Key dates small businesses need to know for 2024

Running a small business?  Don't let important dates slip through the cracks. This handy guide outlines the key events and deadlines you need to know in 2024. Stay ahead of the game, maximise opportunities, and plan for a successful year!

January

The new year is a time for fresh starts and resolutions. It's also when summer is in full swing in Australia, making it a prime time for outdoor activities and events. Aussies are enjoying their summer break and gearing up for a new year filled with possibilities.

Dates you shouldn't miss in January

New Year's Day (1st): Kick off the year with a bang! Offer promotions and discounts to entice customers looking for deals after the holiday season.

Australia Day (26th): Celebrate Australia's national day with patriotic promotions or events that showcase your Aussie pride.

Use January to set new business goals and plan your marketing strategy for the year ahead.

February

The summer heat continues in February, but it's also a month filled with love and celebrations. Whether it's Valentine's Day or Lunar New Year, there are plenty of opportunities to engage with your customers and boost your business.

Dates you shouldn't miss in January

Valentine's day (14th): Love is in the air! Cater to couples with romantic specials, gift packages, or themed events.

Lunar New Year(Date varies): Celebrate the Year of the Dragon with festive decorations, special menus, or cultural events.

Embrace the festive spirit of February and create marketing campaigns that resonate with your target audience.

March

As autumn approaches, March brings a mix of public holidays and cultural events.

Dates you shouldn't miss in March:

Labour Day (Varies by state): This public holiday celebrates the achievements of workers. Consider offering special discounts or promotions to your employees.

Harmony Day (21st): Celebrate Australia's cultural diversity with events or promotions highlighting inclusivity and respect.

With an autumnal theme, March is a great time to refresh your marketing materials and website.

April

April is a month of religious observances and a time to reflect on Australia's history.

Dates you shouldn't miss in April

Easter (Date varies): This religious holiday can be a busy time for businesses in the hospitality and tourism industries. Consider offering special Easter menus or packages.

Anzac Day (25th): Pay tribute to Australia's fallen soldiers with commemorative events or promotions.

Be respectful of the solemn nature of Anzac Day and tailor your marketing accordingly.

June

The end of the financial year (EOFY) is a significant milestone for businesses, and June is a month of preparation and celebration.

Dates you shouldn't miss in June

King's Birthday (Second Monday of June): This public holiday is a chance for people to relax and enjoy the long weekend.

Micro-, Small and Medium-sized Enterprises Day (June 24)

End of Financial Year (EOFY - 30th): This is the deadline for lodging your tax return and finalizing your accounts. It's also a popular time for EOFY sales.

The ATO website provides detailed information on EOFY obligations and deadlines. Start preparing early to avoid last-minute stress. Don't miss our EOFY guide for small businesses to make sure you're on top of everything: https://www.thriday.com.au/blog-posts/end-of-financial-year-eofy-everything-you-need-to-know

July

The new financial year begins in July, marking a fresh start for businesses. It's also a time for school holidays and the start of winter sales.

Dates you shouldn't miss in July

Start of the new financial year (1st): Review your business goals and plan for the year ahead.

School holidays: If your business caters to families, consider offering special deals or activities during the school holidays.

Start of winter sales: This is a great time to clear out winter stock and attract customers with discounts.

Use the start of the new financial year to analyse your business performance and identify areas for improvement.

August

While August may not have any major holidays, it's a good time to focus on internal operations and plan for the upcoming spring season.

Dates you shouldn't miss in August

Paris 2024 Olympics Ends (11th)

Take advantage of the quieter period to plan your marketing campaigns for the upcoming spring and summer seasons.

September

Spring is in the air! September is a time for new beginnings and a chance to refresh your marketing efforts.

Dates you shouldn't miss in September

Father's Day (First Sunday of September): Offer promotions and gift ideas targeted towards fathers.

Spring Racing Carnival (Melbourne): A major event in Melbourne that attracts visitors nationwide.

Embrace the warmer weather and create marketing campaigns that reflect the vibrant energy of spring.

October

October brings the start of daylight-saving time and a spooky holiday to celebrate.

Dates you shouldn't miss in October

Labour Day (Varies by state): A public holiday in some states and territories, it's a chance to acknowledge workers' achievements.

Halloween (31st): Get creative with spooky promotions or events to engage with customers and boost sales.

Use Halloween to create fun and engaging social media content.

November

November marks the beginning of the holiday shopping season with Black Friday and Cyber Monday.

Dates you shouldn't miss in November

Melbourne Cup (First Tuesday of November): The "race that stops a nation." Even if you're not in the racing industry, this event can be a great opportunity to engage with customers and offer promotions.

Black Friday (Last Friday of November): Offer significant discounts to kick off the holiday shopping season.

Cyber Monday (Following Monday): Continue the online shopping frenzy with Cyber Monday deals.

Start planning your holiday marketing campaigns early to ensure you're ready for the year's busiest shopping season.

December

The holiday season is in full swing in December, making it a crucial time for many businesses.

Dates you shouldn't miss in December

Christmas Day (25th): A major holiday for family gatherings and gift-giving.

Boxing Day (26th): Another opportunity for post-Christmas sales and promotions.

New Year's Eve (31st): Celebrate the end of the year with special events or promotions.

The holiday season can be hectic, but it's also a great opportunity to show your customers some appreciation and build lasting relationships.

Budget considerations and events

From 1 July 2023, the instant asset write-off threshold for eligible small businesses is set at $20,000 per asset. This means you can immediately deduct assets costing less than this amount. For assets more expensive than $20,000, you can use the small-business simplified depreciation pool. This allows you to depreciate at 15% in the first income year and 30% each following year.

May 2024 brings significant events that need your attention. For instance, 7 May is important for submitting your April monthly Payroll Tax if your business is registered for it. Additionally, considering the federal budget, often delivered in May, can help you adjust your financial plans and stay prepared for any new tax policies that may impact your business in the upcoming fiscal year.

Special observance days impacting business

Dates like International Women's Day and World Environment Day can have operational impacts. Get to Know Your Customers Day is a great opportunity for enhanced customer service, requiring more staff on hand.

Halloween may see a spike in customer footfall, especially in retail or entertainment sectors. Similarly, Thanksgiving can affect your business if you deal with American clients or customers.

Don’t forget Insurance Awareness Day; it’s a good reminder to check your business insurance. Special days like these provide opportunities for marketing and require appropriate staffing to handle increased activity.

Properly recognising these observances helps in planning promotions and ensuring you have the staff required to meet business needs.

To build brand awareness and capture audience interest, it's crucial to plan your marketing campaigns around significant events. For instance, events like the AFL offegreat opportunities for reaching larger audiences.

To stay ahead, monitor your competition and adapt your strategies. Keeping an eye on market trends can help you fine-tune your approach to suit changing conditions.

Your 2024 business adventure awaits

The calendar pages will turn, the seasons will shift, and your small business will face a whirlwind of opportunities and challenges.  But armed with this insider's guide to 2024's key dates, you're not just along for the ride – you're in the driver's seat.

Don't let tax deadlines sneak up on you or miss out on the chance to make a splash during a major shopping event. Instead, seize each date as a chance to grow, connect, and make your mark.

Remember, a successful business isn't just about surviving; it's about thriving. So, use this calendar as your trusty sidekick, a tool to help you navigate the year ahead with confidence and flair.

Let's make 2024 your year to shine! Cheers to planning, strategising, and embracing the exciting adventure of running a small business in Australia

Frequently asked questions

What is the next financial year?

The next financial year in Australia will begin on 1 July 2024, and end on 30 June 2024.

What qualifies a small business in Australia?

The Australian Securities and Investments Commission (ASIC) considers a business "small" if it meets two or more of the following criteria:

• Gross annual revenue: Less than $10 million
• Number of employees: Fewer than 100 employees
• The fair value of net assets: Less than $2 million

What are the special dates in Australia for small businesses?

There are several important dates throughout the year that Australian small businesses need to be aware of. Here are a few key ones:

• 30 June: End of Financial Year (EOFY) - This is the deadline for finalizing your business accounts and preparing for tax time.
• 1 July: Start of New Financial Year - This marks the beginning of a new financial period for record-keeping and tax purposes.
• Quarterly BAS lodgement dates: These occur throughout the year, with specific due dates depending on the quarter (typically the 28th day following the quarter's end).
• 31 October: Company Tax Return Due Date - This is the deadline for lodging your company tax return for the previous financial year.
• Public holidays: Public holidays can impact business operations and staffing needs. It's important to be aware of these dates when planning your schedule.

What are the four quarters of the financial year?

The Australian financial year is divided into four quarters:

• Quarter 1 (Q1): July 1st - September 30th
• Quarter 2 (Q2): October 1st - December 31st
• Quarter 3 (Q3): January 1st - March 31st
• Quarter 4 (Q4): April 1st - June 30th

These quarters are used for business planning, tax reporting, and BAS lodgements.