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ATO New Record Keeping Resources
Early in 2019, the ATO invited members of the Small Business Stewardship Group (SBSG) to participate in a consultation activity about several issues regarding the structure and content of the ATO website. This included a new business record keeping resource developed for their website. The Record keeping for business resource is now live.
The resource provides a central source of information, covering the core record-keeping requirements for businesses to meet their tax, super and employer obligations. The ATO has identified common record-keeping problem areas to deliver the following improvements:
- centralised information to make it quicker and easier to find what you need, all in one place
- expanded, updated and comprehensive information about what is required and how to get it right
- simplified information to make it easier to understand it and apply it to your situation.
Record keeping continues to be a very important focus area for ATO’s work with businesses.
Businesses are legally required to keep records of all transactions relating to tax and superannuation affairs as you start, run, sell, change or close your business, specifically:
- any documents related to your business’s income and expenses
- any documents containing details of any election, choice, estimate, determination or calculation you make for your business’s tax and super affairs, including how (basis or method) the estimate, determination or calculation was made.
To meet record-keeping requirements and avoid common errors, ensure you understand what records are needed for your own business and make accurate and complete record-keeping practices a part of your daily business activities. As business changes or grows, you may need to review what records you need to keep.
There can be legal and financial consequences if your business doesn’t comply with these record-keeping requirements.
SBSCH uses myGovID
Any business that uses the Governments Small Business Superannuation Clearing House directly will NOT be able to use Auskey after 27 March 2020.
Auskey is ceasing on 27th March.
Business will have to:
- Have the authorised person of the business establish their myGovID
- Then link the business through the Relationship Authorisation Manager to the Authorised Person
- Then (if applicable)
- Have any person who needs to use the Clearing House establish their myGovID
- Invite the individual who processes the Super to attach to the business using their myGovID
- When logging into the Business Portal or the Clearing house the individual will
- Launch the Portal / Clearing house from their Internet Browser
- Choose myGovID as the login system
- Accept the code on their myGovID app on their phone
- Use the Portal / Clearing house on the browser as per normal
NOTE: This does not mean you have to use your phone to process the Super Payments. You are using the phone as a 2FA (two factor authentication) device system. The Internet Browser applications etc are still run from your computer.
This does not mean any data nor is your identity details stored on your phone. The only thing on your phone is the app and its connection to the security system.
myGovID is a persons personal digital identity – it is controlled by the individual.
A Business invites individuals to use myGovID to access various programs or websites.
Many businesses are providing a device ($99 phone) for use in the workplace with just the myGovID app utilising Wi-Fi as the means to enabling employees to perform the necessary work without having constant access to their private phone.
Australia goes Digital
As Australia continues its journey to being a digitally enabled economy, cyber security and personal identity protection are important. Government has established the Digitial Identity Framework with myGovID being the first system to enable enhanced security.
ATO Lodgement Dates
These dates are from the ATO website and do not take into account possible extensions.
You remain responsible for ensuring that the necessary information is with the ATO on time.
BAS/IAS Monthly Lodgements
Final dates for lodgements and payments:
February Activity Statement
21 March 2020
March Activity Statement
21 April 2020
BAS Quarterly Lodgements
Final dates for lodgements and payments:
3rd Quarter 2020 Financial Year:
March Quarter 2020 (incl. PAYGI)
28 April, 2020
4th Quarter 2020 Financial Year:
June Quarter 2020 (incl. PAYGI)
28 July, 2020
When a due date falls on a Saturday, Sunday or Public Holiday*, you can lodge or pay on the next business day.
*A day that is a public holiday for the whole of any state or territory in Australia.
Due date for super guarantee contributions:
3rd Quarter 2020 Financial Year:
January to March 2020 – contributions must be in the fund by 28 April, 2020
4th Quarter 2020 Financial Year:
April to June 2020 – contributions must be in the fund by 28 July, 2020
The super guarantee charge is not a tax deduction if not paid by these dates.
Refer to the ATO for details regarding any SGC charges applicable if not paid by due date.