If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns. Make sure you note the following in your calendars: While it’s important to lodge and pay on time, we understand there may be circumstances…
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If you registered your self-managed super fund (SMSF) during the 2022 income year and you have a tax professional, your SMSF annual return (SAR) was due on 28 February 2023. If your return has not been lodged, you should do so immediately to avoid penalties. If you registered your SMSF prior to the 2022 income year…
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Have you ever wanted to help deliver the tax system of the future for small business? If so, our Small Business Stewardship Group (SBSG) might be for you. The SBSG is a part of our commitment to consultation. We aim to co-design our administration of the tax and super systems in partnership with those across…
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If over half the income you’ve received from a contract is a reward for your personal efforts or skills (rather than from the use of assets, the sale of goods, or from a business structure), then your income is classified as personal services income (PSI). You can receive PSI in almost any industry, trade or…
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Good record keeping helps you manage your business and cash flow, and ensures you get the right outcome with your tax return. Check you’re setting yourself up for success with these top 4 tips: Remember, registered tax agents can help advise you on your record keeping requirements. Source: ATO
The ATO’s generous Instant Asset Write-Off comes to an end as at the 30th of June this year. So there may not be a better opportunity for those who are self-employed to buy vehicles or equipment for their business than there is right now. Accountplan has a large number of lenders on our Vehicle &…
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Following its 10th consecutive interest rate hike, the Reserve Bank of Australia has hinted that the end could be near. Speaking at the Australian Financial Review (AFR) Business Summit on Wednesday (8 March), Reserve Bank governor Philip Lowe reflected on this week’s 25-bp rate increase. “At our Board meeting yesterday, we discussed the lags in…
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How to lodge an FBT return, the due date for lodging and paying, and what to do if you pay by quarterly instalments. Do you need to lodge a return? You must lodge a fringe benefits tax (FBT) return if, for the FBT year (1 April to 31 March), you either: If you paid FBT instalments and…
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There is $16 billion in lost and unclaimed super across Australia, new data from the Australian Taxation Office (ATO) reveals. This is an increase of $2.1 billion since last financial year and the ATO is urging Australians to check their account to see if some of the money is theirs. Deputy Commissioner Emma Rosenzweig said finding lost…
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The ATO should have postponed its revisions to the work-from-home claims regime until next financial year, says H&R Block. Most taxpayers will fail to notice the ATO publicity campaign about changes to work-from-home deductions and will learn about them when they do their tax return after July, says the director of tax communications at H&R…
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