July Checklist for Employers - tax agent tips!
July is one of the busiest months for business owners and employers. Having a comprehensive checklist is a good way of staying on top of your tax deadlines and important tasks. Hillyer Riches, Caulfield tax agents & accountants, want to make sure you’ve got everything sorted for July. We’ve put together a list of helpful tips for employers to help make sure you don’t forget anything.
Payment summaries need to be provided to your employees by 14th of July even if you didn’t withhold any tax. This information needs to be included on your annual report as well.
Your annual report needs to be lodged by using the ATO website Business Portal or through the SBR (Standard Business Reporting) accounting or payroll software.
If you use the online checking first, you can correct any mistakes before you file your final report.
Lodging your payroll information early on will be helpful to your employees that use the ATO interface to lodge their tax returns. The information is used to fill in their e-Tax or myTax returns when they file electronically.
The SBR enable software can reduce the time it takes to prepare payment summaries. Once the information is verified, the employer can lodge it electronically to the Tax Office directly from the software.
Make sure you are using the newly published tax tables that will apply as of 1 July, 2015. This will ensure you are using the correct PAYG withholding rates. The tax calculator on the ATO website can also assist you with verifying your calculations. You should also check with your software provider to make sure you have the latest updates that include the new tables.
See below for ATO links (2015-16 will be included in the links as of 1 July)
Tax Tables – LINK
Tax Withholding Calculator – LINK
This checklist should keep you on track with your employer tax responsibilities in July. If you would like our office to assist you with any of these or have any questions, please give our Caulfield tax agents and business professionals a call.
Hillyer Riches Management Pty Ltd, tax agents located in Caulfield Victoria, is a Corporate Authorised Representative (No 466483) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. AFSL / ACL No. 223135.This document contains general advice only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.
Check out this post about ATO Updates on Corona Virus.