Save The Date: May 9th

2023 Federal Budget

On Tuesday 9 May 2023, Treasurer Jim Chalmers will hand down the 2023-24 Australian Federal Budget with updates to key economic forecasts.

From personal and business tax to banking, superannuation, infrastructure, health, defence, climate change, and more, the Federal Budget has implications for every corner of the Australian economy and impacts our status on the global stage.

The Federal Budget is expected to deliver relief, repair and restraint as the Government seeks to respond to inflation pressures. The focus is expected to be in key areas including defence, aged care, health care, electricity bill relief, and changes to the superannuation system.

The budget will be well covered by most media, however major Economic Forecast companies also have a subscription option. KPMG’s free budget analysis to your email box can be subscribed here https://tinyurl.com/KPMGbudget23

2023 Fringe Benefits Tax (FBT) time!

If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns.

Make sure you note the following in your calendars:

• The 2023 FBT year ended on 31/3/2023.

• You’ll need to lodge your FBT return and pay any outstanding liability by 22/5 to avoid interest and penalties. This date applies as the statutory due date of 21/5 falls on a weekend this year.

• If you’re lodging electronically via a tax practitioner, the due date to lodge and pay is 26/6. This date applies as the concessionary due date of 25/6 falls on a weekend.

• If it is your first time lodging with a tax practitioner, you’ll need to contact them before 21/5. The agent needs to add you to their FBT client list by this date to make you eligible for the June lodgement/payment date.

• If you don’t need to lodge an FBT return and you’re registered for FBT, you should still let us know by the date your return would have been due.

For more information … rb.gy/tdu7m