October 2021 Newsletter

Contents:

New Casual Employment Law Kicks In With $66k Penalties

Australian businesses with long-term casual staff could soon face fines in excess of $66,000 if they fail to offer them permanent positions from next week, says the Fair Work Ombudsman.
From 27 September, employers will need to begin contacting casual staff, employed for at least 12 months, with a written offer to convert them to permanent employment.

Why Your Tax Return Should Be Better This Year

If there was ever a year when it was worth doing your taxes on time, it’s this one. Mr Chapman said that these tax cuts, introduced in October by last year’s federal budget, mean that those who get their taxes in on time should expect a “bumper” return. “That’s because of the low and middle income tax offset and also the change in tax thresholds from 1 July 2020,” he said.

 

Employers May Need to Request Stapled Super Fund Details

From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from us.

A stapled super fund is an existing super account which is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.

 

ASIC Warns Against Social Media ‘Pump & Dump’ Strategy

The Australian Securities and Investments Commission (ASIC) has seen a concerning trend of social media posts being used to coordinate “pump and dump” activity in listed stocks, which may amount to market manipulation in breach of the Corporations Act 2001.
“Pump and dump” activity occurs when a person buys shares in a company and starts an organised program to seek to increase (or “pump”) the share price, according to ASIC.

 

What is an Annuity and How Does it Work

Having enough income for retirement is important. If you’re looking for an alternative source of income when you’re retired, an annuity may be the answer.

Annuities are insurance products that give retirees a reliable and steady income. These income payments can support your financial needs for the rest of your life or for a fixed number of years. 

5 HR Hotspots to Avoid Legal Headaches

Thinking about your responsibilities when it comes to the law and HR can be daunting.
But gaining a clear understanding of what’s legal and what’s expected of you as an employer can help to make it less intimidating – and help you to avoid common potential legal pitfalls.

We asked Andrew Jewell, the principal lawyer with Jewell Hancock Employment Lawyers, to explain five HR legal dangers employers should avoid.

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Fuel Tax Credits

Fuel Tax Credits have been updated from 2 August 2021 because the change occurred midway through a quarter please ensure you provide invoices for any bulk fuel purchases when supplying your September BAS information to us.

 

National Landcare Program: Smart Farms Small Grants: Soil Extension Activities

This grant opportunity is part of the above program that contributes primarily to the Department of Agriculture, Water and the Environment’s Outcome 1 and Outcome 3. The Department of Agriculture, Water and the Environment works with stakeholders to plan and design the grant program according to the Commonwealth Grants Rules and Guidelines 2017 (CGRGs)

https://www.communitygrants.gov.au/sites/default/files/documents/09_2021/smart-farms-soil-extension-program-grant-opportunity-guidelines.pdf

 

ATO announces STP Phase 2 blanket deferral

Australian employers will now have two more months to transition to the second phase of Single Touch Payroll as the ATO announces a blanket deferral in light of the current business environment.

The ATO has revealed that employers that begin reporting additional payroll information required under STP Phase 2 by 1 March 2022 will be considered to have met its 1 January 2022 deadline.

https://www.accountantsdaily.com.au/tax-compliance/16199-ato-announces-stp-phase-2-blanket-deferral

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Announcements:

This month is a busy one for birthdays. We wish a very Happy Birthday to Nicole, Grant & Tony! We also celebrate the following staff anniversaries, Tony 16 years and Lyndel 9 years, congratulations guys!

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Important ATO Dates

Accountant or Graduate Account Position

We currently have an opening for an accountant or someone looking to become an accountant within Public Practice.

Download the Position Description here!

For more details please contact Richard Kemp, 03 5382 3001 or richardk@wattsprice.com.au

Second Hand Computers For Sale

If anyone is looking for a pre-loved desktop computer we have a few we are looking to sell!

HP Compaq 8000 Elite (Small Form Factor): Intel Core 2 Duo E7600, 3.06 GHz, 4GB Memory, 160 GB Hard Disk, Price: $69.00 (Pick up only) 3 Left

Proline Professional Workstation: Intel Core i5-3450, 3.1 GHz, 8GB DDR-3 DIMM Memory, 1 TB Hard Disk, Price: $99.00 (Pick up only) 5 Left

Proline Professional Workstation: Intel Core i5-2400, 3.1 GHz, 8GB DDR-3 DIMM Memory, 1 TB Hard Disk, Price: $89.00 (Pick up only) 1 Left

For more details download the flyer or contact Richard at our Horsham office on 5382 3001 or richardk@wattsprice.com.au

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. This effectively means that Knights Accounting (Rupanyup office) is back to normal operations but due to the capacity limit most of our accounting team that work out of Horsham are still working from home.  

As such, for Horsham clients, we are able to provide phone and video appointments via Zoom. Those wanting a face to face appointment will be scheduled in once capacity limits allow.

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!