We’re in a new year. It may be too early to think about tax time, but there are key dates for individuals and trusts that some may need to be aware of for 2022. Here are the important deadlines you need to be aware of.
31 October 2021
Taking a step back to 2021, 31 October 2021 was the date for tax returns of all individuals and trusts where one or more prior tax returns were outstanding as at 30 June 2021. If your business uses a tax agent, you have a bit more time. Your business tax returns are generally due by 15 May 2022. If you are not eligible for the 5 June concession, log that 15 May date on your calendar.
Pro Tax Tip: The 15th May deadline can be extended to individual taxpayers, but only if the tax agent you have decided to use has added you to their client list with the ATO by 31 October. If you have not lodged a return for the previous 2 years, you won’t be accepted for the extended tax deadline.
15 January 2022
Medium to large trusts with an annual income of more than $10 million in the latest year lodged, can get until 15 January 2022 to lodge their tax returns.
28 February 2022
Medium to large trusts with an annual income of more than $10 million in the latest year lodged, where the trust is non-taxable is due for their tax returns to be lodged. New registrations for large to medium trusts are due.
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31 March 2022
Tax returns are due for individuals and trusts whose latest return resulted in a liability of $20,000 or more.
15 May 2022
Tax returns for individuals, partnerships and trusts are due. Those with a concession can lodge by 5 June without penalty, provided payment is also made by that date. If a concessional arrangement to remit the Failure To Lodge penalty where lodgement and payment are made by 5 June is not made, then lodgement should be made.
Staggered payment date arrangements exist for individual and trusts whose tax returns have a lodgement date of 15 May. If the tax return is lodged up to and including 12 February 2022, the payment date is 21 March 2022. From 13 February 2022 to 12 March 2022, the payment date is 2 April. From 13 March 2022, the payment date is 5 June 2022.
5 June 2022
Tax returns for all entities not required by the 15 May are due under a concessional arrangement.
Overdue Tax Lodgement
Time flies and deadlines are missed. There might be many reasons for missing a due date. That’s life, but there are also serious consequences when it comes to late lodgement with the Australian Taxation Office (ATO). Late lodgement may result in penalties of $222 for the first 28 days after each subsequent 28 day period, up to a maximum of $1,110.
Pro Tax Tip: If you’re lodging a late tax return, any supporting documentation to explain the reason should be shown to the ATO as soon as possible as it may help to minimise penalties.
If your tax return is outstanding from an earlier year, you won’t be able to take advantage of any concessions. If you don’t have all of your information, a tax agent will be able to find the important information for you from the ATO to help. They will also advise what tax deductions you can claim, and save you some money.
For a more detailed look at the due dates and what is due, please refer to the following table. Use these dates as a guide as events and timelines could change. When a due date falls on a Saturday, Sunday or public holiday, the due date is the next business day.
KEEP YOUR TAX INFORMATION CYBER SECURE
Detail due dates January to June 2022
15 January
- Lodge tax return for taxable large/medium entities as per the latest year lodged (all entities other than individuals), unless required earlier
- Payment for large/medium entities with a 15 January due date is:
- 1 December 2021 – for companies and super funds
- For trusts – as states in their notice of assessment
21 January
- Lodge and pay quarter 2, 2021-22 PAYG instalment activity statement for head companies of consolidated groups.
- Lodge and pay December 2021 monthly business activity statement except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
28 January
- Make quarter 2, 2021–22 super guarantee contributions to funds by this date.
- 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 – quarterly (NAT 9599) by 28 February 2022.
31 January
- Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2021–22.
21 February
- Lodge and pay December 2021 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
- Lodge and pay January 2022 monthly business activity statement.
28 February
- Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals).
- Payment (if required) for companies and super funds is also due on this date.
- Payment for trusts in this category is due as per their notice of assessment.
- Lodge tax returns for new registrant (taxable and non-taxable) large/medium entities (except individuals).
- Payment (if required) for companies and super funds is also due on this date.
- Payment for trusts in this category is due as per their notice of assessment.
- Lodge tax return for non-taxable head company of a consolidated group, including a new registrant, that has a member who has been deemed a large/medium entity in the latest year lodged.
- Lodge tax return for any member of a consolidated group who exits the consolidated group for any period during the year of income.
- Lodge tax return for large/medium new registrant (non-taxable) head company of a consolidated group.
- Lodge and pay Self-managed superannuation fund annual return (NAT 71226) for new registrant (taxable and non-taxable) SMSF, unless they have been advised of a 31 October 2021 due date at finalisation of a review of the SMSF at registration.
Note: There are special arrangements for newly registered SMSFs that do not have to lodge a return - Lodge and pay quarter 2, 2021–22 activity statement for all lodgment methods.
- Pay quarter 2, 2021–22 instalment notice (form R, S or T). Lodge the notice only if you vary the instalment amount.
- Annual GST return – lodge (and pay if applicable) if the taxpayer does not have a tax return lodgment obligation.
- If the taxpayer does have a tax return obligation, this return must be lodged by the due date of the tax return.
- Lodge and pay quarter 2, 2021–22 Superannuation guarantee charge statement – quarterly if the employer did not pay enough contributions on time.
- Employers lodging a Superannuation guarantee charge statement – quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
21 March
- Lodge and pay February 2022 monthly business activity statement.
31 March
- Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier.
- Payment for companies and super funds in this category is also due by this date.
- Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier.
- Payment for companies in this category is also due by this date.
- Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts.
- Payment for individuals and trusts in this category is due as advised on their notice of assessment.
21 April
- Lodge and pay quarter 3, 2021–22 PAYG instalment activity statement for head companies of consolidated groups.
- Lodge and pay March 2022 monthly business activity statement.
28 April
- Lodge and pay quarter 3, 2021–22 activity statement if electing to receive and lodge by paper and not an active STP reporter.
- Pay quarter 3, 2021–22 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.
- Make super guarantee contributions for quarter 3, 2021–22 to the funds by this date.
- Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 May 2022.
Note: The super guarantee charge is not tax deductible
20 April
- Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 3, 2021–22.
- Lodge lost members report for the period 1 July 2021 to 31 December 2021.
15 May
- Lodge 2021 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession.
- Due date for companies and super funds to pay if required.
Note: Individuals and trusts in this category pay as advised on their notice of assessment.
21 May
- Lodge and pay April 2022 monthly business activity statement.
- Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.
- Lodge and pay Fringe benefits tax annual return if lodging by paper.
26 May
- Lodge and pay eligible quarter 3, 2021–22 activity statements if you or your client have elected to receive and lodge electronically.
28 May
- Lodge and pay quarter 3, 2021–22 Superannuation guarantee charge statement – quarterly (NAT 9599) if the employer did not pay enough contributions on time.
- Employers who lodge a Superannuation guarantee charge statement – quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
Note: The super guarantee charge is not tax deductible.
5 June
- Lodge tax return for all entities with a lodgment due date of 15 May 2022 if the tax return is not required earlier and both of the following criteria are met:
- non-taxable or a credit assessment in latest year lodged
- non-taxable or receiving a credit assessment in the current year.
Note: This includes companies and super funds but excludes large/medium taxpayers and head companies of consolidated groups.
- Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2022 provided they also pay any liability due by this date.
Note: This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.
21 June
- Lodge and pay May 2022 monthly business activity statement.
25 June
- Lodge and pay 2022 Fringe benefits tax annual return for tax agents if lodging electronically.
30 June
- Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2021–22 financial year.
ITP Accounting Professionals have helped Australian individuals and businesses for 50+ years. There’s not a lot we don’t know about tax and finances. Phone 1800 367 487 and chat about your budgeting needs and how we can help you save on your tax dollar.