Businesses should be aware of their responsibilities at the year-end.
Businesses that are unorganised, or make mistakes in their tax return, can lose out on significant tax savings, as well as find themselves liable for penalties.
Below is some common mistakes that small businesses often make at year-end:
From 1 July 2014, employers with 20 or more employees will begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees.
From 1 July 2015 small employers, with 19 or fewer employees, will also begin to make contributions using the new standard.
The Data and Payment S...