ATO: Get ready for FBT time!
The ATO has issued a reminder that as the 2023 FBT year ends on 31 March 2023 that it’s a good time to start thinking about FBT obligations and that you’ll need to work out if you have an FBT liability for fringe benefits you’ve provided to your employees or their associates between 1 April 2022 and 31 March 2023. The ATO also stated, among other things, that if you have a FBT liability, or paid FBT instalments on your activity statements, you need to lodge an FBT return and pay the amount due by 22 May(albeit, a tax-agent may have a different dates).

Consultation paper: increased regulation of crypto market
The Government has released a consultation paper as part of its announcement to undertake increased regulation of crypto assets in order to protect consumers and positions the Australian economy to take advantage of new digital products and services – especially in the light of recent “unsustainable business” models that have left consumers exposed. Accordingly, it has announced a multi‑stage approach that has three main elements: strengthening enforcement; bolstering consumer protection; and establishing a framework for reform.

Resubscribe to the ATO Small Business Newsroom
The small business newsroom is the ATO’s flagship communication service for small business. The newsroom delivers easy to read articles on the latest news, shares handy tips, reminders on important reporting or lodgement deadlines and new and / or improved services. From April 2023 the current newsroom will be moving to a new contemporary email platform which will give the ATO additional flexibility to provide more timely and tailored delivery of news content for readers. The change means that small businesses will need to re-subscribe if they would like to continue receiving the newsroom emails. Resubscription is easy and only takes a few minutes to complete. During this re-subscription process, the ATO are seeking information from the small business community on what matters most to them. The ATO will communicate the need to re-subscribe to newsroom subscribers over the next few months.

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