Aspley Tax Checklist: 8 Things to Check Before Christmas

This Aspley tax checklist is for local small businesses that want to finish the year in good shape. The 31 October deadline has passed, and Christmas is close. So it’s a smart moment to check where your tax stands, before the holidays take over.

Aspley has a wide mix of businesses. There are cafes and retailers around Aspley Hypermarket, service businesses on Gympie Road and many home-based businesses. There are also plenty of local landlords and sole traders. Whatever you do, the steps below will help you avoid a stressful start to next year.

Why an Aspley tax checklist helps right now

November is a handy checkpoint. First, your last tax return should be lodged or with your agent. Second, your next quarterly BAS is only a few months away. Finally, it’s still early enough to plan for 30 June.

In other words, a little work now saves a lot of rushing later. Here’s what to check.

Who this Aspley tax checklist is for

This list suits most small businesses in Aspley. For example:

Cafes and food businesses with busy Christmas trade and casual staff
Retailers and online sellers with stock, card sales and marketplace payouts
Salons and health practitioners with bookings, contractors and GST to manage
Consultants and sole traders working from a home office
Tradies with job income, materials and vehicles
Landlords with one or more rental properties

Of course, every situation is different. So treat this as a starting point, and ask us if something doesn’t fit.

1. Confirm your last tax return is sorted

The ATO says self-lodgers needed to lodge by 31 October. However, if you engaged a registered tax agent before then, you’re generally on their lodgment program. In that case, the ATO’s due dates for individuals and trusts show when returns are due.

If you haven’t lodged and didn’t engage an agent, act now. Lodging late is better than not lodging at all.

2. Set aside GST for your next BAS

Christmas trade can be great for cash flow. Still, part of that money belongs to the ATO. According to the ATO, the quarterly BAS for October to December is due on 28 February. Monthly BAS is generally due on the 21st of the following month.

So move GST into a separate account as sales come in. That way, February won’t come as a shock. Our guide to BAS explained covers the basics.

3. Check whether you need to register for GST

A busy Christmas can push a small business over the GST threshold. The ATO says you must register for GST once your GST turnover reaches $75,000 or more. You then have 21 days to register. Also, taxi and rideshare drivers must register regardless of turnover.

This step matters most for sole traders, online sellers and newer businesses. If you’re getting close, talk to us before you cross the line.

4. Review your PAYG instalments

If you receive PAYG instalment notices, check they still suit your income. For example, a strong year might mean your instalments are too low. On the other hand, a quiet year might mean they’re too high. Read PAYG vs PAYGI to understand the difference.

5. Keep your Aspley tax records in order

Good records make every tax return easier. The ATO says most business records must be kept for 5 years. It also notes that companies need to keep records for 7 years under ASIC rules.

So before you close for Christmas, file your receipts, invoices and bank statements. Our post on keeping accurate business records has more tips.

6. Track rental income and expenses as you go

Aspley has plenty of investment properties. If you own one, keep track of rent and expenses during the year, not just at tax time. The ATO’s guide to residential rental properties explains what to record and what you can claim.

7. Think about your business structure

As a business grows, its structure may need a rethink. For instance, a sole trader might start to wonder about a company or trust. business.gov.au has a helpful guide to business structures. Then talk to a tax agent before you change anything.

8. Add tax planning to your Aspley tax checklist

Tax planning works best well before 30 June. Therefore, use the quieter weeks after Christmas to review your year so far. business.gov.au also has a useful list of yearly financial tasks. For practical ideas, read how to reduce tax legally in Australia.

Local support for Aspley businesses

Aspley is in the Brisbane City Council area. As a result, local businesses can use council’s Business Hotline and business services for help with things like licensing. Council also runs a free Suburban Business Hub in nearby Nundah.

Your Aspley tax checklist at a glance

Confirm your last tax return is lodged or with your agent
Set aside GST for your next BAS
Check your GST turnover
Review your PAYG instalments
File your records
Track rental income and expenses
Review your business structure
Book in tax planning

Get help with your Aspley tax checklist

BN Tax helps Aspley individuals, sole traders and small businesses with tax returns, BAS and planning. We’re 100% remote, so we serve Aspley clients online. See our Tax Returns & BAS in Aspley page for details. If your books need work first, visit Bookkeeping in Aspley at our sister business BN Books. To see every area we cover online, visit the Business Ninjas Areas we service page.

Call 1300 790 113 or text Phil on 0468 032 000. You can also contact us online. We know Small Business!