Key Due Dates - July 2021

This is a friendly reminder of the upcoming key due dates for SME business in July 2021:

14 July 2021
Category Description
PAYG Withholding

If registered for STP during the 2021 Financial Year, you must complete the STP Finalisation by 14 July. However, for the 2021 Financial Year, the ATO have granted an extension until 31 July if employers are unable to meet the usual 14 July due date as a result of COVID-19. It is important to finalise the data by 14 July if you can, to allow employees to lodge their Income Tax Returns.

Employers utilising Single Touch Payroll (STP) are not required to issue payment summaries for amounts covered by STP, as their Income Statements are sent directly to the ATO and can be assessed via the ATO Tax Agent Portal or MyGov.

If not registered for STP due to an exemption for the 2021 Financial Year and not a closely-held employer:

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

  1. 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;
  2. PAYG Payment Summary - Foreign Employment for employees, company directors, and office holders who received income from foreign employment;
  3. 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 receive certain specified payments, or earned personal services income through a separate entity;
  4. 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.

If a closely-held employer and not registered for STP yet, you have until the due date of the 2021 Tax Return to prepare and lodge PAYG Withholding Payment Summaries. Please note, from 1 July 2021 all employers will need to move to Single Touch Payroll before the first payroll is issued, or if opting to use the quarterly method, then by 30 September 2021.

Employee Share Scheme

Due date for providers of interests in Employee Share Schemes (ESS interests) to provide Employee Share Scheme Statements to employees.

21 July 2021
Category Description
Activity Statements

Due date for Entities that are not "deferred BAS payers" to lodge and pay Monthly - Activity Statements for June 2021.

Tax obligations that may be payable include:

  1. GST, Wine Equalisation Tax, and Luxury Car Tax for June 2021;
  2. PAYG Withholding:
    1. for June 2021 (Medium Withholders)
    2. for the June 2021 Quarter (Small Withholders)
    3. for the Year to 30 June 2021, from Employee Share Scheme amounts where the employee did not quote a TFN or ABN
    4. for the Year to 30 June 2021 by Investment Bodies, from accrued gains on deferred interest securities where the investor did not quote a TFN
  3. PAYG Instalment
    1. for June 2021 for monthly PAYG Instalment payers
    2. for the June 2021 Quarter for Quarterly PAYG Instalment payers (4th quarter of the 2020/21 Income Year)
  4. FBT Instalment for the June 2021 Quarter (1st quarter of the 2022 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 2021, or 25 Aug 2021 if lodged electronically through an agent or the entity is an active STP reporter).
Activity Statements

Due date for Head Companies of Consolidated Groups to lodge and pay Quarterly - Instalment Activity Statements for June 2021 Quarter.

28 July 2021
Category Description
Activity Statements

Due date to lodge and pay Quarterly - Activity Statements for June 2021 quarter (if lodged on paper and the entity is not an active STP reporter).

Tax obligations that may be payable include:

  1. GST, Wine Equalisation Tax, and Luxury Car Tax for the June 2021 Quarter
  2. PAYG Withholding
    1. for June 2021 (Medium Withholders),
    2. for the June 2021 Quarter (Small Withholders),
    3. for the Year to 30 June 2021, Employee Share Scheme amounts where the employee did not quote a TFN or ABN,
    4. for the Year to 30 June 2021 by Investment Bodies, from accrued gains on deferred interest securities where the investor did not quote a TFN
  3. PAYG Instalment for the June 2021 Quarter for Quarterly - PAYG Instalment payers (4th quarter of the 2020/21 Income Year);
  4. FBT Instalment for the June 2021 Quarter (1st quarter of the 21/22 FBT Year).

The due date to lodge & pay is 25th August 2021 if lodged electronically through a Tax or BAS Agent, or the entity is an active STP reporter.

PAYG Instalment / GST Instalment

Due date to pay quarterly PAYG and/or GST Instalment Notice for the June 2021 quarter (4th quarter of the 2020/21 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.

Superannuation

Due date for employers to pay Superannuation Guarantee Contributions for the June 2021 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 form by 28 August 2021. The SGC is not tax deductible.

TFN / ABN Reporting

Due date for Investment Bodies to lodge Quarterly TFN / ABN Reports for the June 2021 quarter for new TFN / ABN quotations by investors.

31 July 2021
Category Description
TFN Reporting Due date for Closely-Held Trusts to lodge Quarterly - TFN Reports for the June 2021 quarter for TFNs quoted to a trustee by beneficiary .
Franking Account Tax Returns

Due date for June balancing companies (including New Zealand franking companies) to lodge the Franking Account - Tax Return 2021, where any of the following apply:

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

Please note, 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 2021, they should lodge using the 2020 from by 30 March 2021. 

Venture Capital Due date to lodge Venture Capital Deficit - Tax Returns for June balancers.
Early Stage Innovation Due date to lodge Early Stage Innovation - Company Reports.
FACTA Due date for Australian Financial Institutions to provide information to the ATO about U.S. reportable accounts for FACTA purposes.

For More Information 

For more information or assistance in these matters, please contact the Archer Gowland Redshaw office to speak with our team of advisers on (07) 3002 2699.

Smiljan Jankovic

Written by Smiljan Jankovic

As Managing Director, I provide extensive experience in the provision of taxation planning and management advice, and specialise in buying and selling of management rights businesses and audits of trust accounts. My main responsibility is to build deeply engaging relationship with clients and mentoring and assisting their growth.