Time is running out to meet ATO deadlines
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.