End of the Tax Year: ATO Requirement Checklist

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Business financial planning and tax accounting services can help you comply with all ATO requirements your business needs to meet annually.

We have compiled a list of the ATO's annual tax filing requirements.


What individuals and business owners need to keep in mind, though, is that while the ATO provides assistance they also see to it that all tax requirements are met legally and on time. Acquiring tax accounting services goes a long way when it comes to staying compliant with ATO requirements. It is highly advisable for anyone without enough time and tax knowledge to seek the professional help to they avoid penalties and fines.

To ensure that you can still keep track of all tax requirements with the help of your adviser or accountant, here’s a checklist of ATO’s annual tax filing requirements:

Employee Payment Summaries

Employers are required to detail to employees the total amount of their earnings and the total amount of taxes paid on their behalf. It is a payment summary that shows just how much your business has paid each employee for the financial year. It will also include the amount your business has withheld from the payments.

There are various types of payment summaries that depend on the types of payments your business has made throughout the year. Ensure that you’ve got this all covered before the end of the financial year to avoid legal trouble with the ATO and your employees.

Superannuation Report

Your super guarantee contributions are required to be paid by June 30 2015 to ensure that you qualify for a tax deduction in the financial year of 2014-2015. The super guarantee contributions are needed to be paid at least four times a year in quarterly scheduled due dates—this is for all your eligible employees.

To avoid having to pay super guarantee charges for late payment, you may want to consider seeking tax accounting services to assist you in managing your super requirements.

Tax Return Lodgment

Lodging of tax returns will require you to prepare a number of documents. Payment summaries are also needed when filing your tax returns—whether you’ve received a payment or made a payment. Aside from summaries, financial documents and records that work out the amounts under each item of your tax return are required to be submitted to the ATO.
 
Take ATO compliance seriously to ensure your business’s long-term legal success.


To find out how else you can ensure your business’s consistent compliance with the ATO, you can download our free eBook, “Hiring a Virtual CFO to Boost Your Business”. You can also get in touch with us at HTA Advisory to receive professional and expert advice and assistance. 

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Topics: ATO Updates

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