Q1 2025 Lodgment Dates: How to Stay Compliant

As we approach the first quarter of the new financial year, we must consider the upcoming ATO deadlines. While the dates are familiar, the ATO’s stance on non-compliance has tightened. Gone are the days of lenient extensions; now, late lodgments are met with penalties that are easier to incur and can be steep. Our experiences across the client spectrum tell us that the ATO is not playing games regarding lodgments and collections. With interest rates soaring above 11%, it’s a clear message that punctuality is key. Managing your finances and cash flow diligently is imperative to ensure you’re prepared to meet these payments. One of the most critical aspects of staying on top of your financial responsibilities is submitting your returns on time. Late submission can have dire consequences, potentially shifting liabilities from your business to you personally, especially if you’re a director. This is a risk no business owner should take lightly. This warning rings especially true for those operating through a trust. Keep this in mind as you plan your financial calendar. Let’s look at some key dates:

• July 14th:
  • Single touch Payroll Finalisation:
    • This is not only a compliance matter but also helps your employees in lodging their tax returns promptly;
    • Missed the date? It’s not the end of the world, but act swiftly to minimise potential penalties;
• July 21st:
  • June monthly activity statement (for monthly business activity statement lodgers);
• July 28th:
  • June quarterly BAS lodgers using paper forms must lodge;
  • Superannuation payments for the June quarter;
    • Address these early in July to avoid hiccups, such as bounced payments. Remember, missing superannuation deadlines is costly – your payments become non-deductible, and the penalties can be severe;
• August 21st:
  • July monthly BAS, PAYG installments, and PAYG withholding lodgments.
• August 25th:
  • June quarterly BAS lodgers who lodge online through myGov, bookkeeping software or a BAS or tax agent.
• August 28th:
  • Taxable Payments Annual Report:
    • Businesses in specified industries, including building and construction, cleaning, security, IT, and courier services, must lodge their taxable payment annual reports;
    • This report details payments made to contractors throughout the year and is often overlooked, so be vigilant.
• September 21st:
  • August monthly BAS, installment activity statement, or PAYG lodgment due date.

Remember, the ATO’s approach is stricter than ever. Timely lodgments and prompt payments are your best defence against penalties and stress. If you’re facing challenges with lodgment or payment, don’t hesitate to ask for assistance. A proactive conversation with the ATO, facilitated by a professional, can lead to a more favourable outcome. Keep these dates at the forefront of your planning to stay ahead of the curve this financial year. Your business’s financial health depends on it. Book a Discovery Call with Ryu at https://impalatax.com.au/discovery/