April 2024 Newsletter
Contents:
- Mandatory Sustainability Reporting Will Soon Affect Small Business
- Phasing Out Cheques, What Will Happen to Cash?
- New $22,951 paid parental leave scheme explained
- Important changes in the Small Business Super Clearing House
- Tax office criticised for resurrecting old debts worth billions
- Save on tax with Education Bonds
- Announcements
Mandatory Sustainability Reporting Will Soon Affect Small Business
Sustainability reporting is on the cusp of becoming mandatory for large Australian entities and this will put pressure on small business, in due course, to measure and report their carbon footprint.
Sustainability reporting is basically a report card showing how eco-friendly and socially responsible your business is. Businesses will measure and report on metrics like energy use, waste generation and water consumption.
Phasing Out Cheques, What Will Happen to Cash?
Cheques and bank service, or the lack of, were major topics when I addressed a seniors’ group recently. The word had got out that the government was phasing out cheques, and many of the members of the audience were feeling abandoned.
One person told me he was shocked to receive a letter from his bank telling him the Federal Government would be phasing out cheques. He said: “For years I have used cheques for donations to charities and sending family members a gift of money.
New $22,951 paid parental leave scheme explained
Dads will be able to claim up to four weeks of “use it or lose it” government-funded paid parental leave from next year under big changes that will see total parental leave rise to six months.
The cash amount working parents can claim is set to rise to over $22,000 from 2026 under the reforms.
Important changes in the Small Business Super Clearing House
What to do if you receive an error message in the Small Business Super Clearing House.On 15 March our Small Business Super Clearing House (SBSCH)External Link will roll out self-managed super funds (SMSF) bank account validation.
This checks that your employee’s SMSF bank account details match their SMSF records. If there is a mismatch, or the employee has not listed their bank account details, you’ll receive an invalid super fund bank details error on the SBSCH payment instruction.
Tax office criticised for resurrecting old debts worth billions
Two federal ombudsmen have joined forces to launch a scathing review of the tax office and call on government agencies to act more fairly when they chase people for debts.
The Australian Taxation Office (ATO) is owed tens of billions of dollars’ worth of income tax debts it once dismissed as being “uneconomical to pursue”.
It is owed more than $15 billion from 1.8 million entities, largely consisting of individuals, but has said the figure could be higher once interest is applied to those debts.
Save on tax with Education Bonds
Education bonds appeal to a human desire to do the best by your children. They also appeal to the human desire to reduce the tax that you pay on your investments. So how do they work, and are they worth it?
Announcements:
This month we have no work anniversaries to announce! |
|
 |
|
|
Important ATO Dates
| Lodgement Program | Date |
| FBT Odometer Readings to Watts Price (if applicable) | 31/03/2024 |
| March monthly activity statements | 21/04/2024 |
| Quarter 3 (January–March) activity statements | 29/04/2024 |
| Quarter 3 (January–March) PAYG instalment notices | 29/04/2024 |
| Quarter 3 (January–March) GST instalment notices | 29/04/2024 |
| Quarter 3, (January–March) super guarantee contributions | 29/04/2024 |
Other News
Rupanyup Office Hours
Due to the Easter School Holiday’s the Rupanyup Office will be closed some days:- Tuesday 2nd April – open
- Thursday 4th April – closed
- Friday 5th April – closed
- Tuesday 9th April – open
- Thursday 11th April – closed
- Friday 12th April – open
If you need any assistance please contact the Horsham office on (03) 5382 3001 or email at mail@wattsprice.com.au
SUPERANNUATION CONTRIBUTION CAPS INCREASE FROM 1 JULY 2024
The concessional and non-concessional contributions caps will be increasing effective from 1 July 2024 as follows:
- The concessional contribution cap will increase from $27,500 to $30,000.
- The non-concessional contribution cap will increase from $110,000 to $120,000.
Bookkeeping Software
Any clients that are still using desktop accounting software please be aware that MYOB, Xero & QuickBooks are all offering generous incentives to move to their cloud bookkeeping software at the moment.
Benefits of a cloud based bookkeeping solution
- Accessibility: Access your data and work from anywhere with an internet connection, on any device. No more needing to be tied to your desktop computer.
- Automatic Updates: Always have the latest features and security patches without the need for manual downloads or installations.
- Improved Collaboration: Seamlessly collaborate with colleagues in real-time.
- Enhanced Security: Data is securely stored in the cloud, minimizing the risk of loss or damage.
- Bank Feeds: Link your bank account and daily transaction data will be imported ready for coding.
https://www.myob.com/au/pricing?
https://www.xero.com/au/pricing-plans/
https://quickbooks.intuit.com/au/pricing/
If you need any advice on which software option is the best for you please contact our office on (03) 5382 3001 or email at mail@wattsprice.com.au.