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:
With the end of the 2018 income tax year rapidly approaching, this issue draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses and individuals to consider.
Single Touch Payroll (STP) is a new 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, PAYG withholding and super 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 information will already be available to employees through the MyGov system.
For employers with 20 or more employees, STP reporting starts from 1 July 2018. Employers with less than 20 employees can report voluntarily.
Are you aware that the superannuation changes introduced on the 1st of July 2017 were not just about capping the amount of capital that can be transferred to retirement pension phase? They also included big changes to tax deductible and non-deductible contributions.
For the 2018 Financial Year, the concessional contribution cap is $25,000 for everyone who is eligible to make these contributions. There’s no longer a higher cap for anyone 50 or over.The tax deduction for personal contributions has also changed, but there’s a bit of a catch as personal super contributions claimed as an income tax deduction count towards the concessional contribution cap of $25,000 for the financial year 2018.
This year one of our Directors, Greg Rundle, will be joining business and community leaders from around Australia to take part in the 2017 Vinnies CEO Sleepout, raising awareness and vital funds to support services for the thousands of men, women and children experiencing homelessness across the country.
Since signing up over one week ago, Greg has raised over $3000 for the CEO Sleep out and is currently ranked 7th of the 124 CEOs currently signed up in South Australia. Thank you to the 360 team, clients and friends whom have already made donations.
Did you know that more than 105,000 Australians experience homelessness on any given night of the year?
The face of homelessness is changing and now sadly encompasses an increasing number of women, families and children.
44% of those experiencing homelessness are women, and over 17,000 children under the age of 12 do not have a stable place to call home in Australia.
When thinking about the risk factors in each business, the term ‘key man’ is often used. What this relates to is revenue and how the exit of 1 or more person(s) could affect the revenue of the business. It occurs when a business becomes heavily reliant on a key individual(s). Although this risk is typically found in small to medium enterprises (SME), it occurs in companies of all scales and to varying degrees.
If you own, manage or work within a SME, chances are you can name a select few people who are critical to the viability of your business. Now imagine you suddenly lost them. This could be the catalyst for uncertainty for your business, poor staff morale or loss of staff.
Consider these questions;
When you pass away, the only way to ensure you have a final say over your assets, your final resting place and your legacy is to make a Will.
It is common that many people do not complete their Will until later in life – below are some of the excuses as to why people leave it so long!
I’m too busy
Life can be incredibly busy. Neglecting your Will may not impact you, but could potentially impact your loved ones. Don’t over think it! Speak to us and we can ensure a quick and smooth process.
Everything owned jointly will just go to my spouse anyway
Sort of! There may be some additional assets you still own in your own name such as a bank account or Superannuation. If you pass away without a Will in South Australia, your spouse is entitled to the first $100,000 and 50% of the balance of your estate thereafter if you have children, whilst the remaining 50% gets split between your children.
Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.