October is a crucial month for businesses as it brings several important tax deadlines and obligations. Staying on top of these deadlines is essential for avoiding penalties and ensuring compliance. Here’s a comprehensive guide to the key dates and tips for managing your tax responsibilities effectively.

Quarterly BAS Lodgment

Key Deadlines:

  • Lodgment Dates: For businesses on a quarterly reporting cycle, October is the deadline for lodging your Business Activity Statement (BAS) for the previous quarter (July to September). The due date is typically 28th October.
  • Payment Dates: Ensure any outstanding BAS liabilities are paid by the due date to avoid interest and penalties.

Tips for BAS Lodgment:

  • Accurate Records: Ensure all sales and expense records are up-to-date and accurately reflected in your BAS.
  • Review GST and PAYG: Double-check your calculations for GST collected and paid, as well as PAYG withholding and instalments.

Superannuation Contributions

Key Dates:

  • Quarterly Contributions: Superannuation contributions for the quarter ending 30th September are due by 28th October. It’s crucial to make these payments on time to avoid superannuation guarantee charge (SGC) penalties.
  • Employee Communication: Notify employees about their super contributions and ensure they’re correctly allocated to their superannuation funds.

Tips for Superannuation Payments:

  • Verify Contributions: Check that contributions are correctly calculated based on each employee’s earnings.
  • Use Approved Channels: Make payments through approved superannuation clearing houses or directly to employee super funds to ensure compliance.

PAYG Instalments

Key Dates:

  • Instalment Payments: If you’re required to make PAYG instalments, ensure payments are made by the due date. This helps manage your tax liabilities and avoid large end-of-year tax bills.

Tips for PAYG Instalments:

  • Review Instalment Amounts: Check that instalment amounts are accurate and based on up-to-date financial information.
  • Adjust Instalments: If your business’s financial situation has changed, consider adjusting your instalment amounts to better align with your expected tax liability.

Important Updates

Stay Informed:

  • Regulatory Changes: Keep up-to-date with any changes in tax regulations or rates that may impact your business. Regularly review updates from the Australian Taxation Office (ATO) or consult with a tax advisor.

October is a busy month for managing tax obligations, but staying organised and meeting deadlines is crucial for smooth business operations. For assistance with BAS lodgment, superannuation contributions, or any other tax matters, BJT Business Advisors is here to support you.

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