Bonsella April 2021 Newsletter

March 21

Our latest eNewsletter includes information on the following topics:

It’s time to consider FBT – If your business has provided any benefits to your employees, you may be liable for fringe benefits tax. FBT returns and payments are generally due to the ATO by 21 May.

ATO reminder: lodge your TPAR – Taxable payments annual reports for the 2019–2020 income year are now long overdue, but the ATO says around around 60,000 businesses still haven’t lodged theirs.

COVID-19 stimulus and support measures winding back – Businesses and individuals need to prepare for an environment where the government safety net is not as wide.

Life insurance in super: costs on the way up? – Having insurance through superannuation can be a tax-effective and cost-effective way of protecting yourself and your loved ones, but the Australian Prudential Regulation Authority has noted concerning developments that may see the costs rise in coming years.

Treasury reveals Director ID regime details – New laws have introduced the requirement for directors of Australian companies to apply for a director identification number (director ID).