As a business owner, you know by now that your business never really takes a holiday or any real break.
Even if the rest of the world feels like it is on holiday, you still have key dates and obligations that you have to meet.
The tax office doesn’t really care about Christmas, holidays or the cricket and tennis, and for many businesses, this is their busiest time of year, so keeping up with key dates is imperative – and can be tricky.
Below is a list of key dates that you need to be aware of and ensure that you meet your business obligations – as you will see, the first key date is the 22nd of January eek!!
Firstly, it is important to note that not all of these dates will apply to your business, it will depend on the accounting system you have implemented and the reporting dates that you have agreed with the tax office – so the list is not as extensive or scary as it immediately seems.
Fortunately for you, the professionals at Think Accountants will help you to make quick work of preparing and lodging the correct documentation on time and error free, to ensure that you meet all the necessary deadlines so your business does not incur any fines and to keep you and your business on the right side of the Tax Man.
List of key dates for small business owners.
December monthly Business Activity Statement (BAS) due.
December quarter Super guarantee contributions due.
February fuel tax credit rates change today.
January monthly BAS due.
December quarter BAS due.
December quarter superannuation guarantee contributions due.
December Pay-As-You-Go (PAYG) instalment due.
February monthly BAS due.
March monthly BAS due.
March quarter BAS due.
March quarter superannuation guarantee contributions due.
March quarter PAYG instalment due.
Fringe Benefit Tax (FBT) return due.
April monthly BAS due.
March quarter superannuation guarantee statement due.
May monthly BAS due.
END OF FINANCIAL YEAR
New financial year begins.
PAYG payment summaries need to be provided to your employees.
June monthly BAS due.
June quarter superannuation guarantee contributions due.
June quarter BAS due.
June quarter PAYG instalment due.
August fuel tax credit rates change today.
PAYG withholding annual report due.
July monthly BAS due.
Taxable payments annual report due.
June quarter superannuation guarantee statement due.
August monthly BAS due.
September monthly BAS due.
September quarter superannuation guarantee contributions due.
June quarter BAS due.
September PAYG instalment due.
2018 Income tax return due (if not lodged via a tax agent).
It is highly likely that you have questions about some of the key dates listed, such as fuel tax credit rate changes and PAYG withholding rates, the expectations and requirements of the tax office change regularly and it is extremely difficult to keep on top of all these changes as they happen.
It is imperative that you keep a constant dialogue with your accountants – think of us as an extension of your business, we need to work together to keep your business ticking along and meeting ATO deadlines without stress and to ensure that the data you do provide to the tax office is up to date, thorough and correct.
Happy New Year – we look forward to making 2018 your very best year yet.