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Writer's pictureLeonie Martin

August 2024 Business Calendar: Key Dates and Compliance Tips for Australian Small Business Owners


August 2024 is here, and it's important for Australian small business owners to stay on top of key dates to ensure your business remains compliant and operates smoothly.


August 2024 Business Dates with checklist

Here's your guide to the key dates for August 2024.


Key Dates for August 2024:


📅 5th August - Fuel Tax Credit Rate Changes: Stay informed about the latest changes to the fuel tax credit rates to ensure you're claiming the correct amount for business use of fuel in machinery, plant, equipment, heavy vehicles and off public roads.


📅 7th August - July Monthly Payroll Tax: Ensure your payroll tax for July is calculated and submitted on time to avoid any penalties.


📅 14th August - 2024 PAYG Withholding Annual Report (paper lodger): If you're lodging your PAYG withholding annual report on paper, make sure it's completed and submitted by this date.


📅 21st August - July Monthly BAS/IAS: Your Business Activity Statements (BAS) and Instalment Activity Statements (IAS) for July are due. Prepare and lodge them to stay compliant.


📅 26th August - June Quarter BAS (lodged with a Tax Agent): If you're lodging your BAS for the June quarter through a tax agent, ensure it's submitted by this date.


📅 28th August - Taxable Payments Annual Report (payments made to contractors): Submit your taxable payments annual report detailing payments made to contractors to avoid fines and ensure compliance. This applies to businesses in building and construction, cleaning, courier and road freight, information technology (IT) and security, investigation or surveillance.


August Tips from HelloLedger:


🔍 Fuel Tax Credit Update: Review the latest fuel tax credit rates and ensure your claims are accurate to maximise your entitlements.


📊 PAYG Withholding Report: For those lodging on paper, complete your PAYG withholding annual report by 14th August to ensure your compliance.


💼 BAS/IAS Preparation: Regularly update your financial records to ensure your BAS/IAS submissions are accurate and on time. This reduces stress and helps avoid last-minute rushes.


📅 Quarterly BAS: For businesses lodging BAS through a tax agent, ensure all required documents are prepared and submitted by 26th August.


🕒 Taxable Payments Report: Accurate reporting of payments made to contractors helps avoid penalties and ensures compliance with ATO requirements.


At HelloLedger, we’re here to assist you in navigating these important dates with ease. Let's ensure your business is set up for continued success and growth in August! 🌟📑💼


Feel free to reach out to us for any assistance or advice you might need during this busy period.

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