August 2019 Newsletter

Contents:

  • Fraud prevention tips for your small business
  • CGT exemption on inherited homes
  • Keep your SMSF records – but which ones?
  • The Importance of Getting the Superannuation Guarantee Correct!
  • Announcements

Fraud prevention tips for your small business

Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience.

There are provisions in the tax law that mean a taxpayer does not have to pay capital gains tax (CGT) when they sell a house, flat, unit or other dwelling that they have inherited. CGT is the tax paid on the profit from the sale of property or an investment.

 

Keep your SMSF records – but which ones?

You’ve been running your SMSF for a while and have amassed a lot of information about your fund. You know that your SMSF must keep some records but which ones do you keep, how long for and where do you store them? Let’s see what you need to do.

The Superannuation Industry (Supervision) Act 1994 (SIS Act) requires you to keep accounting records that …

 
In the last few weeks we have seen a number of high profile businesses and their directors get slapped with heavy fines for the under payment of employees including celebrity chef George Calombaris. Are you compliant?

 
 

Announcements:

This month we wish both Phoebe and Paul a very Happy Birthday. We also have several staff celebrating significant  work anniversaries. Congratulations Sylvia (24), Paul (13), Cris (18) and Joanne (8)!

Phoebe McPherson

Paul Mackereth

We celebrate the following work anniversaries!  

Sylvia Hutchinson

Paul Mackereth

Cris Semmler

Joanne Dreckow
 

 

Commonly Asked Question

Q: What is the FairWork Information Statement and is it important?

Pursuant to the Fair Work Act, employers must provide all new employees with a copy of the Fair Work Information Statement prior to or upon commencement of their employment. Failure to provide the statement to a new employee is a breach of the Act, and could result in penalties of $63,000 for a business and $12,600 for an individual for each breach.

Employers should provide a copy of the statement with an offer of employment and keep a record that the statement has been provided. The statement can be provided in hardcopy or electronically.

The Fair Work Ombudsman has recently updated the Fair Work Information Statement taking into account the new national minimum rates of pay effective from 1 July 2019. 

To learn more about your employer obligations check out the National Employment Standards.

All the best from the Watts Price Team!