2024 FBT Year – Ends 31 March 2024

This is a timely reminder to capture Odometer Readings at 31 March 2024 for any motor vehicles that are under the Operating Cost method for Fringe Benefits Tax (FBT).

In relation to the Operating Cost method, the ATO have updated their guidance to clarify that the Operating Cost method can be used to calculate the car fringe benefit even without a logbook, or if the logbook is invalid.

In this situation the business use percentage will default to nil however this may still result in a lower FBT liability than the statutory formula method.

We will be sending out FBT Questionnaires to clients shortly and we will provide more FBT updates in our next newsletter.

The Bike Of Life

Having a balanced life is not about being perfect in all areas. It is about ensuring that any emphasis that may be put into one or more areas of your life is not causing an in-balance and issues in other areas.

The Bike Of Life is a great little self-assessment to ascertain where your energy is going and where more attention can be directed.

To further assist you, please click Begin Life Balance Diagnostic button below and answer 25 questions (it should only take you 5 minutes) to identify from 6 factors the top 3 areas that are working well and top 3 areas you need to work on to improve your personal Life Balance. You will also have the ability to see how you compare to the global benchmark (average scores of all completed diagnostics) on each of the 6 factors.

Register Your Interest: Harris Black Business Leaders Forum

2024 will be a year of exciting opportunities for most business leaders. Not only is it an opportunity to ‘reset’ strategies, but also to look at how to boost business value, grab emerging opportunities and scale up by doing more with less. This is often easier said than done especially in the unpredictable and at times very challenging current market.

Discover emerging trends all leaders need to understand for higher performance.  Challenge your plans with experienced peers.

Register your interest by clicking the button below.

Workshop Details:

Date: 31 May 2024
Time: 7:45am
Venue: Harris Black Office – Level 16 333 Ann Street Brisbane QLD 4000

Superannuation Contributions Caps To Be Increased In July

Effective 1 July 2024, the contribution caps for superannuation will increase as follows:

  • the concessional contributions cap will increase from $27,500 to $30,000; and
  • the non-concessional contributions (NCC) cap will increase from $110,000 to $120,000.

Accordingly, the maximum available under the non-concessional contribution bring forward provisions will increase from $330,000 to $360,000 (unless they have already been triggered by 30 June 2024).

The $1.9m Total Super Balance (TSB) limit has not changed, but lower sub-limits will apply as they are based on the contribution limit.

The following tables indicate the change:

To 30 June 2024

From 1 July 2024

Empowering The Floorcovering Industry: Insightful Presentations & Workshops

Renee Bettenay, Director of Harris Black, recently participated in two significant industry events hosted by her client, MJ Sturgess & Co Pty Ltd, a family-owned business dedicated to fostering improvement not just within their own operations but also across the floorcovering industry they serve.

At the MJS FloorTec Conference, which brought together contractors from the floorcovering industry, Renee presented the findings of a group diagnostic aimed at addressing industry concerns and opportunities. She shed light on the industry’s outlook and emphasized the importance of “the Power of One” in business management. Renee also underscored the significance of succession planning for businesses, highlighting its pivotal role in ensuring the longevity and sustainability of businesses and providing practical steps for attendees to take back to their businesses.  The event which was part of MJS Partners In Business initiative was well attended by 165 people in the floorcovering industry.

Additionally, at the MJS National Sales Conference, Renee led a three-hour workshop focused on identifying waste within the business and understanding the impact of small improvements, highlighting the importance of even a 1% enhancement in business operations. The workshop resulted in the development of 90-day action plans for each group, enabling them to implement necessary improvements upon returning to their day-to-day roles within the business.

Renee Bettenay’s contributions to these conferences provided attendees with practical strategies and insights to enhance their businesses’ efficiency and sustainability.

Tax Institute Private Business Tax Retreat

On the 15th and 16th of February 2024, tax professionals, policy experts, and business leaders convened at the Tax Institute’s Private Business Tax Retreat. This exclusive gathering provided a platform for insightful discussions, strategic insights, and deep dives into the ever-evolving landscape of taxation affecting private businesses. Harris Black attended the sessions, and have provided a few highlights from the event.

Cooper Grace Ward Lawyers delved into unlocking small business capital gains tax (CGT) concessions. They provided invaluable insights into the intricacies of CGT concessions, emphasizing the importance of written choice for the retirement exemption. Attendees gained a deeper understanding of the crucial dates to consider when utilizing the active asset test and the necessity for extensive workings behind the $6 million net assets test. This session shed light on practical strategies for utilising CGT concessions while ensuring compliance with regulatory requirements.

Sladen Legal discussed the impact of rollovers on tax consolidation, offering insights into the complexities and implications of these transactions. They also provided guidance on scrip for scrip rollover relief and highlighted important updates to tax determinations, equipping attendees with valuable knowledge to navigate rollover scenarios effectively.

Other hot topics such as tax consolidation provided valuable insights into tax structures and streamlining compliance processes. Discussions on capital raising and management explored strategies for accessing capital while managing tax implications effectively. Furthermore, sessions on Division 7A loans addressed compliance challenges and best practices for managing shareholder loans.

In conclusion, the Tax Institute’s Private Business Tax Retreat was a resounding success, providing attendees with invaluable insights, strategies, and connections to thrive in today’s dynamic tax environment. We look forward to the next Private Business Tax Retreat in May 2024 to gain insights into AI, payroll tax grouping, unit trusts and much more.

How can we help you?

Today’s financial environment demands a regular review of strategy and a focus on execution.