Parents will soon be able to access up to 26 weeks of paid parental leave (PPL) under an expansion of the scheme.

The Paid Parental Leave Amendment (More Support for Working Families) Bill 2023 (the Bill), which was passed by the Senate, will increase PPL by adding 2 weeks each year from 1 July 2024, until the overall length of the scheme is increased to 26 weeks by July 2026.

The Bill also introduces concurrent leave, meaning that from July 2026 both parents can take 4 weeks of reserved leave at the same time, thereby increasing flexibility for families to share caring responsibilities. The reserved leave period will increase by one week each year from 1 July 2025 to reach 4 weeks by 1 July 2026. Currently, the PPL scheme provides 20 weeks of payment for a child, with 100 flexible PPL days and 2 weeks reserved for each parent.

In addition to the expansion of scheme, the federal government also announced its intention to pay superannuation on PPL from 1 July 2025.

15 May 2024

• Lodge 2023 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups) and are not eligible for the 5 June concession.
• Due date for companies and super funds to pay if required.

21 May 2024

• Lodge and pay April 2024 monthly business activity statement.

26 May 2024

• Lodge and pay eligible quarter 3, 2023–24 activity statements if you or your client have elected to receive and lodge electronically.

28 May 2024

• Lodge and pay quarter 3, 2023–24 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.

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.