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Take Note Of Australia's Most Important Bookkeeping Dates

time 481444 1280Aside from mastering the skills of business management, a business owner is also expected to be well acquainted with the concept of deadlines. Proscratination is not an option especially when it comes to making payments. The dates that you need to pay attention to are the filing dates and the tax deadlines. These refer to the bookkeeping dates and falling behind your payment schedule can create a ripple effect on your business.  

Pay as You Go Withholding

Pay as You Go (PAYG) withholding refers to the summary of payments that employees made based on a specified period of time. Your business makes the payment and the summary shows the amount withheld. The statement must be presented if your business did not withhold payments. You must take note that the deadline for PAYG withholding is always 21 days after the end of the month or 28 days after the end of the quarter. It also depends on the system you have chosen. 

Business Activity Statements

All Australian businesses must fulfill the tax obligations such as securing business activity statements. Each month, business owners are required to make payments. The payments should be lodged 21 days after the last day of the month. However, if you choose to pay on a quarterly basis, your payment needs to be made by the 28th day after the quarter. For the December quarter, payments are not due until February.  

Annual Withholding Declarations

There is a good reason employees are required to give their withholding declaration and one of which is to claim entitlement. Claiming entitlement enables employees to reduce the amount withheld from their wages. It can also work in the opposite way by increasing the amount of money withheld from each payment. If there are changes in the employment status or address of your employee, the declaration can also provide you enough information about these changes. Make sure you meet the deadline for tax declaration, which is on August 14th. Once you receive the declaration, you need to make changes to the employees' payments from the very first payment.  

Payment Summaries 

The purpose of payment summaries is to detail the payment that you have made to non-employees. The type of payments that fall under this category is the payment you made under a labour-hire arrangement and voluntary agreement. Take note that the due for the payment summaries is every 14th of July.  

Superannuation  

The funds that will be made available upon retirement are also included in superannuation. Your task as an employer is to set aside a portion of the employee's wages into a superannuation fund. The employees also have a choice of putting additonal funds into the account. It is essential for employers to pay superannuation fees regularly. The payment can either be made on a monthly or quarterly basis. Payment for superannuation must be made 28 days after the established period of time. 

Both business owners and bookkeepers must understand the significance of these dates. If you want to keep your business and finances in check, it is imperative that you take note of these dates. You can avoid penalities if you know when payment should be made. 

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