November 2021 Newsletter
Contents:
- Director identification numbers needed soon
- Underpayments impacting 1 in 2 Aussie workers
- Business valuations: Tips, tricks and traps
- Over 50,000 Australians sign up for government home buyer schemes
- Australia’s best and worst-performing super funds
- Can you protect an elderly parents’ superannuation benefits?
- Announcements
Director identification numbers needed soon
The purpose of introducing DINs is to prevent the use of fictitious director identities, assist regulators trace directors’ relationships with companies and better identify directors involved in unlawful activity, such as illegal ‘phoenix’ activity. Each director will have their own unique DIN that they will keep for the remainder of their life. A director can only have one DIN that they must use for all companies.Underpayments impacting 1 in 2 Aussie workers
According to ADP’s People at Work 2021: A Global Workforce View, one in two workers – 52 per cent – believe they have been underpaid at least once since the pandemic was declared.
Business valuations: Tips, tricks and traps
Business valuation is often described as a dark art. Indeed, get three different valuers to value the same asset and you will likely end up with three very different results. But this doesn’t need to be the case.Done properly, business valuation uses detailed financial and risk analysis to determine the appropriate valuation for a business. At its core, it’s about determining two key things, the same things needed to value any type of asset: return and risk.
Over 50,000 Australians sign up for government home buyer schemes
Since the start of 2020, 52,888 Australians have purchased a home or reserved a place under the federal government’s Home Guarantee Scheme.
Australia’s best and worst-performing super funds
A new report has found that Australians who are members of the worst-performing super funds could lose a quarter of their balance by retirement.
In its latest Fat Cat Funds Report, Stockspot identified what it described as “Fat Cat Funds” by looking at the bottom 10 super funds within a particular risk group such as balanced or growth.
Can you protect an elderly parents’ superannuation benefits?
A common estate planning question we receive is about the protection of elderly parents’ superannuation benefits, and specifically when one of them passes away.
Consider the situation. Dad passed away. Someone suddenly starts befriending Mum. The children are concerned – is there an ulterior motive to this unlikely befriending? Whether or not the friend is younger, or of the same or opposite sex is irrelevant.
Stapled Super: change that affects Employers
For those that didn’t see the article last month there has been a subtle but important change regarding how employers pay super to new employees if the employee does not supply their superannuation details.Vic: Phasing out of COVID disaster payment
The Federal Government has announced the phasing out of the COVID-19 Disaster Payment for Victoria as it reaches the 70% vaccination rate. The payment will remain available at the same rate to people who still cannot work due to restrictions until Victoria reaches 80% full vaccination. However, it will no longer be paid automatically. People will need to apply each week to ensure they remain eligible. Once the 80% milestone is reached, the payment will decrease over a two-week period for those on the full COVID-19 Disaster Payment, and over one week for those on income support receiving the $200 COVID-19 Disaster Payment. It will then cease as more people are expected to return to the workforce.ATO reminder re Jobmaker Hiring Credit payments
The ATO has issued a reminder for business that the JobMaker Hiring Credit payments can be claimed by 31 October 2021 for additional eligible employees hired between 7 April 2021 and 6 July 2021. It further advises that eligible businesses can claim the JobMaker Hiring Credit for up to a year for each additional eligible employee hired between 7 October 2020 and 6 October 2021. For further details see here.Announcements:
There were no staff birthdays or anniversaries in November!Important ATO Dates
Lodgement Program | Date |
October monthly activity statements | 21/11/2021 |
Office Closure
Please note the following:
Knights Accounting office will be closed
- Friday 29th October
- Monday 1st November
- Tuesday 2nd November (Public Holiday)
Watts Price Accountants office will be closed
- Monday 1st November
- Tuesday 2nd November (Public Holiday)
We apologise for any inconvenience!
Appointment Procedures Due to COVID
Both our offices are now open again!
There is currently a restriction on the number of people allowed in offices across Victoria, it’s either 25% of your normal capacity or 10 whichever is the larger. This means that we restricted to no more than 10 people in the building until restrictions further ease. We believe that from this Friday 6pm, these limits are removed and replaced by density limits of 1 person per 4 square meters which effectively means we are back to close to normal operations from Wednesday 3rd November!
Please note:
- we are able to provide phone and video appointments via Zoom.
- Those coming into the office are required to
- wear a mask
- QR code
- will soon need to show proof of vaccination
- if you are feeling unwell we ask that you phone to make other arrangements
If you have any queries we can be contacted via:
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
Note: Both offices are equipped with mail slots so you can drop off paperwork at anytime.
All the best from the Watts Price Team!