June 2019 Newsletter

Contents:

  • Farm Business Assistance Program provides $2,500 support
  • IT, Road Freight & Security added to Taxable Payments Reporting in 2019
  • Single Touch Payroll to affect all employers
  • SMSFs reminded on deadline with protecting your super measures
  • Fair Work lifts minimum wage by 3% from 1st of July
  • What’s on the table when you buy or sell a business?
  • Announcements

Farm Business Assistance Program provides $2,500 support

If you run a business that makes payments to contractors, you’ll want to stay ahead of changes to the Taxable Payments Reporting System (TPRS) no matter what industry you’re in.
When you run a business, you have to keep up to date on all the latest regulations …

 

Single Touch Payroll to affect all employers

What is Single Touch Payroll?
Single Touch Payroll is a change in the way employers will report their PAYG and super information to the ATO. Employers will now be required to report PAYG and super after a “payroll event” – essentially after payroll has been processed – rather than previously reporting monthly or quarterly. In addition to PAYG, super information …
 
SMSFs that hold insurance cover in APRA-regulated super funds have been warned they may need to take steps before 1 July this year to maintain the cover where the account has been inactive for a long period, says a technical expert.
In an online article, SuperConcepts executive manager Nicholas Ali said that, …
 
 
The country’s yearly wage bill has grown by at least $2.2 billion, with the Fair Work Commission raising the national minimum wage by 3 per cent.

With the changes announced today, the new minimum wage will increase to $19.49 per hour, which is a change of 56 cents per hour.

 

 

The decision to buy or sell a business can be both exciting and daunting at the same time. With the rising number of Baby Boomers stepping away from their privately owned businesses, these decisions are becoming more frequent for our clients. Considerations such as price, timing, taxation, deal structure, employees, warranties, indemnities and many more, can muddy the waters. However, if we strip back a lot of the factors above, one of the most important considerations in any transaction is how…
 
 

Announcements:

This month we celebrate one birthday and three work anniversaries. We wish Brian a very Happy Birthday and congratulations to Gabi (22 years), Dee (23 years) and Andrew (26 years) who all bring up work anniversaries this month!
 
Brian Watts
Gabi Freijah

Andrew Price

 

 

 

Single Touch Payroll Presentation

Horsham: Monday 17 June 2019 @ 6pm – 6.45pm, TBC
 
If you employ staff you should by now know what Single Touch Payroll is. If not you soon will! Single Touch Payroll (STP) is a government initiative to streamline payroll reporting to the ATO and it starts 1st of July 2019 for businesses with less than 19 employees (those with 20 or more commenced 01/07/2018).
 
The reporting of payments to employees such as salary and wages, PAYG withholding and super liabilities needs to be via STP compliant software. What this means is employers need to start thinking about finding a payroll solution very soon to meet the July start date.
 
To find out more about Single Touch Payroll please join us at our free STP information session.
 
This is a must attend session for any employer!
 
To register your attendance or to discuss any of the above information please call on 03 5382 3001 or email us at mail@wattsprice.com.au
   

QuickBooks Online Training

 

 

 

Monday 24th June at 5.45pm

Over the last 12 months there has been a big move toward cloud accounting software and the most popular choice has been QuickBooks Online due to it’s functionality and great price.

To assist clients that want to learn the basics Watts Price Accountants will be providing a QuickBooks Online training session on Monday 24 June from 5.45pm to approximately 7.00pm. 

This session will be in a computer room using a demo version and we intend covering topics like:

  • Navigation to the key behind the scene settings
  • Banking
  • Transactions (including quotes)
  • Bills
  • Reporting
  • Setting up Single Touch Payroll
  • We’ll also discuss setting up bank feeds and other housing keeping matters

Seating will be limited so secure your seat today by contacting our office on 5382 3001 or email us at mail@wattsprice.com.au.

The details: Topic: QuickBooks Online training
Date: Monday 24th June 2019 at 5.45pm
Location: Centre for Participation (39 Urquhart St, Horsham VIC 3400)
Cost: $50 + gst
RSVP: By Friday 21st June 


Commonly Asked Question

Q: How am I expected to process Single Touch Payroll with no internet?

A: This is a fairly common question especially among rural based employers.
There are a couple of options available to you:
  1. The ATO is offering a deferral for those in areas where there is poor or no internet available. This may provide a temporary reprieve but having seen the required documentation this may not be the most straight forward option. 
  2.  You can outsource the processing of your STP reporting to a registered Payroll provider, Tax agent or bookkeeper (who needs to be a registered BAS agent).
  3. Clients that use QuickBooks Online or Xero accounting software can use the accompanying mobile app available on Apple or Android devices.
  4. Software provider Reckon has just launched their free STP mobile app, so as long as you have mobile coverage and a suitable mobile device you will be able to lodge your STP reporting.

For more information attend our free Single Touch Payroll presentation on Monday 17th of June or contact our office on 03 5382 3001 or by email at mail@wattsprice.com.au

https://www.ato.gov.au/Business/Single-Touch-Payroll/About-Single-Touch-Payroll/

All the best from the Watts Price Team!