December 2019 Newsletter
- A taxing question — superannuation and permanent disablement
- Small-Scale and Craft Program
- Hiring a Contractor?
- Government takes lead on e-invoicing with 5-day payment terms
- Avoiding the age pension through property
It is not uncommon for a self-managed superannuation fund (SMSF) to hold insurance on the life of one or more members of the fund.
In fact, the Superannuation Industry (Supervision) Regulations 1994, r.4.09(2)(e) makes it incumbent on the trustees of SMSFs to “consider insurance” for fund members when formulating, regularly reviewing and giving effect to the SMSF’s investment strategy.
Through the 2018 election commitment ‘Taking Our Local Produce to the World’, the Victorian Government is supporting small-scale and craft agribusinesses across Victoria to grow, increase market opportunities for high-quality, high-value produce and strengthen Victoria’s regional food offerings to deliver flow-on benefits for jobs and tourism.
Hiring a Contractor?
There’s no one deciding factor that makes a worker an employee or contractor for tax and super purposes. As an employer, it’s a decision you can only make accurately when you review the whole working arrangement.
The only way to get to the right answer is to ask the right questions. Answer these six questions before you hire a worker:
Most Australians have an idyllic retirement situation all mapped out despite failing to plan for the years without income, a property investor has warned.
The head of research at Propertyology, Simon Pressley, in a bid to help Australians retire happily through property, has outlined seven facts he thinks are important for investors to know.
Announcements:This month we wish a Happy Birthday to Lee and Sylvia and congratulate Phoebe who celebrates another work anniversary at Watts Price.
Commonly Asked Question
Q: Employer registration for working holiday makers?
You must register as an employer of working holiday makers if you employ – or plan to employ – workers who hold either a:
- Working Holiday visa (subclass 417)
- Work and Holiday visa (subclass 462).
You need to register before making the first payment to them.
To register as an employer of working holiday makers you must be registered for pay as you go (PAYG) withholding.
Note: Penalties may apply for failing to register.
Once you register as an employer of working holiday makers you must withhold tax for them:
- at 15% for the first $37,000 earned
- using foreign resident tax rates for income earned over $37,000.
If you don’t register as an employer of working holiday makers, you must withhold tax for them:
- at 32.5% for income earned up to $90,000
- using foreign resident tax rates for income earned over $90,000.
How to register
If your business has an active ABN, you can register as a working holiday maker employer:
- online through our Working Holiday Maker Employer Registration Form
- through your registered tax agent or BAS agent who can:
- complete the online Working Holiday Maker Employer Registration Form on your behalf
- upload a completed Application to register a PAYG withholding account (PDF, 319KB) (NAT 3377) or Application to register a GST or PAYG withholding branch (PDF, 287KB) (NAT 14834) via secure mail message in the Tax Agent Portal (Topic: Registrations, Subject: Non-residents registration enquiry)
Q: Where can I find any lost super?
Q: What is happening to my AUSKey?
Closed Tuesday 24th of December through to Friday 3rd of January. Business as normal from Monday 6th of January 2020!
All the best from the Watts Price Team!