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 even more important this year. 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:
The StewartBrown December 2021 Aged Care Financial Performance Survey incorporates detailed financial and supporting data from 281 approved provider organisations, 1,282 aged care homes (103,675 beds/places) and 70,774 home care packages across Australia. The quarterly survey is the largest benchmark in the aged care sector and provides invaluable insight into the trends and drivers of financial performance at the sector level and at the aged care home or programme level.
FRINGE BENEFITS TAX ("FBT")
The FBT year ended on 31 March 2022 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 2022. However, if the return is lodged electronically by a Tax Agent the due date of lodgement and payment is 25 June 2022.
The 2022-2023 Federal Budget has been delivered and has continued the Federal Governments focus on stimulating the economy out of the COVID-19 induced recession. Whilst there is less of an emphasis on spending compared to last years budget, it has targeted measures with an eye to the upcoming Federal election.
Welcome to our February 2022 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.
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