Key Tax Due Dates for February
As we progress through February, it’s essential for businesses and individuals to stay on top of their tax obligations. Here are the critical due dates for this month:
21 February 2025
Businesses must lodge and pay their December 2024 BAS if they have up to $10 million turnover, report GST monthly, and lodge electronically.
Additionally, all businesses required to lodge monthly BAS must submit and pay their January 2025 BAS by this date.
Ensuring timely lodgment helps businesses stay compliant and avoid penalties.
28 February 2025
Large and medium entities that are non-taxable (except individuals) must lodge their tax returns by this date. For companies and super funds, any required payments are due, while trusts follow their notice of assessment.
Newly registered large or medium entities (both taxable and non-taxable) must also lodge their first tax return. This includes:
- Head companies of consolidated groups with at least one large or medium entity
- Entities that left a consolidated group during the income year
- Newly registered non-taxable head companies of consolidated groups
Additionally, self-managed super funds (SMSFs) that are newly registered must lodge and pay their annual return, unless they were assigned a 31 October 2024 due date after registration review.
This deadline ensures compliance for large businesses, consolidated groups, and new registrants.
To ensure compliance and avoid penalties, it’s important to prepare in advance and meet these deadlines. Staying organised with your tax commitments can help your business run smoothly and keep you on track for the rest of the financial year.
If you have any questions regarding the above information, please do not hesitate to contact our office to speak to one of our team.
