Deadlines are important to business owners especially when it comes to making payments. Aside from filing dates, both business owners and bookkeepers must also take note of tax deadlines. There are lots of problems associated with delayed payments and they can certainly have a serious impact on your business.
Annual Withholding Declarations: Employees can claim entitlement once they give their withholding declaration. After they claim entitlement, the amount being withheld from their wages are reduced. It is important that an employee’s information is updated once there are changes in their address or employment status. As a business owner, the declaration can also provide sufficient information about the changes made. The deadline for tax declaration is on August 14th. Business owners must make changes to the payments of employees from the very first payment upon receiving the declaration.
Pay As You Go Withholding: PAYG Withholding is the employee’s summary of payments. These payments are based on a specified period of time. Once your business makes a payment, the summary will show that amount withheld. If your business did not withhold any payments, it is necessary that the statement is presented. The deadline for PAYG withholding is 28 days after the end of the quarter or 21 days after the end of the month. The deadline will also depend on the type of system you have chosen.
Business Activity Statements: Tax obligations including securing business activity statements must be fulfilled by all Australian businesses. Every month, businesses must make payments and the deadline is 21 days after the last day of the month. For business owners who choose to pay on a quarterly basis, the payment must be lodged by the 28th day after the quarter. Payments are not due until February for the December quarter.
Superannuation: Superannuation includes the funds that will be available upon retirement. As an employer, it is your responsibility to set aside a portion of your employees’ wages as this will serve as a superannuation fund. The employees also have a choice to put additional funds into the account. Employers need to pay superannuation fees regularly. Making a payment can either be made on a quarterly or monthly basis. Superannuation payment must be lodged 28 days after the established period of time.
Payment Summaries: The summaries of payment provide the payment details made to employees. This type of payments that falls under this category is the payment an employer made under a voluntary agreement and labour-hire arrangement. The payment must be made on July 14th.