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Effective 1 July 2016 the Minimum Rates of Pay will increase by 2.4%.  For more information please click here

Are you aware of your requirement as an employer to provide any new employee with a Fair Work Information Statement? Did you know that if you employ a part time person that many Modern Awards require you to enter into an agreement regarding the hours that will be worked. The NSW Industrial Relations have a recorded webinar called 'Employer Obligations when engaging a new employee' which will be available from the first week of April that will provide employers with details relating to best practice process as well as legal obligations when engaging new employees.

 

This link takes you directly to the recorded webinar page on the NSW IR website.

The ATO has created a new mydeductions App for individuals who are able to claim work related expenses as an employee. Work related expenses that can be recorded include:

  • capture and classify work-related expenses, gifts and donations or the cost of managing your tax affairs
  • store photographs of receipts
  • record car trips

The myDeductions App is not for small business or sole traders.

For more information click here

 

 
 

 

 

 

We thought our clients may find this article an interesting read on farming in the future.  Please click here to go to article.

The ATO will never send you an email requesting you to confirm, update or disclose confidential details via an insecure channel such as email.

You should always independently verify the source before taking any action. If you receive a communication of this nature, do not respond to it.

Forward it to This email address is being protected from spambots. You need JavaScript enabled to view it.

For more information about ensuring your online security visit ato.gov.au/onlinesecurity

The ATO have issued a warning of scammers impersonating ATO employees to obtain personal information for financial gain.

Please click here to read the full article.

Australian farmers can now claim a tax deduction on all capital expenditure on water facilities, fodder storage assets and fencing incurred since the 2015 Budget was handed down at 7:30pm on 12 May. 

Farmers can fully deduct the cost of water facilities and fencing in the year they are purchased and deduct the cost of fodder storage assets over three years.

Farms with a turnover of less than $2 million qualify as a small business and are therefore also eligible to immediately write-off all asset purchases up to $20,000. 

The government have brought forward these changes to begin from 1 July 2016 to 12 May 2015.  For the full article click here.

In the budget this year the Government announced they will allow small businesses with a turnover of less than $2 million to immediately deduct each asset that costs less than $20,000. The legislation will backdate eligibility to Budget night, Tuesday 12 May 2015, so that assets acquired on or after 7:30pm (AEST) on that night will be eligible for the concession. For more details click here.

 

If you are an employer or have a Self-Managed Superannuation Fund now is the time to make sure you are finalising your Superstream preparations.  Click here for more information.

Want to know the proportion of SMSFs with fund balances below $200,000; between $200,000 and $1m and above $1m? Click here to find out.

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