March 2020 Newsletter

Contents:

  • Instant asset write-off thresholds change 01/07/2020
  • Superannuation Guarantee amnesty bill passes Parliament
  • Beware shortfall of a will in SMSF planning
  • What tax deductions can home owners use to help with their mortgage?
  • Employers need to lodge a finalisation report by 14/07/2020
  • Business Hub Online Portal replaces Centrelink Business Online Service (CBOS)
  • Announcements

Instant asset write-off thresholds change 01/07/2020

Using the simplified depreciation rules, assets costing less than the relevant instant asset write-off threshold are written off in the year they are first used, or installed ready-for-use. This threshold applies to each asset irrespective of whether the asset is purchased new or second-hand.

 

 

Superannuation Guarantee amnesty bill passes Parliament

The long-awaited superannuation guarantee amnesty bill has now passed both houses, with employers set to get six months to disclose historical non-compliance before tougher penalties apply.
The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 has now been passed and is awaiting royal assent.
 
 

Beware shortfall of a will in SMSF planning

Despite superannuation being the largest asset most Australians hold, many are not prepared on how to pass it on to the next generation, an industry expert warns.

In a conversation with nestegg, Hall & Wilcox senior associate Sam Baring explained how SMSFs members need to take precaution in passing on their money.

 

What tax deductions can home owners use to help with their mortgage?

Your home is generally exempt from tax until you sell it, which means it won’t be much of a concern in your annual tax return. However, it also doesn’t give you relief from potentially high mortgage repayments.

 

 

Employers need to lodge a finalisation report by 14/07/2020

The 2019 – 2020 financial year saw the introduction of Single Touch Payroll for all small employers (those with less than 20 employees) which meant employers needed to start providing Wages, PAYG tax and superannuation information in an electronic format to the Tax Office.

 

Business Hub Online Portal replaces Centrelink Business Online Service (CBOS)

If you currently use our Centrelink Business Online Services (CBOS) you can transition now. Read about how you can transition from CBOS to Business Hub. You need to transition as soon as possible. If you don’t transition before 7 March 2020 you’ll lose access to these services in CBOS. You’ll get a notification in your account telling you to transition.

Announcements:

This month we wish a Happy Birthday to Margaret.
 
   
     
 

Business Assistance Program

Chris McClure of the Economic Development Team at Horsham Rural City Council has advised of the establishment of funding and officer support for existing and new businesses in the Horsham Rural City Council.
 
 
 
 

One month left for AUSkey

Now is the time to move to myGovID and Relationship Authorisation Manager (RAM). You will not be able to use AUSkey after 11.59pm AEDT on Friday 27 March.

 
 
All the best from the Watts Price Team!