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Tax Topics for Small Business

The Tax Office has some useful tips and information to help businesses start the new year on the right foot.

There are some important things all small businesses need to remember, including good record keeping practices, meeting GST obligations and reporting and paying tax and superannuation.

Record keeping

Good record keeping practices include:

recording all information from business transactions in a cash book, either electronically or manually

recording payment summaries for salary, employment termination payments, and reportable fringe benefits

storing all documents in a safe place for a period of five years, and

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.

The Tax Office has a number of programs available to help businesses keep good records including a record keeping evaluation tool, online calculators to help businesses calculate their tax obligations and eRecord - a free, electronic record keeping product which can help small businesses meet their tax reporting obligations.

Relevant dates

BAS

• Monthly activity statements due: 21st of each month.
• Quarterly activity statements due: 1st qtr July - Sep due on 28th October, 2nd qtr Oct - Dec due on 28th February, 3rd qtr Jan - Mar due on 28th April, 4th qtr Apr - Jun due on July 28th.

GST

• Quarterly GST due: 28th February, 28th April, 28th July, 28th October.
• 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
• PAYG two instalment payers: 21 Apr, 21 Jul.
• Super contributions due: 28 Jan, 28 Apr, 28 Jul.

New to business checklist

This checklist covers basic tax issues that need to be considered 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:

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

Free seminars

The Tax Office runs small business seminars on a range of topics, including GST, PAYG, activity statements and record keeping. To find out about your nearest seminar, or to make a booking, phone the Australian Tax Office on 1300 661 104.

Small business assistance program

The Tax Office small business assistance program is a free and confidential service tailored to suit the needs of any business, no matter how small.

Visits are conducted by experienced tax officers at the business owner’s chosen location between 8am and 6pm on weekdays. Topics covered include registering for an ABN, paying GST, understanding tax obligations, record keeping and lodging activity statements.

The Tax Office can even help businesses set up programs such as eRecord and the Tax Office Business Portal - a fast, convenient and secure way to lodge activity statements, request refunds and communicate with the Tax Office online.

Businesses can view a short presentation and arrange a visit by registering online at www.ato.gov.au/businesses or by calling 13 28 66 between 8am and 6pm weekdays.