The Australian Tax Office

The Australian Tax Office web site offers plenty of useful tips and information to help businesses start out on the right foot. Here are some important things you'll need to know if you're running a home business.

This checklist covers basic tax issues that need to be considered when starting a business. For example, businesses may need to register for a number of tax obligations. The most common tax registrations businesses need include:

• a tax file number • an Australian business number (ABN) • goods and services tax (GST), and • pay as you go withholding (PA VG).

Businesses also need to consider how to pay other businesses and how to report and pay tax and superannuation.

You should:

1. Record all information from business transactions in a cash book, either electronically or manually

2. Record payment summaries for salary and reportable fringe benefits

3. Store all documents in a safe place for a period of five years

4. Withhold tax according to the pay as you go (PAYG) withholding rules

5. Record all GST obligations

6. Pay superannuation contributions

The Tax Office has a number of programs available to help businesses keep good records including a record keeping evaluation tool, online calculators to help businesses calculate their tax obligations and eRecord - a free, electronic record keeping product which can help small businesses meet their tax reporting obligations.

Business Activity Statements:

• Monthly activity statements due: 21st of each month.

• Quarterly activity statements due: 28 Feb, 28 Apr, 28 July, 28 Oct.

Goods and Services Tax

• Quarterly GST due: 28 Feb, 28 Apr, 28 July, 28 Oct.

• GST annual return due: the same date as your income tax return, or before 28 Feb for those who are not required to lodge an income tax return.

Fringe Benefits Tax, PAYG and superannuation

• FBT return due: 21 May.

• PAYG two instalment payers: 21 Apr, 21 Jul.

• Super contributions due: 28 Jan, 28 Apr, 28 Jul.

The Tax Office runs small business seminars on a range of topics, including GST, PAYG, activity statements and record keeping. To find out about your nearest seminar, or to make a booking, phone 1300 661 104.

The Tax Office small business assistance program is a free and confidential service tailored to suit the needs of any business, no matter how small.

Visits are conducted by experienced tax officers at the business owner's chosen location between 8am and 6pm on weekdays. Topics covered include registering for an ABN, paying GST, understanding tax obligations, record keeping and lodging activity statements.

The Tax Office can even help businesses set up programs such as eRecord and the Tax Office Business Portal - a fast, convenient and secure way to lodge activity statements, request refunds and communicate with the Tax Office online.

Businesses can view a short presentation and arrange a visit by registering online at http://www.ato.gov.au/businesses or by calling 132866 between 8am and 6pm weekdays.