- If you are an Employer with estimated wages of under $1.5 million for 2018-19 from 1 July 2019, you will no longer be required to pay payroll tax in South Australia if your Australia-wide wages, or group wages, continue to remain below $1.5 million.
360Private is partnering with Ray White Marion and Brighton to present a Property Investment Seminar on Wednesday 28 August.
We invite you to attend and listen to a range of industry professionals who will present the most up to date information on assisting landlords and investors manage their portfolio and also gaining insight into how you can enter the market.
Please see the attached flyer with details of this complimentary seminar and ask you to book your ticket now through EventBrite via the link below, or contact Mel Charters for any assistance or queries you may have on 8291 2111.
Single Touch Payroll (STP) is an electronic method for employers to provide payroll information to the Australian Tax Office at the same time you pay your employees. This information will include details of salaries, wages, tax withholding and superannuation information. With the STP go-live date looming, the ATO and the Government have been busy releasing information on the practical application of STP in practice.
Below is a summary of some of the key announcements made that may affect you if you are a business that has employees.
If you would like to discuss the impact of STP to your business, please contact your 360Private advisor today.
Is a Will a must have or just something your advisors keep telling you that you need?
Let’s take a closer look.
When you pass away you will either have a Will, or not have a Will. If you have a Will then your Estate (a combination of your personal items, bank accounts, property, investments, superannuation, etc.) will be administered according to the terms of your Will and pass to the people you have nominated as beneficiaries. If you pass away without a Will it is said that you have died ‘intestate’ and your Estate will instead be distributed in accordance with the laws of intestacy.
Each Australian jurisdiction has legislation that prescribes how a person’s Estate must be distributed if they pass away intestate. This legislation varies significantly between jurisdictions.
In South Australia the laws of intestacy provide that:
The benefits of having a valid Will are:
People often say they do not need a Will because they do not have any assets. Even if this is the case now, a lot can change by the time you pass away. Assets such as life insurance and superannuation benefits may form part of your Estate and can be more significant that you think.
If you have a spouse and/or children then passing away without a Will leaves them in a tough spot. They will likely incur significant legal costs, not to mention emotional hardship, in proving their relationship and/or paternity to the court. This sometimes creates disputes with your parents and/or siblings.
If you do not want the intestacy laws to apply to you, do not want additional costs to your Estate and wish to provide guidance and support to your next of kin then a Will is a must have!
Please contact Mark Lumley at 360Private Legal for personal and professional legal advice.
Retirement Village Contracts
Entering a retirement village is a major financial and lifestyle decision. It is prudent to include your family in the decision to move in to a retirement village.
Retirement villages for the most part offer a fulfilling, communal lifestyle but you need to be aware of some of the key features of the retirement village model, these being;
The financial contribution required to enter a retirement village comprises three categories of fees;
Your solicitor or financial adviser will be able to discuss these fees with you and give you a general idea of how much of your ingoing contribution will be returned to you or your estate once you leave the village. It should be noted that the amount that gets deducted will vary according to the length of your tenure – the longer you stay, the greater the deductions.
The contract and ancillary documents provided to a prospective resident are lengthy and comprehensive and can be quite overwhelming. In South Australia the contract must state in clear terms that it is recommended that you obtain legal and financial advice before entering the contract.
While it is not compulsory it is recommended that a prospective resident obtain independent legal advice before signing the contract. In addition to the financial considerations there are other matters that need to be considered such as;
It pays to know where you stand before you sign on the dotted line!
If you are considering moving in to a retirement village please contact Mark Lumley at 360Private Legal for personal and professional legal advice.
As you may be aware Single Touch Payroll (STP) is expected to become a requirement for all employers, regardless of employee headcount, from 1 July 2019.
Employers with more than 20 employees have been required to comply with STP since 1 July 2018, and generally do so using electronic payroll software specifically designed to handle the reporting requirements.
What is Single Touch Payroll?
Single Touch Payroll (STP) is an electronic method for employers to provide payroll information to the Australian Tax Office at the same time you pay your employees. This information will include details of salaries, wages, tax withholding and superannuation information.
STP provides businesses with opportunities for efficiency, particularly around the end of the financial year. Organisations reporting via STP will no longer be required to complete employee payment summaries, as payroll and super information will already be available to employees through the MyGov system.
Australian Taxation Office Compliance
The ATO will initially take a soft-touch approach to STP compliance for smaller businesses, and have communicated that they will not force businesses to utilise a payroll or bookkeeping software. The intention is to support small businesses by assisting them to meet the requirements.
Although yet to be confirmed, micro-employers (1-4 employees) are expected to benefit from additional reporting options not available to larger employers, such as quarterly reporting via their registered tax or BAS agent initially rather than reporting each pay cycle.
Check your Software
If you have employees in your business, your existing payroll software may need to be upgraded for STP reporting – you will need to confirm these details with your current software provider or accountant.
Our team of Advisors are able to answer any queries that you may have around the introduction of STP, and have a great deal of experience in assisting with software transitions or upgrades.
Please contact us on 8291 2111 if you would like further information regarding STP, advice on your specific obligations and requirements, or assistance with selecting and moving to appropriate software packages.
You automatically insure your car and house, and more than likely you have medical insurance too, but what about those things that are most important to you? What could be more important that your family, your income and your life?
With any luck you will enjoy life without ever having to make a claim, but if something should befall you, insurance makes a world of difference to you and your family, relieving financial pressure at an already difficult and stressful time and ensuring you maintain your independence.
During 2018, 360Private have secured benefits for our Clients of over $630,000 – you and your family’s lifestyle is something you have worked hard to achieve, so protecting it is essential.
Whether you are looking to buy a new home, start a family, or nearing retirement our Risk Advice team can assist with a private assessment of your needs. Please contact us today.
Payroll Tax Reduction 1 January 2019
Please note that legislative amendments which reduce payroll tax for small businesses will come into effect from 1 January 2019, with businesses with an annual taxable wage of up to $1.5 million no longer liable for payroll tax. Those with taxable wages between $1.5m and $1.7m will benefit from a reduced payroll tax rate. As these changes come into effect mid-financial year, the 2018-19 financial year will be split into two return periods:
Period 1: 1 July 2018 to 31 December 2018
Period 2: 1 January 2019 to 30 June 2019
There is no change. You will continue to lodge your monthly and annual reconciliations returns using your current deduction entitlement (up to $600,000 p.a.).
Please call your Advisor today if you have any further queries.
Important: Clients should not act solely on the basis of the material contained above. Items herein are general comments only and do not constitute or convey advice per se. Changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. This is issued as a helpful guide to clients and for private information. If you need any clarification or direct advice please call us and make an appointment with an Adviser.
The Government has recently announced that it will assist farmers with drought proofing their properties by allowing all primary producers to immediately deduct the cost of fodder storage assets, rather than claiming the depreciation over 3 years. This offers a significant tax incentive on investment in fodder storage items such as silos, grain storage, liquid feed supplement storage tanks, hay sheds etc.
You will be eligible to claim a deduction for the full cost of a fodder storage asset if you:
Our Tax and Accounting specialists are able to assist you with any review of your current situation and determine where you may have a deduction entitlement.
Please contact us directly for more information or to discuss your personal situation.
Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.
We have relied on the Team at 360Private for accounting and financial advice for over 30 years. Their sound strategy enabled our investments to perform well even through the Global Financial Crisis and we have benefitted from their knowledge of taxation law and superannuation. On a day to day level, we are always able to get prompt replies to any accounting matters relating to our business and everything is explained in language we can understand, rather than in "accountant speak". Our children now have their own businesses too and they also rely on 360Private.
- Sandra Haese, Director, Haese MathematicsRead more ...