Your Next Tax Returns Time And What You Need To Do

Tax time again!? I know it sounds stressful,  but it doesn’t have to be.

All you need is to keep the important dates and know what you need to get your taxes returns ready.

For this year’s returns, here’s what you need to do;

  • Pay any outstanding invoices to claim the business expense to avoid waiting again for next year
  • Ensure up-to-date records: receipts and payments
  • Ensure PAYG statements are sent to your payees (workers and employees) before July 14

 

If you’re looking to get started after 2018 financial year, here’s what you’ll need to get started;

  • An accountant to discuss your financial matters and how you stand to leap maximum tax benefits or probably reduce the tax you pay.
  • Registered ATO Business Portal if you love doing the taxes by yourself.
  • Register your employees for the ATO’s new SuperStream
  • A pro accounting system that is well set-up to ensure accurate reporting and save your time.

 

To set up the system you’ll need to

  1. Hire a bookkeeper if bookkeeping is not your thing.  (if in Australia ensure they’re a Registered BAS Agent)
  2. Enter your invoices and payments at least weekly or daily where possible to prevent them from piling up
  3. Set up automatic bank feeds to save you time used in bank reconciliation and data entry
  4. Set-up a paper-based or electronic filing system to keep your records (for at least seven years)
  5. Follow-up for any client’s invoices overdue the soonest to can to avoid a pile-up

 

Important Dates:- How the tax season looks like

May;

21st May 2019 Fringe benefits tax (FBT) return due

28th May 2019 March quarter SG charge statement due

 

June;

30th June 2019 End of 2019 fiscal year

 

July;

15th Jul 2019 PAYG withholding payment summaries to your payees. i.e employees and workers

29th July 2019 June quarter SG due for super guarantee contributions towards a super fund or retirement savings account

June quarterly BAS due

June quarter PAYG instalment due

 

August;

1st August 2019 August fuel tax credit rates change. Also indexed in February

14th August 2019 PAYG withholding annual report due for all the work-related payments you’ve made

28th August 2019 Taxable payments annual report due for payments to contractors in the construction industry

June quarter SG charge statement. Pay March quarter super guarantee if you missed it.

 

October;

28th Oct 2019 September quarter SG due

September quarterly BAS due

September quarter PAYG installment due

31st Oct 2019 2018 Income tax return due for sole traders, partnerships, beneficiaries and trusts

 

November;

28th Nov September quarter SG charge statement due

 

Pro tip: Always consult your accountant about the best practices for your business.

Visit the ATO website for more information on your business obligations.  

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