February 2021 Newsletter
Contents:
- Transfer Balance Cap set to rise to $1.7m
- Minimum Wage Increase from 1 February
- Employees could be forced to vaccinate
- Small Business Insolvency Reforms now in place
- What is a good credit score?
- Wills vs Trust which is best for you?
- Announcements
Transfer Balance Cap set to rise to $1.7m
With the All Groups CPI figure for the December quarter at 117.2, indexation of the general transfer balance cap is set to occur on 1 July, which may lead to increased complexity where clients have already commenced pensions.
Minimum Wage Increase from 1 February
Employees could be forced to vaccinate
Employees are being warned that they may need to sign up for a COVID-19 vaccine or face possible termination, a lawyer has explained.
Small Business Insolvency Reforms now in place
Changes to Australia’s insolvency framework have been in effect since 1 January, allowing eligible businesses experiencing financial distress to access a new, simplified debt restructuring process, or enter into a new simplified liquidation pathway to allow for a faster and lower-cost liquidation process.
The new processes will be available to incorporated businesses with liabilities of less than $1 million.
What is a good credit score?
Do you want to know if you’re financially secure to purchase a house or a car? Or do you want to just take a closer look at your financial wellness? A good place to start would be to know your credit score.
Credit scores are an important aspect of your financial health. A good credit standing can open up plenty of financial opportunities such as access to credit cards or loans with favorable terms.
Wills vs Trust which is best for you?
Do you need to create a trust or a will? Deciding which one will work best for you is a decision that should not be taken lightly when doing your estate planning.
The right choice depends on your individual circumstances. For some, a will is the most practical tool. For others, a trust might be a more appropriate choice. Each has its own set of benefits and drawbacks that you will need to consider. But first, it’s important to understand what they each are and how they function.
Announcements:
This month we wish a very happy birthday to Jenny. Richard (14 years) and Laurie (13 years) celebrate significant anniversaries, congratulations guys! |
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Important ATO Dates
| Lodgement Program | Due Date |
| January monthly activity statements | 21/02/2021 |
| Quarter 2 (October–December) activity statements | 28/02/2021 |
| Quarter 2 (October–December) GST instalment notices (forms S and T) | 28/02/2021 |
| Quarter 2 (October–December) PAYG instalment notices (forms R and T) | 28/02/2021 |
| February monthly activity statements | 21/03/2021 |
Small Business Digital Adaptation Program
- Mr Yum — food and beverage
- MYOB — business management
- Xero — business management
- Shopify — end-to-end retail
- Square — end-to-end retail
- Squarespace — website creation
Appointment Procedures Due to COVID
As you are all well aware, there have been a number changes over the last month due to changes in the number of COVID cases reported in the State. As it stands at time of writing, Watts Price Accountants and Knights Accounting are open and able to facilitate 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
- Face masks are no longer compulsory (optional)
- 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:
- Still very happy to conduct phone or video conferencing (Zoom) appointments
- We are staggering our appointment times to minimise contact with other clients
- The Watts Price front meeting room will be used as an extra reception area
- We will be placing hand sanitiser in appropriate locations
- Meeting areas are being wiped down after each appointment
These measures are necessary under the current restrictions to protect you and our team. 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: