September 2023 Newsletter
Contents:
- HECS/HELP debt repayment threshold changes
- Tax penalty amnesty: 7,200 small businesses come forward
- Understanding your ‘Small Business Restructure’ options
- Shocking amount you need to retire in Australia
- Metanomics: Coming to a virtual store near you
- What to consider when paying for a nursing home
- Announcements
HECS/HELP debt repayment threshold changes
Millions of Australian graduates have been notified that HECS/HELP debt repayment rates have risen. The threshold for the 2023-24 financial year has been raised, the Australian Taxation Office told former students in an email.
Last financial year, those earning more than $48,361 had to make compulsory payments. However, this year, graduates who earn $51,550 or more will need to make a compulsory repayment.
Tax penalty amnesty: 7,200 small businesses come forward
An Australian Taxation Office policy allowing small businesses to lodge overdue tax debts without attracting late payment penalties has proven a smash hit in its first two months, with 7,200 business already stepping forward.
The Lodgment Penalty Amnesty Program, announced in the 2023-2024 federal budget, allows small businesses with an aggregated annual turnover below $10 million to confess some overdue payments to the tax office without attracting significant penalties.
Understanding your ‘Small Business Restructure’ options
If you are trading a business in a corporate structure and experiencing financial difficulty, from 1 January 2021
your business may be able to access the new Small Business Restructuring regime.
Under this option you continue to trade the business as the director while also proposing a Restructuring Plan to your creditors.
Shocking amount you need to retire in Australia
With the cost-of-living crisis reaching its peak, Aussies who are thinking about retirement may find themselves with less money saved up than they’d hoped.
In fact, some Aussies will find they now need to be mortgage-free with $1 million in the bank to be able to afford to retire comfortably, according to new research from Super Consumers Australia.
Metanomics: Coming to a virtual store near you
What to consider when paying for a nursing home
Moving yourself or a loved one to a nursing home can be emotional and difficult. While some have their nursing home accommodation costs fully covered by the government (based on a means test), most will have to pay their own way.
The average lump sum room value is A$334,000. Choosing how to pay can make this time even more challenging, particularly for those with low financial literacy.
Announcements:
This month we congratulate Nicole (9) for achieving a significant work anniversaries!|
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Important ATO Dates
| Lodgement Program | Date |
| August monthly activity statements | 21/09/2023 |
Other News
Xero Pricing Update
Watts Price Accountants Branding ‘Refresh’
With the upcoming merger of Watts Price and Knights Accounting we thought that it was an appropriate time to review our branding. We are pleased to be able to share with you the new logo (below).
- We will start using the new Watts Price Accountants stationery as soon as the existing stationery is exhausted (examples shown below).
- From 1 July all correspondence with Knights Accounting clients will be on Watts Price Accountants letterhead as part of the merger.
- Over the next few weeks we will:
- Update our email signature.
- Update the website & newsletter.
- Over the coming months we will update the building signage, community signage and staff uniform to reflect the new branding.
If you have any queries about the refreshed branding or the Watts Price and Knights merger please contact our office!