May 2017 Newsletter

Contents:

 

Wettest April since 2001

 

 

 

 Education Grants through Skills First Program

 

 

 

Amazon pioneers on-demand clothing

 

 

 

ATO to release debt information

 

 


Recent Facebook posts you may have missed:

Visit our Facebook page for these articles and more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Announcements:

 TAX PLANNING

Is your wealth diminishing at the hands of the Tax Office?

The 30th of June only comes around once a year and it’s the last chance you will have this year to ensure you are paying the least amount of tax you are legally obliged to.

If you haven’t already please contact our office to arrange your tax planning appointment!

TRUST DISTRIBUTION MINUTES

A reminder that if you make beneficiaries entitled to trust income you should ensure that the resolution is completed by 30 June for that income year.

Failure to do so may mean that the default beneficiary will be assessed on the total income of the trust. If there is no beneficiary that trustee is likely to be assessed at the highest marginal tax rate plus the Medicare levy.

If you have not created a Trust Distribution Minute yet or need further assistance please contact our office.

MyGov

Please note that if you have a MyGov account that you will receive your Notice of Assessment and any relevant PAYG Installment notice via the MyGov portal.

We are informing clients of this because we do not receive a copy of either document any more if you have a  MyGov account which means you need to be checking for these documents on a regular basis and ensuring any required action occurs within the specified time period to avoid penalties.

Watts Price Bank Account

Please note that we have closed our old Bank of Melbourne bank account. If you pay our account by direct debit please ensure that you are using the Commonwealth Bank account which was set up 12 months ago.

If you inadvertently deposit money to the old account the transaction will be rejected, if this happens please contact our office!

Our Commonwealth Bank account details are: BSB: 063 514  Account: 1055 9602

Birthdays

We wish both Cris (last week) & Lyndel (this week) a very happy birthday!

 


Most asked question of the Month:

What is the best accounting software for my business?

We believe that there is not a ‘one size fits all’ application on the market. As a result we have a free consultation service that runs through a 20 question checklist that will help identify which is the best option to suit you.

Popular cloud software: Xero, MYOB Essentials, Reckon One, Saasu

Popular Desktop Software: MYOB AccountRight1, Reckon (Quickbooks & Quicken)

Popular alternative: Banklink

The best options will depend on a number of variables such as: pricing; internet and computer specifications; what functionality you need (e.g. payroll, inventory, debtors, time & billing etc); number of users and how they will use it; what other software will integrate with it; the number of files you have; your time constraints – just to name a few!

We encourage anyone thinking about changing their software to contact us prior to get free expert advice on 5382 3001 or via email on mail@wattsprice.com.au.

 


Local News

Employers: We have just heard that the Melbourne Cup holiday will be moved to Horsham Cup day for the next 3 years!


Upcoming Events

What would you like to see?

We invite you to make suggestions on what topics you would like our team to present on. Please email your suggestions to Richard Kemp on richardk@wattsprice.com.au

Examples:

  • Working ‘on’ your business (rather than ‘in’ it)!
  • Employer Obligations
  • Investment Properties – to invest or not?
  • Wimmera Farm Performance
  • Estate Planning Basics
  • etc