November 2017 Newsletter
- Personal Property Securities Act
- Truck Driver Meal Allowance Change
- Superannuation Changes Summary
- What you need to know about the NBN
- SproutX – agriculture tech fund and start-up accelerator
- Upcoming Events
- Recent Facebook Posts
- Most Asked Question of the Month
What is the Act?
The Personal Property Securities Act (PPSA) provides legislation as to how security interests will be dealt with
The ATO has issued guidance for employee truck drivers to cover meal expense claims made for the 2017-18 income year.
It says that to claim a deduction for meals, you must:
- have been required to sleep away from home overnight, or for a long or night rest break, for work, and
- include the travel allowance you receive from your employer as income in your tax return, and claim only the amounts you have actually spent on meals, and for which you were not reimbursed, and
- have a record.
Superannuation Changes Summary
Amongst the changes arising out of the 2016 Federal Budget, the requirement for future reforms to be considered alongside the objectives of our superannuation system was included.
Twelve months later, while this part of the 2016 Budget remains on Parliament’s table, Federal Parliament has been at it again, making further changes to the system, which we will consider below.
What You Need to Know About the NBN
The National Broadband Network (NBN) is an Australia-wide project funded by the Federal Government to provide all homes and businesses with a fast, reliable connection to the internet.
In this article we’ll address both the technological and practical aspects associated with connecting to the NBN, especially the parts you need to know before an NBN technician comes knocking on your door.
SproutX – Agriculture tech Fund & Start-up Accelerator
The National Farmers’ Federation has teamed up with financial services firm Findex to launch a $10 million fund, with start-up accelerator services to spur innovation among start-ups and tech players targeting the agricultural sector.
The initiatives, which are the first of their kind in the so-called agtech space, will be run by a new body called SproutX, which will be led by former wool and beef farmer Sam Trethewey.
Recent Facebook posts you may have missed:
This month we wish Dee a happy birthday! We also congratulate Jan who is bringing up 9 years of service!
Portfolio Management Presentation
This session was due to run in October but was postponed to due a late scheduling change. We expect it to be re-scheduled for early next year. This session will provide a market update of the investment property market with particular focus on Melbourne & Geelong.
Topic: Portfolio Management Presentation
Session: 44 Wilson Street
Potential traps with applying the new $25,000 CC cap from 1 July 2017
The following traps should be considered when applying the $25,000 CCs cap from 1 July 2017:
(a) Work test continues to apply for voluntary CCs – As the Government decided that it would not proceed with the removal of the work test from 1 July 2017, the work test Continues to apply in respect of voluntary CCs (e.g., personal deductible contributions and salary sacrifice contributions) made in respect of individuals aged 65 to 74 (inclusive). Furthermore, once an individual reaches age 75 (or more precisely, beyond 28 days after the end of the month in which an individual turns 75), a fund is not able to accept CCs in respect of the individual unless they are mandated employer contributions.
(b) Dangers for existing salary packaging arrangements – The reduced concessional (or deductible) contributions cap from 1 July 2017 will potentially affect those employees who have previously arranged for their employers to make additional superannuation contributions on their behalf under an effective salary packaging arrangement.
This is because many existing salary packaging arrangements involving additional super contributions would have been based on the pre-July 2017 contributions caps (i.e., the general $30,000 cap, or the $35,000 cap for employees aged 50 or more). If these arrangements are not reviewed and adjusted (where appropriate) to reflect the new $25,000 CC cap, it is likely that excess CCs will arise from 1 July 2017.
(c) Dangers for employees who work for multiple employers – The CCs cap continues to apply on a ‘per person’ (rather than on a ‘per employer) basis. Therefore, where an employee works for multiple (related or unrelated) employers (e.g., a doctor who works for multiple hospitals), the total of all employer contributions made for the benefit of the employee (e.g., SG Contributions and salary sacrificed contributions) will be subject to the new $25,000 CC cap from 1 July 2017.
Most asked question of the Month:
Horsham Cup Day Public Holiday?
So is Horsham Cup Day (Friday 3 November) a public holiday or is it the Melbourne Cup (Tuesday 7 November)?
Well Council announced earlier this year that it planned to move the traditional Melbourne Cup public holiday to coincide with the Horsham Cup. This means for the next 3 years Horsham residents will have a day off on the Horsham Cup Day! If you are interested find out more from the link below.
So what are most businesses doing?
Unfortunately not all schools have decided to close on Horsham Cup Day with many sticking with the Melbourne Cup Day. This has caused a few headaches for parents so we have given our staff the choice as to which day they would prefer to have off. As a result we will be open both days with the bulk of the staff taking the Friday off.
We understand many other Horsham businesses are in the same boat and as such it will be hit and miss as to who is open or who isn’t – which is the opposite of what the Council was trying to achieve. Hopefully there will be some consistency next year.
All the best from the Watts Price Team!