March 2018 Newsletter

Contents:

Satellite seen as poor NBN substitute

A WOOMELANG grain grower says he would rather keep dial-up internet than change to newer technology available to his property.

Chris Kelly’s comments come as Wimmera growers share their concerns about missing out on the NBNs fixed wireless services.

Complaints have been raised that many districts would only receive the Sky Muster NBN service.

Are you prepared for the new Data Breach Notification Laws?

On February 22, 2018 the new Data Breach Notification Laws came into effect.

Many Australian organisations are now legally required to notify affected individuals, and the Australian Information Commissioner, of any eligible data breach affecting personal information.

Million-dollar plus penalties introduced for cash economy cheats

The government’s ongoing crackdown on the black economy has gone up a notch, with penalties of over $1 million on the cards where there is evidence of intentional manipulation in problem industries.

Responding to recommendations in the Black Economy Taskforce’s interim report, Minister for Revenue and Financial Services, Kelly O’Dwyer …

Common errors with fuel tax credits

Fuel tax credit rates are updated every year (generally on 1 February, but this year they changed on 5 February). It is therefore a timely that the ATO has made public some common errors that taxpayers make when calculating and claiming fuel tax credits.

The tips that follow will help taxpayers avoid these errors, or you can watch this webinar recording for more information on getting fuel tax credit claims right.


Recent Facebook posts you may have missed:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Announcements:

This month we wish happy birthday to Margaret!

 

 

 

 

 


Commonly Asked Question

Do couriers and cleaners need to report contractor payments soon?

Yes, the taxable payments reporting system for contractors will be extended to entities in the courier and cleaning industries from 1 July 2018.

This legislation is a flow-on from the original announcement in the 2017/18 Federal Budget. It intends to bring into line the courier and cleaning industries with that of the building and construction industry.

From 1 July 2018 entities who engage contractors, or subcontractors, will need to provide additional reports to the ATO. This treatment has the same requirements as salary and wage employees.


 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!