Image Credit: Towfiqu barbhuiya
January 24, 2022
Keeping track of due dates can help in the smooth functioning of your business.
We’ve put together a list of the most important financial dates for 2022, so you can plan for the year ahead and avoid any penalties for missing a deadline.
The end of the fiscal year is a crucial time for small businesses. The fiscal year is 12 months used for tax purposes. The Australian fiscal year begins on July 1 and ends on June 30 of the following year.
Small business owners close their books at the end of the fiscal year and begin finalising their tax time paperwork and accounting. Individuals and businesses submit their tax returns to the Australian Taxation Office (ATO) from July 1 to October 31. The ATO uses the information to determine how much tax they owe.
Businesses need to complete bookkeeping tax returns and plan for the new financial year.
Learn how to prepare for the EOFY to get your business organised in the year ahead.
Most businesses will be required to file a tax return at the end of the fiscal year. A tax return summarises your income and expenses for the tax year.
A Business Activity Statement (or BAS) is a form issued by the ATO to all GST registered entities. It summarises a company’s Goods and Services Tax (GST) activity for the period.
The majority of Business Business Activity Statements are issued quarterly; however, in some cases, a company may be required (or voluntarily elect) to complete their Business Activity Statements every month.
Business activity statements are used to report and pay different taxation obligations for your business, including:
Most small businesses lodge their BAS and pay any amount owing (or get a refund) quarterly.
At the end of a financial year, businesses must lodge tax returns with the Australian Taxation Office (ATO).
If you do not use a registered tax agent to lodge your tax return, you must submit your returns by October 31. If you are using a tax agent for the first time or changing tax agents, you must contact them before October 31.
Small business development Corp (SBDC) created several tax tip guides to assist readers in preparing for their financial year tax filings. They cover annual topics as well tax issues for SME owners. Click here.
Super is money businesses pay for their employees to provide for their retirements. Businesses must pay super on top of employees’ wages if paid $450 or more before tax in a calendar month.
The superannuation guarantee applies to all employees. It applies to full-time, part-time, and casual employees.
Suppose you’re required to pay super for your employees or workers. In that case, you must pay super contributions to their nominated super fund by the following dates. It is important to meet these deadlines; otherwise, you may face a super guarantee charge.
When a super due date falls on a weekend or public holiday, you can make the payment on the next business day.
Click here for Important financial dates by month.
Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.
Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.
How to make significant savings by switching to a specialist EFTPOS provider.
December 14, 2021
How to use keywords to put your Google Ads in front of the right audience.
December 6, 2021
Discover how Google Ads can turbo-charge your business.
November 18, 2021
It is vital for employers to understand the difference between performance management and disciplinary action.
November 11, 2021
How Australia’s new sexual harassment legislation will affect your business.
November 9, 2021
Dynamic Business has been helping business owners and managers for 27 years
© Copyrights 2020 by Dynamic Business – All rights reserved.
This post was aggregated from Dynamic Business (https://dynamicbusiness.com).