January 2023 Newsletter
Contents:
- 2022 Tax Wrap – a recap of the changes in 2022
- FWO fines farm employers more than $78,000
- 12 tips for ‘aged care season’
- Man wins worker’s compensation claim from fall while walking dog
- Can an attorney (via an EPoA) make or revoke a BDBN?
- When is the right time to wind up a SMSF?
- Announcements
2022 Tax Wrap – a recap of the changes in 2022
Section 100A guidance material finalisedOn 23 February 2022, the Commissioner of Taxation published draft guidance on how section 100A operates, the meaning of key terms and how the provision applies to some taxpayers’ circumstances. Section 100A of the Income Tax Assessment Act 1936 is an anti-avoidance provision designed to prevent taxpayers from using trust structures to reduce their tax liability.
FWO fines farm employers more than $78,000
The Fair Work Ombudsman has fined growers and labour hire providers in North West Victoria’s Sunraysia region, South Australia’s Riverland, and NSW’s Coffs Harbour and Grafton a combined $78,362 for breaching pay slips and record-keeping laws in the last year.
In contrast, there has been high levels of compliance found in the Queensland growing regions of Wide Bay and Moreton Bay.
12 tips for ‘aged care season’
Some call it the silly season, others call it the festive season, but I call this time of year ‘aged care season’. It’s a time when families come together, maybe for the first time since last Christmas, and notice that Mum or Dad or both need some (or a lot) of care.
So, if your family gathering turns into a conversation about “what are we going to do to help Mum?”, here are my tips for navigating aged care season.
Man wins worker’s compensation claim from fall while walking dog
A Tasmanian man who fell and broke his leg while walking his dog wins his worker’s compensation claim, after a court ruled it happened in the course of his employment as he was on-call at the time.
Buddy Detlef Nazar was working in a relief position for Hydro Tasmania in the remote town of Tullah in 2018.
While on-call for work, he was walking with his partner and dog when he slipped on a log and broke his thigh bone.
Can an attorney (via an EPoA) make or revoke a BDBN?
The precise role of a person acting as an attorney under an enduring power of attorney (EPoA) in relation to dealing with a member’s binding death benefit nomination (BDBN) is an issue that has attracted increased attention in recent years. Accordingly, SMSF trustees, members, advisers and beneficiaries need to be aware of the law and the risks associated with attorneys being involved with BDBNs.
Questions regarding the scope of an attorney’s powers invariably arise where an attorney is contemplating making,
When is the right time to wind up a SMSF?
Trustees should carefully consider whether winding up a SMSF is the right decision for the members.
The Reasons for Wind Ups
Trustees may decide to wind up their SMSF because of changes in their personal circumstances. Here are a number of common ones: Death of a member/(s)
Announcements:
January is a very busy month for announcements. Firstly we congratulate the following 5 team members for reaching employment milestones:- Paula – 30 years
- Lee – 22 years
- Grant – 21 years
- Katrina – 3 years
- Xavier – 2 years
We also wish a very happy birthday to Andrew & Gabi in January!
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Situation Vacant: Accountant
- Great variety of work
- Flexible work arrangements
- Plenty of client contact
- Excellent workplace facilities
- You’ll be working with great clients & team members
- Excellent communication skills.
- Great attention to detail.
- A great work ethic and time management along with the ability to multi-task.
- Be able to work as part of a team toward common goals.
- A willingness to go above and beyond for our clients.
- Be competent in MS Outlook, Word & Excel.
Important ATO Dates
| Lodgement Program | Date |
| December monthly activity statements | 21/01/2023 |
| Qtr 2 Sep – Dec PAYG activity statements | 21/01/2023 |
| Qtr 2 Sep – Dec Super Guarantee Contributions | 28/01/2023 |
Other News
A message from the ATO regarding Director Identification Numbers (DINs)
It said penalties would now be applied after they were suspended during the two-week extension period.
“Director ID is a requirement for all directors under the law,” an ATO spokesperson said. “Following the introduction of the measure in 2021 and a transitional period, the deadline for most directors to get their obligation was 30 November 2022. The ATO confirmed penalties would not apply to anyone who applied prior to 14 December 2022.
“The community can expect the ATO will take a reasonable approach to directors who have genuinely tried to meet their director ID obligation but have not been able to due to their circumstances.
“Extensions are available for directors who have a legitimate reason why they have not yet been able to apply.
“We encourage all directors who haven’t already to apply for their director ID as soon as possible. We will take a reasonable approach to those directors who have tried to do the right thing.”
The ATO confirmed that ASIC was responsible for enforcing the scheme and its website lists offences including a failure to apply for an ID and failure to hold an ID, with both attracting criminal penalties of $13,200. Applying for multiple IDs or misrepresenting an ID is punishable by a $26,640 fine or a year in jail, or both.
Single Touch Payroll 2
For clients using Xero, MYOB and Reckon bookkeeping software, the STP Phase 2 deferrals that were in place end 31/12/2022. However you do have until 31/03/2023 before you need to lodge your first STP 2 compliant report with the ATO.
We recommend over the next few weeks that you check your software and follow the steps to get you STP 2 compliant.
If you need any assistance please contact our office!
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