Just starting a business? Feeling overwhelmed? Read straight up professional advice for first timers in the business world.
We continue our exploration into ‘Know your numbers’ with some solid advice on managing important dates for small business.
Your social calendar may be full of exciting Instagram worthy entries or (more likely) school events and weekly obligations. However, in the world of business, your calendar dates are a little more rigid and almost certainly less fun. But necessary, oh so necessary, to maintaining a functional business. Business dates can become your last chance to finalise your numbers prior to a penalty from the ATO for example. They are not optional!
Deadlines will roll in constantly for grant submissions, compulsory lodgement of Income Taxation returns, Business Activity Statements –PAYG obligations for tax & super etc. etc. The list stretches on.
If you are to maintain a smooth, penalty free business, you will need a solid understanding of these important dates and be flawless in documenting them. So let’s continue this “Know your Numbers” series with some notes on mastering your business dates.
Various industries require mandatory reporting to be lodged to relevant authorities ie building and construction industry requires a taxable payment report (TPAR) to be submitted on all payments made to contractors. Currently, this is due on 28th August per annum. Ensure to investigate the important dates for your industry.
Control your cashflow – Superannuation can be submitted more regularly than quarterly: try breaking down large payments into more manageable weekly or monthly amounts. You can also automatically deduct so as not to miss a payment date.
Download the app
As with all modern technologies, there is an app available to keep track of your important lodgement and Australian Taxation dates! Do it on the fly and all in one place with the ATO app– Check it out here.
Never miss important dates:
For key financial dates:
Dates for grants
As for all start-ups or emerging entrepreneurs, grants or scholarships are key for that ever-necessary injection of funds for expansion and growth. These come with strong paperwork obligations, reference checks, financial reporting and strict lodgement deadline.
Diarise these requirements and dates when endeavouring to apply. Some organisations have a late submission policy so ensure you review for that second chance (try not to rely on this though).
Business name renewal
When establishing your venture, ensure that you renew your business name registration. This can be done each year or every 3 years depending your selection with ASIC. Keep your email address current with these organisations to ensure you receive a reminder of due dates for payment.
Just as you need to renew your driver’s licence, you may need to remember to be up to date on an industry practicing licence to conduct business in your field or pay for the use of software tools. Stay up to date with subscription renewals, so as not to lose access at that crucial moment.
Licences are required for; hosting webinars, access to Microsoft solutions, data storage in the cloud, broadcasting fees for use of music at events, and of course there are many more you may need to allow you to conduct your venture depending on the industry you operate within.
These tips will be explored throughout the Business school series together with a further deep dive into the journey of the small business success. My motto to being successful is to say Yes & listen.
Yes to opportunities and Listen to experiences and learn from others.