The first return is not due until September 2024 but the reporting period starts from 1 July 2023. Small FAPs with low transaction volumes will not have many issues, but larger FAPs with lots of transactions should ideally collect data as each transaction progresses. This will make the end of each reporting period a breeze. However, making changes to software and tweaking internal FAP processes takes time so we recommend you start talking with your software vendor sooner rather than later.

If you have any questions about what you need to do to get this underway feel free to give our team a call and we can point you in the right direction.