A new year begins
Welcome to our first newsletter for 2020, we hope that you are blessed with good health, wealth and ellbeing this year. And of course, some lovely rain would be a welcome addition. We are refreshed after holidays and looking forward to assisting with your financial needs for another year. If you have any questions or concerns, please come and see one of our staff.
Super guarantee contributions
The payment deadline for the October to December quarter is January 28. if you are using a clearing house, this needs to be a week earlier to allow for the additional process. Remember that with Single Touch Payroll, the ATO will have a record of wages paid during this period and the super payment must reflect that. Please remember THERE ARE NO EXTENSIONS FOR LATE SUPER!
When it comes to employing workers, there can be a lot of grey areas. It is important to have all the details to be able to make an informed decision when hiring someone – even if it is for a short time such as seasonal labour.
For example, if you hire a tractor driver, you will need their date of birth, tax file number and superannuation details prior to their commencement. Even if they are only fulfilling a temporary commitment, you still have obligations to undertake a contract of employment with the benefits of superannuation and workers’ compensation. Qld transport company Boske made the mistake of misclassifiying its drivers as independent contractors which led to underpaying them. The company is now facing legal action led by the Fair Work Ombudsman to rectify the situation. Read more at
If you need assistance in this area, please let us know.
Governments getting serious re cash
If you are planning to make a sale or purchase using cash of more than $10,000, then you will need to find another alternative.
Legislation was passed by the Federal Government last year preventing buyers or sellers from undertaking this action, mainly to prevent tax evasion which can occur if the transaction is cash only. The penalty of up to two years’ imprisonment was implemented on January 1. There are some exemptions which we will cover with another article.
Our survey is coming soon
Our survey is now in the production stage, so it will be great to get input into your communication needs. We will be emailing and posting this to clients in the near future so stay tuned!