As another financial year draws to a close, it is important for small business owners to consider the tasks that are required by law to be complete. Not every item listed below will apply to your small/medium business, they are provided as a guide only.
Filing an income tax return
You’ll need to provide our office with a range of financial information, as well as highlight any large or unique transactions.
Business Activity Statement (BAS)
The end of June will require you to complete your quarterly or annual BAS. If assistance is required, we can help with this.
PAYG Withholding Payment Summary Annual Report
Payroll will need to be reconciled and payment summaries will need to be provided to employees by the due date in July (14/07/2016).
Payroll Tax
Consider whether you may be over the threshold for payroll tax. Please note that threshold does vary between States and Territories. Please seek further assistance if required.
2016 financial year Australian wages threshold in Victoria – $550,000.00 (increasing by $25,000.00 per year for the next four financial years)
Workers’ compensation insurance
Now is the time to get all your business insurance requirements in order and review the policies you have in place. Take the time to work out your business’ projected wages and salaries for the financial year ahead, this forecast often needs to be provided to your insurer.
Superannuation payments
Superannuation contributions need to be taken care of quarterly. At year end, it is important to ensure you have met minimum superannuation contribution requirements for all entitled employees (superannuation guarantee is currently 9.5 per cent).
Fringe Benefits Tax Return
Some businesses will need to lodge an FBT Return. However, even if you’re not lodging a FBT return, make sure that no relevant transactions have been overlooked and that all necessary employee/director contributions have been made.
Staff salaries and award conditions
Review the salaries of all your staff members to ensure that they are in line with the relevant awards and any other statutory requirements.
Government grants/funding
If your business receives any government grants/funding, take the necessary steps to ensure you are meeting the required guidelines or financial viability criteria to receive those grants.
Taxable Payments Annual Report
If your business is in the building and construction industry and you have made payments to contractors for building and construction services, you must lodge a Taxable Payments Annual Report on or before 28th August 2016
If you have any questions on the above, please do not hesitate to contact one of our helpful consultants/ taxation experts. Remember that ‘failing to plan is simply planning to fail’.
Note that the above list is not tailored to your specific business and that our highly trained staff can provide more specific advice/clarification upon request.
