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Tax time planner for small business

Tax time planner for small business

Get ready. The new financial year is nearly here!

MYOB has intelligent, intuitive tools to make your business life easier

Select a date to find out what you need to do this tax time

May 28

FBT due today.

Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee.

The fringe benefits are reportable if the total taxable value of the fringe benefits you provided in the fringe benefits tax (FBT) year (1 April to 31 March) exceeds $2,000.

If this applies to your business, your annual Fringe Benefits Tax return is due today – so make sure you don’t forget!

To do

  • Submit payment for annual Fringe Benefit Tax return (if applicable)
  • Find out more about FBT
  • Pay Fringe benefits tax annual return
  •  Lodge the Superannuation guarantee charge statement – quarterly and pay the super guarantee charge for quarter 3, 2016–17

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June 30

End of financial year lodgement

The end of the financial year has arrived – and there’s plenty to do. Businesses need to start tying off loose ends for the old financial year and prepare for the new.

If this applies to your business, your annual Fringe Benefits Tax return is due today – so make sure you don’t forget!

To do

  • Super guarantee payments need to be processed before 30 June to quality for a tax deduction in the 2016-17 year.
  • Prepare for a stocktake and ensure all transactions have been recorded.
  • Prepare your employee Payment Summaries.
  • Download and read our free EOFY checklist and make sure you’re on track to start fresh in the new financial year.
  • If you haven’t already, prepare your payment summaries (they need to be given to employees by 14 July)

We’ve made tax time less taxing

New to accounting software?

Explore our online accounting products to help you save time and keep control of your finances.

Already with MYOB?

Update your software to stay ATO compliant

July 01

The new financial year begins – look at our checklist for what you need to do!

Single touch payroll (STP) begins 1 July 2017! Here’s what you need to know:

  • Employers with > 20 employees must comply by 1 July 2018
  • Employers should take an employee headcount on 1 April 2018
  • Employers with < 19 employees can comply as updated solutions are available.

    MYOB will be working closely with the ATO to deliver STP by 2018.

To do

If you use AccountRight or AccountEdge:

We’ve made tax time less taxing

New to accounting software?

Explore our online accounting products to help you save time and keep control of your finances.

Already with MYOB?

Update your software to stay ATO compliant

July 14

Employee PAYG withholding and Payment Summaries due

First thing’s first – if you haven’t already, provide payment summaries to your employees so they can lodge their tax returns.

By law, employees need to have received these by the end of today, so make this a priority!

To do

If you use AccountRight or AccountEdge:

We’ve made tax time less taxing

New to accounting software?

Explore our online accounting products to help you save time and keep control of your finances.

Already with MYOB?

Update your software to stay ATO compliant

July 28

Don’t forget your quarterly PAYG and/or GST instalment notices, as well as any necessary PAYG and FTB instalments.

To do

If you use AccountRight or AccountEdge:

  • PAYG & FTB instalments for the June 2017 quarter

We’ve made tax time less taxing

New to accounting software?

Explore our online accounting products to help you save time and keep control of your finances.

Already with MYOB?

Update your software to stay ATO compliant

Get your free eBook on small business tax

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Try MYOB Essentials to make your tax time easier

Automatic updates

Essentials updates automatically everytime there’s a tax change. You’re always compliant, always ready to go.

Save time

Your cashflow and outstanding invoices at a glance, reports at the click of a mouse and seamless payroll. Essentials makes things quick and easy.

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Work together with your bookkeeper without having to be in the same place. Meeting your tax obligations has never been easier.

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