When the business world is so busy, it is convenient to have reminders of dates you need to remember. Below is a list of upcoming important dates to pencil into your diary for the next 90 days:
Dates to remember
January – March
Superannuation Guarantee contributions for quarter 2, 2021–22 due to Super funds by this date.
Please note: Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 February 2022. The super guarantee charge is not tax deductible.
December 2021 monthly BAS lodgement and payment due
January 2022 monthly BAS lodgement and payment due
February 2022 monthly BAS lodgement and payment due
Things to consider
If you are lodging your own activity statements you may have less time to prepare and lodge (please check your due dates here). To get your accounts in order you may want to take a moment to review the following;
- Have you allocated all bank transactions to the correct accounts?
- Have you verified that the bank balance listed in your accounting software matches the balance in your bank account?
- Do you have tax invoices and receipts for all business-related transactions?
- Have you checked the GST tax codes for all transactions?
- Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy?
- Have you got paperwork for asset purchases or new finance arrangements?
- Do you need to include figures for PAYG instalment, fringe benefits tax, or fuel tax credits?
If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the period of reporting. consider the following;
- Have you allocated all payroll related bank transactions to the correct accounts?
- Have you checked for errors such as duplicate pay runs?
- Have you checked that all payroll categories used this quarter have had super correctly applied or excluded?
- Have you checked superannuation accrual reports for accuracy?
- Do you have any salary sacrifice amounts to include?
- Have you had to make any termination payments this quarter? If so, check which payroll categories should have super calculated or exempted.
- Do you have complete and up-to-date contact details and a super choice form for all employees?
- If new employees have not provided super choice details, have you checked with the ATO for stapled super fund details you can pay into?
Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST or PAYGW adjustments at the end of the financial year. This results in you having a more accurate picture of your liabilities throughout the year and being able to plan accordingly.
Talk to us if we can assist with preparing your activity statement or reviewing your business accounting systems and processes to make it easy, accurate and efficient.