January 2019 Newsletter

Contents:

  • Setbacks of succession: Future of farming in the Wimmera explored
  • Guide to making motor vehicle expense claims
  • Passing Control of Discretionary Trusts to the Next Generation
  • Can you ask that? Illegal interview questions revealed
  • Announcements

Setbacks of succession: Future of farming in the Wimmera explored

It can also be something that appears impossible even if you want it, if you don’t have enough money or if you are a farmer.

 

A perennial tax topic that clients keep coming back to is claiming expenses for a car. The following notes summarise the most salient points for your clients when it comes to claiming a deduction for motor vehicle expenses.

Key points to remind your clients about include:

 

Passing Control of Discretionary Trusts to the Next Generation

Discretionary trusts have long been the go-to vehicle for advisors when setting up a structure for their clients. The principal reasons for this are clear – discretionary trusts give a high level of flexibility and control over both administrative issues and distribution of income while also providing asset protection benefits and access to tax concessions.

 

A job interview is a great way to work out how suitable a candidate is for a particular role. But what kinds of questions are recruiters and employers legally allowed to ask?

The purpose of a job interview is to determine whether a candidate is the most appropriate person for a particular role. The questions that hirers ask candidates should relate to their ability to perform the inherent requirements of a position. 

 

Agriculture Energy Investment Plan

The Agriculture Energy Investment Plan outlines the Victorian Government’s commitment to partnering with industry to build a more
resilient, energy efficient and internationally competitive agriculture sector.

Investment plan outline
The investment plan will provide $30 million to support enhancements to energy efficiency and energy productivity, helping to boost competitiveness and protect local jobs.
The plan is tailored to the needs of primary producers. It will be open to farmers and businesses whose primary operation is in the agriculture sector.

The investment plan consists of five actions:
• assessments – providing on-farm energy assessments
• grants – to support farmers invest in implementing energy efficiencies or own-generation capacity to reduce ongoing costs
• demonstrations – showing energy measures on-farm
• skills and education – linking farmers and businesses to information and education resources
• research – facilitating partnerships to commercialise research for the farming sector.

To register your interest in taking part in the Victorian Government’s $30 million Agriculture Energy Investment Plan, or to find out more, please visit agriculture.vic.gov.au/agenergy


Announcements:

January appears to be a busy month for staff announcements!

Firstly we wish a Happy Birthday to both Andrew & Gabi who celebrate birthdays this month.

Andrew PriceGabi Freijah

Also this month several team members have brought up significant work anniversaries. Congratulations to Grant (17 years), Paula (26 years) and Lee (18 years). Well done guys!

Grant KuchelPaula TollLee O'Grady

 


 Commonly Asked Question

What is happening with Single Touch Payroll (STP)?

From 1 July 2018 employers with 20 or more employees were required to start reporting their superannuation obligations to employees via an electronic process known as Single Touch Payroll. At this stage reporting is via the employers payroll software solution.

Recently legislation was passed to extend STP to employers with less than 20 employees from 1 July 2019. Given that many smaller employers do not use payroll software or are using solutions that are not STP compliant the ATO has made available some exemptions such as where an employer has no internet or an unreliable connection. They have also asked software developers to build low-cost STP solutions at or below $10 per month.

Watts Price Accountants is able to assist employers to be STP compliant and can assist you in setting up your own software and procedures or we can take care of your Single Touch Payroll obligations. For more information please contact our office or look out for our upcoming information sessions.

NB: Once employers move to Single Touch Payroll reporting the ATO will be able to data match reporting to actual payments. It is strongly advised that all employers have their payroll obligations up to date prior to 1 July 2019!

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All the best from the Watts Price Team!