Your upcoming tax calendar for September and October
Clarke McEwan Accountants
With nearly two months into the 2023–24 income year, by now most of you would have finalised your general ledger accounts in order to get the necessary information to us to prepare your
final 2022–2023 annual accounts and tax returns.
In order for you to be across all your tax obligations, below are the key compliance dates coming up. Make sure these lodgments are up to date to avoid any interest and penalties.
If you have questions or need help with any of the following, we are here to help.
KEY TAX DATES – SEPTEMBER/OCTOBER 2023
- 21 September 2023 – GST – Monthly Activity Statement and payment for August
- 21 September 2023 – PAYG withheld – Monthly Activity Statement and payment for August
- 21 September 2023 – PAYG instalment – Activity Statement and payment for monthly reporters for August.
- 30 September 2023 – Trusts – Final day for lodgment of annual TFN withholding report for closely held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the previous financial year.
- 30 September 2023 – PAYG withheld – Lodge PAYG withholding payment summary annual report if prepared by us.
- 21 October 2023 – PAYG instalment – Lodge and pay quarter 1, 2023–24 PAYG instalment activity statement for head companies of consolidated groups.
- 28 October 2023 – GST – Monthly Activity Statement and payment for September
- 28 October 2023 – PAYG withheld – PAYG amounts withheld from payments during July to September 2023 by small PAYG withholders that are not deferred BAS payers.
- 28 October 2023 – PAYG instalment – Activity Statement and payment for monthly reporters for September.
- 28 October 2023 – Superannuation guarantee – Due date for superannuation guarantee contributions for July to September 2023 quarter
- 28 October 2023 – PAYG instalment – FBT instalment – first PAYG instalment for the 2022–23 year by quarterly PAYG instalment payers and second FBT instalment for the year ending 31 March 2024 for employers.
- 31 October 2023 – Income tax return – Due date for lodgment of 2022–23 returns by companies and superannuation funds with one or more prior year returns outstanding.
- 31 October 2023 – Income tax return – Lodge tax returns for all entities if one or more prior year returns were outstanding as at 30 June 2023.
- 31 October 2023 – GST – Due date for lodgment of annual 2022–23 GST return for instalment payers who are required to lodge tax returns by 31 October 2022
- 31 October 2023 – Franking account tax return – Lodge franking account tax return when the return is a disclosure only (no amount payable) and you are a 30 June balancer.
- 31 October 2023 – Trusts – Due date for most private companies to provide distribution statements to shareholders for 2022–23.
- 31 October 2023 – PAYG Withheld – Due date for entities subject to PAYG withholding to forward annual report relating to: (a) payments for a supply where the recipient does not quote an ABN; (b) dividend, interest and royalty payments; (c) payments to foreign residents; (d) departing Australia superannuation payments; (e) the seasonal labour mobility program; or (f) mining payments.
- 31 October 2023 – Income tax return – non-lodgment – Lodge tax returns for all entities prosecuted for non-lodgment of prior year returns based on a revised lodgment due date advised to you by the ATO.
- Payment (if required) for individuals and trusts in this category is due as advised in your notice of assessment.
- Payment (if required) for companies and super funds in this category is due on 1 December 2023.
- SMSFs in this category must lodge their complete self-managed superannuation fund annual return by this date.
Anything keeping you up at night?
If you’re facing operational issues, tackling people’s challenges, or have health and safety questions, give us a call, email us or text us. We are here to help.
At the Federal Budget in May 2026, the Government announced that it would reintroduce a loss carry back tax offset for companies, providing a crucial buffer to any business facing difficult trading conditions.
Tax Time 2026 is in full swing, and with that comes a decision for anyone who uses their car for work purposes: is it better to claim a deduction using the logbook or cents per kilometre method? When can I claim car expenses? Broadly, tax deductions for car expenses (i.e. the costs you incur to own and operate a car) are available where you use your car for work-related trips, such as for travel between workplaces or to perform your work duties. The exception is ordinary commuting to and from work - such expenses cannot typically be claimed, as they’re considered private expenses. Cents per kilometre method The cents per kilometre method allows you to claim a fixed rate for each work-related kilometre you travel, up to a maximum of 5,000 km each year. This fixed rate per km covers all of your car expenses for a year, including decline in value, registration and insurance, maintenance, repairs and fuel costs. For the 2025-26 tax year, the rate of deduction is 88 cents per kilometre, which means this tax time, the maximum potential amount of deduction is $4,400. (And keep in mind that the rate of deduction has been increased to 91 cents per km as of 1 July 2026, meaning a total potential deduction of $4,550 in the 2026-27 tax year). One of the benefits of using the cents per kilometre method is that it’s relatively simple, as you don’t need to keep receipts for your fuel or car expenses. However, you do need to keep records to show how you’ve calculated your work-related kilometres (for example, a diary), and you also need to be able to show that you own the car you’re using for work. Logbook method If you have a lot of work-related car expenses and have the time, you might find that the logbook method gives you the best deduction. The logbook method allows you to claim the work-related portion of your actual car expenses. This means that you can claim for a percentage of the actual expenses incurred on running costs such as fuel, electricity, servicing, registration, insurance and the decline in value, provided you’ve used the car in the course of your work. However, as the potential deductions under the logbook method are higher, there are stricter record-keeping requirements to meet. This includes keeping a logbook, which allows the calculation of how much you can claim back, it must: - cover at least 12 continuous weeks and be broadly representative of your travel, - include the reason and purpose, as well as the destination of every work-related journey, - the odometer reading at the start and end of each journey, - and the total kilometres travelled on the journey, - include odometer readings for the start and end of the logbook period and the total kilometres travelled during that period. Each journey in your logbook must be made at the end of the journey or as soon as possible afterwards. If you don't have a valid logbook, then unfortunately you cannot use the logbook method to claim car expenses, although the cents per km method may be available instead. Which is better? The answer to whether you should choose the logbook or cents per km method is very dependent on your personal situation. If you have light work-related car use and don’t love keeping extensive records, the cents per km method may be better suited to your needs, while those who use their car for work frequently may receive a higher deduction under the logbook method. If you’re unsure which method is best for you, speak to a member of our team today.
Why Allied Health Practices Need an Accountant Who Actually Understands Allied Health
Medical Practice Accounting for Practice Owners & Groups
Running a successful medical practice requires more than delivering excellent patient care. Strong financial management is essential for maintaining profitability, supporting growth, meeting compliance obligations, and ensuring the long-term sustainability of the practice.
To ensure passage of the negative gearing and CGT discount changes that were announced in the May 2026 Federal Budget the Government agreed to make amendments to the SMSF borrowing rules. SMSFs are able to borrow in restricted circumstances which includes borrowing under a limited recourse borrowing arrangement (LRBA) to purchase a single acquirable asset. While there have previously been no specific legislative restrictions on the type of asset a SMSF can borrow to purchase, most commonly we see LRBAs being used to purchase property. Up until this point, this could have been any type of real property. These amendments will mean that when SMSF trustees wish to borrow to purchase a property, it must meet the business real property (BRP) definition. This BRP definition relates to usage of the property rather than zoning or what the property was originally built for. This change became law on 26 June 2026, but the Bill includes a 45 day transitional period which will finish on 10 August 2026. This transitional period may allow for arrangements that are currently being implemented on non-BRP assets to be allowable under the new rules where settlement occurs after 10 August 2026, provided the arrangement to purchase the property was entered into on or before 10 August 2026. We recommend that SMSF trustees who are currently implementing LRBA arrangements on non-BRP assets seek specialist SMSF legal advice to ensure their arrangements meet these transitional rules. While this change has been referred to in the media as a ban on super funds borrowing to purchase residential property, the use of the BRP definition makes the change slightly more complex than this. As this definition relates to usage of the property, it is possible that some residentially designed properties could meet the BRP definition (for example, a medical practice that operates from a residentially designed terrace dwelling). The BRP definition also requires that the property is wholly and exclusively used for business purposes. This could mean that some properties that may initially appear to be commercial in nature may not meet the BRP definition (for example, a mixed use residential and retail property on a single title). We recommend that SMSF trustees entering into new LRBAs seek advice from specialist legal and financial advisers to ensure the new requirements are met. Existing arrangements The updated rules allow for existing LRBAs over non-BRP assets to continue. They also allow for existing arrangements to be refinanced, subject to lender availability and approval. For any further information please contact our office.
