March 2023 Newsletter
Contents:
- PPSR: Protection against debtor insolvency
- How Paid Family & Domestic Violence Leave will work
- ATO scraps working-from-home shortcut: ‘Keep detailed records’
- The industries worst affected by talent shortages and how the government can help
- How to be perfectly franked and pay no tax
- Selling or exiting your small business: What it means for your tax
- Announcements
PPSR: Protection against debtor insolvency
The PPSA commenced on 30 January 2012, bringing with it significant changes to the area of security interests taken in personal property (generally, non-land assets). The aim of the PPSA is to have national legislation that governs security interests in personal property and that provides rules as to their priorities and enforcement. It is intended to make the process simpler for businesses and individuals to register their interests in personal property, check whether such property has a security registered over it, and also to minimise the risk to purchasers of personal property.
How Paid Family & Domestic Violence Leave will work
ATO scraps working-from-home shortcut: ‘Keep detailed records’
For the past few years, people working at home have been able to calculate their work-from-home expenses via what’s known as the “shortcut method”.
Introduced by the Australian Taxation Office (ATO) during COVID, the shortcut method allows taxpayers to claim 80 cents an hour work-from-home (WFH) expenses.
The 80-cent, flat-rate method simplified the process of calculating deductions for working from home, but also meant taxpayers couldn’t claim any other expenses, such as purchasing new equipment.
The industries worst affected by talent shortages and how the government can help
Talent shortages persist as a key concern for employers as we kick off 2023. Nadine O’Regan, general manager at TQSolutions, discussed the industries that have been hit hardest and what the government can do to ease the pressure felt.
How to be perfectly franked and pay no tax
This article was originally published in Edition 1 of Firstlinks (then Cuffelinks) on 8 February 2013, 10 years ago this week. Firstlinks aspires to offer timeless insights to its readers, with less of the daily noise of other newsletters. It is pleasing to look back on Edition 1 and see most of the articles remain relevant today, including a piece by former PM, Paul Keating.
Similarly, this explanation of franking by Chris remains as accurate and informative today as when it was written.
Selling or exiting your small business: What it means for your tax
You’ve spent years building up your successful small business but now you’re looking to take a step back. Maybe you’ve received an offer from a competitor that you can’t refuse, perhaps a staff member wants to buy out the business or perhaps even your children are interested in taking over. Before you sell up, you need to understand how each option will affect your tax.
As you approach later life, you need to have a personal, financial and business plan in place.
Announcements:
There are no staff birthdays or work anniversaries this month!Situation Vacant: Accountant or Bookkeeper
- Great variety of work
- Flexible work arrangements
- Plenty of client contact
- Excellent workplace facilities
- You’ll be working with great clients & team members
- Excellent communication skills.
- Great attention to detail.
- A great work ethic and time management along with the ability to multi-task.
- Be able to work as part of a team toward common goals.
- A willingness to go above and beyond for our clients.
- Be competent in MS Outlook, Word & Excel.
Important ATO Dates
| Lodgement Program | Date |
| February monthly activity statements | 21/03/2023 |
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.
We believe these changes will ultimately improve the level of service we currently provide but if you have any queries, please feel free to contact Pete, Grant, Lee or any one of our team.
Property Presentation
Client Event – Property Update
Are you interested in what is going on in the property market or considering investing in property either directly or via a unit trust? If so, we are hosting an event on Tuesday 28th March @ 5pm that will cover these topics and more.
Our presenter will be Phil Almeida (Authorised Representative No:001285546) from Performance Property Group.
Performance Property is one of Australia’s leading independent research providers. With a team of researchers in-house, Performance Property conducts extensive quarterly research reports on the 8 capital city markets, 28 major regional markets around Australia, and a biannual national research report analysing economic, demographic, and residential property data.
Please register by calling us on 5382 3001 or email to mail@wattsprice.com.au. Places are limited, so it will be a first in, best dressed policy. Please advise the number of attendees when registering. We hope to see you there.
Tuesday 28 March | 5.00pm – 6.00pm
Watts Price Accountants Office – 44 Wilson Street, Horsham
Light refreshments to be served
Single Touch Payroll 2
For clients using Xero, MYOB and Reckon bookkeeping software, the STP Phase 2 deferrals that were in place end 31/12/2022. However you do have until 31/03/2023 before you need to lodge your first STP 2 compliant report with the ATO. We recommend over the next few weeks that you check your software and follow the steps to get you STP 2 compliant. If you need any assistance please contact our office!
KeyPay & Quickbooks Online users
In 2021, Employment Hero acquired KeyPay Payroll software. KeyPay will soon be rebranded as Employment Hero.
From 3 April 2023, QuickBooks Payroll customers will start to see the refreshed branding, ‘powered by Employment Hero’, across the platform. There will be no other changes to the functionality or product. Everything our customers know and love about QB Payroll will remain the same.
Flood Grants
Grants are still available to those affected by the recent floods.
Flood Grant information from Patrick White at Rural Financial Counselling Service