Annual Compliance for businesses in Australia

These can forms can be due either monthly, quarterly or annually depending on the size of the business activity.

BAS’s can entail the reporting of:

• • GST (Goods and Services Tax) activity via monthly or quarterly statements or via the payment of regular instalments with an annual reporting at the end.
• • PAYG (Pay As You Go) Withholding tax for any employees.
• • PAYG (Pay As You Go) Instalments involving the pre-payment of tax towards the tax return.

They are also used to report Fringe Benefits Tax (FBT) (see below) Wine Equalisation Tax (WET) and Luxury Car Tax (LCT).

Annual Income Tax Return

Becomes due at the end of a financial year at the 30th of June.
A business’s income and expenses is often detailed from the profit and loss statements prepared at year’s end. These are reported in a business schedule section of the tax return – it is important to know that the format is different for sole traders, companies, partnerships and trusts.

FBT Tax Return

Becomes due at the end of the 31st of March. Involves reporting the taxable fringe benefits paid out to employees by a company.

Annual Payment Summary Reports

Becomes due at the end of the financial year to be submitted to the ATO before the 15th August. A company must report on the PAYG Withholding and Salary and Wages information of its employees annually via this report.

ASIC Annual Company Statement

Becomes due on the anniversary of the company’s formation. Involves paying ASIC an annual fee as well as preparing minutes stating that the company can meet its debts when they are due.

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