Know Your FBT Benefits
It’s hard to believe we are already in March! We are coming to that time of the year when your FBT returns are due at the end of March / June depending on your circumstances.
One of our articles In this newsletter explores a few strategies you can look at to reduce the amount of FBT you (as the employer) pay. Remember to always consult a specialist accountant when considering options for reducing potential taxation liability in your business. The ATO usually do not notify you of how much FBT (an employer) must pay, rather, you self-assess your FBT payable when you lodge your FBT return. In our newsletter this month we also explain the requirements of an FBT exempt vehicle… does yours measure up? Speaking FBT, one of the most common questions we are asked is, if you should have a maintain a vehicle logbook?
We recognise businesses face four major compliance risks and through our affiliation with Business 360, we can now cover all four. Business 360 compliment our Advisory Service for business owners to minimise risk and establish compliant People, Culture and Workplace Health and Safety. Whilst we take care of the ATO and The Office of State Revenue side of things for our clients, Business 360 assist with Fair Work and Work Place Health & Safety compliance and risk reduction. Please read their article below where they share their insights and knowledge to assist you managing risk.
We will also look at all you need to know about e-invoicing and how it will expedite the time in which you are paid and allow your business to be more efficient, accurate and secure in transacting with suppliers and buyers. Running a business always keeps you on your toes and being paid late is one of the biggest obstacles business owners face.
In late February we held our insightful panel discussion with Jane Toohey, Director at Outsource2Us marketing & design; Zachary Pagliano, Associate at Redchip Lawyers; and Clinton Priddle, Partner, Kings Patents & Trademark Attorneys on the ‘Value of Intellectual Property – Brands, Patents & Trademarks’ – getting it right. The discussion focused on the process in which to approach branding, intellectual property, trademarks, patents and valuations for your business. The panel highlighted the significant impact on your business and future wealth if you don’t get it right at the beginning and how to correctly protect your Intellectual Property. We also discussed the potential cost and other consequences this may have on the value and saleability of your business if you don’t.
Our next event in April will welcome Graham Ballard insurance expert from Risk Advisory Partners, who will talk on the topic of ‘Protecting your business with the right insurance’. There are some major legal issues before the courts and parliament at present, that are affecting businesses and these will be discussed at our event, as well as exploring the ever changing and confusing plethora of business insurances needed for your business. We will discuss how they work and what you need to take into account when buying them in order to adequately protect your business and its directors. Look out for the invitation in your inbox soon.
What’s the Risk?
When: 22nd April 2021, 5.45pm (for a 6.00pm start)- 8.00pm
Where: The Ovolo Inchcolm, 73 Wickham Tce, Spring Hill
Is your business protected against impacts such as COVID-19, cybercrime, human resources, and business disruption?
Save the date and join industry specialist Graham Ballard from Risk Advisory Partners, as he addresses how to protect your business and mitigate risks from such impacts to cash flow so your business has time to flourish.
Watch your inbox for the invite coming soon!
Register HERE today!
Should you be completing a Logbook?
Advivo Accountants and Advisors explain when you need to complete a logbook and can you use your vehicle as a tax deduction.
Click here to find out more.
How to reduce Fringe Benefits Tax and associated Directors Loans
Advivo Partner, Chris Morris, shares insight into managing and reducing your Fringe Benefits Tax.
Read the full blog here.
Business 360 review thousands of employee entitlements each year, and these are the top 5 errors they typically see.
Read more here.
Time for Businesses to Celebrate, E-Invoicing Is Coming!
Advivo Accountants and Advisors outline what you need to know about e-invoicing.
Find out more here.
We all know going digital is the future, however the recent changes to converting paper instalments to digital have not gone as smoothly as the ATO have hoped. So as a result, the ATO have temporally reverted back to paper issued statements.
This is short term until the ATO can implement a digital solution. Advivo/ (we) are currently monitoring this closely and will be keeping you all informed when we receive word on a definitive answer on the plan moving forward. Watch this space!
Advivo’s Charity of the Month!
Advivo’s commitment to the community includes our monthly charitable donation! Last month we donated to Adolescent Success, a dedicated not for profit association for teachers, schools, businesses and other educators who care about young adolescents and education in the middle years.
Have your say – HERE, to help us choose a local charity to support and we will announce the winner in next month’s newsletter
Don’t forget if you would like us to include a charity of your choice, just drop us a line at firstname.lastname@example.org
Key Events / Dates:
- Lodge and pay February 2021 monthly business activity statement.
- Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier.Payment for companies and super funds in this category is also due by this date.
- Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier.Payment for companies in this category is also due by this date.
- Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts.Payment for individuals and trusts in this category is due as advised on their notice of assessment.
- FBT year end is 31 March and you will need to ensure you have all records ready for the statutory due date for lodgement and payments which is 21 May 2021.