Our team has put together some important accounting notes and updates from the ATO that could help you develop an effective business strategy for the upcoming months. By staying informed about these updates, you can make informed decisions and take proactive steps to enhance your business operations.
Tax Tips & Alerts
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 statutory due dates this year for lodgment and payment are 21 May 2023 for self-preparers and tax agents who lodge by paper, or 25 June 2023 for agents that lodge electronically.
ATO: Tips for good record keeping
The ATO has released 4 tips for good record keeping:
- 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.
What's New
Super: contribution caps remain unchanged in 2023/24
The concessional cap will remain at $27,500 in 2023/24 as the AWOTE figure for the December 2022 quarter was not high enough for the concessional contributions cap to be indexed from $27,500 to $30,000. This means the non-concessional contributions (NCC) cap for 2023/24 will remain at $110,000 (as it is four times the concessional cap).
As the general transfer balance cap is increasing to $1.9m on 1 July 2023, this means the NCC bring forward thresholds in 2023/24 will be as follows:
Total super balance on 30 June 2023 | Maximum NCC cap | Bring forward period |
Less than $1.68m | $330,000 | 3 years |
$1.68m but less than $1.79m | $220,000 | 2 years |
$1.79m but less than $1.9m | $110,000 | Nil |
$1.9m or more | Nil | Nil |
NSW: Foreign resident surcharge land duty – not applicable to all foreign residents!
NSW Revenue has advised that individuals that are citizens of New Zealand, Finland, Germany and South Africa who are purchasing residential-related property or land in their own capacity will no longer be required to pay surcharge purchaser duty or surcharge land tax. NSW Revenue also advised that surcharge purchaser duty or surcharge land tax liability for non-individuals, such as corporations, trusts or partnerships that arises because of an entity’s affiliation with these nations, may also be affected by the international tax treaties. It also said that refunds may be available for purchasers/transferees, and landowners, from the nations concerned who paid surcharge purchaser duty or surcharge land tax on or after 1 July 2021.