April 2023 Newsletter
- What is the Windfall Gains Tax?
- Interest Paid on Early Tax Payments
- Instant Write set to end 30 June 2023 – Brings Uncertainty
- Millions of Aussies to get Centrelink Payment Boost
- Property Ownership in SMSFs – The Rules
- Special extra tax for $3m super balances
- Retiring Young, is 50 the new 65?
- SMSF Members Should Have an Enduring Power of Attorney
Landholders can accrue significant windfall gains when the value of their land increases due to the actions of government. These landholders may pay a tax on their windfall gains. From 1 July 2023, a windfall gains tax applies to land that is subject to a government rezoning resulting in a value uplift to the land of more than $100,000. In determining the value uplift, all land owned by the person or group and subject to that rezoning is taken into account.
As the cut-off date for the instant asset write-off program approaches on June 30, 2023, many small to medium-sized enterprises (SMEs) are feeling the pressure to take advantage of the program before it ends.
The program has been a popular initiative for SMEs since its introduction in 2015, allowing them to immediately write off the cost of assets valued up to a certain amount instead of depreciating them over time.
Announcements:This month we wish a very Happy Birthday to Richard, Laurie & Katrina. There are no work anniversaries this month!
Important ATO Dates
|March monthly activity statements
|Quarter 3 (January–March) PAYG instalment activity statement
|Quarter 3 (January–March) activity statements
|Quarter 3 (January–March) PAYG instalment notices (forms R and T)
|Quarter 3 (January–March) GST instalment notices (forms S and T)
|Quarter 3, (January–March) super guarantee contributions
Changes at Knights Accounting from 01/07/2023Since Margaret’s departure back in July 2022 we have had to make a number of administrative changes to how we operate to ensure we continue to provide the high levels of service you have become accustomed to. To that end there are a few new changes from 1 July 2023 that we believe will help improve the level of service we provide. The main change being the merging of administration and compliance services into Watts Price Accountants. What doesn’t change
- You will still have full access to Pete, Grant, Lee and Maree as there is no change to their hours or roles, plus you will have support from an additional 15 team members.
- Your current engagement or payment preferences
- The Rupanyup Office hours are not changing, they remain as follows –
- Tuesday 9.30 – 4.00pm (Lee)
- Thursday 9.30 – 4.00pm (Grant)
- Friday 9.30 – 3.00pm (Phoebe)
- Plus you have access to accountants and admin staff in Horsham five days a week between 8.30am and 5.30pm
- The contact details like email, phone and postal address remain unchanged. You also have access to support via –
- Email: email@example.com
- Phone: 03 5382 3001
- Address: 44 Wilson Street, Horsham VIC 3400
- Postal: P.O. Box 118, HORSHAM VIC 3402
What does change
- The Knights Accounting name will be retired and replaced with Watts Price Accountants. This means the stationery, signage and other contact points will be changed from 1 July 2023.
- With the changing of the name there will be a few associated changes like a change in tax agent and new bank details. More details will be provided closer to the transition date.
Interest on Early Income Tax Payments
Please note that tax payers that pay their income tax more than 14 days prior to the due date maybe entitled to receive interest on the amount paid. This was an initiative started March 2022 and we are now starting to see a number of these payments come through.
If the ATO does not have your bank details on file they may send a cheque or deposit the amount in our trust account, at which point we will contact you to get your bank details and your authority to transfer the interest payment.
If you would like to know more about this please see the article above or call our office!