Entering October, it’s time to mark your calendar with key financial dates. From tax deadlines to investment opportunities, this article will guide you through the essential financial events of the month. Stay informed and prepared to handle your finances with confidence.
23 October
Activity Statements
- Lodge and pay your September monthly activity statements.
- Lodge and pay the Quarter 1 (July – September) PAYG instalment activity statement for head companies of consolidated groups.
PAYG Instalments
- Lodge and pay the Annual PAYG instalment notice. If using the rate method or varying the instalment amount, don’t forget the final date for lodgment.
30 October
Activity Statements
- Lodge and pay your Quarter 1 (July – September) activity statements.
- Lodge and pay the Annual activity statement for TFN withholding in the case of closely held trusts where a trustee withheld amounts from payments to beneficiaries.
GST Instalments
- The final date for electing to pay GST by instalments (option 3) is applicable for June balancers who were previously using another reporting option.
- The final date for opting out of option 3 for the current financial year.
- Lodge and pay Quarter 1 (July-September) instalment notices (forms S and T) and if needed, complete lodgment after varying the instalment amount.
GST
- Due date for eligible quarterly GST reporters to opt for annual GST reporting
PAYG Instalments
- Notify your quarterly PAYG instalment reporting and payment choice for the 2013 income year for June balancers
- Pay and lodge Quarter 1 (July–September 2013) instalment notices (forms R and T) and if required, complete lodgment after varying the instalment amount.
- Deadline for eligible instalment reporters to select annual reporting for June balancing.
31 October
PAYG Withholding
- Lodge the annual report for PAYG withholding when ABNs weren’t quoted.
- Lodge the PAYG withholding annual report from interest, dividends and royalties paid to non-residents.
- Lodge the PAYG withholding annual report for payments made to foreign residents.
GST
- Submit the annual GST return or Annual GST information report, including any necessary payment, coinciding with your income tax return’s due date if you have an income tax obligation. (If you use a tax agent, different lodgment & payment dates may apply)
Income Tax
- Lodge the individual, partnership and trust income tax returns. Unless an approved SAP or later lodgment date has been granted.
- Lodge income tax returns for trusts that missed the deadline for the previous financial year.
- Lodge income tax return for all June balancing companies with one or more prior-year returns overdue as of June 30.
- Lodge income tax return for companies that missed the deadline for the previous financial year.
TFN Report
- Lodge the Quarter 1 (July-September) TFN report for closely held trusts, including TFNs quoted to a trustee by beneficiaries.
Remember to cross-check these deadlines with the Australian Taxation Office (ATO) or seek guidance from a qualified tax professional to ensure accuracy and compliance.
If you have any queries in relation to the above, the Kreston Stanley Williamson team is here to help you. Don’t hesitate to reach out and contact us.
Kreston Stanley Williamson
*Correct as of 11 October 2023
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.
