August 2023 Newsletter
Contents:
- Why am I getting a bill from the ATO this tax time?
- Top HR FAQs answered
- Minimum pension drawdown rates and calculator
- Workplace culture: What employees are looking for
- Technology investment boost and skills/training boost
- How to manage employee warnings
- Business payment defaults ‘surge to record high’
- State payroll tax-free threshold changes & more
- Announcements
Why am I getting a bill from the ATO this tax time?
Many Australians approach tax time with a cautious optimism, expecting that at the end of all the collating and calculating there will be some kind of refund.
But some Aussies are coming to the stark realisation that not only are they not receiving a refund for the 2022/23 financial year — they actually owe the Australian Taxation Office (ATO) money.
Top HR FAQs answered
A recent study unveiled the top HR FAQs for June, highlighting the trouble organisations are running into at the beginning of the financial year.
XpertHR’s “June’s top employment law FAQs” outlined the most pressing matters employers may run into at the moment.
Minimum pension drawdown rates and calculator
Once you retire and reach your preservation age you can start to withdraw your super as an income stream, a lump sum or both. Most retirees choose to take at least part of their super as an income stream because it provides them with regular tax-free payments until their money runs out.
A super income stream, also called a super pension or annuity, simply refers to regular periodic payments you receive from your super fund once you retire or satisfy a condition of release.
Workplace culture: What employees are looking for
Workplace culture means a lot to employees – it even ranks above higher pay for many people.
And if you want to attract and retain great employees, especially when hiring is competitive, culture needs to be on your radar.
Research for SEEK shows 73% of Australians find workplace culture important; 53% even rate it as more important than a higher salary.
Technology investment boost and skills/training boost
How to manage employee warnings
The Victorian Chamber’s expert Workplace Relations Consultants outline their top five tips to help you navigate your responsibilities and make sure employees understand your expectations.
Business payment defaults ‘surge to record high’
Businesses are under increased stress with the rate of insolvencies expected to rise further in the months ahead, a credit ratings agency warns.
The latest CreditorWatch Business Risk Index has revealed that business to business payment defaults have jumped 52 per cent year on year, climbing to a new record high.
The record rate of B2B trade defaults suggest that businesses are significantly tightening up their cash flow processes.
State payroll tax-free threshold changes & more
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- commencing 1 July 2024 — from $700,000 to $900,000
- commencing 1 July 2025 — to $1,000,000.
The deduction associated with tax-free threshold will begin phasing out for every dollar of wages above $3 million. This means businesses with wages above $5 million will not receive any benefit associated with the payroll tax-free threshold.
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Announcements:
This month we congratulate both Jo (12) and Paul (17) for bringing up achieving significant work anniversaries! |
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Important ATO Dates
| Lodgement Program | Date |
| PAYG withholding payment summary annual report | 14/08/2023 |
| July monthly activity statements | 21/08/2023 |
| Final date for eligible monthly GST reporters to elect to report GST annually. | 21/08/2023 |
| Taxable payments annual report (Building & Construction services; Cleaning services; Courier or Road freight; Information Technology; Security, Investigation or Surveillance services) | 28/08/2023 |
Other News
Changes at Knights Accounting from 01/07/2023
Since 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.- 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: mail@wattsprice.com.au
- 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.
$20,000 instant asset write-off
A reminder that Temporary Full Expensing ends 30 June 2023. The temporary full expensing (“TFE“) rules provide for a full deduction to businesses for the cost of eligible depreciating assets in the year they are first used, or installed ready for use, for a taxable purpose prior to 30 June 2023. As part of the Federal Budget, Small businesses with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024. For more informationXero Pricing Update
Watts Price Accountants Branding ‘Refresh’
With the upcoming merger of Watts Price and Knights Accounting we thought that it was an appropriate time to review our branding. We are pleased to be able to share with you the new logo (below).
- We will start using the new Watts Price Accountants stationery as soon as the existing stationery is exhausted (examples shown below).
- From 1 July all correspondence with Knights Accounting clients will be on Watts Price Accountants letterhead as part of the merger.
- Over the next few weeks we will:
- Update our email signature.
- Update the website & newsletter.
- Over the coming months we will update the building signage, community signage and staff uniform to reflect the new branding.
If you have any queries about the refreshed branding or the Watts Price and Knights merger please contact our office!