As the New Year rolls over and we go full steam ahead, forward planning can be forgotten. To appropriately plan your calendar year in business there are four key areas that should be kept top of mind.
Four key things to consider in 2017
From Business Activity Statements, to PAYG statements, to Super Guarantee Contributions, to tax returns, your to-do list can seem infinite.
Knowing when these due dates are approaching makes planning ahead easier. To make life easier, we compile all of these dates in one handy calendar on our website. You can find it all here.
Australia’s taxation system is complex. To avoid non-compliance, all businesses must keep up to date with the latest adjustments to our taxation system.
Fortunately, there’s a wealth of information out there – if you know where to look. For starters we blog regularly (that’s right here!) on any major changes and share real time information on our Facebook, Twitter and LinkedIn pages.
The Australian Taxation Office website also provides easily accessible sources of information that will help you stay informed about current legislation. Subscribe to receive regular email updates, eliminating the need to go searching for them.
You should also opt for a payroll software provider like Xero, who provide regular, timely software updates as legislative changes occur. Software updates are particularly important at the start of a new financial year when new regulations come into effect.
Changes to Superannuation
Australia’s superannuation system is constantly evolving. Changes seemingly happen all the time, with the most recent updates taking effect on the 1st July 2017. With changes to both concessional and non-concessional contribution caps, SMSF laws, the Aged Pension and retirement age, Super legislation changes need to be monitored to guarantee compliance.
Failure to keep up to date with changes to super can render unexpected costs and incur penalties and can see you missing out on valuable opportunities. Click here to view the most recent changes to Superannuation due to take effect this year and as always stay tuned to our social media and our blog for regular updates.
Changes to the federal budget can effect superannuation, tax rates, entitlements, what you can claim and what you are entitled to receive, offsets, the payroll process and more, which in turn can directly affect your business. Each year the budget is released we do a budget breakdown emailed directly to our database. Click here to subscribe.
The secret to staying on top of these changes is planning ahead. Being proactive is as simple as keeping abreast of our communications and listening to what is being said in the media. As always if anything of concern does pop up, we are always available to discuss ways you can implement and navigate these changes as and when they occur.
Need help planning ahead for 2017?
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