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FRINGE BENEFITS TAX (FBT)
The Fringe Benefits Tax time of year is fast approaching with the 31 March cut off only a few weeks away. For all you employers who are registered for FBT, you will be receiving an FBT package from us soon which requests information and includes motor vehicle declarations (if applicable) which need completing.
For important information on what you need to do please click here
PAID PARENTAL LEAVE SCHEME
What is it?
The Paid Parental Leave Scheme started on 1 January 2011 and provides 18 weeks of government-funded pay to eligible employees who have a child from 1 January 2011 and will have been your employee for at least 12 months prior to the expected date of birth and will remain your employee during the paid parental leave period.
For further information including Employer Obligations click here
BAS PAPER LODGEMENT CONCESSION NO LONGER AVAILABLE
The ATO has phased out the business activity statement (BAS) paper lodgement concession from quarter 3 (January - March 2011).
In previous quarters, if you had a registered tax agent and lodged your BAS via paper, you were given a two week extension to lodge and pay. This concession has been removed meaning if you continue lodging your BAS via paper lodgement, you will not be given any extensions and the BAS will be due 4 weeks after quarter end. Example, if you lodge the 2010-11 quarter 3 BAS via paper, the due date for lodgement and payment will be 28 April 2011. Read full article
FAIR WORK ACT – change to definition of “Small Business Employer”
From 1 January 2011, a ‘small business employer’ is now defined under the Fair Work Act as being a business that employs less than 15 staff on a head count basis. This now means that a ‘small business employer’ is one that employs less than 15 employees in total which would include part-time and casual employees.
Prior to the change a ‘small business employer’ was defined as a business that employed less than 15 full-time equivalent staff. Read full article
ATO KEY DATES
21 March
Due date for lodging and paying February 2011 monthly activity statement
31 March
Income tax returns for companies, super funds, trusts and individuals with a 31 March due date are due for lodgment and payment (except for individuals where payment date is per assessment notice - usually 21/4/2011)
21 April
Due date for lodging and paying March 2011 monthly activity statement
15 May
Income tax returns are due for lodgement for individuals, companies and super funds with a 15 May due date.
21 May
Due date for lodging and paying April 2011 monthly activity statement
26 May
Quarterly activity statement, quarter 3 (March), 2010–11: due date for lodging and paying if you are lodging via Champion’s (ELS)
28 May
Fringe benefits tax annual return – due date for lodging and paying
5 June
Final date for payment of Income tax returns for trusts, partnerships and individuals with a 15 May due lodgement date
21 June
Due date for lodging and paying May 2011 monthly activity statement
CHAMPION'S STAFF NEWS
Day of Inspiration 2011
Each year the Tour De Cure, an organisation set up to raise money for cancer research, runs a fundraising event called “Day of Inspiration”. Some of our team here at Champions were fortunate enough to attend this year’s event on 15 February held at Dolton House in Sydney. Speakers at the day included well known Australians such as Dr Charlie Teo, Michael Milton, and Peter Baines.
Inspiration is both at a personal level and at a professional level. It is something that must come from within oneself in order for it to be harnessed to help us achieve our goals. It requires change of mindset and a balance of life. There should be desire, drive and determination to achieve your goals. You should be resilient and any setbacks should be seen as an opportunity. Further, the opportunity should always be taken to let your family and friends know how you feel about them as you may not get a second chance.
We would like to share with you some of the insights we gained during the day. Read full article
Team Member Profile
Click here to meet two members of our staff - Chantelle Shephard and Sally Be
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