The big news for the year has been the ongoing drought which for some areas has
been unprecedented. We all hope and pray 2020 be a green year.
There have been many changes in the world of accounting. Some of these have been a simple adjustment while others have required a little more effort. Many of you have been affected by the introduction of Single Touch Payroll, which requires an increasing level of compliance including real-time reporting for all wages paid by small businesses from July 1. From a practical perspective, businesses must use STP-compatible software to comply with these obligations so it has required a level of change for many people. Clients will need to be careful with some of the processes in order to be compliant.
Don’t forget about the Instant Asset Write-Off for Small Business Entities being increased to $30,000 and expanding eligibility to include medium-sized businesses with a turnover of less than $50 million.
We also received news that the drought transport subsidy introduced in July 2018 has been extended to cover journeys completed in the 2019/2020 financial year.
The subsidy provides up to $40,000 to eligible farm businesses to assist with the transport costs of fodder, water for stock or domestic use, stock to and from agistment, stock to sale or slaughter. So get your applications in as soon as possible.
With everything else going on, we also found some time to move office this year and you can now find us in our beautiful new space at Unit 5, 113 Darling St, Dubbo (behind Village Hotbake).
Meeting your needs
We are developing a survey to gauge how we are meeting your needs and the best mode of communication and topics of discussion. We will be emailing and posting this to clients in the near future so stay tuned!
Future proofing our land
The Australian Government has produced a ‘Drought Response, Resilience and Preparedness Plan’ in order to address drought-related matters and to make agriculture more viable and sustainable, with a view to supporting farmers and their communities and future-proofing the nation.
Read more at https://peacockeaccountants.com.au/australian-government-drought-response-resilience-and-preparedness-plan/
Don’t forget your super guarantee contributions
With all the hustle and bustle of the Christmas season, it could be easy to forget about super guarantee obligations. The next lodgement needs to be made by January 20 so that it gets to the fund in time.
Keep in mind that there are a number of public holidays coming up which may impede progress.
If you use a clearing house, the contribution should be forwarded to the super fund prior to the deadline in order to meet legal obligations. Clearing houses recommend allowing an extra week for this to occur. Contact us if you need any assistance with your lodgement.
Christmas drinks
It was lovely to see everyone at our recent office warming and Christmas drinks. We wish everyone the best for an enjoyable and safe festive season and we look forward to assisting with your financial needs in 2020.
