MHP News

November/December 2017

Christmas is fast approaching! Please note our office closure times over the holiday period are as follows;

Our office will be closed from 5pm Friday 22nd December 2017 and will re-open on Monday 8th January 2018

We would like to take this opportunity to thank you for a wonderful year and wish you all a very Merry Christmas and a safe and Happy New Year.

We look forward to catching up with you all in 2018!

If you require our assistance with any matter, please ensure you contact us prior to the 22nd of December so we can best meet your needs.

         

In House Tidbits

The Newly Weds Simone & Byron

Byron and Simone have returned from their honeymoon! Congratulations on your recent nuptials. We are so happy to have your faces back in the office and are pleased your special day was one to remember.

PS- Did you know you can find out a bit about all our staff members by visiting our website? Follow the link and find out about the partners and staff at McDonnell Hume Partners.

http://www.mhpartners.com.au/firm_profile/our_team

Party Season!

We've had two great functions at MHP of late!

Starting with our annual Melbourne Cup luncheon held on the first Tuesday of November. We all enjoyed great food, drink, laughter and of course a little flutter. JP very suspiciously cleaned up on the day as did Todd- both had the task of organising the betting syndicate's.....hmmmmmmm!!!???

   

We kicked of the silly season with our Christmas Party on Saturday night. A lovely night was had by all with amazing food and styling provided by The Clark Project. A real treat for the MHP Staff. Our staff Christmas Club account was put to good use! 

Tax Time 2017

Tax Implications of Christmas Parties

With all the fun and partying at Christmas time, there also comes a serious side.

Are you planning to celebrate with your staff this festive season?

If you are  providing food, drink or entertainment to your employees or their families it's important to consider the fringe benefits tax (FBT) implications.

These two links from the ATO may provide some clarification and may answer some of your questions regarding the types of FBT, if you need to pay FBT, how to calculate FBT, exemptions to FBT etc.

https://www.ato.gov.au/general/fringe-benefits-tax-(fbt)/types-of-fringe-benefits/entertainment-and-fringe-benefits/?=redirected

The link below provides some specific examples to show whether you are exempt or not from FBT when you have a work Christmas party

https://www.ato.gov.au/General/Fringe-benefits-tax-(FBT)/In-detail/FBT-and-Christmas-parties/

PLEASE NOTE: Entertainment and FBT can be a very grey area. We recommend chatting to us to see if these rules apply to you.

Single Touch Payroll

*ATTENTION EMPLOYERS*

Single Touch Payroll will change the way you report your employees' tax and super information to the ATO.

It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution at the same time they pay their employees. This means your employees' wages, super, withholding and allowances will be available in 'real time' for the ATO to review.

Employers may need to update their payroll solution to report through Single Touch Payroll.

For employers with 20 or more employees, Single Touch Payroll reporting starts from 1 July 2018.

The Australian Government has announced it will expand Single Touch Payroll to include employers with 19 or less employees from 1 July 2019.

This will be a big change for employers and its important you keep up to date with any changes and additional information. This will be a mandatory change. If you are employing staff and not currently using an accounting software system please talk to us to guide you through the transition of upgrading. 

Watch this video from the ATO to find out more or visit ato.gov.au/singletouchpayroll

SCAMS !!!!

Last month we alerted you to the latest ASIC scams doing the rounds. Remember the ATO is regularly targeted too. Scams are most certainly on the rise and you need to be aware of when and when NOT to disclose any of your personal details.

Assistant Commissioner Kath Anderson shares her top tips to protect your friends and family from being scammed in this short video.

https://www.facebook.com/atogovau/videos/1638484539505519/

Make sure you keep up to date on the latest tax scams to ensure you don't become a victim. Visit ato.gov.au/ScamAlerts

QUICK TIPS

Tip for small businesses: If you're buying goods through online trading or auction sites (like Gumtree or eBay), check if the seller is registered for GST.

If they aren't registered, you won't be able to claim a GST credit for your business purchase.

Learn more, including how to check your suppliers' GST registration, at https://abr.business.gov.au/

Employers: Have you paid your employees' super for the September quarter? Most Aussie businesses do the right thing by their staff and pay the right amount of super on time

If you missed the 28 October deadline, take action now. Find out your options at ato.gov.au/…/Paying-super-contrib…/Missed-and-late-payments/

Out Of Interest

Cryptocurrency, bitcoin and Blockchain!!!!

How we pay for goods and services has significantly changed over time. The most notable was the move away from a barter system to what we now know as the currency system. Recently there has been talk regarding cryptocurrency, Bitcoin and blockchain. In this article, we explain what they are. 

http://www.mhpwealth.financialknowledgecentre.com.au/kcarticles.php?id=1440

Give Yourself a Pep Talk!

Life is full of long and windy turns, obstacles and tough decisions. Taking the 'road less travelled', towards building personal wealth, begins with believing in ourselves. Watch this funny video for your guide on giving yourself a pep talk today.

http://www.mhpwealth.financialknowledgecentre.com.au/kcvideos.php?id=590 

 

Have a great couple of months and a fabulous Christmas. Please contact us for any clarification on any tax matters or issues pertaining to your individual circumstances. 

Be sure to check out the links below and keep up to date with the due dates for your tax obligations

 

Kind Regards

The Team
McDonnell Hume Partners 
www.mhpartners.com.au

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