Goodbye summer break (can we call it summer in Gisborne??), hello to your business' first obligations of 2024...
⏰Your December quarter activity statement is due 28th February 2024 regardless of whether you lodge with an agent or yourself.
⏰ Your 1 October- 31 December quarterly superannuation guarantee (SG) contribution needs to be lodged and paid by 28th January.
Need assistance with lodging your BAS or have a question regarding superannuation? Talk to The Neill Family Group and read our helpful guide below.
Business Activity Statement
Your December quarter activity statement is due 28th February - this is regardless of whether you lodge yourself or with an agent.
Make sure you have checked off the following:
Have you allocated all bank transactions to the correct accounts?
Have you verified that the bank balance listed in your accounting software matches the balance in your bank account?
Do you have tax invoices and receipts for all business-related transactions?
Have you checked the GST tax codes for all transactions?
Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy?
Have you got paperwork for asset purchases or new finance arrangements?
Do you need to include figures for PAYG instalment, fringe benefits tax, or fuel tax credits?
If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS).
Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST or PAYGW adjustments at the end of the financial year.
Plus, you’ll have a more accurate picture of your liabilities throughout the year and be able to plan accordingly.
Prepare now for your October - December quarterly superannuation guarantee (SG) contribution lodgement and payment due 28th January 2024.
Have you allocated all payroll related bank transactions to the correct accounts?
Have you checked for errors such as duplicate pay runs?
Have you checked that all payroll categories used this quarter have had super correctly applied or excluded?
Have you checked superannuation accrual reports for accuracy?
Do you have any salary sacrifice amounts to include?
Have you had to make any termination payments this quarter? If so, check which payroll categories should have super calculated or exempted.
Do you have complete and up-to-date contact details and a super choice form for all employees?
If new employees have not provided super choice details, have you checked with the ATO for stapled super fund details you can pay into?
Most superannuation clearing houses (including SuperStream compliant software companies) require payment by the 14th of the month in order to distribute the funds to the relevant super funds for each employee.
If you use the ATO Small business Clearing House (SBSCH) you have until the 28th to lodge and pay.
Checking the figures thoroughly each quarter ensures that you report and pay accurate amounts for each employee. You will also have a more accurate picture of your superannuation liability and be able to plan accordingly.
Penalties for late super can be severe. Superannuation calculations can be difficult if your payroll software is not set-up for correct accruals of superannuation guarantee.
The Neill Family Group can help you review of your super set-up and the SG accounts used in your accounting software and any BAS related questions - so reach out!