2020 FBT Reporting deadline extended to June 25
Thanks to the government’s stimulus payments of JobSeeker, JobKeeper and everything in between, doing your taxes might look a little different this year.
Check out all the important tax time dates and stay on top of things.
25 June 2020
This is the new cut-off date for employers who need to lodge 2019-20 Fringe Benefits Tax (FBT) return.
“In response to the COVID-19 crisis, the due date for lodging and paying the 2020 FBT return has been deferred from 21 May 2020 to 25 June 2020,” the ATO said on its website.
30 June 2020
This is the last day of the 2020 financial year. Before this date hits, you might want to see what kinds of things you can sort out, such as getting a free $500 from the government by topping up your super.
1 July 2020
The tax season kicks off: you can now officially start to lodge your tax returns. Tax season will last for three months, until 31 October 2020.
28 July 2020
Your employer needs to make superannuation contributions to your super fund for the April-June quarter by this date. Here are all the key dates for employers who have to pay super.
31 July 2020
The way you get your payment summary is changing – they will no longer be issued to employees. Instead, your income statement will be uploaded to myTax via Single Touch Payroll (STP) by the end of July, and is always available to you throughout the year through your ATO online account.
You will receive a message through your myGov Inbox at some point after 1 July to let you know when your income statement is tax-ready, so you can lodge your tax return.
Employers that don’t report to ATO via STP will still have to give you a payment summary at the end of the financial year.
Tax Refund Day
Electronic returns are normally processed within two weeks. You can track the real-time status and outcome of your tax return by logging in to myGov, or if you use a registered tax professional they can check the progress of your return on your behalf.
7 September 2020
A superannuation guarantee amnesty was introduced on 6 March 2020. This amnesty was introduced for employers who owe unpaid super to employees to come forward and pay it without incurring penalties.
Employers participating in the amnesty need to apply for the amnesty by 7 September 2020. If you’re affected by economic changes due to COVID-19, you may be eligible to apply for an extension.
31 October 2020
This is the tax return deadline if you lodge your tax return yourself. If you miss this deadline, however, you can apply for an extension.
If you lodge your tax return through a registered tax agent, you can actually lodge as late as May next year – but you usually need to be registered with a tax agent by October 31 in order to take advantage of this extended deadline.