TAX Compliance within business
Being complaint is easy
TAX Compliance within business
Staying compliant is easy if you know what you’re doing.
There’s a wealth of information on the ATO website but what if you don’t really know what your looking for?
Record Keeping
- You must keep business records for 7 years. You can either keep them in a paper format or electronically in a file, preferably within your accounting software or in a cloud storage system.
Registering for GST
- You must register for GST If your turnover is $75,000 or more or $150,000 or more for a Non-for-Profit organization.
- You must register for GST within 21 days of your business reaching the threshold.
Payroll
- The third stage of STP2 (Single Touch Payroll 2) is here and even though reporting is instantaneous to relevant organizations, you still have to make sure award wages and the breakdowns are accurate. Do you have Child Support payments or salary sacrifices for employees? Have you completed the correct procedure for ending employee’s employment and so much more?
Super Guarantee
- Making payments to employee’s Superannuation Funds is the law. Failure to do so can involve interest and fines. Staying on top of it is the only way to avoid these extra charges. What’s the best place to lodge your payments? Some Accounting software allows you to lodge it directly, without the use of a third-party collection house.
BAS / IAS
- Every business whether registered for GST or not needs to lodge either a BAS or IAS.
- To avoid penalties, lodge and pay your BAS/IAS on time.
- Are your tax codes correct reflecting the true amount of tax you owe to the ATO or what they owe you?
- It’s easy to make mistakes and even easier to fix them if you catch them early.
Here at BCI Bookkeeping, I’ll look after as much or as little as you need and you’ll have peace of mind knowing that you are compliant with the ATO.
