Companies in Australia need to be mindful of their obligations and compliance requirement, these may vary and can include:
Accuracy is paramount when filing official documents, especially financial documents. Keep immaculate, detailed records to make sure that all the financial documents you’re required to prepare are likewise accurate.
Keep records of all relevant expenses, company invoices, profits, losses, and payments.
If you’re unsure if the records you have are relevant, keep them on-hand in case they’re necessary later and get a professional’s opinion. While you may count expenses such as posting for new jobs, job listings and alerts to grow your company, personal expenses put on a corporate card do not qualify in all situations.
It is important to be aware of the documents that you are legally required to submit, and the dates they must be filed by. Plan ahead of deadlines to ensure that no part of your submission is rushed and therefore, more likely to arrive late or contain errors.
You’re surely familiar with the mandatory income tax return, but another required form you’ll need to prepare is the BAS. The BAS is the business activity statement, which documents taxes on goods and services (also known as GST), withheld taxes on worker payments, and taxes you have paid in advance in anticipation of your own tax costs.
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Late submissions can be subject to fines that get much heftier as time goes by.
