Your business has to lodge its income tax return for the 2019-20 tax year by 31 October 2020 – unless you use a registered tax agent (your tax agent will be allowed to lodge your return at a later date, even as late as May next year in some cases).

There are some tax changes for 2019-20 to be aware of, and a few tax tips to help adjust.

Lodging a tax return

Are you a sole trader?

• Even if your income is below the tax-free threshold of $18,200, you still need to lodge a tax return.
• Do you pay PAYG instalments? Lodge your activity statements and pay all due PAYG instalments before you lodge your tax return so your income tax assessment takes into account the instalments you’ve paid throughout the year.

Are you a partnership?

If you operate your business in a partnership:

• the partnership lodges the partnership tax return, reporting the partnership’s net income or loss (assessable income less allowable deductions).

As an individual partner, you report on your individual tax return:

• your share of any partnership net income or loss, and,
• any other assessable income, such as salary and wages, dividends, and rental income. The partnership doesn’t pay income tax on the income it earns. Instead, you and each of the partners pay tax on the share of net partnership income you receive.

Are you a trust?

• If you operate your business through a trust, the trust reports its net income or loss (this is the trust’s assessable income less allowable deductions).
• The trustee is required to lodge a trust tax return.
• As a trust beneficiary, you report on your individual tax return any income you receive from the trust.

Are you a company?

• If you operate your business through a company, you need to lodge a company tax return.
• The company reports its taxable income, tax offsets and credits, PAYG instalments, and the amount of tax it is liable to pay on that income or the amount that is refundable.
  The company’s income is separate from your personal income.

Tip! Registered tax and BAS agents can help you with your tax obligations. For assistance with preparing and submitting your tax obligations, get in touch with avance today.

Date	Obligation
21 June 2020*	May monthly BAS due
30 June 2020	Super guarantee contributions must be paid by this date to qualify for a tax deduction in 2019-2020
14 July 2020	Issue PAYG payment summaries if not reporting through STP
21 July 2020	June 2020 BAS due
28 July 2020	Lodge and pay June 2020 quarterly BAS  Pay June 2020 quarterly PAYG instalment  Employee super guarantee contributions due  June quarter SG due
31 July 2020	Finalisation declaration due if reporting through STP
1 Aug 2020*	Fuel tax credit rates change
21 Aug 2020	July monthly BAS due  PAYG withholding annual report due if not reporting through STP
28 Aug 2020	June quarter SG charge statement due  Taxable payments report due
7 Sep 2020	Deadline for application for superannuation guarantee amnesty
14 Sep 2020	August JobKeeper monthly business declaration due
21 Sep 2020	August monthly BAS due
30 Sep 2020	Finalisation due date by payers of PAYG withholding payments reporting through  STP for closely held payees where the employer has 20 or more employees.  Small employers (19 or fewer employees) who only have closely held payees  have until the payee’s income tax return due date to lodge their STP finalisation  for the financial year ended 30 June 2020.
6 Oct 2020	2020-21 Federal Budget
14 Oct 2020	September JobKeeper monthly business declaration due
21 Oct 2020	September monthly BAS due Payment of annual PAYG instalment for 2019-20
28 Oct 2020	September quarter BAS due  Payment of first PAYG instalment for 2020-21 by quarterly payers
31 Oct 2020*	2019-20 income tax return due  PAYG withholding annual reports due (no ABN withholding; interest, dividend and royalty payments paid to non-residents; and payments to non-residents)
14 Nov 2020*	October JobKeeper monthly business declaration due
21 Nov 2020*	October monthly BAS due

*Next business day.