ATO: 2023 FBT time
The ATO has reminded employers that if they have provided fringe benefits to employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay their 2023 fringe benefits tax (FBT) returns. The ATO also emphasised that employers will need to pay any outstanding liability by 22 May to avoid interest and penalties (and that if they are lodging electronically via a tax practitioner, the due date to lodge and pay is 26 June). In addition, the ATO said that if it is an employer’s first time lodging with a tax practitioner, they will need to contact them before 21 May. Finally, the ATO stated that while it’s important to lodge and pay on time, it understands that there may be circumstances where an employer can’t do so – in which case the ATO advises the employer to contact us, or speak with a tax practitioner, as early as possible.
ATO: Tips for good record keeping
The ATO has released 4 tips for good record keeping. Apart from noting that “good record keeping” helps a taxpayer manage their business and cash flow, the ATO also emphasises that it is vital for getting “the right outcome” with your tax return. Accordingly it offers the following “top 4 tips”: Always keep detailed records of payments to contractors providing TPRS services so it’s easier to prepare and lodge a TPAR by 28 August; make sure vehicle logbook records are no more than 5 years old; check if government grants or payments made to your business are taxable and need to be reported as part of business income when you lodge your return (and this includes payments from the NDIS or Childcare Subsidy payments); and, record the amounts withheld from any payments made to your business and keep written evidence from the payer, including their details and ABN.
