Newsletter – February 2020

February 2020 Newsletter

Contents:

  • AUSkey to be retired at the end of March 2020
  • Assistance for retirees: 20 useful tips
  • $230 million of superannuation to be paid under SG Amnesty
  • Why the kids are coming home
  • What are the different types of loans?
  • What happens to super when a relationship breaks down?
  • Announcements

AUSkey to be retired at the end of March 2020

The way you access government online services is changing. AUSkey and Manage ABN connections will retire at the end of March 2020 and are being replaced with: – myGovIDExternal link – an authentication service that allows you to prove who you are online. It is different to myGov and cannot be used to access myGov yet.
 

Assistance for retirees: 20 useful tips

Here are some tips for retiree Australians (and their families and friends) as we kick-off 2020: 1. If you are turning 66 this year, make a diary note to look closely at an age pension application 12 weeks before the actual birthday. This gives time to address any hiccups …  
 
 
 

$230 million of superannuation to be paid under SG Amnesty

14k employers, $230m in super: Financial Services Minister defends proposed SG amnesty Over 14,000 employers are set to come forward under the proposed SG amnesty, paying out a total of $230 million in unpaid superannuation to employees, according to the Financial Services Minister.
 
 
 

Why the kids are coming home

As Australia’s east coast property market continues to become out of reach for buyers, younger and older Aussies are moving back in together, new research has suggested. A study released from the University of New South Wales showed almost one in five Australians live in a multigenerational home, while in Australia’s most expensive city …
 
 

What are the different types of loans?

Applying for a loan is one of the ways in which you may access a large sum of money from lenders, but applying for the right type is important. Different types of loans There are a variety of loan products from different lenders that both consumers and …
 

What happens to super when a relationship breaks down?

There are many rules that prevent members from withdrawing their superannuation contributions, because it’s meant to help you secure your retirement benefits. However, your super may legally be split with your ex-spouse as part of the division of assets in the event of divorce or separation.
 

Announcements:

This month we wish a Happy Birthday to Jenny and congratulate Richard and Laurie who both celebrate another work anniversary at Watts Price.
 
   

Richard Kemp

Laurie Liston

 
 

Important Note for Employers

Fair Work Information Sheet Updated

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.

Recently, the Fair Work Ombudsman has updated the statement, with a view that the new version makes it easier to understand.

Employment experts, Workforce Guardian recommend employers provide a copy of the statement with an offer of employment and keep a record that the statement has been provided to a candidate or new employee. The statement can be provided in hardcopy or electronically.

Source: https://www.workforceguardian.com.au/resources/blog/updated-fair-work-information-statement-december-2019/

 
All the best from the Watts Price Team!