November 2024 Newsletter
Contents:
- Why (and how) to adopt eInvoicing
- Centrelink $890 ‘bonus’ cost-of-living payment warning
- The gentle art of death cleaning
- The most overlooked investment property deductions
- What will stop working when the 3G network is shut down
- ATO reveals deceitful ways Australia is being short-changed
- Announcements
Why (and how) to adopt eInvoicing
If you’re part of the Aussie business community, you’ll have noticed the government’s big push for businesses to adopt eInvoicing. It can sound expensive and daunting, but if embraced, this initiative could bring plenty of benefits to your business. Meant for business-to-business transactions, eInvoicing (or electronic invoicing) lets you exchange invoices digitally through shared software, eliminating the need to print or email them. While it’s still optional right now, it’s set to become the new industry norm.
Centrelink $890 ‘bonus’ cost-of-living payment warning
Aussies are being warned to watch out for websites promoting a fake $890 cost-of-living “bonus payment” for those on Centrelink. This payment is not real and scammers are trying to steal Aussies myGov information. A number of websites have popped up in recent weeks claiming Aussies will be receiving the payments to help “with the cost of living” by the end of October. People have been sharing these websites on social media, thinking the information is real.
The gentle art of death cleaning
Most of us are really squeamish about the word ‘death’ – we run a mile from it. Similarly with the term ‘funeral’ – it’s difficult to bring ourselves to read articles about planning for our own demise. We’re more interested in living, than dying, right? But there is a compelling reason why we do need to think ahead and plan. And that’s because most of us would walk over burning coals for our loved ones – so leaving them with a mess is not how we want them to remember us.
The most overlooked investment property deductions
An investment property tax expert runs through what every investment property owner should know.
One in five of us own an investment property, with 56.7% of Aussie wealth held in housing (at June 2023). It is an incredibly attractive investment option for many investors due to the capital growth that investors have historically seen in property. This is boosted by favourable tax treatment through policies such as negative gearing and the capital gains discount.
ATO reveals deceitful ways Australia is being short-changed
Residents in NSW are more likely than anywhere else in Australia to report a person or business they suspect of dodgy tax activity or other dishonest behaviour, it has been revealed. The Australian economy is short-changed about $16 billion in unpaid taxes every year, but the Australian Taxation Office has had some big recent wins and is looking to tighten the screws further. Not declaring income, paying workers in cash and failing to report all sales are just some of the tactics used to game the system.
Announcements:
This month we have no birthdays or anniversaries to celebrate!|
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Important ATO Dates
| Lodgement Program | Date |
| October monthly activity statements | 21/11/2024 |
| Quarter 1 (July–September) activity statements lodged electronically – final date for lodgment and payment | 28/11/2024 |
Other News
Office Closure
Our office will be closed from 12.00pm on Friday 22 November for a staff function.
Tax Deadline – 31 October 2024
Just a reminder that the above tax deadline that you may have seen or heard mentioned in the media recently is for clients that lodge their own tax return. Where you use a tax agent to lodge your return, you fall under the tax agents lodgment deadline which is much later in the year. This is usually in May but some clients are on the ATOs early lodgment list. Rest assured we will be in contact with you to ensure you meet your lodgment obligations!If you have any queries please contact our office!
myGovID is changing it’s name to myID
Soon, myGovID will be changing to myID. The app will have a new name and new look, but you’ll continue to use it in the same way.
The change from myGovID to myID aims to reduce the ongoing confusion between the myGovID app and myGov.
Find out moreGrants to boost business events in Victoria
The State Government’s Regional Business Events Program is open to attract new business events throughout Victoria.
Applications are now open for grants to support event organisers to host events in Regional Victoria, boosting tourism and communities.
All the best from the Watts Price Team!