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Regulatory Requirements for Small Business Owners

As another financial year draws to a close, it is important for small business owners to consider the tasks that are required by law to be complete. Not every item listed below will apply to your small/medium business, they are provided as a guide only.


Small Logo       Filing an income tax return

You’ll need to provide our office with a range of financial information, as well as highlight any large or unique transactions.

Small Logo        Business Activity Statement (BAS)

The end of June will require you to complete your quarterly or annual BAS. If assistance is required, we can help with this.

Small Logo       PAYG Withholding Payment Summary Annual Report

Payroll will need to be reconciled and payment summaries will need to be provided to employees by the due date in July (14/07/2016).

Small Logo        Payroll Tax

Consider whether you may be over the threshold for payroll tax. Please note that threshold does vary between States and Territories. Please seek further assistance if required.

2016 financial year Australian wages threshold in Victoria – $550,000.00 (increasing by $25,000.00 per year for the next four financial years)

Small Logo       Workers’ compensation insurance

Now is the time to get all your business insurance requirements in order and review the policies you have in place. Take the time to work out your business’ projected wages and salaries for the financial year ahead, this forecast often needs to be provided to your insurer.

Small Logo        Superannuation payments

Superannuation contributions need to be taken care of quarterly. At year end, it is important to ensure you have met minimum superannuation contribution requirements for all entitled employees (superannuation guarantee is currently 9.5 per cent).

Small Logo       Fringe Benefits Tax Return

Some businesses will need to lodge an FBT Return. However, even if you’re not lodging a FBT return, make sure that no relevant transactions have been overlooked and that all necessary employee/director contributions have been made.

Small Logo      Staff salaries and award conditions

Review the salaries of all your staff members to ensure that they are in line with the relevant awards and any other statutory requirements.

Small Logo     Government grants/funding

If your business receives any government grants/funding, take the necessary steps to ensure you are meeting the required guidelines or financial viability criteria to receive those grants.

Small Logo     Taxable Payments Annual Report

If your business is in the building and construction industry and you have made payments to contractors for building and construction services, you must lodge a Taxable Payments Annual Report on or before 28th August 2016


If you have any questions on the above, please do not hesitate to contact one of our helpful consultants/ taxation experts. Remember that ‘failing to plan is simply planning to fail’.

Note that the above list is not tailored to your specific business and that our highly trained staff can provide more specific advice/clarification upon request.

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