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28 July
2019
SMALL BUSINESS TOPICS
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Reporting and paying tax & superannuation

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?

      Here are some additional resources :

      ATO Tax Talk

      ATO tv for foreign languages

      Glossary of common tax and superannuation terms

       




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