For the last couple of years, those in the building and construction industry have had to lodge a Taxable Payments Annual Report which provided information on payments made to contractors. From 1 July 2018, this program will be extended to now include couriers and cleaning services. This is all part of the Black Economy Taskforce which aims to target people who engage in tax evasion or deliberately underreport their income. If you think you might be captured by this new legislation and would like assistance in preparing this report, please contact your accountant. And be warned, the ATO is issuing hefty fines for those who don’t lodge their report on time. Click here for further information.
It’s that time of year again when businesses that provide benefits to employees need to consider the Fringe Benefits Tax (FBT) implications.
If we are aware that FBT may be relevant to your business, you will shortly receive an annual questionnaire to help you consider your situation and whether you need to take any steps now to minimise the FBT.
However, if your business provides any non-cash benefits (think cars, loans, phone etc) to employees, and you don’t receive a letter from us within the next couple of days then please contact our office immediately.
For those businesses that own cars, it is important to ensure you record your odometer reading on 31 March 2018. There are instructions in our letter to you to assist with this.
If you are unsure whether FBT applies to you or you need assistance with your FBT please give us a call.