The most important financial dates for a business
- Key financial dates for any business type.
- A tax accountant can help submit details on time.
- Avoid financial penalties by meeting deadlines.
In the dynamic landscape of Australian business, staying ahead of financial obligations and deadlines is paramount to the success of any company. For Fitzpatrick & Robinson, a prominent accounting, bookkeeping and small business tax accounting service provider based in Gregory Hills, Sydney, 2023 presents another year filled with essential financial milestones.
As the heart of the business world continues to beat, the information below aims to shed light on the most important financial dates that Fitzpatrick & Robinson can help you keep a close eye on to ensure seamless operations, compliance, and avoiding any financial penalties. Our accounting firm in Gregory Hills can help a start-up in their initial steps towards growth to providing seasoned small or medium businesses with expert financial advice.
Fitzpatrick & Robinson has consistently proven its commitment to fostering economic development and empowering businesses to thrive while minimising tax returns. Although the constantly evolving economic landscape means you have to be able to quickly navigate through a plethora of financial dates each year.
Common financial tasks to mark in your diary each year
Here are the most critical tasks each year;
Tax Filing Deadlines: We can’t escape paying taxes and every business has to do their tax filing each year. Fitzpatrick & Robinson prepares and helps to submit all the necessary information to the ATO to determine your tax obligations. Typically individual income tax returns they are due in October while a business tax return deadline is normally in March, prompt and accurate tax filing is imperative to ensure compliance and avoid penalties.
BAS and GST Lodgements: As a reputable tax accounting service provider, Fitzpatrick & Robinson plays a crucial role in helping any business meet their Business Activity Statement (BAS) and Goods and Services Tax (GST) lodgement obligations. With quarterly and annual lodgement dates, each business must be vigilant in ensuring that its’ financial data is up-to-date and lodged on time. We have a team or bookkeepers and tax accountant specialists that can help with this process so that you don’t need to do it yourself or have an employee attempt to do it.
Superannuation Contribution Deadlines: Australia’s superannuation system continues to be a significant aspect of the financial landscape for businesses. Fitzpatrick & Robinson will be instrumental in guiding their clients to meet the deadlines for making superannuation contributions for their employees, ensuring compliance with the law while securing the financial future of the workforce.
Reporting and Compliance Dates: The regulatory landscape for businesses in Australia involves an array of reporting and compliance requirements. Fitzpatrick & Robinson will need to keep track of various reporting deadlines, such as annual financial statements and ASIC compliance reports, to ensure their clients’ adherence to the legal framework.
End of Financial Year (EOFY) Preparations: The end of the financial year can be a hectic time for businesses, with numerous financial tasks to complete. Fitzpatrick & Robinson’s expertise will be put to the test during this period, as they assist clients in conducting financial reviews, preparing reports, and planning for the year ahead.
Key dates in 2023 for financial tasks
End of Financial Year 2023 (EOFY)
The last day of the financial year is 30 June 2023. It is important to ensure you are prepared and ready to transition into the new financial year. Our accounting firm in Gregory Hills can help you prepare all of your financial documentation to submit your tax returns for 2022/2023 while also separating any financial transactions that would fall into the 2023/2024 financial year so there is no confusion or errors created.
2023 Tax Returns Deadlines
Once the financial year has ended, you will need to lodge your tax returns. The due date for tax returns will vary depending on your circumstances. If you do not lodge through a registered tax agent, you will need to lodge your tax return prior to 31 October 2022. If you lodge with a registered tax agent, your due date may be extended. If you are unsure of your due date, you can check this on the ATO Business Portal (for businesses) or through MyGov (for individuals).
Business Activity Statements submission dates
If you are required to lodge Business Activity Statements with the ATO to report GST, pay as you go withholding (PAYG withholding) or pay as you go instalments (PAYG instalments), you will need to ensure you lodge and pay (if required) by the due dates. This information is shared each year on the ATO website;
- Quarter 4, 2022-2023; 28th July 2023 or 25th August if lodgement is via a BAS agent
Superannuation payment dates
If you are required to pay super for your employees, you must pay the super contributions to their nominated super fund by the following dates. The ATO provides this information on their website each year here. If you do not meet the super contribution deadline, you may be required to pay a super guarantee charge.
- Quarter 1 for 1 Jul – 30 Sept – due date 28th October 2022
Other important dates to remember
You must also ensure you are aware of other due date obligations depending on your circumstances and business structure. A few requirements you may need to add to your 2022 calendar:
- ASIC Company Annual Renewal (for companies) – this date is dependent on when your company was registered.
- Business Name Renewals – this date is dependent on when your business name was registered with ASIC.
It’s good practice to plan for your lodgement dates, so you’re always ahead of the ATO & ASIC requirements, but also to better manage cash flow planning. If you miss the deadline dates for submitting the necessary financial information then you run the risk of paying penalties for late lodgement.
If you are not sure what dates are important or relevant to your business then one of our bookkeepers or tax accountants can help work this out for you & then manage your financial reporting accordingly.
Can a bookkeeper manage BAS & tax return dates for a business?
Yes, a bookkeeper in Sydney can certainly help manage annual tax return submissions, BAS (Business Activity Statement) lodgements, and GST (Goods and Services Tax) lodgements for a business of any type or industry. Engaging one of our bookkeepers with this level of expertise in these key financial areas can offer numerous benefits for any business, regardless of their size or industry and these include;
Accuracy and Compliance: Bookkeepers are trained to handle financial records meticulously, ensuring that all transactions are accurately recorded and categorised. By entrusting tax return submissions, BAS, and GST lodgements to a professional bookkeeper, business owners can rest assured that their financial data will be compliant with relevant regulations and tax laws for that particular financial year as set by the ATO. With so many tax ruling changes each year it can become hard for a business owner to keep up with what is most relevant or the right way to submit their financial information, a bookkeeper can do this for you.
Time-Saving: Managing tax-related tasks can be time-consuming and complex. By delegating these responsibilities to a bookkeeper, business owners and employees can focus on major activities, such as growing the business, serving customers, improving operations or new marketing promotions.
Avoiding Penalties and Late Fees: Timely and accurate submissions are crucial to avoid penalties and late fees imposed by the ATO. A bookkeeper ensures that all necessary forms and returns are submitted on time, reducing the risk of incurring avoidable expenses from a fine. Worst still, if you do receive a fine and don’t pay it on time you can incur interest making it even more costly for your business.
Expertise and Knowledge: Professional bookkeepers possess specialised knowledge in tax regulations and reporting requirements. They stay updated with the latest changes in tax laws, which helps businesses stay compliant and take advantage of any eligible tax deductions or credits.
Financial Insights: A bookkeeper can provide valuable financial data to a tax accountant do conduct deeper analysis about the financial performance of a business. Using data in this way can can help business owners make informed decisions, identify areas for cost-cutting or improvement, and plan for future growth.
Consistency and Organisation: Keeping financial records organised and up-to-date is essential for businesses. A bookkeeper ensures that all financial transactions are accurately recorded, organised, and easily accessible when needed for audits or financial analysis. This can also make an audit process very easy to complete or even help with the sale of a business when a prospective owner can see all the financial records are well kept.
Streamlined Record-Keeping: Effective bookkeeping creates a streamlined record-keeping process. This makes it easier for businesses to access historical financial data, track expenses, and maintain a clear financial trail, which is essential for efficient financial management. This can include transitioning from a paper based system to using the latest cloud based accounting software like Xero where all the financial management is done online.
Peace of Mind: Engaging a bookkeeper gives business owners peace of mind knowing that their financial affairs are being handled by a trained professional. This reduces stress and allows them to focus on other aspects of running and growing their business.
Advisory Role: Some bookkeepers may also offer an advisory service that can assist businesses with financial planning, budgeting, and forecasting. This added level of support can be invaluable in helping businesses achieve their financial goals and at our accounting firm we give you the choice of speaking to a tax accountant, CPA or our business advisory team.
In summary, a bookkeeper in Sydney can play a critical role in managing annual tax return submissions, BAS, and GST lodgements for businesses. Their expertise and attention to detail can lead to accurate and timely reporting, compliance with tax regulations, and various financial benefits that contribute to the overall success of the business.
Should you use a bookkeeper or an accountant to meet financial deadlines?
As a business owner, you may be wondering whether you need a bookkeeper, an accountant, or both to manage your financial submission deadlines. While the roles of bookkeepers and accountants can overlap, they perform different functions and have different skill sets. In most cases, a business owner will benefit from having both a bookkeeper and an accountant.
A bookkeeper is responsible for recording and maintaining a business’s financial records. This includes tasks such as recording transactions, reconciling bank statements, managing accounts payable and receivable, and generating financial reports. Bookkeepers are typically responsible for the day-to-day financial operations of a business.
An accountant, on the other hand, provides higher-level financial analysis and advice. This includes tasks such as preparing tax returns, conducting audits, and providing financial planning and forecasting. Accountants are responsible for ensuring that a business’s financial records are accurate and compliant with relevant laws and regulations.
So, why might a business owner need both a bookkeeper and an accountant? Here are a few reasons:
Different skill sets: Bookkeepers and accountants have different skill sets and perform different functions. While a bookkeeper is responsible for maintaining a business’s financial records, an accountant can provide strategic financial advice and guidance.
Better financial management: By working together, a bookkeeper and an accountant can provide a business owner with a comprehensive view of their financial situation. This can help a business owner to make more informed decisions and better manage their finances.
Improved compliance: Both bookkeepers and accountants are responsible for ensuring that a business’s financial records are accurate and compliant with relevant laws and regulations. By having both professionals on board, a business owner can be more confident in their financial compliance.
Time savings: By delegating financial management tasks to a bookkeeper and accountant, a business owner can save time and focus on other aspects of their business.
When considering whether to hire a bookkeeper, an accountant, or both, a business owner should consider their specific needs and circumstances. Factors to consider may include the size and complexity of the business, the level of financial expertise required, and the budget available for professional services.
In general, if a business owner has a relatively simple financial situation, they may be able to manage their own financial records or hire a bookkeeper to handle day-to-day financial operations. However, as a business grows and becomes more complex, it may become necessary to hire an accountant to provide higher-level financial advice and analysis.
Ultimately, the decision to hire a bookkeeper, an accountant, or both should be based on a business owner’s specific needs and circumstances. By working with a bookkeeper and accountant, a business owner can better manage their finances, ensure compliance, and make more informed decisions about their business.