If you’re a business owner using GovReports to manage your lodgements, you might find it handy to have a summary of the typical quarterly and annual Australian Taxation Office (ATO) reporting requirements for small businesses. What applies to your business depends on factors such as whether it’s registered for GST, whether you employ staff or contractors, and your business size and structure.
The PAYG Instalment system is designed to help taxpayers manage their tax payments more effectively. While the ATO prefills default amounts based on the previous tax return, we know there are many situations where the amount needs to be varied, either upwards or downwards.
Once again, we are coming to the end of the financial year. How is the Year of the Dragon treating you so far? Tradition tells us it is often a year of promising opportunities, professional expansion, good luck and potency. We hope the year has been one of good fortune for you and your business.
In 2022, the ATO introduced a new trial system to link business owners and registered agents. The system has now been rolled out to most businesses and starts on 13 November 2023. Sole traders are exempt, but all other businesses must engage a registered agent via the new process.
Australian small businesses, corporates and the majority of individuals are required to report taxable earnings and deductible expenses to the ATO. Preparation of lodge tax returns can often feel like a monumental task, cause stress and take more time than expected. Yet the availability of cloud software specifically designed for this purpose has made the process more streamlined than ever.