July 2024 Newsletter
Contents:
- Fair Work Commission increases minimum wage by 3.75%
- ATO warns on rush job to file tax returns
- Huge tax time warning for millions of Aussies
- Grandchildren challenging a grandparent’s estate a ‘growth’ area
- Warning not to ‘double dip’ on work-from-home claims
- Brain Rules for Aging Well – 10 Principles
- Announcements
Fair Work Commission increases minimum wage by 3.75%
The Fair Work Commission has released its highly anticipated Annual Wage Review for 2024, which will affect approximately 2.6 million workers across the country. Earlier this morning (Monday, 3 June), the Fair Work Commission unveiled its annual review decision, in which it resolved to increase the minimum wage by 3.75 per cent. This means hourly wages will rise to $24.10, up by $0.87. The decision will impact around 2.6 million employees across the country, accounting for one-fifth of Australian workers.
ATO warns on rush job to file tax returns
The Australian Taxation Office (ATO) has warned individuals not to rush filing their tax return when the new financial year hits next week. ATO assistant commissioner, Rob Thomson, said those who lodge in early July are twice as likely to make a mistake than those who take their time. This could include failing to include bank interest, dividend income or private health insurance details.
Huge tax time warning for millions of Aussies
Aussies are being warned to be on high alert for scams this tax time. Fraudsters are looking to capitalise on the busy period by targeting Aussies lodging their returns or eagerly waiting for their refunds. The Australian Taxation Office (ATO) received a whopping 22,000 reports of scams impersonating it over the past 12 months. The scams are becoming more prevalent, with reports increasing 31 per cent between April and May.
Grandchildren challenging a grandparent’s estate a ‘growth’ area
Grandchildren challenging estates is becoming a growth area that shows no signs of slowing down, says a legal professional.Matthew Burgess, director of View Legal, said tougher financial times will likely further stimulate the industry, with an area of particular expansion related to cases where aggrieved grandchildren have been granted greater entitlements out of a deceased estate than what they had been allocated by the will maker.
Brain Rules for Aging Well – 10 Principles
Recently, I came upon a book called Brain Rules for Aging Well: 10 Principles for Staying Vital, Happy, and Sharp. It’s authored by US-based scientist, John Medina, who specialises in human brain development and the genetics of psychiatric disorders. We all know that our minds and bodies deteriorate as we age. The good news is that our brains are highly malleable. That is, they can change and adapt due to experience. Medina gives an overview of the latest findings in neuroscience, and he writes with humour and good grace, with references to the likes of Captain Kirk and the ‘I Love Lucy’ show – which I particularly enjoyed.
Announcements:
This month we wish a very happy birthday to Xavier, Joanne & Paula! We also congratulate Maree (2) on achieving a work anniversary with Watts Price!
 |
 |
 |
 |
Important ATO Dates
| Lodgement Program | Date |
| SGL Increase to 11.5% | 01/07/2024 |
| Minimum Wage to increase by 3.75% | 01/07/2024 |
| Employers to Lodge their Single Touch Payroll (STP) finalisation report with ATO | 14/07/2024 |
| June monthly activity statements | 21/07/2024 |
| Quarter 4 (April–June) activity statements | 28/07/2024 |
| Quarter 4 (April–June) PAYG instalments notices (forms R and T) | 28/07/2024 |
| Quarter 4 (April–June) GST instalment notices (forms S and T) | 28/07/2024 |
| Quarter 4 (April–June) super guarantee contributions | 28/07/2024 |
Other News
Rupanyup Office Hours
We have noticed a significant decline in both foot traffic and calls to the Rupanyup Office on a Friday over the last 6 months, as a result we have closed the Rupanyup Office on a Friday. This will be re-accessed in the new financial year. Tuesday and Thursday hours remain unchanged and we’re always available via email or phone on 5382 3001 to answer any questions you may have.Regional Tourism Investment Fund 2024
The Victorian Government is offering grants through the Regional Tourism Investment Fund (RTIF) to support tourism businesses in regional Victoria. The RTIF offers funding from $100,000 up to $5 million for projects that will increase tourism, create jobs and attract private investment.
There are three funding streams available:
- Small-scale projects ($100,000 to $1 million) for things like cellar door improvements, wildlife sanctuary expansions, and developing new accommodation options.
- Large-scale projects ($1 million to $5 million) for projects like expanding restaurant seating, redeveloping wildlife sanctuaries, building new museums or galleries, and constructing new accommodation offerings.
- Accommodation uplift ($500,000 to $2 million) for renovating existing accommodation to improve the visitor experience. This could include upgrading motels, improving amenities at campgrounds, or making accessibility upgrades.
The amount of co-funding required from the applicant depends on the applicant type and project location.
Applications close on July 19th, 2024.
All Australian taxpayers will receive a tax cut
The Australian Government has made changes to individual income tax rates and thresholds. This will apply to all taxable income you earn from 1 July 2024. The changes will not impact your 2023–24 tax return. From 1 July this year, these changes will:- reduce the 19 per cent tax rate to 16 per cent
- reduce the 32.5 per cent tax rate to 30 per cent
- increase the 37 per cent tax threshold from $120,000 to $135,000
- increase the 45 per cent tax threshold from $180,000 to $190,000
| Thresholds in 2024–25 ($) | Rates in 2024–25 (%) |
| 0 – 18,200 | Tax free |
| 18,201 – 45,000 | 16 |
| 45,001 – 135,000 | 30 |
| 135,001 – 190,000 | 37 |
| Over 190,000 | 45 |
All the best from the Watts Price Team!