The latest ATO small business advice newsroom release has some really useful advice for business owners especially relevant to the end of financial year.
Scam calls
With the recent spate of reported fake phone calls purporting to be the ATO here’s a few key things to be aware of.
If you get a call from someone claiming to be from the ATO and they:
- ask you to pay a debt you know nothing about
- ask for personal details
- are aggressive
- threaten that you will be arrested or go to jail if you don’t pay
- try to make you call another number outside of normal business hours
make sure you check it out before taking any further action.
If you get a phone call, ask the caller for:
- their full name and extension number
- their team leader’s full name and extension number
You can then call the ATO on 1800 008 540 to verify that the caller is from the ATO.
Similarly, do not open any attachments or hyperlinks if you receive a suspicious email or SMS.
Employers end of financial year to do list:
- Payment Summaries
If you have paid employees this financial year, you need to provide them with their payment summary by 14 July even if you didn’t withhold any tax.
PAYG withholding annual report
Your annual report recording wages, salaries and other work-related payments you have made needs to be lodged by 14 August. however lodging it earlier can be beneficial to you employees as the ATO uses the information to pre-fill their tax return.
- Superannuation
Your quarterly superannuation payments are due on 28 July.
SuperStream deadline extended
The ATO has also extended the deadline for small businesses to become SuperStream compliant. You now have until 28 October to make the necessary changes and meet their SuperStream obligations. If you require any further information or support to get ready, don’t hesitate to give us a call on 07 3391 1188.