360Private have a dedicated Audit team supported by qualified and experienced team members who can assist you in navigating complex legislative requirements to ensure that you achieve compliance with all regulatory obligations.
360Private Audit have extensive experience in auditing many types of organisations and organisational structures in both the profit and not-for-profit sectors. We will work closely with you and your representatives in order to understand your organisation, its goals and objectives, key risks, operations and financial processes.
We’re committed to providing you with helpful and professional service, so please contact us today to speak to our Audit team today should you have any Audit requirements on 8291 2111.
The Federal Treasurer, Josh Frydenberg, handed down the 2020/21 Federal Budget on 6th October 2020. The Federal Budget aims to assist job creation, investments and household spending through significant personal income tax cuts, incentives for businesses employing new staff under 35 and immediate write off for any eligible business asset purchases.
Personal income tax cuts will flow through to more than 11 million taxpayers. The changes are worth an estimated $1,080 per year for people earning between $45,000 to $90,000 and up to a maximum of $2,430 per year for people earning more than $120,000.
In an aim to assist in the COVID recovery around tourism, the South Australian Government has introduced a Tourism Industry Development Fund aimed at supporting and stimulating private sector investment in new and improved regional accommodation, and the development of quality tourism product and experiences.
Through the South Australian Tourism Commission, the State Government is committing $20 million to the Tourism Industry Development Fund over two years to support regional tourism in South Australia. There are two streams in the Tourism Industry Development Fund – Regional Infrastructure Projects, and Regional Product and Experience Development Projects.
The Australian Government has extended the JobKeeper Payment by a further six months to March 2021. The JobKeeper payment which was originally due to run until 27 September 2020, will continue to be available to eligible businesses (including the self-employed) and not-for-profit organisations until 28 March 2021. In addition, from 03 August 2020 the relevant date of employment will move from 01 March to 01 July 2020, increasing employee eligibility for the existing scheme and the extension.
Support will be targeted to businesses and not-for-profit organisations that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours.
On the 8th April 2020 the Government legislated the JobKeeper Payment measures to assist businesses impacted by Coronavirus in retaining their employees. The measure has now been further clarified with Treasury issuing an Explanatory Memorandum and Frequently Asked Questions guide, both of which are provided as links below.
Considering your eligibility for the JobKeeper Payment is now even more vital, as State Governments and Federal Governments are using it as the yardstick for which eligibility to other economic relief measures is assessed. For example, the recently announced Code of Conduct for commercial leases and the SA Government Emergency Cash Grants for Small
Controversial South Australian land tax changes were approved and passed by SA Parliament on 28th November 2019. The new bill won the support of both houses after further concessions ensured the backing of the Greens in the upper house.
The reform package delivers $189 million in tax cuts to investors over three years, including tax relief for thousands of smaller family investors. It also slashes the top land tax rate from 3.7 per cent, the highest in the nation to 2.4 per cent. The Government hopes that this will deliver a more competitive, investment-attracting environment for the State, and would drive significant jobs and economic growth.
The government first unveiled the land tax reforms in the June state budget but the initial proposals were heavily criticised by business groups and investors.
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.
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.
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.
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:
Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.