February 2018 Newsletter

Contents:

Tariff Delivers Big Blow to Pulse Industry

THE AUSTRALIAN pulse industry could lose hundreds of millions of dollars in export income due to a decision by the Indian government to impose a 30 per cent tariff on chickpea and lentil imports, effective immediately.

As industry tries to digest the implications of the decision, Pulse Australia’s short-term priority is to ensure product currently en route to India is not subject to the tariff

NAB Survey: Retailers Suffer Through Xmas

While the bulk of Australian business enjoyed an upbeat festive season, retailers were looking at falling sales and profits.

The respected and influential NAB business survey found retail continued to be the economy’s black spot in December — a reputation it has endured for most of the past 18 months.

 

Capital Works Deductions for Rental Properties

Rental property investors can claim capital works deductions for construction costs for a rental property, however there are limits imposed in relation to the dates such works were completed. The deductions are only available on residential properties if these were built after 17 July 1985. Generally, up to 15 September 1987 the rate is 4% a year (over 25 years) and after then is 2.5% (but over 40 years).

 

SMSFs Cautioned on Bitcoin Hype

SMSFs and other retail investors that have been disappointed with the low returns on their cash investments are looking to cryptocurrencies, but the area is riddled with risks, according to HLB Mann Judd.

The financial services firm’s corporate advisory partner, Nicholas Guest, told a media briefing in Sydney today that bitcoin had experienced 1000 per cent growth in value through the 2017 calendar year and despite a recent sizeable fall in value, investors were still interested.


Recent Facebook posts you may have missed:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Announcements:

This month we would like to congratulate Peter Knights on his recent Australia Day honours. Peter was named one of Northern Grampians Shire Council’s Citizens of the Year in recognition of his extensive dedication to the community. Congratulations Peter on this well earn’t award!

If you missed the article read more here!

 

This month we wish happy birthday to Jenny! We also congratulate Richard and Laurie who are celebrating 11 years and 10 years service this month (respectively)!


Commonly Asked Question

What is the difference between joint tenants and tenants in common?

If property is owned as joint tenants then when one joint owner dies, the survivor/s will be the legal owner/s of the whole of the property. This means that the property will not fall into the deceased’s estate.

If property is owned as tenants in common, then on the death of one co-owner their share of the property will become part of their estate and be distributed in accordance with their Will.


 Intuit Quickbooks Online – Special Offer!

For clients still using desktop based bookkeeping software that have a reliable internet connection then this offer from Intuit Quickbooks (only available via Watts Price or Knights Accounting) should be considered!

The details:

  • Lock in the price for the life of the subscription – just $27.50 per month (this is the top level PLUS version)
  • Cloud based bookkeeping software
  • Direct bank feeds
  • 24/7 phone support
  • Payroll for up to 10 employees
  • Automatic backups and much more …

We expect there to be strong interest in this offer as the features in the PLUS version make it roughly comparable to:

  • MYOB AccountRight Live Plus at $92 p/m
  • MYOB Essentials at $50 p/m
  • Xero (Premium 10) at $70 p/m

To find out more read our promotional flyer or contact Richard, 03 5382 3001 or richardk@wattsprice.com.au

 

All the best from the Watts Price Team!