Additional Tax Tips

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Single Touch Payroll

Employers need to make a finalisation declaration by 14 July 2022 so that employees can access their tax-ready income statements.

Before finalising, make sure the STP information is correct and apply for a deferral if you need more time.

Superannuation guarantee

Ensure superannuation guarantee payments for employees are up-to-date and make sure contributions are received by the nominated super funds by 30 June.

Report and rectify any missed payments to the ATO. If you do not pay an employee’s super guarantee on time and to the right fund, you must lodge a superannuation guarantee charge (SGC) statement and pay the SGC to the ATO.

Taxable payments reporting system

Does your business earn income from building and construction, cleaning, courier, road freight, information technology, security, investigation or surveillance services? If so, you may need to lodge a taxable payments annual report by 30 August 2022 to report payments made to contractors.

The details you need to report are generally contained in the contractors’ invoices and include ABN, name, address and total amounts paid for the financial year.

GST adjustments

When you do a tax return for your business, your tax agent will often do a reconciliation against your GST accounts. This can identify misclassified transactions or unclaimed credits which will need to be fixed

The ATO has worksheets to assist in calculating GST adjustments for sales, purchases, bad debts, creditable purpose and adjustments summary.

Businesses in financial distress

If you think your business is in financial difficulty, it is critical to get proper accounting and legal advice as early as possible.

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