The ATO has increased its activity around recovering unpaid business debts. During the pandemic, it paused debt recovery, but has now resumed its pursuit of debts.

Fringe Benefits Tax (FBT) is one of the focus areas for the Australian Taxation Office. It is important for business owners to understand when FBT may apply, and what benefits they can provide employees that do not attract FBT. For most small and medium employers, it is best to avoid non-exempt benefits as record keeping when it comes to FBT can be quite onerous.

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2022–23 Federal Budget at 7:30 pm (AEDT) on 29 March 2022.

In an economy emerging from the pandemic, the Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23.