Your quick compliance checklist!
We know it can seem like there are a myriad of compliance obligations to be aware of as a business owner. So, to try and keep it simple, we have created a quick checklist to ensure you are ticking off what’s needed to keep you on top of your requirements.
Ensure your business name, ABN and tax registrations are up to date
We recommend checking these once a year. If you haven’t yet checked these for 2023 here’s
how to do so:
- Business name details can be reviewed through ASIC (Australian Securities and Investment Commission)
- Your ABN (Australian Business Name) can be reviewed through the Australian Business Register
- We also recommend reviewing your tax registrations (GST and PAYG withholding).
Apply for a Director ID if you are a director of a company
Yes, we harp on about this one a great deal, but so does the Government. If you haven’t done this yet, we have some instructions here which can help.
Check your payroll reporting is STP Phase 2 compliant
Depending on your software provider, you may already be required to be Single Touch Payroll Phase 2 compliant. If you are not already reporting via this method, please see our guide to STP Phase 2 here, or feel free to contact us for assistance.
Schedule your reporting requirements in advance
We recommend setting due-date reminders in your calendar to ensure compliance with your reporting requirements.
A full list of key tax dates can be found on the ATO website and in our financial year calendar (LINK). We will issue a new calendar in the new financial year.
We hope this will assist with your reporting requirements and if you require help with any of the above, please feel free to contact us.