There are a myriad of responsibilities that you need to handle as a business owner such as taking note of the significant bookkeeping dates. If in the past you don’t pay heed to these dates, you need to save these dates so you won’t get into trouble when payment deadlines are approaching.
When running your business, delayed payments are not an option. Even if you are busy with other business tasks, it is not an excuse to forget about important deadlines. Your bookkeeper should be well aware of these dates so timely payments can be made. While they can be trivial at first, you will realize their importance in the long run.
Superannuation refers to the funds, which are taken from the part of employees’ wages. The employers need to do their part in ensuring that superannuation funds are paid regularly. Usually, the employees prefer to put additional funds into the account. As a business owner, you have two payment terms. You can either pay on a monthly or quarterly basis. The schedule of the payment is always 28 days after a particular period of time.
The payment summaries refer to the detailed information of the employees’ payments. It also provides details on the withheld taxes based on payments that the employer has made to non-employees. It also includes payments that are made under a voluntary agreement and a labour hire arrangement.
Pay as You Go Withholding
Pay as You Go (PAYG) withholding refers to the summary of payments made to employees following a specified period of time. The information that can be found in the statement includes the amount of money your business withheld from the employees’ payment. You are still required to present the statement even if your business has not withheld any payment. The payment of PAYG withholding must be lodged 21 days after the end of the month. If the payment is made on a quarterly basis, the due is after the end of the quarter.
Annual Withholding Declarations
One reason an employee is required to give his or her withholding declaration is when they want to claim an entitlement because it reduces the amount of money that will be withheld from their wages. The declarations also provide ample information to the employer in case the employee has relocated or made some important changes to his or her information. Annual Withholding Declarations are due on August 14th. After declaration has been received from the first declaration, the changes must be made to the employees’ payments.
Business Activity Statements
Any Australian businesses are required to secure business activity statements, which reflect all tax obligations. Payments for business activity statements must be made on a monthly basis, which is 21 days after the last day of the month. However, if payment is made on a quarterly basis, the due will be on the 28th day after the quarter. However, there is an exception to the rule. For the December quarter, payments are not due until February.
You and your bookkeeper should know the significance of these dates because aside from saving you from shouldering the penalty for delayed payments, you will also help your business stay in the right direction.