Business

IMPORTANT FINANCIAL DATES IN 2022

Keeping on top of due dates can help you keep your business running smoothly. Take note of the most important financial dates for 2022 to plan for the year ahead and avoid any unnecessary penalties.

End of financial year (EOFY)

The end of the financial year is an important time for your small business. The last day of the financial year falls on 30 June each year.

You’ll need to complete bookkeeping, tax returns and plan for the new financial year. Learn how to prepare for the EOFY to get your business organised and work smarter in the year ahead.

Tax returns

• Quarter 1 (July, August, and September) – 28 October • Quarter 2 (October, November and December) – 28 January • Quarter 3 (January, February and March) – 28 April • Quarter 4 (April, May and June) – 28 July

When a super due date falls on a weekend or public holiday, you can make the payment on the next business day.

MPAQ members with questions about key financial dates in 2022 can call the MPAQ HR team on 07 3273 0800.

Article source: https://business.gov.au/news/important-financial-dates-in-2022

2022 WALLPLANNER

At the end of a financial year, you must lodge your tax returns with the Australian Taxation Office (ATO). If you don’t lodge your tax return through a registered tax agent, you must submit your returns by 31 October.

If you’re using a tax agent for the first time, or using a different tax agent, you need to contact them before 31 October.

Business activity statements (BAS)

Business activity statements are used to report and pay different taxation obligations for your business including: • Goods and services tax (GST) • Pay as you go withholding (PAYG withholding) – if you have employees • Pay as you go instalments (PAYG instalments).

Most small businesses lodge their BAS and pay any amount owing (or get a refund) quarterly. • Quarter 1 (July, August and September) – 28 October • Quarter 2 (October, November and December) – 28 February • Quarter 3 (January, February and March) – 28 April • Quarter 4 (April, May and June) – 28 July

Superannuation

If you’re required to pay super for your employees or workers, you must pay super contributions to their nominated super fund by the following dates. It is important to meet these deadlines, otherwise you may face a super guarantee charge.

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Did you receive your copy of the 2022 MPAQ Wall Planner? Our calendar includes plenty of important dates to help you keep on top of when things are due! Dates included are EBA RDOs, industry RDOs, when BAS payments are due, when SGC payments are due, as well as when QLD public holidays and school holidays fall. Email advertising@mpaq.com.au to claim your free copy today! EBA RDO Industry RDO BAS Payments 11/243 Bradman Street, Acacia Ridge Qld 4110P: 07 3273 0800 E: info@mpaq.com.au www.mpaq.com.au Public Holidays QLD School Holidays SGC Payments School Holidays Commence Industry RDO Easter Monday School Holidays Conclude EBA RDO EBA RDO EBA RDO Good Friday Easter Saturday Easter Sunday Anzac Day SGC Payment Due BAS Payment Due Industry RDO EBA RDO Royal Queensland Show (Brisbane Only) School Holidays Commence Industry RDO EBA RDO EBA RDO Boxing Day Christmas Day Public Holiday EBA RDO EBA RDO EBA RDO EBA RDO Christmas Eve Christmas Day EBA RDO

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HOW NOT TO JINX 2022

If you’ve found yourself humming the ‘Friends’ theme song “It hasn’t been your day, your week, your month or even your year,” you are not alone.

As business owners, we’ve battled through mental fatigue, sky-high workloads, changing Government regulations, and separation from friends and family. No one can say we’ve made it through unscathed, and as we face another year ahead, our spirits are bruised.

To keep our optimism aflame in 2020, we chanted, “we’ve just got to push through, and things will be better in a few months.” Then in 2021, we chorused, “things will be back to normal this year; this will be our year.” However, neither sentiments were particularly fruitful and potentially had more of a jinxing effect.

So perhaps in 2022, it’s time to change our slogan to something more realistic; we need to reignite our passions, get fired up, and, more importantly, come together as a community and lean on each other for support.

To put you in the mindset to achieve success this year, our podcast, The Tradie Show — Together In Trade Business, called on three-time World Champion Athlete, Dave Tabain. He shares the ultra-focused mindset techniques that allowed him to take home so many world titles and how trade business owners can adopt the same methods within their personal lives and their business.

As a reminder: to reach success as a trade business owner, not only do you need to be in the right headspace, but you also need to put thoughts into action. It’s all well and good to know what you want, but the hard part is mapping out how you will get there.

Creating a written business plan and setting a list of goals is the first step. If your knee jerk reaction was to seethe; “But I know where I want the business to go, why do I have to waste my time by writing it down?” the simple truth is that by getting the business direction out of your head and onto a page, you can now share it with others.

Good ideas can come from anyone, so by sharing your vision for the business and your steps to achieve success with others, you may find that your team or partner might have solutions you haven’t thought of! This allows them to be part of your business cultivation, but it also lets them feel like their opinions have been heard and taken seriously.

Occasionally, we forget that the burden of success doesn’t have to reside on our shoulders solely. Creating a solid support system of likeminded individuals who wish success for your business is truly the smart way to operate.

In truth, this year will not be without its challenges. With our mental reserves at an all-time low, now is truly the time to rally those around you, adopt a can-do mindset, share your vision, create a support system, and set yourself up for success by taking real-world actions!

Article written by Andy Smith, LifeStyle Tradie

31 July