Statutory Compliance Deadlines

When running a business there are key dates that businesses must be aware of for statutory compliance purposes. These key dates centre around when Business Activity Statements (BAS) and Instalment Activity Statements (IAS) are due, when the Superannuation Guarantee Contribution (SGC) needs to be paid to Superannuation Funds, when Single Touch Payroll (STP) need to be finalised with the Australian Taxation Office (ATO), when Fringe Benefits Tax (FBT) needs to be lodge and what information needs to be provided beforehand, when the Taxable Payments Annual Report (TPAR) is due and when to lodge your Income Tax.

As these are statutory compliance obligations set out by the Australian Government, businesses may face penalties if these obligations are not met. More about these penalties can be found on the ATO website, please see link below.

www.ato.gov.au/general/interest-and-penalties/penalties/

This is why it is important for businesses to work with their Bookkeepers and Tax Accountants to ensure that they have all the information they need entered into their accounting systems within the correct accounting period backed by the appropriate documentation.

Below is a list of key dates collated by the Institute of Certified Bookkeepers to assist businesses and bookkeepers stay on top of the statutory compliance obligations.

Table 1 – Extract taken from the Institute of Certified Bookkeepers and adapted for this article by Spartan Accounting Solutions.

If you are unsure if your business is currently meeting its statutory compliance obligations, please seek expert advice from your Bookkeeper or Tax Accountant.