Tax Accountant Mount Waverley for Small Business Owners
Make sure your business tax and accounting is up-to-date and ready for the new financial year. At MAS Tax Accountant Mount Waverley, we have complied a quick to-do-list to help small business owners to stay compliant with the regulatory requirements which apply to the small business entities operating in Australia.
Lodgement of the entity’s Income tax return
Have you got it all ready to lodge the income return? Check with your accountant for lodgement due dates and the information that you need to submit. In general, you need to provide your accountant with the relevant information including financial statements or access to your accounting system to review the financial status of the entity. It is always to highlight large or unusual transactions and ask for advice. For example, how to account for an event run by the company for both the business and personal use.
Lodgement of Business Activity Statement (BAS or IAS)
Are you up-to-date in meeting your monthly, quarterly or annual BAS or IAS requirements? If you have difficulties completing these, it’s not too late to talk to your accountant to complete it or engage a bookkeeper recommended by your accountant.
ASIC reporting obligations for companies – If you are a company operating in Australia, do you know that you are required prepare and lodge financial statements with Australian Securities and Investment Commission (ASIC). Annual financial reports are required to be audited. In some circumstances, companies may be exempt from financial reporting. You need to ask your accountant for advice and preparation of these reports.
PAYG withholding payment summary annual report and PAYG statements
Have you reconciled your payroll and provide PAYG withholding payment summary annual reports to your employees by the due date in July? It’s recommended to perform a test reconciliation in the month before year-end to highlight any processing problems.
Payroll Tax
Have you reviewed your payroll tax compliance? Are you over the current threshold? Speak to your accountant if you’re unsure whether you’re over the threshold for payroll tax.
Workers’ compensation insurance cover
Have you reviewed your workers’ compensation cover to find out if there are any exclusions that has been adequately covered?
Monthly superannuation payments
Have you reviewed your superannuation payments that needs to be done monthly?
FBT return
Do you need to lodge a Fringe benefits tax (FBT) return? Are there any transactions that needs to be reviewed for employee contributions?
Salaries and wages
Have you reviewed staff salaries and conditions to ensure they are in line with relevant awards and legal requirements?
Government grants
If your business receives any government grants, ensure that you are still meeting the required guidelines for those grants.
Learn more about our Mount Waverley office, including our Personal and Business Tax services.
For more information or to schedule an appointment, please contact us below or call us on 1300 627 829
