Once you’re up and running, you’ll need to report your business income and other tax and super obligations. You can do most of your reporting online using myGov (if you’re a sole trader), the Business Portal or through a registered tax professional. There is also a range of accounting software which may assist you.
Here are some of the key lodgments you should be aware of:
Business Activity Statement (BAS)to report on GST, PAYG withholding tax and other taxes you may be registered for.
When you register for an ABN and GST, the ATO will notify you when it is time to lodge.
Most businesses lodge and pay their BAS quarterly (generally due 28 days after the end of the quarter) or monthly (generally due 21 days after the end of the month).
Income tax return to report your business income and claim deductions.
If you’re a sole trader, you include your business income and deductions in your individual income tax return in the supplementary section and business and professional items schedule.
If you have any other business structure, you lodge a return for the business as well as your individual return.
Super guarantee payments
If you have employees who you pay $450 or more before tax in a calendar month, you have to pay super on top of their wages. If your employee is under 18 or is a private or domestic worker, such as a nanny, they must also work for more than 30 hours per week to qualify.
The minimum super amount you must pay (called the super guarantee or SG) is currently 9.5% of their ordinary time earnings.
You must pay and report super electronically in a standard format quarterly.
Single touch payroll (STP) is a change to the way employers report their employees’ tax and super information to the ATO.
Employers with 20 or more employees must currently report employees’ tax and super information to the ATO each time they run payroll and pay employees, unless the ATO granted a later start date.
Employers with 19 or fewer employees have the option to report through STP for now. STP is being extended to these employers from 1 July 2019.
Visit gov.au/STP to learn more.
Other languages
Do you speak another language and still wish to access online information at your business obligations?
Amanda Hoffmann is a registered Tax Practitioner / BAS Agent No.18613005, Associate of Finance, Xero, Myob & Quickbooks Proadvisor / Trainer and a Consultant for the Australian Taxation Office.
She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting, blogging and recently recording monthly youtube episodes
Amanda loves to teach smart, easy online cloud solutions and fix messy bookkeeping. Follow her on social media and say “Hi”
Are you floundering with a purpose or goal with your business blog? Do you find you have writer's block or fail to be consistent? This article will give you some practical tips to help you write content your customers will enjoy and do so on a regular basis. Read on...
Have you ever experienced working with someone when nothing is completed as expected? Does it frustrate you? This article will look at three areas where you can improve communication with your bookkeeper. Click on the link to read more.....
Are you one of many small business owners where the "thought" of having to do your bookkeeping makes mowing the lawn or seeing your dentist more appealing? Amanda Hoffmann from My Office Books offers you four very practical solutions.
Do you find you just don't have enough time in a single day to get everything done? You are not alone. The real question is however, s it you really don't have time, or is it just your mindset? My article explores this very question.....
The cost of employment is high, that is why many in the construction and building industry choose to use subcontractors to reduce their overheads. But, is it the solution that many business owners think it is?
Take a closer look at the tech trends reshaping the construction industry — and discover how businesses can solve common challenges by embracing innovation. This post originally appeared on MYOB Pulse.
MYOB Acumatica has been crowned a winner at The 2024-25 Cloud Awards program, winning the Best Software-as-a-Service (outside the USA) category. This post originally appeared on MYOB Pulse.
In 2024, you’ve shown what running a business is all about. We’re proud to have been by your side the whole way, simplifying admin and boosting cashflow. This post originally appeared on MYOB Pulse.
This sole trader vs company cheat sheet explains the major differences between two of the most common business structures. This post originally appeared on MYOB Pulse.
Due to isolation, long hours and financial pressures, many sole traders struggle with mental health. We take a look at how you can lighten the load. This post originally appeared on MYOB Pulse.
Social Media Mavericks and Analytics on a Shoe String
Are you floundering with a purpose or goal with your business blog? Do you find you have writer's block or fail to be consistent? This article will give you some practical tips to help you write content your customers will enjoy and do so on a regular basis. Read on...
Have you ever experienced working with someone when nothing is completed as expected? Does it frustrate you? This article will look at three areas where you can improve communication with your bookkeeper. Click on the link to read more.....
Are you one of many small business owners where the "thought" of having to do your bookkeeping makes mowing the lawn or seeing your dentist more appealing? Amanda Hoffmann from My Office Books offers you four very practical solutions.
Do you find you just don't have enough time in a single day to get everything done? You are not alone. The real question is however, s it you really don't have time, or is it just your mindset? My article explores this very question.....
The cost of employment is high, that is why many in the construction and building industry choose to use subcontractors to reduce their overheads. But, is it the solution that many business owners think it is?
