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Tax Checklist
2020 - Tax Checklist
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Key Dates - July 2020

Date Category Description
     
14 Jul 2020 PAYG withholding

Due date for payers to issue the following types of PAYG withholding payment summaries to payees (includes employees and recipients of certain other payments)

  • PAYG payment summary - individual non-business for employees, company directors and office holders who received salary, wages, pension payments, compensation, allowances or reportable fringe benefits.
  • PAYG payment summary - foreign employment for employees, company directors and office holders who received income from foreign employment, or for work in the Joint Petroleum Development Area.
  • PAYG payment summary - business and personal services income for non-employees who have made a voluntary agreement to withhold tax, or were employed under a labour hire arrangement, or received certain specified payments, or earned personal services income through a separate entity.
  • PAYG payment summary - superannuation income stream for payees who received an income stream benefit (a pension or annuity) from a superannuation fund, approved deposit fund or life insurance company.

Payment summaries for various other types of payments subject to PAYG withholding must be issued within a short period after the payment is made. Employers utilising Single Touch Payroll (STP) are not required to issue payment summaries for amounts covered by STP.

   
14 Jul 2020 Employee share schemes Due date for providers of interests in employee share schemes (ESS interests) to provide Employee share scheme statements to employees.
     
21 Jul 2020 Activity statements

Due date for entities that are not "deferred BAS payers" to lodge and pay monthly activity statements for June 2020. Tax obligations that may be payable include:

  • GST, wine equalisation tax and luxury car tax for June 2020.
  • PAYG withholding:
    • for June 2020 (medium withholders).
    • for the June 2020 quarter (small withholders).
    • for the year to 30 June 2020, from employee share schemes amounts where the employee did not quote a TFN or ABN.
    • for the year to 30 June 2020 by investment bodies, from accrued gains on deferred interest securities where the investor did not quote a TFN.
  • PAYG instalment:
    • for June 2020 for monthly PAYG instalment payers.
    • for the June 2020 quarter for quarterly PAYG instalment payers (4th quarter of the 2019/20 income year).
  • FBT instalment for the June 2020 quarter (1st quarter of the 2021 FBT year).

An entity is generally a "deferred BAS payer" for a particular month, if the entity is a small or medium withholder (total annual PAYG withholding $1m or less), is not required to pay GST monthly, and has a quarterly tax obligation due that month (e.g. FBT instalment or GST). The quarterly activity statement due date applies (28 Jul 2020, or 25 Aug 2020 if lodged electronically through an agent).

     
21 Jul 2020 Activity statements Due date for head companies of consolidated groups to lodge and pay quarterly instalment activity statements for the June 2020 quarter.
     
28 Jul 2020 Activity statements 

Due date to lodge and pay quarterly activity statements for the June 2020 quarter (if lodged on paper). Tax obligations that may be payable include:

  • GST, wine equalisation tax and luxury car tax for the June 2020 quarter.
  • PAYG withholding:
    • for June 2020 (medium withholders).
    • for the June 2020 quarter (small withholders).
    • for the year to 30 June 2020, from employee share schemes amounts where the employee did not quote a TFN or ABN.
    • for the year to 30 June 2020 by investment bodies, from accrued gains on deferred interest securities where the investor did not quote a TFN.
  • PAYG instalment for the June 2020 quarter for quarterly PAYG instalment payers (4th quarter of the 2019/20 income year).
  • FBT instalment for the June 2020 quarter (1st quarter of the 2021 FBT year).

The due date to lodge and pay is 25 Aug 2020 if lodged electronically through a tax agent or BAS agent.

     
28 Jul 2020 PAYG instalments
GST instalments
Due date to pay quarterly PAYG and/or GST instalment notice for the June 2020 quarter (4th quarter of the 2019/20 income year).
Also due date to lodge the instalment notice if varying the instalment amount. If you have already lodged your income tax return, you should not vary your June quarter PAYG instalment.
     
28 Jul 2020 Superannuation  Due date for employers to pay superannuation guarantee contributions for the June 2020 quarter.
Employers who fail to pay the minimum superannuation guarantee contributions by this date must pay the superannuation guarantee charge (SGC) and lodge a Superannuation guarantee charge statement - quarterly by 28 Aug 2020. The SGC is not tax deductible.
     
28 July 2020 TFN/ABN reporting

Due date for investment bodies to lodge quarterly TFN/ABN reports for the June 2020 quarter for new TFN/ABN quotations by investors.

     
31 July 2020 TFN reporting Due date for closely held trusts to lodge quarterly TFN reports for the June 2020 quarter for TFNs quoted to a trustee by beneficiaries.
     
31 July 2020
Franking account tax return

Due date for June balancing companies (including New Zealand franking companies) to lodge the Franking account tax return 2020, where any of the following apply:

  • a liability for franking deficit tax
  • a liability for over-franking tax, or
  • an obligation to notify the Commissioner of any significant variation in their benchmark franking percentage between franking periods.

New Zealand franking companies are often "early balancing" companies with a 31 March year end. If those companies have any of the above obligations for the year to 31 March 2020, they should lodge using the 2019 form by 30 Apr 2020.

     
31 July 2020 Venture capital Due date to lodge Venture Capital Deficit tax returns for June balancers.
     
31 July 2020 Early stage innovation Due date to lodge Early stage innovation company reports.
     
31 July 2020 FACTA Due date for Australian financial institutions to provide information to the ATO about US reportable accounts for FACTA purposes.

NOTE:

  • To ensure you receive the correct credit amount in your income tax assessment, finalise all your PAYG instalments before you lodge your tax return.
  • As some dates may vary, please ensure you contact the Australian Taxation Office to double check any dates in question.
  • When the due date for lodgment or payment falls on a Saturday, Sunday, or public holiday, it may be done on the next business day.

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