Pacific Accounting’s December newsletter highlights several important updates such as Lodgement penalty amnesty. The ATO are remitting failure to lodge penalties for eligible small businesses if lodged prior to 31st December 2023. Eligible income tax returns, BAS and FBT failure to lodge penalties will be remitted without the need to apply if lodged in the amnesty period.
Fringe benefits tax (FBT) is a tax paid on benefits that an employer provides to their employees in addition to their salary, such as the use of a work car or phone. The ATO are cracking down on non-compliance of FBT obligations so this isn’t something you can ignore and put in the too hard basket. Our strong recommendation to you is to register and lodge an FBT Return if you provide benefits to employees, even if no FBT is payable.
Key dates for December 2023 include 21 December 2023 November monthly Activity Statement lodgement & payment due. 24 Dec – Part-day public holiday (QLD, SA & NT). 25 Dec – Public holiday (National). 26 Dec – Public holiday (National). 1 Jan – Public holiday (National).