As a barrister, you're required to juggle legal case work and the ins and outs of life as a professional legal practitioner along with the maintenance of running a small business with all the complexities that entails. As a business owner, you need to manage your tax obligations, pay overheads, and continue to attract more work, managing your cashflow all the while.

We understand it can be hard to stay on top of tax deadlines and the due date for lodging your own tax return. We've put together the following guide for the key tax due dates for 2025 to help you stay on top of your compliance obligations with the ATO.

We're a registered tax agent and have been working with legal professionals for going on three decades and during that time we have helped many barristers by establishing a strong foundation of tax compliance, bookkeeping, cashflow budgeting, and tax planning.

If you need help keeping on top of your compliance, reach out to us today at info@causbrooks.com.au.

Preparation for Business Activity Statements (BAS)

You will need to prepare your BAS quarterly, a process that involves a thorough review of your taxable income and expenses. Lodging your BAS on time is essential for maintaining a good relationship with the Australian Taxation Office (ATO) and avoiding fines.

Identifying key tax due dates

Business Activity Statements (BAS) play a pivotal role in managing your tax obligations as a sole trader. This can include Goods and Services Tax (GST) and PAYG withholding tax (PAYG).

GST is a 10% value-added tax applied to most goods and services in the country. Through your BAS, you report and pay the GST collected by your business and claim GST credits. It’s important to note you must claim these credits within a four-year period, starting from the due date of the earliest activity statement where the credit should have been claimed.

PAYG instalments are a method of paying income tax incrementally, helping you manage your anticipated tax liability. These instalments can be calculated using the ATO’s specified rate or amount, based on the information from your most recent tax return. If your business experiences significant fluctuations in turnover compared to the previous year, you might find it more accurate to calculate the instalment rate based on your actual income. This adjustment helps in determining a more precise instalment amount.

We understand it can be hard to estimate your income in any given year as you can't know for certain how many cases you will take on, or how much you will be paid, or when. If you're having trouble getting the PAYG instalments right as a result, you should talk to us.

Generally, the ATO issues PAYG instalments through an instalment notice, rather than including them in your BAS. This approach simplifies the process, allowing you to focus on accurate reporting and timely payment of your tax obligations.

When to submit a Business Activity Statement (BAS)

QUARTERLY

You must lodge your BAS on a quarterly basis on the following dates below, which correspond to each of the four quarters in the Australian financial year:

• On the 28th of October for the first quarter; July, August, and September.
• On the 28th of February for the second quarter; October, November, and December.
• On the 28th of April for the third quarter; January, February, and March.
• On the 28th of July for the fourth quarter; April, May, and June.

ANNUALLY

You can only report your BAS on an annual basis if you have voluntarily registered your business for GST and its GST turnover is under $75,000, or $150,000 for not-for-profits.

Remember, meeting these due dates is essential for a hassle-free tax season. Whether you're anticipating a tax refund, managing your tax bill, or dealing with outstanding tax returns, staying on top of these dates is crucial.

If you're uncertain about your financial situation, taxable income, or need assistance with prior year returns, consulting with a registered tax agent can be very beneficial. Don't forget to use tools like your myGov account for easy access to ATO services.

Tax return preparation - when is the tax return deadline?

As tax time draws near, it's time to start collating your financial records so you can prepare to lodge your tax return. This includes ensuring all income and expenses are accurately reported. If you wish to lodge your own tax return, you must do so by 31 October. However, if you have a registered tax agent you have the option to lodge your tax return in the new year as long as you weren't late in lodging your tax return in the prior financial year.

Cash flow management in line with due dates

Effective cash flow management is vital, especially as the payment deadline for the tax bill approaches. This means ensuring you have enough funds to cover your tax bill and any other financial commitments.

Seeking professional advice for financial compliance

We have been working with legal professionals for going on three decades and during that time we have helped many barristers in the early stages of their careers by establishing a strong foundation of tax compliance, bookkeeping, cashflow budgeting, and tax planning.