Time To Lodge Fringe Benefits Tax Return

ACP Team • April 17, 2024

From 1 April, it's a new fringe benefits tax (FBT) year.

If you're an employer and have provided certain benefits to your staff in addition to their salary and wages, it's important to understand how FBT works and what is considered a fringe benefit.

Perks that could attract FBT include providing employees with a work car (including dual cab Utes) for private purposes, gym memberships, or tickets to an event or show. If you provided these benefits to your staff, make sure you know how to lodge and pay the FBT.

Here's 4 easy steps to help you get your FBT reporting right the first time:

Identify the types of fringe benefits you provide
Determine the taxable value of each fringe benefit
Lodge an FBT return and pay by 21 May (for self-preparers). If your tax professional lodges electronically on your behalf, you have until 25 June
Keep good records to support your calculations and FBT position

If you don't have an FBT liability for the 2023–24 FBT year and you're registered for FBT, you will need to lodge a completed FBT non-lodgment advice form.

If this is your first time lodging through a tax professional, make sure you contact them before 21 May to be added to their FBT client list. This ensures you’re eligible for the June lodgment and payment date.

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Payday Super Is Coming

By ACP Team • May 25, 2026

From 1 July 2026, one of the biggest changes to Australia’s superannuation system will take effect — “Payday Super”. Under the new rules, employers will be required to pay employees’ superannuation at the same time as wages, rather than quarterly. Currently, businesses can pay Superannuation Guarantee (SG) contributions quarterly. However, the new legislation will require super payments to reach employees’ super funds within 7 business days of each pay run. The Federal Government introduced these reforms to reduce unpaid super, improve transparency, and help Australians grow their retirement savings faster through more frequent contributions. Industry estimates suggest billions of dollars in super currently go unpaid each year. For business owners, this means payroll systems, cash flow management, and internal processes may need to be updated before the commencement date. Employers should begin reviewing their payroll software and payment procedures now to ensure they are prepared for the transition. At ACP Accountants, we are helping Sydney businesses prepare for Payday Super by reviewing payroll systems, compliance processes, and cash flow strategies to ensure a smooth transition ahead of July 2026. If you would like assistance preparing your business for the upcoming changes, contact ACP Accountants today.

Claiming Travel Expenses – Company Director

By Alan Law • February 10, 2026

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$20,000 Instant Asset Write-off For This 2025

By ACP Team • May 31, 2025

On 14 May 2024, as part of the 2024–25 Budget, the government announced it will continue to provide support for small businesses by extending the $20,000 instant asset write-off limit for a further 12 months until 30 June 2025. This measure is now law. Under the measure small businesses with an aggregated turnover of less than $10 million, can deduct: the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2024 and 30 June 2025; an amount included in the second element (cost addition) of eligible depreciating asset's cost that they have incurred between 1 July 2024 and 30 June 2025, if they claimed an immediate deduction for the asset under the simplified depreciation rules in a prior income year where the amount is: the first amount of second element cost incurred after the end of the income year in which the asset was written off; and less than $20,000. The $20,000 limit under the measures applies on a per asset basis, so small businesses can instantly write off multiple assets. Assets valued at $20,000 or more can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that. In addition, pool balances under $20,000 at the end of 2024-25 income year can be written off. Are you running your own business and have no time to deal with tax issues? Contact us today, Sydney's leading accounting firm at ACP Accountants on 02-8046 7621, or simple drop us a line at info@acpaccountants.net.au.