THE PRACTITIONER
IN THIS ISSUE
- Inheriting a Home – And the Rules if a Full CGT Exemption Does Not Apply
- Collectables and Personal Use Assets
- Returning to Work After Retirement
- Stage 3 Tax Cuts – A Tax Saving Opportunity?
- Super Contribution Caps to Increase on 1 July 2024
- Important Tax Residency Issues to Consider
- Family Companies and the Many Tax Traps
- Protecting Your Child’s Inheritance
- Fringe Benefits Tax Annual Returns
Welcome to the first newsletter of 2024
By Andrew Goldman
We are thrilled to share insights, updates, and strategies that will help you navigate the complexities of the financial landscape with confidence. From expert tips on tax planning and compliance to superannuation, we have curated a wealth of articles in this edition of The Practitioner.
As your trusted advisors, our mission is not only to provide exceptional accounting and taxation services but also to serve as your strategic partners in achieving your long-term goals. Whether you’re a seasoned entrepreneur, a growing business, or an individual seeking personalised financial guidance, rest assured that we’re here to support you every step of the way.
We are excited about the possibilities that lie ahead and look forward to continuing our journey with you in the months and years to come.
“Inheriting a home – and the rules if a full CGT exemption does not apply
By Ivan Yeung
There is expected to be a massive transfer of wealth in the coming years as generational wealth is bequeathed.
A significant amount of this wealth will be tied up in real estate, particularly the family home, and tax rules that apply to inherited property come very much into play and, in particular, the Capital Gain Tax (CGT) rules that apply to inherited homes.
In this regard, nothing is more important than the full CGT exemption that applies to an inherited family home if it is sold within 2 years of the deceased’s death.
Importantly, this 2-year period can be extended by the Commissioner (or an extension can be self-assessed in accordance with certain guidelines) where there are circumstances beyond the control of the executors or beneficiary that prevent its sale within 2 years.
A full exemption is also available where the inherited family home is sold after it has been occupied as the home of a “specified” person (such as a surviving spouse or beneficiary) from the time of the deceased’s death until its sale.
Furthermore, in either case, a pre-condition to be able to access these exemptions is that the home must have been the deceased’s main residence at their date of death or deemed to be by the absence concession.
However, where neither of these full exemptions apply, then a partial exemption may be calculated under special rules in relevant CGT provisions.
Broadly, these rules provide for a “pro-rata” partial exemption to reflect the period both before and after the deceased’s death when it was not the home of the deceased and/or a “specified” person.
These partial exemption rules are complex and require careful consideration.
They contain concessions to allow a greater period of time to be favourably taken into account – or to be ignored to the detriment of the taxpayer (and no more so if the deceased was an “excluded foreign resident”).
They also contain traps, and these traps can make a huge difference to the amount of the capital gain that may be subject to any pro-rata calculation and, with the value of real estate increasing, this may make a difference between millions of dollars being subject to the pro-rata, or only a few hundred thousand.
So, for those who come into substantial wealth through inheriting their parent’s home, it is vital to seek your accountant’s advice on the matter, and this is always better done before the problem arises.
Collectables and Personal Use Assets
By Philip Gruchy
Continuing with the inheritance theme, we take a look at some other asset categories.
Collectables
Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets” and those personal use assets known as “collectibles”.
“Collectables” are specifically defined under the tax law to mean the following items that are “used or kept mainly for your personal use or enjoyment”:
- artwork, jewellery, an antique, or a coin or medallion; or
- a rare folio, manuscript or book; or
- a postage stamp or first day cover.
However, for an asset to be a collectable, it must have cost more than $500. Otherwise, collectables acquired for $500 or less are exempt from CGT (but subject to important rules to get around or avoid this threshold test).
However, the most important rule about a collectable is that if you make a capital loss on selling or disposing of a collectable, that capital loss can only be offset against capital gains from other collectibles. It cannot be offset against the capital gain from, say, shares or real estate, and nor can it be offset against your other income.
Furthermore, that jewellery you inherit from your mother will retain its “character” as a collectable (if it was acquired by her after 20 September 1985). So, this too is something to be aware of.
Personal use assets
As for “personal use assets” per se (ie assets used for personal use or enjoyment which are not “collectables” – such as furniture, clothing, pianos etc) they are only subject to CGT if they cost more than $10,000. More importantly, however, is that you cannot claim a capital loss made on a personal use asset.
But is it a business?
Finally, of course, it is often the case that a person who owns such collectibles does so for the purpose of trading in them. In this case, the CGT rules take a backseat to the fact that the profit from such activities is assessable in the same way as ordinary income, as if you were operating a business.
So, if you find yourself dealing with such items, it is necessary to get good tax advice on the matter.
Returning to work after retirement
By Kerry Taylor
Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life and do things they never had time for when they were working. But sometimes things change, and some people feel the urge to return to work. If a return to work is inevitable, it is important to understand the superannuation retirement rules when it comes to working and accessing your superannuation.
Introduction
Many new retirees find that after a few months the novelty of being on ‘permanent vacation’ starts to wear off. Some people may miss their sense of identity, meaning, and purpose that came with their job, the daily structure it brought to their days, or the social aspect of having co-workers.
In fact, figures from the Australian Bureau of Statistics (ABS) have revealed financial necessity and boredom are the most common factors prompting retirees back into full or part-time employment. As such, it is not uncommon to want to return to work after retirement, even if only on a part-time or casual basis. Whatever your reasons or motivations might be, there are a range of factors to consider if you wish to return to work depending on your age.
There are three ways in which you can retire, access your superannuation and then return to work, which are summarised below.
1. Retire on or after reaching preservation age
Individuals can retire after reaching their preservation age, ending gainful employment and declaring that they intend never to return to any ‘gainful employment’ for 10 hours or more each week.
It is illegal to access your superannuation with a false declaration of intention so your intention to retire must be genuine at the time. This is why your superannuation fund may require you to sign a declaration stating your intent.
That said, you can return to work while still accessing your superannuation if your intention to retire at the specific time was genuine and that you didn’t plan to return to work all along. Your intentions are allowed to change even though you may have retired and have already accessed your superannuation or are receiving age pension payments.
2. Ceasing an employment arrangement after age 60
From age 60, you can stop an employment arrangement (i.e., resign from a job) and obtain full access to your superannuation without having to make any declaration about your retirement or future employment intentions.
If you are in this situation, you can return to work without any issues because there was no requirement for you to declare your retirement permanently. For example, you could resign from a job with one employer and start work with a different employer and access your superannuation.
3. Retire after age 65 or older
Once you turn age 65, you can access your superannuation regardless of your work status and do not need to make any declaration about your retirement status. You only need to be retired if you want to access your superannuation before you turn age 65.
Whether you are accessing your superannuation or not, you can return to work at any time.
Your super after returning to work
Regardless of what age category you fall into, you may have taken your superannuation as a lump sum, income stream or a combination of both. If your circumstances change and you return to work, any amounts in your superannuation fund, including any pension payments you may be receiving will remain accessible and can continue to be paid.
However, upon recommencing any future employment, any future superannuation contributions and earnings from subsequent employment and any voluntary contributions will remain preserved until a further condition of release is met, such as retirement or reaching age 65.
Impact on age pension
If you are receiving the age pension and decide to return to work, your employment income will count towards Centrelink’s income test which may impact your age pension entitlements.
Having said that, Centrelink has a ‘Work Bonus’ scheme which reduces the amount of your employment income, or eligible self-employment income, which Centrelink applies to your rate of age pension entitlement under the income test. Fortunately, you don’t need to apply for the Work Bonus, rather, Centrelink will apply the Work Bonus to your eligible income if you meet all the eligibility requirements. All you need to do is declare your income.
More information
If your intentions or circumstances have changed and you have decided that you would like to return to work, contact us if for a chat about your options.
Stage 3 tax cuts – a tax saving opportunity?
By Andrew Goldman
Legislation giving effect to the government’s revised settings for the Stage 3 tax cuts has been passed by both houses of Parliament with the support of the Coalition.
The stage 3 tax cut changes:
- Reduce the 19% tax rate to 16% for incomes between $18,200 and $45,000.
- Reduce the 32.5% tax rate to 30% for incomes between $45,000 and the new $135,000 threshold.
- Increase the threshold at which the 37% tax rate applies from $120,000 to $135,000.
- Increase the threshold at which the 45% tax rate applies from $180,000 to $190,000.
A permanent tax saving
Many taxpayers and their advisers focus on timing issues around year-end by deferring income and bringing forward deductions. Legitimate steps can be taken to shift taxable income from one year to the next and most people would prefer to pay tax next year rather than this year. However, any benefit gained reverses in the following year when you must do it all again just to stand still. It’s a lot of effort for a once off timing advantage.
The difference with the 1 July 2024 tax rate changes is that reducing your taxable income in 2023-24 and increasing it in 2024-25 (where it is taxed at a lower rate) produces a permanent saving over the two-year period – a saving you get to keep. That may make such timing issues worth another look.
How much can you save?
That depends on your where you sit on the income scales and how much taxable income is shifted. Very high income earners will have a marginal tax rate of 45% regardless of whether they shift income and deductions around, and those on lower incomes don’t pay much tax to begin with, so their potential savings are less.
But for anyone who expects to fall in the taxable income range of $120,000 to $135,000, for example, there is a permanent saving of 7% on up to $15,000 in taxable income that is shifted from 2023-24 into 2024-25.
Take someone in that income range who owns a rental property which is in need of a $15,000 paint job, and who was planning to get it done by Christmas. They could save themselves $1,050 by arranging to have the job done in May or June. Not a fortune, but not chickenfeed either.
So, how can you go about shifting taxable income into 2024-25?
Before looking at various options, it is necessary to point out that the tax laws include anti-avoidance rules that prevent tax planning strategies which have as their sole or dominant purpose the gaining of a tax advantage. However, if you are simply bringing forward ordinary business-related purchases that you would have made anyway, those rules are unlikely to be triggered. To make certain you stay on the right side of the tax rules you should check with us before taking any action.
Bringing deductions forward
Subject to the above, and depending on your expected taxable income, bringing deductions forward into the 2023-24 income year offers the widest range of options for achieving a permanent tax saving. Bear in mind that bringing purchases forward does involve an earlier than planned cashflow impact that you would need to fund. Options include:
Rental properties
If you have a rental property that is in need of any sort of maintenance or repairs, why not get on to it now? You’ll be bringing the deduction into 2023-24 and keeping your tenants happy at the same time. There can sometimes be a fine line between repairs (deductible immediately) and improvements (deductible over time). We can help you sort out which is which.
Gifts and donations
If you have a tradition of gifting and donating, maybe to telethons and appeals that occur later in the year, consider making those donations to the charities before the end of June 2024. Charities are more than happy to receive donations at any time of the year, and if the taxman can give it an extra boost, why not? Double check that your chosen charity is a deductible gift recipient.
Superannuation
Consider making after-tax contributions into your super fund. But be mindful of contribution caps and the additional 15% tax on contributions made by high income earners. You should seek financial advice prior to taking any action.
Sole traders and partnerships
Do you have a small business which you operate through your own name or in partnership? Consider some of these possibilities:
- Depreciation: Could you do with a new laptop or other tools and equipment? Or even a modest motor vehicle? Legislation that is expected to pass Parliament before 30 June 2024 will set the small business threshold for claiming an outright deduction for the cost of depreciating assets to $20,000. If you’re planning to make these purchases anyway, you would be better off with that sort of deduction falling into the 2023-24 year where the tax rate is higher. So consider paying a visit to JB Hi-fi, Bunnings or the nearest car yard and start looking around.
- Bad debts: Have a receivable you know isn’t going to pay, but you just haven’t wanted to admit it? Consider writing it off and take the deduction now. But remember, the debt must be more than simply doubtful and there are certain other requirements which must be met. We can help you with those.
- Obsolete stock: Is that box of polaroid cameras really going to move anywhere other than to a museum? Write it out of stock before 30 June 2024 and take the deduction.
- Bring forward deductible expenses: Buying two boxes of printer paper? Buy three instead. Stock up on printer ink, you never know when you’re going to have that big print run you hadn’t anticipated. Consider what other consumables you use and stock up for your short term needs before 30 June 2024.
- Prepay deductible expenditure: All taxpayers are entitled to claim deductible prepaid expenditure where the expenditure is below $1,000 (excluding GST) or the expenditure is required by law (e.g., car registration fees). Where the expenditure is $1,000 or more, small business entities can deduct the full amount of prepaid expenditure if it relates to a period of 12 months or less. Note that this is also available to non-business expenditure of individuals (e.g., work-related expenses or rental property expenses).
- Employee bonuses: Confirm commitments to pay employee bonuses are made by 30 June 2024, and don’t forget that PAYG withholding must be withheld when the bonuses are paid.
- Skills and training: Take advantage of the small business entity skills and training boost before it ends on 30 June 2024. The Boost enables small businesses to deduct an additional 20% of expenditure that is incurred for the provision of eligible external training courses to their employees by registered providers in Australia.
- Energy incentive: Take advantage of the small business entity energy incentive which provides a bonus deduction of 20%. Eligible assets include heat pumps and electric heating or cooling systems, and demand management assets such as batteries or thermal energy storage. Eligible assets or upgrades will need to be first used or installed ready for use by 30 June 2024.
Note: this incentive is provided for in the same Bill as the $20,000 instant asset write-off provisions, which is currently before Parliament and is expected to pass before 30 June 2024.
Deferring income
Options for shifting income into the 2024-25 year are more limited, but include:
Salary sacrifice
Consider salary sacrificing into super before 30 June 2024. As mentioned above, be mindful of the contribution caps, the additional tax for higher income earners and seek financial advice before taking any action.
Interest
Ensure term deposits mature after 30 June 2024.
Super contribution caps to increase on 1 July 2024
By Kushal Sharma
For the first time in three years, the superannuation contributions are set to increase from 1 July 2024.
Contribution caps to increase
Due to indexation, the contribution caps will increase on 1 July 2024 as follows:
- Concessional contributions cap – from $27,500 to $30,000
- Non-concessional contributions cap – from $110,000 to $120,000
- The maximum non-concessional contributions cap under the bring forward rules – from $330,000 to $360,000.
What are concessional contributions?
Concessional contributions (CC) are before-tax contributions and are generally taxed at 15%. This is the most common type of contribution individuals receive as it includes superannuation guarantee (SG) payments your employer makes into your fund on your behalf. Other types of CCs include salary sacrifice contributions and tax-deductible personal contributions.
The government sets limits on how much money you can add to your superannuation each year. Currently, the annual CC cap is $27,500 in 2023/24.
What are non-concessional contributions?
Non-concessional contributions (NCC) are voluntary contributions you can make from your after-tax dollars. For example, you may wish to make extra contributions using funds from your bank account or other savings.
NCCs are not tax deductible and are not taxed with your super fund.
What are the bring forward rules?
The bring forward rules apply to NCCs and allow you to make up to three years of NCCs in a single financial year, if you’re eligible. This means you can put in up to three times the annual cap of $110,000, which means you may be able to top up your superannuation by $330,000 within the same financial year.
Using the bring forward rules can be beneficial for individuals who have a large amount of cash to invest which may have come from an inheritance or from the sale of an asset/property.
However, how much you can make as a NCC will depend on your total superannuation balance (TSB) as at 30 June of the previous financial year (see table below).
Bring forward NCC amounts will also increase
In addition to the contribution caps increasing, the maximum NCC cap under the bring forward rules will also increase on 1 July 2024.
The table below shows the TSB thresholds that apply to determine how much you can contribute under the bring forward rules:
Your TSB at 30 June 2024 | Maximum NCC Cap | Bring forward period |
<$1.66m | $360,000 | 3 years |
$1.66 to <$1.78m | $240,000 | 2 years |
$1.78 to <$1.9m | $120,000 | 1 year |
$1.9m | $0 | $0 |
Take care before you contribute
The increase to the NCC cap under the bring forward rules will not apply to individuals who have already triggered the bring forward rule in either this year (2023/24) or last year (2022/23) and are still in their bring forward period. This is because the NCC cap that applies to an individual is calculated with reference to the standard NCC cap when they triggered the bring forward rule in their first year.
For example, if the NCC cap in the second and third year of a bring forward period changed to $120,000 due to indexation, your NCC cap will still be $330,000 ($110,000 x 3 years) and not $350,000 ($110,000 + $120,000 + $120,000).
For this reason, if you want to maximise your NCCs using the bring forward rule, you may wish to consider restricting your NCCs this year to $110,000 or less so you do not trigger the bring forward rule this year.
However, how much you can contribute and whether your fund is allowed to accept your contribution can depend on your age, your TSB and other eligibility criteria. The rules are complex and making contributions to superannuation that exceed the contribution caps can result in excess tax. Give us a call if you need any further information or would like to chat about your options.
Important tax residency issues to consider
By Andrew Goldman
What happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)?
Well, the answer will primarily depend on whether the person ceases to be a “resident of Australia” for tax purposes at the time they leave Australia.
This can be one of the most difficult issues in tax law to determine. Not only will it depend on the precise facts and the intention of the taxpayer, but it can also involve what often seems to be a “judgement-call” at the relevant time. This is especially the case as a taxpayer’s residency status is worked out on an income year basis, and this can change from one income year to another.
But putting aside all the issues involved in determining whether a person ceases to be a resident of Australia for tax purposes part-way through an income year, let us assume this is the case.
So, what are some of the general tax consequences associated with such part-year residency?
The person’s tax threshold for the relevant income year will be adjusted downwards (pro-rated) to reflect the fact that the person ceased to be a resident for tax purposes part-way through the income year. As a result, this pro-rated threshold will apply to the person’s assessable income:
- from all sources both within and outside Australia for the period they are a resident of Australia, and
- from sources within Australia while they are a foreign resident.
Importantly, this in effect means that the resident tax rates do not change on the basis of a person’s part-year residency – but only the relevant tax-free threshold.
It should also be noted that assessable income derived from sources outside Australia during the period in the income year that the person is a “foreign resident” will not be subject to tax in Australia as it will be outside the Australian taxing jurisdiction.
And, of course, for the following income years the person will be assessed as a foreign resident and therefore only pay tax in Australia on Australian-sourced assessable income at foreign resident rates.
Another consequence that is often overlooked is that a person ceasing to be a resident of Australia for tax purposes will be deemed to have disposed of all their Australian-sourced CGT assets for their market value at that time. However, this is subject to an exception for “taxable Australian property” (which always remain subject to CGT regardless of the taxpayer’s residency status) and any “pre-CGT” assets of the taxpayer.
Furthermore, a person can instead choose to opt out of this “deemed disposal” rule – in which case all their Australian-sourced CGT assets will be treated as taxable Australian property until they are actually disposed of or the taxpayer becomes a resident of Australia again for tax purposes.
So, these are some of the tax considerations to be considered upon a person ceasing to be a resident of Australia.
But the key question of determining a person’s residency for tax purposes remains – and this is not always an easy issue.
For example, in a recent tax decision, the Administrative Appeals Tribunal held that a person was a resident of Australia for tax purposes even though they were working outside the country for substantially more than half the year and even though this occurred over a four-year period.
The AAT found that because the taxpayer’s wife and family remained in Australia and because he had other connections to Australia such as the ownership of property and motor vehicles here, then he was a resident for tax purposes – as he had no “plans to abandon Australia”.
The case illustrates something of the difficulty of determining a person’s residency for tax purposes. It is clearly a “case-by-case” matter.
And it is clearly something on which professional advice should always be sought.
Family companies and the many tax traps
By Ivan Yeung
If you own a family company, then it is very important how you receive and treat any payments made from the company to you (or your associates – for example, your spouse). And this is simply because any payment from a company (other than wages or a return of the original capital) is, in most cases, prima-facie a dividend in the hands of the recipient – however it may otherwise be classified.
In particular, if you arrange for your company to provide you (or your associate) a loan, then it will be deemed to be a taxable dividend (and an unfranked one at that) – unless you comply with the requirements for it to be a “complying loan’’ (which includes imposing a market rate of interest on it). Likewise, any forgiveness by the company of the loan made to you will be treated as a deemed dividend in your hands also – again unless certain requirements are met.
This area of treating loans by the company to a shareholder (or associate) as a deemed “Div 7A dividend” is a fundamental issue in tax law – and has been for many, many years.
And it is a matter that you should always speak to your adviser about.
Importantly, it also extends to the case where your family trust makes a resolution to distribute trust income to a beneficiary company (usually a so-called “bucket company”) and the amount is never actually paid to the company but is kept in the trust.
In this case, the ATO treats this as a deemed dividend made by the company to the trust – albeit it is a hot button issue in tax at the moment as to whether the ATO is correct in its approach to this.
Again, this is a matter that you MUST always speak to your adviser about – especially with the current uncertainty and changes in the air in relation to Div 7A.
With family companies there is also the issue of loans made by shareholders or directors to the company and any subsequent forgiveness of them.
On the face of it a complete forgiveness of the debt owed without any repayment of the loan should trigger a capital loss in the hands of the shareholder or director.
However, the tax laws are more sophisticated than this – and a capital loss will only arise to the extent that the debt is incapable of being repaid by the company. There is also an argument as to whether any capital loss should be available at all even if the company could not repay the debt.
Likewise, there will be consequences for the company.
While no immediate taxable gain will arise to the company from the release of its obligation to repay the debt, there may be a restriction on its ability to claim tax deductions in the future for such things as carry forward tax losses and/or depreciation. While this may not be an issue if the company is winding up, it will be if it continues to operate.
So, the moral of the story is just because you own the company doesn’t mean you can treat it as your own private bank to make withdrawals from it as you please or make loans to it (and forgive them) – without considering the serious tax consequences of such actions.
There will always be tax consequences – and you will always need professional advice on this matter.
Protecting your child’s inheritance
By Andrew Goldman
Are you concerned about protecting your child’s inheritance from a future divorce or relationship breakdown? The truth is that you are not alone – many parents share the same concern.
Tough times
Many young people struggle to save a deposit to buy a home. By contrast, parents may be in better position to give their children a bequest during their lives to help their children when they need it most, typically as they are looking to purchase a property or when they are paying off a mortgage and raising their own children. For those parents wanting to help their children get started on the property ladder, many are taking legal precautions to ensure their child’s inheritance does not end up in the hands of a former spouse/de facto if they split up. The reality is many marriages and relationships break down, so parents must be on the front foot to ensure their hard-earned wealth remains within their family unit.
Tips to protect your wealth.
The following tips can help protect your wealth from your child’s future spouse/partner:
- Ensure your child signs a prenup – a binding financial agreement (BFA), otherwise known as a “prenuptial agreement” is a legal document signed by couples either before or during marriage or living together in a de facto relationship. It sets out the way some or all of a couple’s assets, superannuation, gifts, inheritances and potential debts will be divided if their relationship breaks down. As such, it can prevent arguments around the splitting of assets and can also help save time and money when a couple separates. For example, a BFA could provide that any inheritance received during the relationship would remain the property of the person who received it if a couple were to go their separate ways.
- Establish a testamentary trust – for those looking to provide an inheritance to their children after their death, setting up a testamentary trust (TT) is another option to consider. A TT is a trust created by a will that does not come into force until the death of the will maker. Rather than providing an inheritance outright, assets are transferred into a trust and held on behalf of an individual or group of beneficiaries. As such, your child’s inheritance will remain in the legal hands of a trust and therefore be less likely to be claimed by their spouse/partner if their relationship breaks down.
- Sign a written loan agreement if helping children buys a home – another option is for parents to give the money under a properly documented loan agreement to ensure that they could be paid back should anything go wrong. Parents can either register the loan as a mortgage or as a caveat against the title of the property. The benefit of this is that the loan must ultimately be repaid and is a liability that reduces the total assets that are available for division in the financial settlement if the couple separates.
- Tenants in common – another option is for your child to purchase their property as tenants in common (TIC) with their spouse/partner so the title is held in proportion to their contributions to the purchase cost. This is different to buying a property as joint owners (or ‘joint tenants’) as TIC ownership does not have to be a 50/50 split. Instead, the percentages could reflect each party’s contribution to the property. It also means that when one of the owners passes away, their share is subject to their will rather than going directly to the other owner. Although this ownership structure may be beneficial from an asset protection viewpoint, there are other pros and cons that must be considered.
Seek legal advice
If you’re thinking about helping your children out, make sure you seek professional legal advice from an expert who specialises in estate planning or family law to help protect your assets from others. It may come at a higher cost now, but it will be worth it and work out cheaper in the long run if the relationship goes awry.
Fringe Benefits Tax Annual Returns
By Ivan Yeung
With the 2024 FBT year finishing on 31 March whilst we were relaxing (hopefully) over Easter, we are now in the process of writing to clients to gather information in preparation for lodgement of 2024 FBT Annual Returns.
If you have any questions once you receive this communication and request for data, please contact me.
This publication is for guidance only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication. Publication April 2024.