Sunshine Coast and Brisbane Accountants - Clarke McEwan Accountants and Business Advisorrs
  Brisbane Office   Sunshine Coast Office
Sunshine Coast and Brisbane Accountants - Clarke McEwan Accountants and Business Advisorrs
  Brisbane Office   Sunshine Coast Office

Your December quarter activity statement is due soon

Clarke McEwan Accountants

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Your December quarter activity statement is due soon

Your December quarter activity statement is due soon. If you are lodging your own quarterly activity statement you need to lodge and pay by the 28th of January. If you lodge using our registered agent electronic services you will have until the 28th of February to lodge and pay.

Make sure you have checked off the following:

  • Have you allocated all bank transactions to the correct accounts?
  • Have you verified that the bank balance listed in your accounting software matches the balance in your bank account?
  • Do you have tax invoices and receipts for all business-related transactions?
  • Have you checked the GST tax codes for all transactions?
  • Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy?
  • Have you got paperwork for asset purchases or new finance arrangements?
  • Do you need to include figures for PAYG instalment, fringe benefits tax, or fuel tax credits?
  • If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS).

Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST or PAYGW adjustments at the end of the financial year. Plus, you'll have a more accurate picture of your liabilities throughout the year and be able to plan accordingly.

Need help?

Talk to us today. We can help you prepare your activity statements or review your business accounting systems to make it easy, accurate and efficient.

2024–25 Federal Budget Highlights

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By Clarke McEwan • 15 May, 2024
The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the government, as reflected in the Budget, are helping with the cost of living, building more housing, investing in skills and education,strengthening Medicare and responsible economic management to help fight inflation.
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The ATO is cracking down on business owners who take money or use company resources for themselves.
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The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs). In general, access to your super is only possible if: You retire and turn 60; or You turn 65 (regardless of whether you’re working).
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So, should you help your children buy a home? If they can, many parents would prefer to assist their children when they need it most, rather than benefiting from an inheritance later in life. However, it’s essential that any support does not risk your financial security, and that means looking at what support you can afford to provide.
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Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.
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