July 2017 Newsletter

Contents:


Minimum Wage Increase – 1 July

The Fair Work Commission has announced a 3.3% increase to the National Minimum Wage from 1 July 2017.

The new national minimum adult wage will be $694.90 or $18.29 per hour. This constitutes an increase of $22.20 per week to the weekly rate or 59 cents per hour.

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State Budget Proposals Passed

As of today, 27 June 2017, the following changes affecting property transactions have been legislated. Includes changes to: Stamp duty exemptions; First Home Owners Grant; Transfers between spouses; Off-the-plan duty concessions; vacant residential land tax.

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Manage Your Energy, Not Your Time

When our workloads increase, many of us decide to up our number of working hours. But harnessing moments of ‘unfocus’ might be the key to getting more done in less time.

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What Does Single Touch Payroll Mean?

Businesses with more than 20 employees will be required to report payroll and some other financial information to the Australian Tax Office (ATO) using the ‘Single Touch Payroll’ system from 1 July 2018.

Read more


Recent Facebook Posts


Announcements:

We wish both Paula and Jo a Happy Birthday this month!

Also we congratulate Brain who will notch up 27 years of service this month!


Business Horsham Business Confidence Survey

We encourage businesses in the Horsham area to participate in this important survey. It will take just 2 minutes of your time and provides insight to Business Horsham on issues affecting local business which they use to lobby Council on your behalf.
Take the survey!

 

 

 


Notices

End of Year & Payroll

Anyone having difficulty with the End of Year processing of their accounting software including Payroll obligation should give us a call on 5382 3001 or email us at mail@wattsprice.com.au

Dropbox

Please note that access to our Dropbox facility, which we use to receive large accounting files securely from our clients, has changed.

For the new access details please contact our Practice Manager, Richard Kemp via richardk@wattsprice.com.au


Did You Know:

Is there a Notice Period to Access Term Deposits Early?

Yes, there is! Since the beginning of 2015 under the Basel III liquidity standards, banks introduced a 31 day notice periods on term deposit investments these are part of the bank’s liquidity coverage ratio to help improve financial institutions’ ability to withstand stress (a rush on funds by customers).

These rules also affect Farm Management Deposits (FMDs).

There are exceptions to the new rules, for example “if a customer is experiencing financial hardship.”

There are also early exit fees.

All the best from the Watts Price Team!