End of Month Checklist for Businesses

At the end of the month or quarter, certain steps need to be taken for any business. If you need help call Hunter Accounting services Pty Ltd on 49681740

 

There will be a number of tax obligations for your business. These obligations will include some or all of the following:

  • Income tax - if you have received a pay as you go (PAYG) instalment rate pay the instalment as shown on your IAS - Instalment Activity Statement towards your expected income tax liability
  • GST - If you’re registered (or required to be registered) for GST, the BAS  - the Business Acitivity Statement. For Monthly BAS clients you need lodge and make payment before the 21st of following month; for the Quarterly BAS clients – lodge and make payment to ATO before the 28th of following month.
  • Fringe benefits tax - If you provide fringe benefits to employees, you may have to pay fringe benefits tax instalments  on your BAS .
  • PAYG withholding - You have to withhold tax from payments you make to employees and company directors, and payments to suppliers who don’t quote their ABN. Some of large PAYG clients may need lodge and make payment for the  IAS – PAYG withholding (Wage) before the 21st of following month.
  • Superannuation - SGC You have to pay superannuation on behalf of most employees at least Quarterly to reach the Superannuation Fund before the 28th of following month.

 

Record keeping - You are required to keep records that explain all your business transactions.

 

This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.