September 2018 Newsletter

Contents:

  • Attention all car owners – you must declare what you share!
  • How much do we need to put aside for retirement?
  • Handling Employee Underpayments
  • Most Aussie parents frightened for children’s financial future
  • Announcements

Attention all car owners – you must declare what you share!

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 much do we need to put aside for retirement?

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.

 

Handling Employee Underpayments

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 …

 

Most Aussie parents frightened for children’s financial future

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.

 


Accounting Software News

MYOB

Last week MYOB announced that they would be ceasing support for AccountRight Classic.

“AccountRight Classic, which has been in the market for about 20 years and is one of MYOB’s original desktop products, won’t be updated beyond September 30 next year. Until that point, support services and compliance updates will still be available.

For those want up-to-date support and systems beyond September 2019, this will mean a forced upgrade to MYOB’s cloud suite of products.”

Xero
Effective from the 28th of September 2018, xero is increasing the monthly cost of their payroll subscriptions. This means that Premium 5, Premium 10 & Premium 20 will increase to $65, $75 & $90 p/m respectively.
The popular standard version will remain at $50 p/m and a second employee can be added at no extra cost. This means it you are currently using Premium 5 because you have two employees you may be able to drop back to the Standard version.
Cashflow Manager

An extract from an email received from Cashflow Manager:

“The Version 9 Cashflow Manager software is no longer compatible with the latest operating systems and ATO reporting and will therefore be retired.

Licenses to Version 9 will become obsolete on 3 October, 2018 in accordance with our End User License Agreement.”

Anybody adversely affected by any of the above changes should contact Richard Kemp at our office to discuss your accounting software options on 03 5382 3001 or richardk@wattsprice.com.au


Announcements:

This month we congratulate Jenny (10 years) and Nicole (4 years) on their respective work anniversaries!

Nicole De Zoete

 

 

 

 


Commonly Asked Question

I prepare my own BAS and haven’t seen a notification in a while, should I be concerned?

The ATO is trying to move away from paper correspondence and as such we have noticed that they have on occasion stopped sending paper notices like the BAS and PAYG installment notifications. So for anyone that prepares their own BAS you need to be vigilant about meeting your reporting obligations as fines are likely for late lodgement.

If you haven’t seen a notification in a while you should check your myGov account, failing that contact our office or the ATO directly.

 

A reminder about Trading Names

If you use a trading name which is different to your entity’s legal name Australian Securities and Investment Commission (ASIC) has mandated that all trading names (other than using your own legal name) must be registered as business names by 1 November 2018 for you to continue using them.  If you haven’t registered your trading name as a business name, you won’t be able to trade under that name and your trade partners won’t find it on ABN Lookup.

To make sure that you can trade under your trading name, you need to:

–          search for your ABN on ABN Lookup
–          check the trading names that are linked to your ABN
–          register those names as business names with ASIC if you still want to trade under them.

You can register a business name online through the ASIC website www.asic.gov.au. Make sure you have your ABN with you when you apply or alternatively we can register these names on your behalf. The ASIC fee for Business name registration is currently $84 for a 3 year registration (if the application is through our office, this does not include our fee for registration of the business name).

All the best from the Watts Price Team!