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Do you need support for your finance function so that you can focus on growing your business ...

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27/07/2014

The due dates for payment of tax, filing returns and satisfying various other obligations in August 2014 are noted below.

14 August

  • Due date for entities subject to PAYG withholding to forward annual report relating to: (a) work or services payments; (b) retirement payments and annuities or pensions; (c) benefit and compensation payments; (d) alienated personal services payments; (e) non-cash benefits; or (f) reportable fringe benefits.

  • Due date for entities to give copies of payment summaries to Commissioner relating to superannuation lump sums, employment termination payments or departing Australia superannuation payments.

  • Due date for provider of ESS interests to give Commissioner a statement of ESS interests provided to employees in 2013/14.

 

21 August

  • Due date for lodgment of activity statements for reporting and payment of:

    – GST, wine equalisation tax and luxury car tax by monthly GST reporters
    – PAYG instalment for July 2014 by monthly PAYG instalment payers, and
    – PAYG amounts withheld from payments during July 2014 by medium PAYG withholders.

 

28 August

  • Due date for lodgment of superannuation guarantee statement and payment of superannuation guarantee charge for April to June 2014 quarter.

 

 

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04/10/2013

The ATO has updated the small business benchmarks with 2011 data for a wide range of industries. They are financial ratios developed from information provided by businesses to the ATO on their tax returns and activity statements. They are updated annually using the latest available income tax data. The ATO use these benchmarks and other risk indicators to identify businesses that may be avoiding their tax obligations by not reporting some or all of their income. If a business does not have evidence to support their return, the ATO may use the benchmarks to determine income that has not been reported. Businesses reporting outside the benchmarks may attract ATO’s attention. If you wish to compare your business performance against others in their industry, go to the ATO's website to view the small business benchmarks http://www.ato.gov.au/Business/Small-business-benchmarks/In-detail/Benchmarks-by-industry/

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