March 2025 Newsletter
Contents:
- Master your employer obligations in 2025
- Bank of Mum and Dad warned on early inheritance cash boost for struggling kids
- Capital gains tax made simple: CGT guide for Australian investors
- Benefiting from the apprenticeship priority list in 2025
- ATO to push non-compliant businesses to monthly GST reporting
- How to shift into pension mode
- Announcements
Master your employer obligations in 2025
Start the year on the right foot and be ready for these key dates.If you employ staff, here are the important dates and obligations to remember throughout the year, to set yourself up for success.
28 January, 28 April, 28 July, and 28 October are the quarterly due dates for making SG payments.
Bank of Mum and Dad warned on early inheritance cash boost for struggling kids
Sky-high property prices and the cost of living has left many young aspiring buyers stuck with the ‘Do Not Pass Go, Do Not Collect $200’ card. So they head straight to the Bank of Mum and Dad to supercharge their savings.
But parents planning to help their children buy their first property on the ‘Monopoly’ board of life should tread carefully. One misstep could jeopardise their financial welfare and government benefits, like the pension.
Capital gains tax made simple: CGT guide for Australian investors
Benefiting from the apprenticeship priority list in 2025
The Australian Apprenticeships Priority List is updated quarterly and determines the occupations that can receive financial support through the Australian Apprenticeships Incentive System.
Under the system, eligible employers can receive incentives for hiring apprentices and trainees.
The priority list is based on factors such as demand and national shortage. It includes occupations classified by the Australian Bureau of Statistics (ABS) as being in Trades and Technicians; and Community and Personal Care Workers; and assessed by Job Skills Australia (JSA) as being in national shortage.
How to shift into pension mode
If our working years can be regarded as the time when we aim to build up our superannuation savings, our retirement years can equally be regarded as the time when we aim to spend them.
At least that’s the objective for most Australians. Which generally leads to the question: how do I start accessing my super funds when I do stop working, or maybe even before I stop working?
This article focuses on the basics, including the general eligibility rules around accessing your super and how to switch your super accumulation account to an account-based pension.
Announcements:
This month we have no employment anniversaries or birthdays to celebrate.Important ATO Dates
| Lodgement Program | Date |
| February monthly activity statements | 21/03/2025 |
| FBT Odometer Reading to Watts Price (if still applicable) | 31/03/2025 |
Other News
QuickBooks Online Usage Limits to be Enforced Soon
Some QuickBooks Online plans have been changed and new usage limits apply. If you are affected you will be notified when you use your file. You will be advised to either reduce usage or upgrade your plan by March 31, 2025, to avoid account suspension.
What’s Happening?
Clients exceeding limits will receive prominent in-product reminders about 30 days before the deadline.
If you are not receiving in-product messages about exceeding the plan limits you do not need to take any action!
Receiving Exceeding Limit Warnings:
- Review Usage: Check your usage under Account and Settings > Usage.
- Reduce Usage: Consider removing unnecessary users, clearing unwanted accounts, or deleting unused classes/locations (Plus subscriptions only).
- Upgrade Plans: Upgrade to a plan that fits your needs (Account and Settings > Billing & Subscriptions).
Key Date: March 31, 2025 – Deadline to adjust usage or upgrade. Accounts exceeding limits after this date will be suspended on their next billing cycle.
Need help?
Where Watts Price Accountants manages your file, contact us on 03 5382 3001 or email mail@wattsprice.com.au.
Where you manage your own file, contact a QuickBooks expert on 1800 046 038.
TBC to increase to $2m from 1 July
The general transfer balance cap (TBC) will increase from $1.9 million to $2 million on 1 July 2025, following the latest Consumer Price Index (CPI) figures. This means SMSF members starting their first retirement phase income stream in the 2025-26 financial year will have a TBC of $2 million. This TBC increase impacts several superannuation rules. If you have any queries please contact your Financial Adviser or our office!
Cheques
The government has unveiled its Cheques Transition Plan, outlining a roadmap to phase out the use of cheques in Australia by 2030. This decision aims to modernize the nation’s financial system and streamline payment processes.
Key Points of the Plan:
- Phased Approach: The plan involves a two-step process:
- Step 1: Ceasing the issuance of cheques by June 30, 2028.
- Step 2: Ceasing the acceptance of cheques by September 30, 2029.
- write or deposit personal cheques
- deposit or request bank cheques
- deposit cash or cheques at NAB branches
- make a super contribution or payment via cheque.