March 2021 Newsletter

Contents:

  • Circuit Breaker Lockdown Business Support Package
  • PPSR: Register Assets ahead of likely insolvency spike
  • STP changes to include Closely Held Payees
  • Superannuation Contribution Caps to increase
  • Warning re TFN scam
  • Cost of paying superannuation contributions late
  • Announcements

Circuit Breaker Lockdown Business Support Package

More than 50,000 Victorian businesses are set to receive at least $2,000 in cash grants following the state’s most recent circuit-breaker snap lockdown.
The Victorian government has announced a new $143 million support package for eligible industries who were most impacted by the five-day lockdown between 12 February and 17 February.
 
 

PPSR: Register Assets ahead of likely insolvency spike

Small businesses have been urged to secure their assets and business loans on the Australian government’s register of security interests ahead of an anticipated rise in insolvencies.
Australian Small Business and Family Enterprise Ombudsman Kate Carnell believes many small businesses are not fully utilising the Personal Property Securities Register (PPSR) as protection in the event of an insolvency.

STP changes to include Closely Held Payees

Employers with closely held payees will now have three options to report payments through Single Touch Payroll, following guidance from the ATO.
The ATO has confirmed that STP reporting for closely held payees will commence from 1 July, after it had granted these employers a one-year exemption in the midst of the pandemic last year.
 
 

Superannuation Contribution Caps to increase

From 1 July 2021, the concessional and non-concessional contribution caps are set to increase due to indexation for the first time ever since July 2017.
The concessional contribution cap, originally set at $25,000 from 1 July 2017, is indexed by average weekly ordinary time earnings (AWOTE) in increments of $2,500.
 

Warning re TFN scam

The Tax Office has issued a warning over a new tax file number scam that has seen nearly $120,000 being lost to fraudsters. The new scam involves a robo-call impersonating the ATO with a pre-recorded message informing a target that their TFN has been suspended following suspected fraudulent activity.
 
 

Cost of paying superannuation contributions late

Due to the introduction of STP and the finish of the SGC amnesty, we should all expect the ATO to be very active in following up on late paid (or not paid) superannuation contributions. This short video discusses the issue and gives an example of how easily the non-payment of superannuation contributions can escalate into a significant cost that is multiples of the unpaid contribution amount.
 

Announcements:

This month we wish a very happy birthday to Margaret!
   
     

Important ATO Dates


Lodgement Program Due Date
February monthly activity statements 21/03/2021
March monthly activity statements 21/04/2021
Quarter 3 (January–March) PAYG instalment activity statement 21/04/2021
 

 

Tax Planning

It’s not too early to be thinking about Tax Planning. With 30 June just around the corner we encourage you to think about applying legitimate tax strategies now to minimise your tax obligation.
 
To book an appointment please contact our team:
 
Watts Price Accountants
P: 03 5382 3001
E: mail@wattsprice.com.au
 
Knights Accounting
P: 03 5385 5330
E: info@knightsaccounting.com.au
 
 

Appointment Procedures Due to COVID

As you are all well aware, there have been a number changes over the last month due to changes in the number of COVID cases reported in the State. As it stands at time of writing, Watts Price Accountants and Knights Accounting are open and able to facilitate face to face appointments again. For the health & safety of everyone please note the following requirements when attending our office(s):
  • Social distancing rules are still in place and we are all required to maintain a distance of 1.5 metres
  • Face masks are no longer compulsory (optional)
  • If you are experiencing any of the following symptoms –
    • cough, cold, sore throat, fever or
  • Been to a known hotspot or been in contact with someone that has in the last 2 weeks – please do not enter our office(s). Phone our office to discuss your options!

For your safety and convenience, we are:

  1. Still very happy to conduct phone or video conferencing (Zoom) appointments
  2. We are staggering our appointment times to minimise contact with other clients
  3. The Watts Price front meeting room will be used as an extra reception area
  4. We will be placing hand sanitiser in appropriate locations
  5. Meeting areas are being wiped down after each appointment
These measures are necessary under the current restrictions to protect you and our team. We thank you in advance for your co-operation and look forward to seeing you again soon! If you need assistance please contact us on:
 
Watts Price Accountants
P: 03 5382 3001
E: mail@wattsprice.com.au
M: PO Box 118, Horsham VIC 3402
 
Knights Accounting
P: 03 5385 5330
E: info@knightsaccounting.com.au
M: 16 Cromie Street, Rupanyup VIC 3388
 
All the best from the Watts Price Team!