For the information of clients we enclose this checklist which you may find helpful in planning your year-end tax strategies. Careful planning (and in many cases timing) is always important when tax planning is concerned. This document is not exhaustive and your individual circumstances must be considered. Please contact your StewartBrown Manager or Partner should you need any assistance with understanding or applying the below.

Here’s a quick summary of what you need to consider for yourself and your business before the end of the financial year:

On Tuesday, 14 May 2024, Federal Treasurer Jim Chalmers handed down the 2024-25 Federal Budget. As with all Budgets, these are announcements only and have not been legislated. The details are still to be worked through, and both Houses of Parliament need to pass legislation before the announcements take effect.

Welcome to our April 2024 edition of the StewartBrown newsletter. We hope to keep you informed of the important tax developments and issues affecting businesses in Australia today and throughout the year ahead.

Click here to download a PDF copy of the April 2024 StewartBrown newsletter.

FRINGE BENEFITS TAX (FBT)

The FBT year ended on 31 March 2024 and each employer is required to calculate their liability for FBT. Where a liability for FBT exists an annual return is required to be lodged and any tax paid by 21 May 2024. However, if the return is lodged electronically by a Tax Agent the due date of lodgement and payment is 25 June 2024.

In addition, there may still be specific COVID-19 related concessions available, some of which are noted below.