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.

Please find attached the December 2023 Aged Care Performance Survey Analysis Report covering the six-month period which incorporates detailed financial and supporting data from 1,203 aged care homes (98,902 beds/places), 223 Approved Providers and 73,829 home care packages across Australia.

Click here to download a PDF copy of the Stewartbrown Aged Care Financial Performance Survey report for December 2023 (six months).

The Aged Care Taskforce has completed its comprehensive review, and the final report by the Taskforce was published on the 11 March 2024. The Taskforce report includes findings, insights, and proposed strategies to address some of the complex issues facing the aged care sector particularly in respect to its financial sustainability.

StewartBrown has undertaken financial modelling to understand the impact to sector and consumers of adoption of some of the key recommendations of the Taskforce. This has culminated in the attached ‘StewartBrown - Taskforce Report Recommendations Modelling (March 2024)’ which documents the modelling and provides commentary on the financial impact of these recommendations on both providers and consumers.