Summary

Your role in managing finances is integral to the success of the business. Thus, you must ensure that you understand the obligations and responsibilities of your role and ensure that you will be able to manage the finances of the business effectively. To manage business finances effectively, you must first understand the business itself, including the environment in which it operates. One way to understand the business is by knowing what the requirements of the business are and proactively reviewing the budget, progress payments and track expenses during the life of the project. If the financial health of the business is encountering issues, you need to take appropriate actions and recommend ways to remedy. 

1. To know more about how Fringe Benefits Tax (FBT) works, you may access the FBT employer guide developed by the Australian Taxation Office here.
2. Most accounting software provides their users with a comprehensive guide on how they can lodge different tax returns through their system. To learn more about how to lodge tax return through accounting software, access the link below and read the guide provided by XERO on their website: Xero: Return workflow and lodging a return
3. To know more about how Business Activity Statements work, refer to ATO’s guide here.
4. Business entities who lodge their quarterly activity statements online may be eligible for a two-week lodgement concession. Two week lodgment concession – terms and conditions
5. TPAR is an important tax reporting requirement of businesses engaged in building and construction services. Building and construction services cover a wide range of activities. To know whether the business conducts activities relating to building and construction services, visit this ATO webpage through the following link: Taxation Administration Amendment Regulation 2012
6. To know more about what PAYG withholdings are and how PAYG withholdings are reported in the activity statement, read this guide on the ATO website through the following link: Pay as you go (PAYG) withholding
7. You must know how to navigate through the online interface of the financial institution where you will be processing your tax payments (if paying through online banking and electronic transfer). Financial institutions usually publish specific instructions on how their clients can make tax payments through their platform. Instructions vary from one bank to another. An instructional guide from Westpac is provided for your reference: Westpac: Payments, BPAY and Transfers
8. You will need to follow the instructions specific to the mode of payment you choose to employ. As an example, the link to the instruction on how you can pay your employees through XERO is provided below: Xero: Pay employees using Pay Run
9. You may refer to the flowchart provided by ATO through the link below to help you assess whether the current system you employ is SuperStream-compliant or choose the right one for your business. SuperStream decision tool
10. To give you an idea on how STP reporting is processed through a payroll solution, an instructional guide for sending STP reports in MYOB AccountRight is provided through the following link: MYOB AccountRight: Send Single Touch Payroll reports after processing payroll