Tax Tips

Tax tips for small business

Warning: This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

All small businesses need to have good record keeping practices, meet GST obligations and reporting and paying tax and superannuation.

Record keeping

Good record keeping practices include:

  1. recording all information from business transactions in a cash book, either electronically or manually.
  2. recording payment summaries for salary, employment termination payments, and reportable fringe benefits
  3. storing all documents in a safe place for a period of five years, and
  4. withholding tax according to the pay as you go (PAYG) withholding rules, recording all GST obligations and paying superannuation contributions to a superannuation fund on behalf of eligible employees.

Important dates

BAS

Monthly activity statements due: 21st of each month.

Quarterly activity statements due:  28 October, 28 February, 28 April, 28 July.

GST

Quarterly GST due: 28 October, 28 February, 28 April, 28 July.

GST annual return due: the same date as your income tax return, or before 28 February for those who are not required to lodge an income tax return.

FBT, PAYG and superannuation

FBT return due: 21 May annually.

PAYG two instalment payers: 21 April, 21 July.

Super contributions due: 28 January, 28 April, 28 July, 28 October.

New to business

You need to consider a few things when starting a business.

For example, businesses may need to register for a number of tax obligations. The most common tax registrations businesses need include:

  1. a tax file number
  2. an Australian business number (ABN)
  3. goods and services tax (GST), and
  4. pay as you go withholding (PAYG).

Businesses also need to consider how to pay employees and other businesses and how to report and pay tax and superannuation.

For further information please contact the Tax Office on 13 28 66 or visit the tax office website.

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