December 2020 Newsletter

Contents:

  • Victorian Budget Update
  • Victoria’s big housing build
  • 10 tips to turn your side hustle into a successful business
  • ATO: How data matching works
  • 7 items your estate plan may have left out
  • What is the 50-30-20 budget rule?
  • Announcements

Victorian Budget Update

The Victorian government will use record levels of debt and deficit to spend $49 billion in the next four years in an effort to drag Victoria out of the disastrous COVID-19 recession. The government has set an ambitious target of creating 400,000 jobs in the coming five years. A massive spend, with the jobs plan at its centre, will take the government’s net debt to nearly $155 billion within three years, more than 28 per cent of Victoria’s total annual economic output.
 

Victoria’s Big Housing Build

Victoria’s Big Housing Build will give thousands of Victorians the security and stability of a home – and support tens of thousands of Victorians into jobs.
We will invest $6 billion to build more than 12,000 new social and affordable homes, and make housing more accessible and affordable for Victorians.
 

10 tips to turn your side hustle into a successful business

If transitioning your side gig into a full-time business is one of your financial goals, here are tips to make this dream into a reality. Many people dream of quitting their nine-to-five jobs and working on a venture that they are passionate about. A significant number of Australians have taken the first step towards achieving this by taking on side jobs in their spare time. According to the latest figures, over 1 million Australians have taken on “side hustles” or extra work outside of their regular full-time jobs.
 

ATO: How data matching works

We receive data from a range of sources, including banks, financial institutions and other government agencies. We validate this data and match it against our own information to identify where people and businesses may not be reporting all their income. Some organisations (such as banks, employers and health insurers) have a legal obligation to report information to us. Through our data-matching activities, this legislated data collection assists taxpayers in preparing complete and accurate tax returns.

7 items your estate plan may have left out

If your goal is to look out for your loved ones, consider tackling these estate-planning additional jobs. Estate planning is the easiest financial planning to-do to put off. It’s certainly not fun to ponder your own mortality, and yet that’s the very nature of estate planning. Lawyers are often involved, so it can be hard to get it done on the cheap. And while most financial planning jobs provide at least some payoff during your lifetime, estate planning isn’t as much for you as it is for your loved ones.
 

What is the 50-30-20 budget rule?

The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. Here’s how you can do it. You’ve crunched the numbers. You know how much you spend and you have created a budget. You know how much money you need to pay your mortgage, utilities, retirement accounts, as well as your occasional night out. But how does your financial allocation compare to the amount you should ideally spend and save?

Announcements:

This month we wish a very happy birthday to Lee and congratulate Phoebe on achieving 4 years of service!
Lee O'Grady    
Phoebe McPherson    

 


Important ATO Dates

 
Lodgement Program Due Date
Super Clearing House – All Super guarantee (SG) payments after this date are processed 04/01/21 14/12/2020
November monthly activity statements 21/12/2020
December monthly activity statements 21/01/2021
Quarter 2 (October–December) PAYG instalment activity statement 21/01/2021
 
 

Recently Announced Grants and Resources

Small Business Digital Adaptation Program

The Small Business Digital Adaptation Program will allow eligible businesses to trial and then receive access to digital products, tools and training they can use to build digital capability in their day-to-day operations.
Once businesses have purchased a product, they can apply for a rebate of $1,200 to access the product for 12 months.

The Victorian Government is currently partnering with six digital product suppliers for this program. These include:

  • Mr Yum — food and beverage
  • MYOB — business management
  • Xero — business management
  • Shopify — end-to-end retail
  • Square — end-to-end retail
  • Squarespace — website creation

Sole Trader Support Fund

Grant support for non-employing sole traders operating out of commercial premises or locations to help their transition to COVID Normal.

Through this program, eligible sole traders who have been impacted by coronavirus (COVID-19) restrictions will receive a grant of $3,000 that can be used towards their overhead costs and to help their transition to COVID Normal.

The $100 million Sole Trader Support Fund provides support to non-employing Victorian sole traders operating out of commercial premises or locations within specific sectors.

UpSkill My Business

Free online courses, live and on-demand events and a range of business resources to help you prepare for a strong recovery.

Visit Upskill My Business
 

Appointment Procedures Due to COVID

Now that COVID restrictions have been further reduced, Watts Price Accountants and Knights Accounting have re-opened the doors and are now able to hold face to face appointments again. For the health & safety of everyone please note the following requirements when attending our office(s):

  • Social distancing rules are still in place and we are all required to maintain a distance of 1.5 metres
  • You are required to wear a face mask
  • You may be asked to sanitise your hands upon entry
  • If you are experiencing any of the following symptoms –
    • cough, cold, sore throat, fever or
  • Been to a known hotspot or been in contact with someone that has in the last 2 weeks – please do not enter our office(s). Phone our office to discuss your options!

For your safety and convenience, we are:

  1. Still very happy to conduct phone or video conferencing (Zoom) appointments
  2. We are staggering our appointment times to minimise contact with other clients
  3. The Watts Price front meeting room will be used as an extra reception area
  4. We will be placing hand sanitiser in appropriate locations
  5. Meeting areas are being wiped down after each appointment

We thank you in advance for your co-operation and look forward to seeing you again soon! If you need assistance please contact us on:

Watts Price Accountants
P: 03 5382 3001
E: mail@wattsprice.com.au
M: PO Box 118, Horsham VIC 3402
 
Knights Accounting
P: 03 5385 5330
E: info@knightsaccounting.com.au
M: 16 Cromie Street, Rupanyup VIC 3388
 

 

Christmas Trading Hours

Please note the following:
 
Our Horsham office will be closed from 11.30am on Friday 11 December and the Rupanyup office closed from 11.00am the same day for a staff function. 
 
Both offices will be closed Thursday 24 December and will not re-open until Wednesday 6 January in Horsham and Monday 11 January in Rupanyup.
 
 
From all the team at Watts Price Accountants & Knights Accounting we wish you and your loved ones a happy festive season and we look forward to seeing you in the New Year!
 
All the best from the Watts Price Team!