Tax time planner for small business

Everything you need to know to stay ATO compliant

Select a date to see what you need to do to keep on top of your tax

December 01

In a medium to large business?

Today is the due date for payment of income tax for large/medium taxpayers, companies and super funds.

To do

  • Complete income tax (if applicable)

December 21

Don't forget November's monthly activity statement

Christmas is almost here, but wrapping presents isn’t the only paperwork you have to do today!

To do

  • Lodge and pay for November’s monthly activity statement
  • Easily set up tax codes to track tax paid to you and by your business

January 21

Do you pay staff?

The PAYG statement for Q2 2017-18 is due. That’s for the months October to December 2017.

The ATO will have already sent you either an activity statement or instalment notice. If you’re registered with myGov you’ll receive it in your inbox and can pay online.

To do

  • Lodge and pay your PAYG instalment activity statement for the second quarter of the 2017-18 year.
  • Pay your December activity statement if you pay monthly.

January 28

Help your team retire… one day

Time to make Q2’s super guarantee contributions.

Refresher course: each employee that earns over $450 (pre-tax) a month must be paid super, the cleverly named ‘super guarantee’. It’s 9.5% of the employee’s ordinary time earnings (OTE) aka their usual work, commissions, loadings and allowance, but not overtime.

To do

  • Lodge and pay super guarantee contributions for Q2 2017-18 into staff’s compliant funds.
  • Pay on time or you'll be hit with the super guarantee charge (SGC) and that's not deductable.

February 28

Your Q2 quarterly business activity statements (BAS) are due

Registered for GST? This is a date you must put in your calendar. With reminders!

Time to calculate, report and pay your GST, PAYG instalments and withholding PAYG. Your accounting software should help you prepare the info that you need.

To do

  • Prepare and lodge your BAS for Q2 of 2017-2018.
  • If you can’t lodge and pay your BAS on time, contact the ATO or face penalties…ouch!
  • Did you incur a Super Guarantee Charge last month? It's due today.

March 21

Do you pay monthly activity statements, rather than quarterly?

Yep, you guessed it. Time to lodge and pay your monthly activity statement.

To do

  • Lodge February’s monthly activity statement.

April 01

Get ready for Single Touch Payroll, no joke.

From 1 July 2018, Single Touch Payroll (STP) reporting is coming in. If you’re a business without many employees, don’t worry, you might be exempt.

Businesses must do a headcount today: if you have 20 or more employees, you’ll be getting on board the STP train in the new financial year.

To do

  • Do a headcount today to determine if you’ll need to start Single Touch Payroll reporting from 1 July 2018. 

April 21

Got staff on the books? Your Q3 activity statement is due.

It's time to prepare and lodge your quarterly PAYG activity statement, based on what tax you’ve withheld from employees from January to March 2017.

To do

  • Lodge and pay PAYG instalment activity statement for Q3 2017–18
  • Pay your March activity statement if you pay on a monthly basis.

April 28

Third quarter of the year done: you know what that means.

Your Q3 quarterly business activity statements (BAS) are due today. 

Why not make your life easier? Tax or BAS agents can lodge, vary, and pay on your behalf. Find an MYOB partner near you.

To do

  • Pay the quarterly activity statement for Q3 2017-18
  • Pay super guarantee contributions for Q3 2017-18 into a compliant fund

May 01

Are you as excited as we are about the budget announcement?

The federal budget will come out in May. Get the lowdown on the good, the bad and the ugly.

We’ve got you covered with in-depth rundowns across our blog and Facebook page. We’ll translate the politician-speak so you can get your head around what it means for your business.

To do

  • Check into MYOB for the latest - and greatest - coverage of the budget and how it will affect businesses like yours.

May 21

May the fringe benefits tax be with you

Fringe benefits tax (FBT) annual return, if lodging by paper, is due.

FB-what? It’s a tax that employers pay on benefits they provide to their employees, separate from income tax. It includes things like entertainment, gym memberships, car or expenses.

Find out if you are liable. A tax agent can deal with your FBT, but you must add them by today.

To do

  • If you lodge and pay by paper Fringe Benefits Tax annual (2017 –18) return is due.
  • Pay your April activity statement if you pay monthly.

May 28

Non-paper fringe benefit tax return

Time to pay your FBT annual return. Calculate the types of fringe benefits you provided, the amount of FBT payable, the total employee contributions for benefit types and the total taxable value of each benefit type. Find out how to calculate your FBT. Note that the FBT year runs 1 April to 31 March.

To do

  • Pay annual Fringe Benefit Tax return (if applicable)
  • Lodge and pay the superannuation guarantee charge statement if you didn’t make enough contributions early enough in Q3. 
  • If you’re registered but don’t have any FBT this year, complete Fringe benefits tax – notice of non-lodgment

June 30

It’s here: the end of (another) financial year

By now you should have started wrapping up the year and getting all your ducks in line for the new year.

Make sure you have expense and sales budgets ready to go, as well as projected staffing costs, schedule of fee and tax liabilities that will take place from 1 July.

Need help? Download and read our free EOFY checklist to make sure you’re on track. 

To do:

  • Pay super contributions so that you can to quality for a tax deduction in the 2017-18 year.
  • Prepare for a stocktake and ensure all transactions have been recorded. 
  • Make any (super) last minute purchases that can be tax deducted.
  • Prepare your employee Payment Summaries as they need to be given to employees by 14 July.  
  • Download and read our free EOFY checklist and make sure you’re on track to start fresh in the new financial year.

July 01

Happy new (financial) year! This is the time to start fresh, having everything nicely in line so tax planning can come into effect.

Single Touch Payroll (STP) reporting commences for employers with 20 or more employees. You’ll need to report payments such as salaries and wages, PAYG withholding and super information directly to the ATO via your software at the same time as paying employees.

Do you use MYOB accounting software to pay staff? We’ve got you covered, our software is STP enabled to may paying staff streamlined. Learn more here.

To do

  • Make sure the software you use to do payroll is STP-enabled

Tax for small business can be taxing

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