April 2018 Newsletter

Contents:

Wimmera saleyards switch to electronic tagging

Saleyards throughout Victoria are set to switch on to new technology from March 31 with all vowing to be ready for the introduction of scanning of electronic identification eartags.

With less than a fortnight remaining until the deadline, yard operators have been putting the final touches to their facilities to ensure compliance.

 

What you need to know about Single Touch Payroll

Single Touch Payroll (STP) aligns your reporting obligations to your payroll processes.

You will report to us each time you pay your employees. Your pay cycle does not need to change. You can continue to pay your employees weekly, fortnightly or monthly.

The information you send us will include your employees’ salaries and wages …

10 things to know about downsizer contributions

 Australians will be able to contribute certain proceeds from home sales to their superannuation from 1 July, but there are a number of factors to consider.

According to special counsel, superannuation at SUPERCentral Michael Hallinan, there are at least 10 conditions those considering downsizing should be aware of.

Trust vesting ‘rearing its ugly head’

With the vesting dates for a large number of family trusts established in the 70s and early 80s set to expire soon, beneficiaries of these trusts could soon be facing significant CGT and stamp duty liabilities, warns an industry lawyer.

Speaking at a seminar in Sydney, Townsends special counsel of superannuation and estate planning Brian Hor said …

“It is easier to change others, than to change yourself”

The words and lessons of Nelson Mandela underlined AHRI’s International Women’s Day breakfast this year.

In the six years it’s been running, AHRI’s International Women’s Day breakfast has probably never been so important.

 

6 good reasons to write your family constitution

It is important for every family business to communicate effectively and to reach decisions that optimally balance the needs of both the family and the business. As the complexity of family and business relationships increase, families can turn to a formal “family constitution” to create a healthy communication and decision-making environment.

 


Recent Facebook posts you may have missed:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Announcements:

This month we wish happy birthday to Laurie & Richard!

 

 

 

 

 


Commonly Asked Question

What do you need on an invoice?

A valid invoice (for taxable sales of less than $1,000) must include enough information to clearly determine the following seven details:

  1. that the document is intended to be a tax invoice
  2. the seller’s identity
  3. the seller’s Australian business number (ABN)
  4. the date the invoice was issued
  5. a brief description of the items sold, including the quantity (if applicable) and the price
  6. the GST amount (if any) payable – this can be shown separately or, if the GST amount is exactly one-eleventh of the total price, as a statement such as “Total price includes GST”
  7. the extent to which each sale on the invoice is a taxable sale (that is, the extent to which each sale includes GST)
    1. Example 1 pictured below meets this requirement because the sale is clearly identified as being fully taxable by the words “total price including GST”
    2. Example 2 meets this requirement in two ways: it shows the GST included in each line item (see column with the GST amount), and the sale is clearly identified as being fully taxable by the words “the total price includes GST”.

As well as the above, tax invoices for sales of more than $1,000 need to show the buyer’s identity or ABN. This of course may be shown on invoices for lesser amounts, but once over $1,000 it becomes a requirement.


 Did you know

Tax Residency Forms

ANZ have changed their reporting policy and any client with an existing account with the bank now needs to confirm their tax residency.

In a nutshell you need to fill in step one (name and address etc), step 2 tick box A (if appropriate) and then on step 3 tick entity is a tax resident of Australia  (if appropriate) and sign step 4 before forwarding back to bank.

Other banks may soon introduce a similar policy!

If you need any assistance completing these forms please let us know.

 

All the best from the Watts Price Team!