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ATO Amnesty on Employer SG Obligations




Last month saw the resurrection of the proposed SG amnesty after the previous bill failed to pass through Parliament.

What is the Proposed Superannuation Guarantee Amnesty?

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Rick is Retiring

After 40 years in the industry Rick has decided it is time to retire. Rick ran a successful accounting firm in Naracoorte for more than 25 years which he merged with Murray Nankivell last year. Over the last 15 months Rick has worked diligently to make the merger a success and has continued to work with his many loyal clients for a smooth transition.

The whole team at Murray Nankivell want to acknowledge and thank Rick for his commitment to his clients and work ethic. We will miss his humour around the office and want to wish him a long and happy retirement.


Farewell fun with some of the team, left to right: Leah, Lewis, Rick, Aimee and Robyn.

"I like to think of it not so much as retirement, as extended leave and moving on to the next phase of life, spending more time fishing and travelling" says Rick. "I know I have left our clients in good hands with the Murray Nankivell team, who have been a pleasure to deal with during this transitional period".

"Some of our clients have been with me and the Mencel Business Services team for over 30 years, some family businesses for three generations and I have very much enjoyed our personal and business relationship".

"Thank you all so much for your support and the trust you have placed in me, Robyn and our team over the years. I hope in some significant way we have assisted your businesses to grow and prosper."

"Thank you again and all the very best for the future".

Changes to Insurance in Super

New 'Protecting Your Super' laws will come into effect from 1 July 2019

Amendments to superannuation laws include forcing all super funds to cancel any life insurance for members who have not made contributions into their account for 16 months.

If you do not want your insurance cancelled, you will need to either make a contribution or make a specific declaration to the fund to continue your insurance.

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Superannuation Downsizer Contribution Scheme


An Age Old Property Dilemma Solved by the Superannuation Downsizer Contribution Scheme

This article explores how the "Superannuation Downsizer Contribution Scheme" can assist a retired couple to deal with the common issue of needing to sell their current home before being able to purchase their next home.

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New Visiting Office location in Millicent

We are moving to a different office location in Millicent

We are relocating into a great office space within the new home of the Millicent Veterinary Clinic at 62 Mount Gambier Road. 

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Profit & Loss Statements - The Basics

Defining a Profit and Loss Statement

Before you can read a profit & loss statement, you have to first understand what it is. 

A profit and loss statement is key to determining your business's taxes. It helps to determine your business's tax liability, and a simple mistake can end up costing you thousands. 

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Single Touch Payroll for Employees

Single Touch Payroll is the ATO's latest compliance regulation that requires your employer to send employee payroll information to the ATO at the same time as they process a standard pay runs instead of at the end of financial year.

If your employer reports to the ATO through Single Touch Payroll, you will be able to see up-to-date tax and super information through myGov. Employers with more than 19 employees were required to use Single Touch Payroll from 1 July 2018. All other Employers have to start reporting payroll information to the ATO under Single Touch Payroll from 1 July 2019. 
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Single Touch Payroll for Employers

Single touch payroll will change the way businesses report salary/wages, PAYG withholding and superannuation information to the Australian Taxation Office. What is Single touch payroll and how big is the change?

 

Single Touch Payroll (STP)

STP is a new regulation that changes when and how small businesses report payroll activity to the Australian Taxation Office (ATO).

Businesses used to report this information to the ATO once a year. Now, they need to send a report after each pay day.  Reports must be submitted digitally, using a specific format.  STP is a significant change that will require many employers to upgrade or replace their payroll system in order to meet new payroll reporting obligations.

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Happy Easter to all!

OUR OFFICES WILL BE CLOSED ON
GOOD FRIDAY (19th), EASTER MONDAY (22nd)
AND ANZAC DAY (THURSDAY 25th)
IN APRIL 2019.

We will be open as per normal business hours on all other weekdays. If we can
assist you around these dates, please do not hesitate to give our offices a call.

We hope you have a happy and safe Easter  ~  Lest we forget

Naracoorte (08) 8765 7777
Bordertown (08) 8752 8888
Murray Bridge (08) 8535 5999


What to Expect with new Division 7A Rules

Come 1 July 2019, it is likely that there will be higher interest rates, shorter loan terms and larger repayments being mandatory on all loans.

Existing loans will also not be exempt, with individuals being required to transition onto new agreements as early as 2021. While public consultation is still in progress and there is no real knowing what Government will decide, now is the time to start planning for how these amendments may affect you and your company to mitigate possible strain on cash flow before we reach the new financial year.

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