July 2023 Newsletter
Contents:
- What you need to know about the minimum wage increase
- Aussies set to get $1500 less back in tax returns this year
- ATO late lodgement leniency for small business
- Cheque yourself: No more cheques by 2030
- ATO acts against foreign worker exploitation
- Don’t let personal guarantees lead to bankruptcy
- Announcements
What you need to know about the minimum wage increase
The Fair Work Commission announced that the national minimum wage is increasing by 5.75 per cent. Employers may have some confusion about exactly what that means for them.
Aussies set to get $1500 less back in tax returns this year
With the expiration of the Low to Middle Income Tax Offset, plus a series of new crackdowns announced by the ATO, some Aussies are set to get less back in their tax return this year.
ATO late lodgement leniency for small business
The Australian Tax Office (ATO) recently announced a Small Business Lodgement Amnesty Program to allow businesses to bring outstanding tax returns and business activity statements (BAS) up-to-date.
Cheque yourself: No more cheques by 2030
A plan to phase out cheque transactions by 2030 is part of the biggest overhaul to the payments system in decades.
ATO acts against foreign worker exploitation
In a joint operation with several agencies, the ATO has cracked down on foreign worker exploitation after a raid at an ACT home uncovered identity documents and cash.
The operation was run by the Australian Border Force and the ATO as part of the Serious Financial Crime Taskforce (SFCT) with assistance from ACT policing, the AFP, and the Australian Criminal Intelligence Commission (ACIC).
Don’t let personal guarantees lead to bankruptcy
Personal guarantees are common, but they can lead to bankruptcy, so franchisors and franchisees need to understand the risks of personal liability on business debts.
Malcolm Howell is a partner and bankruptcy trustee with national insolvency and turnaround solutions specialist Jirsch Sutherland.
“Personal guarantees are commonplace, and with the current economic volatility, more and more lenders and creditor providers are requiring them,” he says.
Announcements:
This month we congratulate Maree on bringing up her first work anniversary!|
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Important ATO Dates
| Lodgement Program | Date |
| SGL Increase to 11% | 01/07/2023 |
| Minimum Wage to increase by 5.75% (by 03/07/2023 if weekly pay period starts Monday) | 01/07/2023 |
| Employers to Lodge their Single Touch Payroll (STP) finalisation report with ATO | 14/07/2023 |
| June monthly activity statements | 21/07/2023 |
| Quarter 4 (April–June) activity statements | 28/07/2023 |
| Quarter 4 (April–June) PAYG instalments notices (forms R and T) | 28/07/2023 |
| Quarter 4 (April–June) GST instalment notices (forms S and T) | 28/07/2023 |
| Quarter 4 (April–June) super guarantee contributions | 28/07/2023 |
Other News
Changes at Knights Accounting from 01/07/2023
Since Margaret’s departure back in July 2022 we have had to make a number of administrative changes to how we operate to ensure we continue to provide the high levels of service you have become accustomed to. To that end there are a few new changes from 1 July 2023 that we believe will help improve the level of service we provide. The main change being the merging of administration and compliance services into Watts Price Accountants. What doesn’t change- You will still have full access to Pete, Grant, Lee and Maree as there is no change to their hours or roles, plus you will have support from an additional 15 team members.
- Your current engagement or payment preferences
- The Rupanyup Office hours are not changing, they remain as follows –
- Tuesday 9.30 – 4.00pm (Lee)
- Thursday 9.30 – 4.00pm (Grant)
- Friday 9.30 – 3.00pm (Phoebe)
- Plus you have access to accountants and admin staff in Horsham five days a week between 8.30am and 5.30pm
- The contact details like email, phone and postal address remain unchanged. You also have access to support via –
- Email: mail@wattsprice.com.au
- Phone: 03 5382 3001
- Address: 44 Wilson Street, Horsham VIC 3400
- Postal: P.O. Box 118, HORSHAM VIC 3402
What does change
- The Knights Accounting name will be retired and replaced with Watts Price Accountants. This means the stationery, signage and other contact points will be changed from 1 July 2023.
- With the changing of the name there will be a few associated changes like a change in tax agent and new bank details. More details will be provided closer to the transition date.
$20,000 instant asset write-off
A reminder that Temporary Full Expensing ends 30 June 2023. The temporary full expensing (“TFE“) rules provide for a full deduction to businesses for the cost of eligible depreciating assets in the year they are first used, or installed ready for use, for a taxable purpose prior to 30 June 2023.
As part of the Federal Budget, Small businesses with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.
Single Touch Payroll (STP) Finalisation
If you can’t make a finalisation declaration on or before the due date, you will need to apply for a deferral.
If you need assistance and/or advice Watts Price can assist you with the process. Please contact us on 03 5382 3001 or email mail@wattsprice.com.au.
Xero Pricing Update
Trade apprentice registration discount
Watts Price Accountants Branding ‘Refresh’
With the upcoming merger of Watts Price and Knights Accounting we thought that it was an appropriate time to review our branding.
We are pleased to be able to share with you the new logo (below).
Our current branding is now about 13 years old and we wanted something similar to the current design so that the community would still recognise the name and what we stand for, so the new design is more a refresh!
The darker green was chosen to standout more than the existing green that can fade in certain settings (mainly outdoors and in newspaper advertisements). And the blocks have been darkened and made solid as well as refreshed a bit by making them interlinked.
Please note:
- We will start using the new Watts Price Accountants stationery as soon as the existing stationery is exhausted (examples shown below).
- From 1 July all correspondence with Knights Accounting clients will be on Watts Price Accountants letterhead as part of the merger.
- Over the next few weeks we will:
- Update our email signature.
- Update the website & newsletter.
- Over the coming months we will update the building signage, community signage and staff uniform to reflect the new branding.
If you have any queries about the refreshed branding or the Watts Price and Knights merger please contact our office!