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Time is running out to meet ATO deadlines

Thursday, September 29, 2016

Attention SMEs: The Australian Tax Office (ATO) October deadlines for tax tables and SuperStream are fast approaching.

The first deadline to put in the diary is 1 October. SMEs will be required to update their withholding tax tables by this date. Take note that any changes will not be back dated, meaning that any tax deductions made from 1 July will be reconciled in individual tax returns.

As far as SuperStream is concerned, the ATO has provided SMEs with more time to get SuperStream ready if they operate a business with 19 or fewer employees. This new deadline extension falls on 28 October. SMEs must complete their submissions by then, as the ATO will chase up any non-complying SMEs from 1 November.

We know that these looming deadlines can cause a fair amount of stress for a lot of SMEs, especially when there are so many other things to take care of — but there are some simple tools that SMEs can use to be better prepared at this time of year.

We recommend SMEs consider using a payroll system like MYOB or Xero, as both of these systems require virtually the same employee information as the ATO, which in turn will save you duplicating information — and save time — later on.

If you still find yourself getting overwhelmed with meeting these deadlines, contact the SWAG team who can give you a helping hand.

How can we help you?

Please get in touch with the SWAG team to find out how we can help you, and receive a free 1 hour consultation.

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