What happens if I miss the due dates for super payments?

If you miss the due dates for super payments, you could face penalties and consequences. The Australian Taxation Office (ATO) takes non-compliance with super obligations seriously.

What are the due dates for paying employees’ super contributions?

Super contributions for your employees must be paid by the 28th day following the end of each quarter. The due dates are January 28, April 28, July 28, and October 28.

How do I report through Single Touch Payroll (STP)?

Reporting through STP is integrated into your regular payroll process. You need to use payroll software that is STP-enabled to send the required information to the ATO each time you process payroll. The software will generate and send the necessary reports directly to the ATO.

Who needs to use Single Touch Payroll (STP)?

All employers, regardless of their business size, are required to use Single Touch Payroll to report their employees’ salary, wages, PAYG withholding, and superannuation contributions to the ATO. This includes businesses, not-for-profit organisations, and government entities.

How is FBT calculated, and when is it reported?

FBT is calculated based on the taxable value of the fringe benefits provided. Employers are required to report and pay FBT annually on their FBT return, which is usually lodged by 21 May each year.

What is a TPAR, and who needs to lodge it?

A Taxable Payments Annual Report (TPAR) is a report that certain businesses need to lodge with the ATO. It includes details of payments made to contractors for services provided. Industries such as construction, cleaning, and courier services are required to lodge a TPAR.

What is an IAS, and when is it used?

An Instalment Activity Statement (IAS) is used by businesses to report and pay their Pay as You Go (PAYG) income tax instalments, Goods and Services Tax (GST) instalments, and other tax liabilities more frequently than the BAS. It’s often used by businesses that do not have a GST turnover.

How often is a BAS lodged?

The frequency of lodging a BAS depends on the size and turnover of the business. Generally, businesses lodge their BAS monthly or quarterly. However, there are also options for annual lodgement for certain small businesses.

Where can I find more information about Division 7A?

For comprehensive information and expert guidance on Division 7A, we recommend reaching out to Investax accountants. We specialise in taxation matters and can provide you with the most up-to-date and tailored advice to ensure compliance with Division 7A rules. You can also visit the Australian Taxation Office (ATO) website for additional resources and information, but consulting with an Investax accountant can offer you personalised guidance specific to your situation.