FMA Partners are thrilled to announce that Natalie Hewson has been appointed as an independent Director of the Australian Turf Club. This appointment is effective from today, 1 February 2023.

Throughout the past year, we’ve been keeping you up to date on Single Touch Payroll (STP) Phase 2 and the roll out in Xero Payroll. We’re pleased to let you know that all three stages are now live and ready to be actioned in Xero Payroll.

No-one wants unhappy surprises at your Christmas party or client functions this Christmas, so make sure you understand the FBT rules before you pick up the champagne and starting handing out your secret Santa presents this year…. & Merry Christmas from Natalie, Nick, Andrew & the whole FMA team!

Xero has been granted a deferral on the start date of the STP Phase 2 payroll software. The deferral applies to all new and existing customers.

In this issue we provide an update on various ASIC matters, including:

ASIC Fee changes from 1 July 2022. Extended reporting deadlines for certain companies required to lodge financial reports with ASIC. Prepaying your Annual review fees for a discount; and consolidating your ASIC reporting dates for groups with multiple companies.

There has been a big push from the Australian Taxation Office (ATO) toward paperless communication over the last 12 months and unfortunately, their implementation of these changes has been less than perfect. In light of this, FMA Partners have recently implemented a new system to assist with handling client correspondence from the ATO.

There are a number of important changes that came into affect from 1 July 2022.

We have summarised these key changes for businesses, superannuation and individuals.

Most businesses are already reporting payroll information to the ATO under Single Touch Payroll Phase 1. In the 2019-20 Budget, the government announced that Single Touch Payroll (STP) would be exanded to include additional information.

Treasurer Josh Frydenberg delivered the 2022-23 Federal Budget last night, Tuesday 29 March 2022.

In an economy emerging from the pandemic, the Treasurer handed down an election budget that announced a range of cost of living measures.

Recently, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. It’s one of the most significant developments for the taxation of trusts in over two decades.

As a result of these ATO proposed changes, options to spread trust income across family members and corporate beneficiaries may be vastly limited and some family groups may need to plan for higher tax in the future.

In this edition we answer your questions about Director ID's and provide a quick guide to help you apply.

MyGovID is your digital identity to unlock participating government online services.

A MyGovID is required for individuals who are applying for Director ID's or businesses wanting to access ATO Online Services