Here is our latest edition of our Tax Newsletter, which contains information on a number of important taxation developments:
* It’s time to consider FBT – If your business has provided any benefits to your employees, you may be liable for fringe benefits tax. FBT returns and payments are generally due to the ATO by 21 May.
* ATO reminder: lodge your TPAR – Taxable payments annual reports for the 2019–2020 income year are now long overdue, but the ATO says around around 60,000 businesses still haven’t lodged theirs.
* COVID-19 stimulus and support measures winding back – Businesses and individuals need to prepare for an environment where the government safety net is not as wide.
* Life insurance in super: costs on the way up? – Having insurance through superannuation can be a tax-effective and cost-effective way of protecting yourself and your loved ones, but the Australian Prudential Regulation Authority has noted concerning developments that may see the costs rise in coming years.
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If you have any further questions, please contact us on 02 9580 3353