Ato Feb 22
As February is nearing an end, the Australian Tax Office (ATO) have released some helpful reminders and information for small businesses.


Getting it right for super

If you missed, or didn’t pay the full amount of your employees’ super guarantee (SG) for the quarter ended 31 December 2021, you’ll need to:

  • lodge a Super guarantee charge statement to the ATO by 28 February 2022
  • pay the SG charge to the ATO.

By law, the due date to pay SG cannot be extended.

The way you calculate the SG charge is also different from how much SG you pay to your employees’ funds. The SG charge is calculated on an employee’s total salary and wages (including overtime and some allowances) and includes interest and an administration fee of $20 per employee, per quarter.

Even if you can’t pay the full amount, you should still lodge an SG charge statement by the due date to avoid a late lodgment penalty. The ATO can work with you to find a solution tailored to your situation.

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Helping with your BAS during COVID

A reminder that if you lodge your business activity statement (BAS) quarterly, it’s due on Monday, 28 February 2022.

Like many small businesses that continue to be affected by COVID, you may be having trouble meeting your BAS lodgment obligations. If that’s the case, these tips may help when preparing your next BAS.

  • Even if you have nothing to report, you still need to lodge your BAS as ‘nil’.
  • Lodge online and you may receive an extra 2 weeks to lodge and pay.
  • If you’re reporting and paying pay as you go (PAYG) instalments, you may be able to vary the amount or rate for the current income year. If your business income is reduced, you can lodge a variation on your next BAS or instalment notice.
  • Even if you can’t pay in full, it’s important to lodge on time and pay what you can. Once you lodge and have up-to date records, we can help you understand your tax position and find you the best support. If you can’t pay in full, help is available.

If you’re closing or selling your business, you need to cancel your GST registration. Remember to complete your lodgment and payment obligations before you cancel your GST registration.

Remember, your BAS can be lodged through a registered tax or BAS agent.

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Varying your pay as you go instalments

Pay as you go (PAYG) instalments are regular prepayments of the tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return. If your total PAYG instalments will be more, or less, than your expected tax for the year, you can change the amount you pay. The ATO encourages you to vary your instalments so the amount you prepay is closer to your expected tax for the year.

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Webinars to help support small businesses

This year’s theme “Rebuild – Recharge – Renew”, acknowledges the challenges that small businesses face across the country and focuses on helping small business to get back on their feet and prosper. In support of this year’s program, the ATO is offering two webinars to help you improve your cash flow skills:

  • Cash flow for your small business success – This webinar gives you critical knowledge and cash flow management skills. Find out how to identify issues and use a range of tips to help maximise your cash flow.
  • Budgeting for your commitments: – Do you need help planning your budget? Find out how to identify business activities that trigger financial responsibilities and get practical help to plan for and meet your future commitments.

The webinars are available throughout March. They’ll be delivered via WebEx and you’ll receive a link to the session after you register. Don’t miss out book now!

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