Checklist for new business

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CHECKLIST FOR NEW BUSINESS OWNERSIf you pay employees or other businessesBack to topDo you know… Why this is important Where you can find out Notes15. Do you haveto withholdamounts frompayments toemployees,directors or otherbusinesses?If you pay employees, directors or otherbusinesses, you have to be registeredfor pay as you go (PAYG) withholdingand send withheld amounts to the TaxOffice.You report and pay these amountsusing your activity statement.Tax basics for small business(NAT 1908) – Chapter 2 – Gettingstarted – Do you need to registerfor PAYG withholding?PAYG withholding for smallbusiness (NAT 8075)You can register for PAYG on your16. Are yourworkersemployees orcontractors?You treat employees differently fromcontractors for PAYG withholding,fringe benefits tax, and superannuationpurposes.ABN application form.Tax basics for small business(NAT 1908) – Chapter 10 –Employer essentials – Are yourworkers employees or contractors?PAYG withholding for smallbusiness (NAT 8075) – Chapter 2 –Determine the status of yourworkersIntroduction to fringe benefits tax(NAT 1744)17. Whatsuperannuationsupport must youprovide foremployees?18. Do you knowabout choice ofsuperannuationfund?19. Do you knowabout salarysacrifice?20. Do you knowabout fringebenefits tax?21. When do youwithhold amountsfrom payments tootherbusinesses?You have to pay superannuationguarantee for most employees andcertain contractors. If you don’t, you willincur extra costs.Eligible employees can choose whichsuperannuation fund they want theirsuperannuation contributions paid into.Your employees may want to pay(sacrifice) part of their salary or wagesinto additional superannuation or otherbenefits.If you provide non-cash benefits to youremployees, such as use of a car, youmay have to pay fringe benefits tax(FBT) and lodge an annual FBT return.Currently you have to withhold 46.5% ofpayments to any business that doesn’tquote a valid Australian businessnumber (ABN) on a tax invoice or otherdocument, or provide a statementgiving a valid reason for not quoting anABN.You report and pay the amount withheldusing your activity statement.Superannuation guarantee – aguide for employers (NAT 1987) –Chapter 1 – How thesuperannuation guarantee appliesto youSuperannuation guarantee – aguide for employers (NAT 1987)Choice of superannuation fund –guide for employers (NAT 13185)Salary sacrifice arrangements foremployees (NAT 7424)Superannuation guarantee – aguide for employers (NAT 1987)Introduction to fringe benefits tax(NAT 1744)Fringe benefits tax for smallbusiness (NAT 8164)PAYG withholding for smallbusiness (NAT 8075) – Chapter 4 –Work out how much to withholdfrom payments – How much towithhold when a business doesn’tquote an ABNTo check details of suppliers with avalid ABN, visit the AustralianBusiness register atwww.abr.gov.auPAGE 6 OF 9
CHECKLIST FOR NEW BUSINESS OWNERSHow to report and pay taxBack to topDo you know… Why this is important Where you can find out Notes22. Do you haveto lodge activitystatements?Businesses report their GST and othertaxes on an activity statement.Most businesses must send an activitystatement and any payment to the TaxOffice every three months. Somesmaller businesses lodge and pay onlyonce a year and larger businesses mayhave to lodge and pay every month.Tax basics for small business(NAT 1908) – Chapter 11 –Reporting and paying tax – ActivitystatementsPAYG withholding for smallbusiness (NAT 8075) – Chapter 5 –Report and pay withheld amountsto the Tax Office23. How do youlodge your activitystatement online?24. Do you haveto lodge anincome taxreturn?25. What are thedue dates forlodging activitystatements andtax returns andpaying tax?26. Will you beable to pay yourfirst income taxbill?You can lodge and pay online.The Business Portal is a secure part ofato.gov.au which allows you to:• lodge, revise, view and print activitystatements• update registration details• check business tax accounts andrequest refunds and transfers ofcredit accounts• exchange secure messages withthe Tax Office, and• more.You have to lodge an income tax returnfor each year you are in business –even if you don’t make a profit or haveany tax to pay.You must lodge and pay by the duedate unless you have made otherarrangements with the Tax Office.If you do not lodge your activitystatement and income tax returns bythe due date, you may incur penaltyand interest charges.The due date for lodging your activitystatement is printed on your activitystatement.Income tax returns are generally dueby 31 October each year.You generally don’t pay PAYGinstalments of your income tax untilafter you’ve lodged your first businessincome tax return.This means you may need to putmoney aside to pay your total incometax liability for your first year inbusiness.See www.ato.gov.au/onlineservicesFor more information go towww.ato.gov.au/onlineservicesIncome tax and deductions forsmall business (NAT 10710)Tax basics for small business(NAT 1908)Key dates for businessesPhone us on 13 28 66 if you arehaving difficulty paying your tax billson time.Tax basics for small business(NAT 1908) - Chapter 12 – Yourbusiness journey – Are yourbudgeting processes helping youpay your bills and tax on time?PAGE 7 OF 9
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