August 2017 Newsletter

Contents:

 

Employing Holiday Makers Changes

Any employer can hire a working holiday maker, especially when they need labour for a short period of time. You can identify a working holiday maker as they will hold a Working Holiday visa (subclass 417) or Work and Holiday visa (subclass 462).

Working holiday makers are taxed at 15% from the first dollar earned, regardless of their residency status.

 

 Know Your SMSF Trustee Obligations

You have a number of obligations as an SMSF trustee, and harsh penalties may apply if you fail to meet them. Here’s a checklist of important areas you’ll need to take into account each year.

If your SMSF pays out pensions, it must pay required minimum amounts each year. This amount is based on the ages of the members who receive the payments

 

 

Mandatory Data Breach Rules

Organisations will soon be legally obliged to disclose data breaches thanks to a new bill that has been passed by the Federal Government.

How will these new laws impact your business?

 

 Regional Payroll Tax Cuts

THE state government says regional Victoria will have the lowest rate of payroll tax in Australia, announced during the 2017-18 state budget.

The rate will decrease from 4.85 per cent to 3.65 per cent for business “based primarily in regional Victoria”.

The payroll tax-free threshold will increase to $625,000 from July 1 this year, and to $650,000 next year.

 


Recent Facebook posts you may have missed:

Tax tips – Rental Properties : Claiming Travel expenses has changed

Make your tax appointment with a Watts Price Accountants Tax Professional today

To request an appointment online, click here – http://wattsprice.com.au/?page_id=221

 

 

Tax tips – Superannuation Salary Sacrifice limits from 1 July 2017

Make your tax appointment with a Watts Price Accountants Tax Professional today

To request an appointment online, click here – http://wattsprice.com.au/?page_id=221

 

 

Tax tips – Family Tax Benefit: End of year adjustments

Make your tax appointment with a Watts Price Accountants Tax Professional today

To request an appointment online, click here – http://wattsprice.com.au/?page_id=221

 

 


 Announcements:

This month we wish Phoebe a happy birthday!

 

 

 

 

 

Paul completes the double this month with both a birthday and brings up 11 years of employment. Congratulations Paul!

 

 

 

 

Also this month Cris celebrates 16 years at Watts Price and Jo brings up 6 years. Congratulations!

 

 

 

 

 

 


Upcoming Events

Tax & Property – September 2017

Managing Staff – how to get the most from your team! (Date to be confirmed)


Most asked question of the Month:

Single Touch Payroll – does it apply to me?

Single Touch Payroll (STP) commences 1 July 2018 for businesses with 20 or more employees. For those businesses with less than 20 employees they can voluntarily chose to embrace the changes.

Employers will need to report payments such as salaries and wages, PAYG withholding and super information electronically through to the ATO directly from their payroll solutions at the same time they pay their employees.

What does that mean? It means at the end of the financial year these employers won’t need to complete payment summaries for their employees as the payroll information would have been reported to the ATO in real time throughout the year.

To read more!

All the best from the Watts Price Team!