Important Dates to remember in the New Year

It’s that time of year when many businesses close or scale down to minimum staff over the Festive Season giving business owners and staff a well-deserved break.
If your business is closing over this period, before you ‘switch off’ and unwind, it’s worth looking beyond the festive season to check you have plans to in place to address a few key due dates that will come around quickly once the doors re-open.

Due Date

Item

14 January 2020

December 2019 monthly Payroll Tax Returns or July – December 2019 Payroll Tax Returns are due for lodgement and payment

15 January 2020

Taxable large/medium Company Tax Returns (June year-end) are due for lodgement

21 January 2020

Quarter 2 (December 2019) PAYG Instalment Activity Statements (IAS)

21 January 2020

December monthly Business Activity Statements (BAS) due for lodgement and payment

28 January 2020

Quarter 2 (December 2019) Superannuation Guarantee Contributions must be paid to superannuation funds

31 January 2020

Lodge Tax File Number (TFN) report for closely held trusts for any beneficiary who quoted their TFN in quarter 2 (December 2019)

7 February 2020

January monthly Payroll Tax Returns are due for lodgement and payment

21 February 2020

January 2020 monthly BAS / IAS due for lodgement and payment

28 February 2020

December 2019 Quarterly BAS due for lodgement and payment

28 February 2020

Non-taxable large/medium Company Tax Returns (June year-end) are due for lodgement, including newly registered companies within the 2019 financial year.

Extensions for those affected by bushfires: If you were impacted by the recent bushfires you may have an extension to lodge and pay certain BAS’, IAS’s and Tax Returns. Please speak to your usual Mazars advisor to find out if you are eligible for an extension. More information can be found on the Australian Taxation Office’s website here .

On a more positive note, your new year resolutions should not only be a personal matter but a business one too. While your new year activities and results are top of mind, make a record of what worked well, what didn’t and what could be improved, including new ideas worth exploring in the new year. Having this record to refer to will give you some momentum when you begin your 2020 planning process.

If you end up having some spare time on your hands in the final days of the year it’s a great idea to draft some new business goals, update your business plan and re-forecast your budget to set your business up for a successful 2020. If you would like some assistance with any of the above, please contact your usual Mazars advisor or alternatively:  

 

Brisbane – Matthew Beasley

Melbourne – Christopher Cicutto

Sydney – Dean Newman

+61 7 3218 3900

+61 3 9252 0800

+61 2 9922 1166

Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.

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