It's fringe benefits tax (FBT) time. Here are some important things to be aware of and help you lodge:
If you make a car available to your employees for private use, you may be providing a car fringe benefit. If you’re not sure, there are a number of resources available on our website to help you decide – including a car fringe benefit video series and webinar sessions.
If you covered your employees' expenses during the FBT year, we have a webinar available to help you work out whether you're providing an expense payment fringe benefit.
If you claim fuel tax credits on your BAS, remember, the rates changed on 1 February and 30 March. If you lodge quarterly, 3 different rates may apply to your BAS. Use the ATO’s fuel tax credit calculator to make it easier to apply the right rates: ato.gov.au/fueltaxcreditcalculator
As part of the disclosure of business tax debts measure, the ATO continues to contact businesses who meet the criteria for disclosure. The ATO has also recently disclosed a small number of debts to a credit reporting bureau (CRB). If you have received and Intent to disclose or even a Debt disclosed notice, contact the ATO immediately to discuss action you can take to have your information removed from or prevented from being shared in a credit report. ATO Assistant Commissioner Claire O’Neill urges taxpayers to “engage with the ATO early to avoid the risk of disclosure which begins when your total debt is over $100,000 and remains unpaid for 90 days.” For more information, visit ato.gov.au/disclosurebusinesstaxdebt.
Since March 2022, the ATO has been automatically identifying, calculating and paying interest on early payments (IEP). This process applies to eligible early payments you made from 1 July 2021. Generally, payment of IEP will be made within two weeks of the due date of the tax liability. Please ensure you have provided up-to-date details of your financial institution account so the ATO can make IEP payments electronically.
Super guarantee payments due 28 April
The super guarantee due date is 28 April for the quarter ended 31 March. This deadline can’t be extended, so now’s the time to make sure you’re ready to pay the right amounts to the right funds by the due date.
Changes to super for under-18s
From 1 July 2022, employees who are under 18 will be eligible for super if they work more than 30 hours in a week, regardless of how much they’re paid. This is because the $450 per month threshold for super guarantee is being removed for all workers. Check your payroll and accounting systems are updated closer to 1 July to correctly calculate your employees’ super guarantee payments. For more information, visit ato.gov.au/PayingSuper