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.
It is meant to make reporting business income to the ATO easier, but Simpler BAS appears to be creating some confusion for taxpayers.
From July 1, the ATO changed its requirements so that businesses with a turnover of less than $10M had reduced BAS reporting requirements. You may have noticed that your software and the ATO portal have been updated so that you are only required to provide information in the following fields:
- G1 – Total sales
- 1A – GST on sales
- 1B – GST on purchases
You are no longer required to provide information on export sales, GST-free sales, capital purchases and non-capital purchases.
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