17 October 2024
Business owners across Australia are being urged to take immediate action as several critical tax deadlines approach at the end of October.
First Quarter BAS, Super Guarantee payments and tax returns for sole traders, partnerships, and trusts all fall due by 31 October, and Retinue Accounting is reminding business owners to act now to avoid penalties and ensure compliance with the ATO.
Upcoming Deadlines:
David Rosenthal, Practice Lead at Retinue Accounting, emphasised the importance of getting ahead of these deadlines to avoid last-minute stress and ATO compliance issues.
“October is always a busy time for business owners, and this year is no exception,” Rosenthal said. “With both super payments and BAS due on the same day, followed closely by the tax return deadline for sole traders, partnerships, and trusts, it’s critical for business owners to be proactive. Failing to meet these deadlines can result in penalties from the ATO, which can be avoided with early preparation.”
“Business owners who are not using a registered tax agent should be especially mindful of the deadlines, as they don’t have the advantage of extensions that registered tax agents can provide for BAS and tax returns.”
Rosenthal advises business owners to review their financials now to ensure everything is in order well before the cut-off dates.
“At Retinue, we encourage businesses to stay on top of their compliance obligations year-round, but for those who haven’t yet finalised their super guarantee payments, BAS or tax returns, now is the time to act. Don’t leave it until the last minute,” he said.
Business owners who need assistance navigating the tax deadlines are encouraged to reach out to Retinue Accounting for expert guidance and support.
For more information, contact Retinue Accounting at 1800 861 566 or visit retinue.com.au
*Retinue’s (ABN 66 658 618 449) payroll service includes the processing of hours and wages rates provided by you. We do not determine award rates for your employees or provide advice on the correct employment status of your employees. It is your responsibility to ensure that your employees are paid correctly and we recommend obtaining advice from specialised employment relations experts.
Protection is only provided for ATO investigations notified to us during the period which you are a client and relating to any tax returns or lodgements prepared by us. Fines includes any penalties and interest that may result from any errors made by us but does not include any additional tax liability that may result from an amended lodgement.
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