These can forms can be due either monthly, quarterly or annually depending on the size of the business activity.
They are also used to report Fringe Benefits Tax (FBT) (see below) Wine Equalisation Tax (WET) and Luxury Car Tax (LCT).
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.
Becomes due at the end of the 31st of March. Involves reporting the taxable fringe benefits paid out to employees by a company.
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.
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.