January 2022 Newsletter
- Employers: The important changes from 2021
- Acquiring a Taste for Climate Friendly Food
- SMSF Legislative Updates
- Rural Rezoning Windfall Gains Tax
In 2020, the Morrison Government proposed significant industrial relations reforms that were set to shake up the employment landscape Australia.
Fast forward to 2021 and the IR reforms are now in full effect, but in a significantly reduced form to what was originally proposed. Only one of the five areas flagged for reform have actually been changed, resulting in considerable impacts to casual employment.
The face of agriculture is changing as it adapts to and mitigates climate change, with the development of plant-based foods, carbon capture technology, regenerative farming and renewable natural gas having a growing impact.
While many look to plant-based milk for emissions reductions just as they do to plant-based meats, there are many variables that drive the total environmental impact of a product.
This year’s Federal budget saw the following proposed measures impacting SMSFs and their members: Removal of work test; Extension of bring forward rule for non-concessional contributions; Downsizer contribution reduction in eligibility age; Residency requirements relaxed; Legacy pension conversions; Removal of the $450 per month threshold for superannuation guarantee payments; Changes to FHSSS.
The Victorian Government is ensuring significant value increases from government rezoning decisions are shared with the community.
The windfall gains tax will be introduced into Parliament this week and will return a share of the profits from rezonings to the community for vital infrastructure such as public transport and schools.
|Date you were/are appointed||Date you must apply by|
|On or before 31 October 2021||30 November 2022|
|Between 1 November 2021 and 4 April 2022||Within 28 days of appointment|
|From 5 April 2022||Before appointed director|
Announcements:This month we wish Andrew and Gabi a very happy birthday and congratulate the following on their work anniversaries with Watts Price Accountants: Xavier (1 year), Lee (21 years), Grant (20 years), Katrina (2 years) & Paula (29 years).
Important ATO Dates
|December monthly activity statements||21/01/2022|
|Quarter 2 PAYG Instalment Activity Statements||21/01/2022|
|Quarter 2 Superannuation Guarantee payments due||28/01/2022|
Appointment Procedures Due to COVID
Both our offices are open again and only restricted by density limits! This means we are able to contact face to face appointments again. Please note:
- we are able to provide phone and video appointments via Zoom if you prefer
- Those coming into the office are required to
- QR code
- inform us of your vaccination status prior to your appointment
- if you are feeling unwell we ask that you phone to make other arrangements
- wear a mask (this is now optional)
If you have any queries we can be contacted via: Watts Price Accountants P: 03 5382 3001 E: firstname.lastname@example.org M: PO Box 118, Horsham VIC 3402 Knights Accounting P: 03 5385 5330 E: email@example.com M: 16 Cromie Street, Rupanyup VIC 3388 Note: Both offices are equipped with mail slots so you can drop off paperwork at anytime.
All the best from the Watts Price Team!