As February rolls around, it’s a crucial time for businesses to focus on their financial obligations and plan ahead.
This month marks the midpoint of the Australian financial year, making it the perfect time to review your financial position and prepare for upcoming deadlines.
At Oculus Group, we’ve outlined the key areas to focus on this February to ensure your business stays compliant and on track.
1. Business Activity Statements (BAS) Deadline
If your business is required to lodge a quarterly BAS, the deadline for the October–December quarter is 28 February when lodged electronically via a registered BAS or tax agent.
Now is the time to ensure all GST, PAYG withholding, and PAYG installment records are accurate and up to date.
Need help? Oculus Group is here to make the process stress-free.
2. PAYG Installment Adjustments
If your business pays PAYG installments, February is a great time to review your income projections.
Changes in your financial situation may mean your installment amount needs adjusting.
By acting now, you can avoid overpaying or underpaying, keeping your cash flow in check.
3. Superannuation Contributions
While superannuation for the January–March quarter isn’t due until 28 April, starting preparations early helps avoid last-minute rushes.
Review employee superannuation records now to ensure contributions are correctly calculated.
4. Fringe Benefits Tax (FBT) Planning
The FBT year ends on 31 March, and February is the ideal time to start preparing.
Collecting data on any fringe benefits provided, such as company cars or entertainment expenses, will streamline your FBT reporting.
Not sure what qualifies? Let Oculus Group help clarify your FBT obligations.
5. Mid-Year Financial Review
February is a fantastic time to pause and assess your business’s financial health.
A mid-year review can help you:
- Understand your current financial position.
- Update forecasts and budgets for the remainder of the year.
- Identify tax-planning opportunities to minimise liabilities.
6. ATO Compliance Checks
The ATO often ramps up compliance activity at this time of year, so keeping your financial records up to date is essential.
Proper documentation will protect your business in case of an audit.
7. Trust Distribution Strategy
If your business operates through a trust, February is a great time to evaluate your income and plan trust distributions.
Acting early ensures a smoother process as the financial year-end approaches.
Oculus for all your financial needs
At Oculus Group, we’re committed to helping your business thrive. Whether it’s managing your BAS, optimising your PAYG installments, or preparing for FBT, our expert team is here to guide you through every step of the process.
We are your one-stop shop for all your financial needs.
Contact us today to discuss how we can support your business during this critical time of year.
