ATO updates for small business

The Fringe Benefits Tax (FBT) year ended on 31 March. If you’ve given any non-cash benefits to your staff – like a company car or paying their gym membership – you may need to lodge an FBT return.

• If you lodge your own return (or your tax agent lodges by paper), you must lodge and pay by 21 May 2025.

• If your tax agent lodges online for you, you have until 25 June 2025 to lodge and pay the amount owed.

Remember to include your current financial institution details (FID) when you lodge your FBT return to ensure any refund is deposited electronically into your account. Your refund may be held up if you do not provide your FID.

If you didn’t pay your employees’ super guarantee on time or to the right fund, you must lodge a Super Guarantee Charge (SGC) statement and pay the SGC to the ATO by 28 May 2025. If you don’t, you could face extra penalties.

If you are not sure how much SGC is payable, use the ATO’s SGC calculator and statement tool to work out the SGC liability for your eligible workers and calculate the amounts payable.

Remember:

• Super guarantees must be paid quarterly

• Paying more frequently can help you manage your cashflow. Use the cash flow coaching kit to help you.

• The super rate will increase from 11.5% to 12% on 1 July 2025. This applies to all wages paid to eligible workers on or after 1 July, even if the work was done before that date.

If you’ve just started or are planning to start a small business, make sure you know your tax and super obligations that come with it. The ATO has information to help you get ready for business so can stay on the right track, visit ato.gov.au/Readyforbusiness

If you have people working in your business, whether employees, contractors or casual staff, now is a good time to check that your tax and super obligations to ensure they’re in order.

Check out the ATO’s Employer obligations factsheet or visit ato.gov.au/employers for more information.