We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 19 March 2021:
- 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.
Please stay safe and do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.