October 2018 Newsletter

Contents:

  • Changes to the Victorian Long Service Leave regime
  • How to spot and avoid a tax scam
  • New GST Withholding regime for property buyers
  • Can an SMSF receive gifts?
  • Announcements

Changes to the Victorian Long Service Leave regime

As part of its focus on sharing activities, the Australian Taxation Office (ATO) has announced it will be turning its attention to anyone earning income through car sharing platforms, in a bid to make sure they stay on the right side of the tax law.

The growing popularity of third party services such as Car Next Door, Carhood or …

 

How to spot and avoid a tax scam

How much do you need to retire? When it comes to superannuation and retirement savings, it seems that size really does matter. There are other considerations of course, but for the most part the focus will be on finances when people aim to “improve” their post-work life prospects.

 

New GST Withholding regime for property buyers

When faced with scandals, particularly those relating to employee underpayment, some companies do the right thing immedately and some wait until the appropriate juncture and resolve matters in the fullness of time.

The worst offenders are responsible for significant legislative amendment to the Fair Work …

 

Can an SMSF receive gifts?

Australia’s parents are reluctant to discuss money with their children, despite concerns their children’s generation will be financially worse off, a new report has revealed.
In the age of digital money, Australian parents are increasingly struggling to educate their kids about money, a new report from the Financial Planning Association (FPA) has found.

 


 

Announcements:

This month we congratulate Tony (13 years) and Lyndel (6 years) on their respective work anniversaries!

Tony SampsonLyndel Delahunty

Grant, Nicole & Tony are all celebrating birthdays this month. Happy Birthday guys!

Grant KuchelNicole De ZoeteTony Sampson

 


Commonly Asked Question

Has the $20k instant  asset write-off been legislated?

Yes, businesses with a turnover of less than $10 million can write-off the business portion of assets they bought and installed, for less than $20,000 each, in their next tax return.

While this is welcome news for small business, the law only provides for an extension to 30 June 2019.

To learn more about how this concession can apply to your business, click here.

In recent news

The following event received royal assent during the last week and is now law.

The cost of fodder storage assets, such as silos and hay sheds, used to store grain and other animal feed will be allowed an immediate write-off. This measure, which was recently tabled into parliament, will only apply for assets first used or installed ready for use on or after 19 August 2018.

For primary producer clients, this provides an opportunity to utilise additional or excess funds into an asset that gets an immediate deduction. This puts fodder storage assets in line with immediate deductions for water facilities, fencing assets and landcare operations.

 

All the best from the Watts Price Team!