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

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 08

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.

It’s also a perfect time to take advantage of the instant tax write-off with MYOB OnDeck Loans.

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.

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 the AccountRight EOFY and EOPY guides to help you navigate the 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 make paying staff streamlined. Learn more here.

To do

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

July 16

One small step for businesses

On this day in 1969, the Apollo 11 spacecraft was launched, bound for the surface of the moon. Make sure your employees aren’t left behind by providing their PAYG payment summaries today. That way, everyone can be sure that their money is locked in a safe orbit.

To do

  • Provide PAYG payment summaries to your employees

July 23

Your business activity statement (BAS) for June is due

If you pay monthly activity statements rather than quarterly, today’s the day to lodge them for June

To do

  • Prepare and lodge your June monthly business activity statement

July 30

Today consists of three parts

Today is director Christopher Nolan’s birthday and while some businesses may be lost in a dream state, you can take yours to another galaxy by making sure you don’t break your back at tax time.

So, if you pay activity statements quarterly, your June superannuation guarantee contributions are due along with your PAYG instalment and BAS. Get all this done to avoid being an agent of chaos.

To do

  • Lodge and pay June quarter superannuation guarantee contributions into staff's compliant funds.
  • Your June quarter PAYG instalment is due today.
  • Prepare and lodge your June quarterly BAS. If you can’t lodge and pay your BAS on time, contact the ATO.

August 01

August fuel tax credit rates change today

Fuel tax credit rates are indexed twice a year, February and August, in line with the consumer price index (CPI). Refer to the ATO website for the details. Learn more.

To do

  • Make sure you use the correct rates each time you lodge your business activity statement (BAS)

August 14

PAYG withholding annual report is due

Your PAYG withholding payment summary annual report is due today. The report summarises all payments you have made as wages, salaries or other work-related payments.

When it comes to PAYG, we've got quick and easily digestible information to share.

To do

  • Not using a tax or BAS agent? Your PAYG summary is due today

     

August 21

Keep your business safe

Today is the birthday of Tyler Winklevoss, one of the Harvard graduates who sued Mark Zuckerberg for $65 million claiming that the idea for Facebook was stolen from him. Sometimes it pays to keep your business ideas to yourself so make sure you quietly lodge your monthly business activity statement for July and get back to making your millions.

To do

  • Submit your July monthly activity statement today

     

August 28

Time for your taxable payments annual report

Some businesses and government entities need to report each year the total payments they make for services on the Taxable payments annual report. In addition, some government entities also need to report grants paid. If required, your quarterly superannuation guarantee charge statement is also due.

To do

  • Your taxable payments annual report is due today
  • Lodge Superannuation charge statements

September 21

There and back again

On this day in 1937, J.R.R Tolkien’s The Hobbit was first published. Make sure your treasure is guarded by your very own dragon by lodging your monthly business activity statements for the month of August.

To do

  • Lodge and pay your August monthly business activity statement

October 22

BAS…finds a way

Today is actor Jeff Goldblum’s birthday so spend today organizing and submitting September’s business activity statement so you won’t have any flies on you or your business.

To do

  • Lodge and pay your September monthly business activity statement

October 29

Finish off September once and for all

If you pay activity statements quarterly, your September superannuation guarantee contributions are due today along with your PAYG instalment and BAS.

To do

  • Lodge and pay September quarter superannuation guarantee contributions into staff's compliant funds.
  • Your September PAYG instalment due today
  • Prepare and lodge your September quarterly BAS. If you can't lodge and pay your BAS on time, contact the ATO.

October 31

Last call for tax returns!

Today is the very last day to lodge your 2018 Income tax return. This covers the financial year from 1 July 2017 to 30 June 2018.

If you’ve been too busy to lodge it from 1 July 2018 until now, today’s the day to drop everything and get it done!

To do

  • If one or more returns were outstanding at 30 June, 2018, make sure your tax returns for all entities are prepared.
  • TFN reports for closely held trusts for TFNs quoted to a trustee by beneficiaries the the first 2018-2019 quarter are due now.

November 21

Wired for a sound business

On this day in 1877, Thomas Edison announced his new invention to the world – the phonograph, which was the first machine to play recorded sound and later, music. So, while you’ve got your headphones in your ears listening to your favourite playlist, be sure to lodge October’s business activity statement, if you pay monthly.

To do

  • Lodge and pay your October monthly business activity statement

November 28

Start your Christmas shopping, if that’s your thing

Your quarterly superannuation guarantee charge (SGC) statement is now due. Take care of that before close of business.

To do

  • Lodge your SGC statement for quarter two today
  • Ensure you've paid your SGC from quarter one

December 21

Finish your 2018 safe and sound

Hopefully, you’re ready for 2019. To ensure that your business is ready, submit your November business activity statement today and then you can pop that champagne cork.

To do

  • Lodge and pay for November’s monthly business activity statement

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