Farm businesses can often accumulate “deferred income”: income that would usually be taxed in the year it is earned or generated, but is deferred or delayed to a future year through various mechanisms available to primary producers. Over time, these deferred amounts can become substantial, with the potential for unexpected tax consequences arising from an unplanned event.
Working tradies need to be certain about what can or can’t be claimed on their annual tax return. A lot of the time, what you can claim depends on whether you’re an employee tradie or a small business (that is, operating as a sole trader, partnership, company or trust). For example, the above distinction can make a difference when you are claiming for the costs of buying tools and equipment.
SMSFs can be a beneficial structure for rural families looking to diversify their wealth, but succession planning is key to avoid conflict in what is usually a close family business, according to an SMSF administrator. Practical Systems Super SMSF specialist Bob Locke told SMSF Adviser the ability for control of investments, combined with the opportunity to build assets outside of the family farm, meant self-managed funds were a significant value-add within any advice strategy for rural families.
Portable long service leave makes it fairer and easier for Victorians working in community services, contract cleaning and security to access long service benefits. From 1 July 2019, Victorians working in contract cleaning, security and community services can start building up long service benefits as part of the Long Service Benefits Portability Act 2018.
This month Jenny brings up 11 years with Watts Price and Nicole brings up a 5 year work anniversary. Congratulations to you both!
The Employers Obligation Presentation
Does having employees staff feel like an endless maze of administration?
As an employer you have a number of legal responsibilities to your staff and failure to comply can lead to a number of penalties. Ensuring that you are up-to-date with all the latest changes can be a challenge in itself, are you paying the correct wages, providing payslips, ensuring a safe work environment, paying the correct taxes and superannuation, just to name a few.
To assist Watts Price Accountants & Knights Accounting will be providing a free information session on Monday 16th September from 6.00pm that will address many of the compliance issues faced by employers.
This session is a must attend event for anyone looking to avoid heavy ATO fines or penalties for non-compliance with their payroll obligations.
Topics to be covered in this session:
Single Touch Payroll
SuperStream & Super obligations
Taxable Payments Annual Reporting
And other essential employer information
Seating will be limited so secure your seat today by contacting our office on 5382 3001 or email us at firstname.lastname@example.org.
Topic: Employer Obligation Presentation Presenters: Andrew Price & Lee O’Grady Date: Monday September 16th Time: 6.00pm to approximately 7.15pm Location: Horsham Cost: FREE RSVP: By Friday 13th September
If you or anyone you know needs assistance with any payroll or taxation issues please contact our office on 5382 3001.
Commonly Asked Question
Q: What is going on at Reckon?
In March 2018 MYOB was set to purchase Reckon’s accounting software products but pulled out once the ACCC stepped in, since then Reckon has changed it’s direction and in their own words backed out of the competition with rivals MYOB and Xero, conceding it’s a battle it cannot win!
What does this mean for Reckon users?
It’s main focus has been the development of its cloud offering, Reckon One which provides a cheap entry point for micro and small businesses. With the introduction of Single Touch Payroll Reckon has launched a free STP mobile app (with very limited functionality), made Reckon One and the Reckon 2019 desktop and Reckon Hosted software STP compliant.
One major change just released is the removal of upgrade licences for desktop users, this will soon mean all Reckon users will be on a monthly subscription arrangement much like it’s major competitors.
If you would like to discuss how the changes at Reckon will affect you we offer free software advice which you can access by contacting us on 03 5382 3001 or email at email@example.com