April 2024 is upon us, and it brings a new set of key dates and responsibilities for Australian small business owners.
As we dive into this month, staying ahead of these deadlines can help keep your business running smoothly and avoid any potential fines or penalties. Here's what you need to keep an eye on this month.
Business Key Dates for April 2024:
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1st April - Odometer Readings as at 31 March 2024 for FBT: If you're providing vehicles to your employees for private use, ensure you have the odometer readings from 31 March 2024. This is vital for calculating your Fringe Benefits Tax (FBT) obligations accurately.
7th April - March Monthly Payroll Tax: For businesses registered for Payroll Tax, make sure to submit your March wage information and pay the payroll tax calculated by this date.
21st April - March Monthly BAS/IAS: Your Business Activity Statement (BAS) or Instalment Activity Statement (IAS) for March is due today, for those lodging on a monthly basis. Use this as a checkpoint for assessing your business's financial health and making necessary adjustments.
28th April - March Quarter Employee Super Contributions: Make sure you've made all the required super contributions for your employees by this date to comply with the Superannuation Guarantee (SG) obligations.
April Tips from HelloLedger:
🌿 Tax Planning Season: With the end of the financial year approaching, April is an excellent time for tax planning. Review your business's financial situation and consider any purchases or adjustments needed to optimise your tax position.
🐰 Post-Easter Momentum: Capitalise on the post-Easter period to clear any holiday-specific stock through promotions or sales. It's also a good time to engage customers with a fresh marketing approach as we move deeper into autumn.
📈 Superannuation Check-Up: The deadline for super contributions is a great reminder to review your superannuation obligations. Ensure you're up to date and consider whether additional contributions could benefit you or your employees in the long run.
🚗 FBT Compliance: With the odometer reading deadline kicking off the month, make sure your FBT records are in order. Proper documentation is key to accurate FBT reporting and can save you from headaches later on.
🔄 Operational Review: As the financial year progresses, review your business operations for efficiency and effectiveness. Identifying areas for improvement now can lead to significant benefits as the year continues.
HelloLedger is here to support you through April's challenges and opportunities. By keeping these key dates in mind and following our tips, you can not only stay compliant but also position your business for growth and success. Here's to a productive April! 🌟📑🌱