Key Lodgement Dates :

For the 2021 EOFY

 

2022 financial year has now commenced which means 2021 year-end processing needs to be finalised. The following are the important dates that will help your business be in the “good books” with the ATO: 


Date Category Description
30 June 2021 Inventory/WIP Complete a stock take and record the value of stock on hand as at 30 June 2021. Record Work In Progress balance as at 30 June 2021. 
14 July 2021 Payroll Payment Summaries
through
STP
PAYG payment summaries need to be finalised and declared to the ATO by completing end-of-year payroll finalisation through Single Touch Payroll (STP).
NB. The ATO recognises the COVID-19 impacts and has granted until 31 July to finalise STP.
21 July 2021 Annual Payroll Tax Return Due date for lodgment of 2021 financial year payroll tax return
28 July 2021 Quarterly Activity Statement Due date for paper lodgment and payment of Quarterly activity statement, June quarter 2020-21 (due date is 25 August if lodging through a tax agent).
28 July 2021 Super Guarantee Contributions Super guarantee contributions for June quarter 2020-21 – employers must make contributions to the fund by this date.
Employers who do not pay minimum super contributions for quarter 4 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) with the ATO by 28 August 2021.
Note: This super guarantee charge is not tax deductible.
21 August 2021 Monthly Activity Statement Due date for lodgment and payment of July 2021 Monthly activity statement
28 August 2021 Taxable Payments Annual Report Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.
31 August 2021 Wages Declaration for Workcover Wages declaration due to WorkCover Qld

Please Note: 

For clients who are not on our bookkeeping package, we are able to complete any of the year-end processing for you and lodge the relevant reports with the ATO – contact us for a quote. Alternatively, the following information helps you to complete and lodge the applicable reports.

 

PAYG Payment Summaries

The process that needs to be followed to prepare and publish employee payment summaries is:

  1. Review payroll transactions for EOFY
  2. Prepare and publish employee payment summaries
  3. Submit payment summary report to the ATO

If you use Xero as your accounting software, the following is a link to Xero’s guide to year-end payroll processing:

https://central.xero.com/s/article/Finalise-Single-Touch-Payroll-data

 

Taxable Payments Annual Report

You need to report if the following apply:

  • you're a business providing:
    • building and construction services
    • cleaning services
    • courier services or road freight services
    • information technology (IT) services
    • security, investigation or surveillance services
    • government entities
  • you make payments to contractors
  • you have an Australian business number (ABN).

 

You're considered to be a business that is primarily in the building and construction industry if any of the following apply:

  • in the current financial year, 50% or more of your business income is derived from providing building and construction services
  • in the current financial year, 50% or more of your business activity relates to building and construction services
  • in the financial year immediately before the current financial year, 50% or more of your business income was derived from providing building and construction services.

 

If you use Xero as your accounting software, the following is a link to Xero’s guide on how to prepare your TPAR and submit it to the ATO in three simple steps:

https://central.xero.com/s/article/The-Taxable-Payments-Annual-Report


Payroll Tax

If you are an employer who pays taxable wages in Queensland, you must register for payroll tax when you:

  • pay more than $25,000 a week in Australian taxable wages
    or
  • become a member of a group (related or connected businesses) that together pays more than $25,000 a week in Australian taxable wages. 

You must register within 7 days after the end of the month in which your wages exceed $25,000 a week, even if you think that you will pay less than $1.3 million in Australian taxable wages in a year. The Office of State Revenue may charge penalties and interest if you do not register on time.

Need Some Help?

 

Need some help staying in the ATO's "good books?" Our specialized team of Trade accountants and Bookkeepers can help you with any of the above mentioned deadlines. Request an obligation free consultation with us here 👉