October 2020 Newsletter

Contents:

  • JobKeeper Extended – what you need to know 
  • $3 billion Victorian business survival package
  • The Importance of getting the superannuation guarantee correct
  • Claiming the GST on a new motor vehicle
  • What is a self managed super fund?
  • Are rent reductions covered by landlord insurance?
  • Announcements

JobKeeper Extended – what you need to know

The JobKeeper scheme has been extended from 28 September 2020 until 28 March 2021.

There are two separate extension periods. For each extension period, an additional actual decline in turnover test applies and the rate of the JobKeeper payment is different.

The extension periods are: Extension 1: from 28 September 2020 to 3 January 2021 & Extension 2: from 4 January 2021 to 28 March 2021.

$3 billion Victorian business survival package

The Victorian Government recently announced a third round of the Business Support Fund – ensuring businesses impacted by coronavirus (COVID-19) restrictions continue to receive the support they need to make it through restricted trading. The ‘How we work’ roadmaps  outline steady, safe and sustainable steps towards a COVID Normal. Grants from this program will help businesses in these sectors make it through extended restrictions.
 
 

The Importance of getting the superannuation guarantee correct

The ATO now receives information from the employees’ superfund so they can match this against superannuation that should be paid by the employer. This process, known as data matching, means more than ever employer’s need to be on top of their superannuation obligations to avoid potential penalties like the Superannuation Guarantee Charge (SGC).
 
 

Claiming the GST on a new motor vehicle

If your business has motor vehicles (under 1 ton & less than 9 passengers) you are probably already aware of the logbook method for claiming business related expenses such as running costs and decline in value.

Earlier this year there was a change to the method for calculating the GST you can claim on the purchase of a new vehicle that now makes it imperative to use a logbook …

What is a self managed super fund?

Data from the Australian Taxation Office (ATO) shows that the number of self-managed superannuation funds (SMSF) has increased in the last five years. Currently, the figure stands at 600,000. While more than 1.1 million Aussies have hopped on the SMSF train, other people are left wondering if they should have one. For some, they don’t even have a clear idea of how it works.
 
 

Are rent reductions covered by landlord insurance?

If you’re offering a rent reduction to a tenant suffering hardship from COVID-19, you might be wondering whether you can claim that on your landlord insurance policy.

The coronavirus pandemic (COVID-19) has turned many people’s worlds upside down, sending stock markets tumbling, unemployment soaring and confining us all into our homes.

 


Announcements:

This month there are a number of team members celebrating birthdays. We wish a happy birthday to Nicole, Grant and Tony. We also congratulate Tony (15) & Lyndel (8) on achieving work anniversaries at Watts Price Accountants.
Nicole De Zoete

Tony Sampson

Tony Sampson

Lyndel Delahunty

 
 

It’s time to ditch snail mail and embrace eSign for faster, more secure BAS communication!

We have been trialling electronic delivery & signing software with many of our Salary & Wage clients over the last month and have received very positive feedback. We believe that this method of delivery would provide a faster, safer and more efficient experience for many of you. To that end we are looking at expanding the trial to BAS clients for the September BAS.

What is eSign?
eSign is a generic term we use to describe the sending and receiving of your documents from a secure location via a link emailed to you. It also gives you the ability to sign documents and to return them to us in seconds via your computer, tablet or smartphone. On signing and returning the document via eSign you have indefinite access to your completed document and for convenience you receive a pdf copy via email as well. No more relying on the post, no more paper and quicker processing of your potential BAS refund!

We understand that not everyone has an email address, access to the internet and that some people just like to retain paper copies of documents for their records. For these clients we will continue to support you with post or phone and collect options. If this is you then no action is required!
 
If you have not signed up yet to receive your BAS communications by eSign please contact us today by emailing Cris and the team at Watts Price Accountants on mail@wattsprice.com.au or phone on 5382 3001.


Appointment Procedures Due to COVID

Now that Stage 3 restrictions have been removed in Regional Victoria, Watts Price Accountants and Knights Accounting have re-opened the doors and are now able to hold 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 
  • You are required to wear a face mask
  • You may be asked to sanitise your hands and be subject to a temperature check upon entry
  • 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
Please note: In the interim some Partners and accountants will prefer to conduct appointments using one of these options. You will be advised of your options when you are booking your appointment.
  1. We are staggering our appointment times to minimise contact with other clients
  2. The Watts Price front meeting room will be used as an extra reception area
  3. We will be placing hand sanitiser in appropriate locations
  4. 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!