Small businesses: how to do your tax, HR & Super (free templates) [9/12]

Managing your tax, HR & superannuation is a key part of running a small business in Australia. But it’s confusing.

Australian Business Podcast episode #9 is now live on the Rask network: managing your small business HR, Super & tax.

This episode of The Australian Business Podcast is designed to go with lesson 9 of Rask’s free business course: managing business admin.

In this episode, I — Owen Rask, founder of The Rask Group — dive into the following business topics:

1. Creating an employee welcome pack
2. Creating checklists for:
   1. Your HR/manager to follow
   2. A job description template
   3. A ‘day one’ checklist for a new employee
3. How to pay Super using Xero or Quicksuper
4. How to get Workcover/Worksafe certificates
5. How and when your business will pay tax
   1. Income tax
   2. PAYG tax
   3. Business Activity Statement (BAS) and what it means
   4. When to register for GST – and how to check another business is registered for GST
   5. Payroll tax
6. My 10 “must know” tips for managing your small business admin (see below)
7. My 3 business hacks

📑 Click here to access our demo employer Welcome Pack, pre-employment checklist and key documents. Tip: download from our Google Drive and then upload to your own.

If you’re confused, just remember these  things:

1. Give your employee an employment agreement before they start
2. Give your employee a Super choice form and Tax declaration before they start (or on day one)
3. Your business will pay tax to the ATO quarterly or monthly — known as BAS — or yearly (for micro businesses and many sole traders)
4. Withhold some tax in a separate bank account
5. You pay tax to the ATO by getting a Bpay number and reference number
6. You can access your business information in the ATO portal
7. 10% GST typically applies to all of your income — if you expect to earn over $75,000
8. Pay Super quarterly via Xero, it’s easy.
9. Get insurance from an insurer then the certificate from WorkCover/WorkSafe in your state
10. Think carefully before you start hiring — it’s a big responsibility!

You can download our business plan template on Rask Education.

Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify. 

If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews.