current with these critical accounting and payroll dates is not only a financial necessity but also a crucial step to ensure your business’s compliance with relevant laws and regulations.

Join us on this journey as we highlight the importance of staying ahead of these key dates, providing you with the knowledge and insights needed to navigate the intricacies of the 2025 financial year. Be proactive, stay compliant, and set the stage for a successful and well-organised year ahead.

When is my Business Activity Statement (BAS) / Instalment Activity Statement (IAS) due?

If reporting monthly, the due date to lodge and pay your monthly Business Activity Statement (BAS)/ instalment Activity Statement (IAS). is the 21st day of the month following the end of the taxable period. For example, a July monthly BAS/IAS is due date 21 August.

For those lodging quarterly Business Activity Statement (BAS) themselves, due dates include:

BAS Reporting Quarter Due date
Quarter 1, 2024-25 1 July 2024 to 30 September 2024 28 October 2024
Quarter 2, 2024-25 1 October 2024 to 31 December 2024 28 February 2025
Quarter 3, 2024-25 1 January 2025 to 31 March 2025 28 April 2025
Quarter 4, 2024-25 1 April 2025 to 30 June 2025 28 July 2025

A Registered BAS agent, like Deciphered!, can provide an extra 4 weeks extension for lodgement and payment of Business Activity Statement (BAS) for businesses with up to a $10 million turnover. This means that the due date for lodgement is extended to 28 days plus 4 weeks from the end of the period.

Key due dates if you employ staff or have other workers

It’s important to make sure you’re aware of all the different deadlines so you can prepare ahead of time and avoid any financial penalties or interest charges from the governing bodies.

If you employ staff or have other workers, here are some key dates to keep in mind (more information on each below):

1. STP reporting is due each and every payrun, on or before the payment date. End-of-year finalisation through STP – make a finalisation declaration the ATO by 14 July each year.

2. Superannuation payments must be made quarterly – 28 April, 28 July, 28 October and 28 January each year.

3. PAYG withholding must be paid to the ATO each month or quarterly. This is reported in your Business Activity Statement (BAS)/ instalment Activity Statement (IAS) reporting.

4. Minimum wage increases occur each year as announced by the Fair Work Commission.

5. Annual wage declarations are required for Workers Compensation Insurance. This is different for each state, see below for more details.

6. Payroll Tax must be lodged and paid annually in most states and territories, however this is sometimes required monthly or quarterly.

7. Portable Long Service leave, currently for the Building and Construction, Contract Cleaning and Community Services industries have varying due dates for each state scheme.

STP Reporting requirements

STP is short for Single Touch Payroll. It is a change to the way businesses report their payroll information to the ATO. You will report employee salary and wage information, pay as you go (PAYG) withholding and super information directly to the ATO at the time you pay your employees. This information is recorded electronically in the ATO systems and is available for your employees to view online through their myGov account.

STP reporting is due each and every payrun, on or before the payment date. End-of-year finalisation through STP – make a finalisation declaration the ATO by 14 July each year.

End of year finalisation declaration is required to be lodged by 14 July each year indicating you have fully reported for the financial year for each employee. However, you can also make an employee’s finalisation declaration at any time during the financial year (for example, for employees who have stopped working).

Superannuation due dates

It is important for businesses to lodge their superannuation payments on time. Superannuation fund payments are due quarterly, with the due date for each quarter being the 28th day of the month following the end of the quarter. However, these payments can also be made on a regular basis before the end of quarter due date for example along with the pay cycle or monthly – this is great for Cashflow.

The quarters for the 2025 financial year are:

Superannuation Reporting Quarter Due date
Quarter 1, 2024-25 1 July 2024 to 30 September 2024 28 October 2024
Quarter 2, 2024-25 1 October 2024 to 31 December 2024 28 January 2025
Quarter 3, 2024-25 1 January 2025 to 31 March 2025 28 April 2025
Quarter 4, 2024-25 1 April 2025 to 30 June 2025 28 July 2025

Please ensure to check the superannuation percentage rates you are accruing for your employees as these are changing each financial year, see ATO Key Superannuation Rates and Thresholds.

PAYG Withholding and reporting

PAYG reporting is required along with your Business Activity Statement (BAS)/ instalment Activity Statement (IAS) reporting as above.

Tax tables change annually – ensure to pay the right tax tables based on the pay date – if you process a pay on June 30 2022, the 2021-22 tax tables will be used. July 1 2022, the 2022-23 tax tables will be used. Most software providers have this covered for you but always great to check.

Minimum wage increases

Employees covered by awards will have their minimum wage rates increase from the first full pay period starting on or after the relevant date according to the applicable award. Announcements are made by the Fair Work Commission annually (usually in June), see here for the 2024 financial year announcement.

Workers compensation due dates

Knowing your state based Workers Compensation due dates is important to ensure you have the correct cover in place. See Fairwork website (https://www.fairwork.gov.au/employment-conditions/workers-compensation) for more details on each state and territory.

Payroll Tax due dates

Payroll tax is a state government tax which employers must pay based on the wages they pay to their employees. It’s important to know when your payroll tax due dates are so you can meet your obligations. Check with your applicable revenue office or https://www.payrolltax.gov.au/

Long Service Leave Scheme reporting due dates

Employers must ensure they are aware of their rights and obligations under the Scheme and that all eligible workers are covered correctly. Portable Long Service leave is currently in place for the Building and Construction, Contract Cleaning and Community Services industries.

Again, Long Service Leave Schemes vary for each state or territory as does the due dates and required reporting.

Key dates for other business registrations

It’s important to be aware of key dates for other business registrations with Australian Securities and Investments Commission (ASIC) and your state authorities, including:

Business name renewals

If you’ve registered your business name, you will need to renew your business name registration either yearly or every three years (depending on how long you registered for previously). ASIC will send you a renewal notice 30 days before it expires.

Please note: there are many companies offering business name registration. This is not required and a fee is often added on top. It is easy and simple to register and pay for renewals with ASIC. Talk to us if you are unsure.

Company registrations

ASIC will send annual statements to registered companies not long after the anniversary of their registration. If you have registered your business as a company, please check that the information is accurate and pay the annual review fee. Please note, this may be sent to your Registered ASIC Agent. Deciphered are Registered ASIC Agents, please let us know if you would like us to manage this for you.

State government key dates

Depending on the state, there may be various payments, forms or reports you need to submit. To find out more, check your state government website. For example Queensland – see Queensland Treasury and New South Wales – see Office of State Revenue.

Industry fees and licences key dates

Depending on your business, you may have to pay licence renewals or industry fees for example liquor licensing.

Contact your industry body or association for more information on due dates for industry fees.

Key dates for other ATO reporting requirements

Taxable Payments Annual Report (TPAR)

Businesses that make payments to contractors or subcontractors may be required to lodge a Taxable Payments Annual Report (TPAR), depending on what percentage of their total income is earned from providing relevant services. In most cases, if a business earns at least 10% of their total income from services such as building and construction, cleaning, courier or road freight, information technology and security or investigation, they will need to lodge the report. Businesses who are exempt from lodging TPAR include those who pay contractors for services such as marketing, graphic design, advertising and legal services.

Contractors can include subcontractors, consultants and independent contractors. They can operate as sole traders (individuals), companies, partnerships or trusts.

A TPAR is due to be lodged by 28 August each year.

It is important that when engaging contractors a business obtains and checks all the necessary information required to report in a TPAR, this should include the contractor’s name, ABN (Australian Business Number) and ABN registration and GST status, address and contact number. All of this information is required to ensure correct payment to the contractor as well as ease of reporting for TPAR.

For more information visit the ATO TPAR page.

Fringe benefits tax (FBT)

Fringe benefits tax (FBT) is a tax payable on certain benefits provided to employees. FBT is payable by the employer and due at the end of the FBT year, which runs from April 1st to March 31st each year. The due date for lodgement of FBT returns is 21 May and payment is due by 28 July. It is important to lodge your FBT return and pay the amount owed for the year by these dates. You may need the assistance from your Tax Agent to manage and lodge FBT.

Annual Tax Return

In general for the 2024 financial year (1 July 2023 to 30 June 2024), Tax returns are due by 31 October 2024 if you do it yourself. However, when lodging through a Registered Tax Agent, tax return lodgement may be extended to be due on 15 May 2025 (that’s right, almost an entire year after 30 June).

However, due dates can differ for different entities and circumstances, always check with your Registered Tax Agent or the ATO to confirm your personalised due date for both your individual and business tax returns.

How can we help?

At Deciphered, we understand the importance of keeping up to date with all the business accounting and payroll due dates. Our team of experienced bookkeepers and BAS agents are here to help make sure you stay on top of all the key dates and ensure your business is compliant.

Our team can help you with your small business accounting:

  • Setting up your Xero software to make payroll compliance easier
  • Identifying and claiming any tax-deductible expenses
  • Understanding superannuation requirements and payment dates
  • Processing payroll and reconciling for PAYG withholding reporting
  • Ensuring you meet the ATO reporting requirements and lodgement due dates
  • Providing comprehensive reporting to assist your Registered Tax Agent to complete your end of year tax return on time
  • Assisting with FBT, payroll tax and Long Service Leave (QLeave) reporting
  • Assisting with late lodgements and communicating with governing bodies on your behalf

If you need help navigating the complexities of business reporting, our team at Deciphered can provide expert advice and support. Get in touch with our Gold Coast Accountancy  today to discuss how we can help keep you on track of the 2025 financial year key business dates.

Libby Swanson | Compliance

Libby is all about organising businesses of all shapes and sizes to run more efficiently and productively and ensuring that compliance is part of the process.

Related Posts

Save the Date – March quarter 2024 Dates to remember

Save the Date – March quarter 2024 Dates to remember

In the intricate dance of business, the March quarter unveils a myriad of pivotal dates essential for your enterprise’s success. Navigating these dates can be challenging, but fear not—we’ve crafted a comprehensive guide. Join us as we delve into significant ATO lodgement deadlines and strategic planning, empowering you to steer your business through a successful and compliant quarter.

read more