To help you plan, we have included the important upcoming superannuation and tax deadlines and dates as a reminder.
31 March 2024 – Large tax payers (Turnover > $2Million) 2023 Tax Return lodgement and payment due date
For Companies or Superfunds that had a turnover of more than $2Million in their prior year’s tax return, your 2023 Tax Return is due for lodgement and payment 31st March 2024. If you feel that you will have any difficulty in making your 2023 tax return payment, please contact MGI to discuss your payment options.
15 May 2024 –2023 Tax Return lodgement and payment due date
For the majority of tax payers, the 2023 Income Tax Return is due for lodgement and payment by 15th May 2024.
If you are an MGI client and have not yet provided us with your 2023 tax work information, please don’t hesitate to contact us to discuss what information we require to complete your annual tax work, alternatively please don’t hesitate to send through your information directly to your MGI contact and we will let you know what further information we may require. MGI will be touching base with our clients to request your annual tax work. This due date is still a few months away, however if your 2023 tax work has not yet been started, please reach out to us to get your work scheduled for completion within the next few months.
If we have already completed your 2023 annual tax work, can you please ensure that you have returned the signed documentation back to our office for filing so that we can lodge your returns by this due date. If you unfortunately have to make a payment to the Tax Office, that payment due date is also 15 May 2024. If you feel that you will have any difficulty in making this payment by this due date, please don’t hesitate to touch base with us to discuss your payment options.
31 March 2024 – 2024 FBT year-end date
The FBT year runs 1 April – 31st March, if you are an FBT client we will be touching base with you in late March 2024 to discuss your FBT requirements and to start on requesting information with respect to the completion of your annual FBT returns. Don’t forget to record your vehicle speedo readings as at 31 March 2024, which is a requirement from the ATO for business clients to keep records of.
The 2024 FBT Return payment and lodgement due date is 25 June 2024, however to ensure we have ample time to complete our client’s returns before this due date we will be touching base as early as possible so please keep an eye out for correspondence from our office with respect to your FBT lodgement requirements.
April – June 2024 – End of Year & Tax Planning
We will be touching base with our Tax Planning clients in early April to get started on our annual tax planning process. Tax Planning is very important as it can help make you aware of you upcoming tax liabilities and also gives you an opportunity to implement strategies that can help you reduce your tax implications. The earlier we are able to complete your tax planning the better, as this gives you ample time to review your options and implement any strategies before 30 June. As such, we do ask our Tax Planning clients to have their year-to-date information (1 July 2023 – 30 April) up to date in their accounting software so that we can complete our tax planning calculations when the time comes.
30 June 2024 – Deadline for Employee Superannuation Payments
Employee Superannuation is tax deductable when it is paid and only if paid on time. Superannuation must be paid at least quarterly by the following due dates:
- 1 July – 30 September DUE 28th October
- 1 October – 31 December DUE 28th January
- 1 January – 31 March DUE 28th April
- 1 April – 30 June DUE 28th July
If you are wanting to maximise your Superannuation deduction for the 2024 Financial Year, you will need to make any June 2024 quarter payments before 30 June 2024.
The above tax deadlines are only general reminders, but if you have any queries or concerns, please don’t hesitate to reach out to the team at MGI.