Perrier Ryan

Beware dodgy registration companies

Mon, 13 Apr 2026 04:57:30 GMT

PLEASE BE AWARE SCAMMERS ARE ACTIVE AT THE MOMENT

Scammers are again circulating unsolicited annual company review and business name registration reminders. The material often comes in the mail but some are now sending emails as a precursor.

These are not legitimate organisations so if you receive a notice, please ignore it, but let us know about it so we can follow up if need be.

If you have engaged us to assist with your company administration, you'll be familiar with Bridgette and Nakita from our Corporate Compliance team - and you'll be aware that we manage the annual reviews from ASIC.

As part of that process you will receive packs from us that contain the ASIC review, the ASIC invoice and, if changes need to be made, any necessary forms for e-signing.

Please be aware and wary of these scam operators whose material can look quite legitimate.

Clients have recently alerted us to renewed activity - so if you receive material from organisations such as "Regxxxry Ausxxxxia", "Regisxxtion" or "Online Buxxness Rxxistration" please do not act on them.

Please note : We also handle business name registrations and renewals for clients, and these organisations also send reminders for those - please ignore them.

QBO-Intuit announces current bank feeds are being sunset - 31 May 2026

Wed, 01 Apr 2026 06:49:48 GMT

Intuit QuickbooksOnline (QBO) - upgrading all customers to Open Banking Bank Feeds

If you are a QBO customer, you would have received a communication from them advising of this change.

The move (the upgrade) to Open Banking Bank Feeds means your existing bank feeds will be retired on 31 May 2026.

To avoid disruption, they have arranged to help you with the upgrade so you can "start benefitting from the next gen of super fast, super accurate bank feeds".

Their team will happily work with you to guide you through the transition. You can:

1. Chat online : you can share your screen and get step by step guidance on how to upgrade your feed.

2. Request a call back

3. Call 1800 046 038

They also have a step-by-step guide to connect a bank feed.

So, make sure you attend to this before 31 May 2026 - in amongst the run to EOFY.

What is Open Banking ?

Learn more about Open Banking and QBO bank feeds here .

A successful evening of information and interaction

Wed, 11 Mar 2026 03:47:03 GMT

thank you to all those who attended our seminar, with Noel Whittaker as our guest speaker

On the 10 ^th of March 2026, Perrier Ryan held its first large-scale event – an information seminar held in the stunning event space that is the Gabba Cricketers Club.

The evening featured Noel Whittaker as our guest speaker, who provided engaging and insightful commentary on topics such as wealth creation and saving on tax.

One of Perrier Ryan’s partners, Janos Nemet, also provided a brief 2026 tax planning segment with advice for both individuals and businesses.

Attendees were invited to stay after the event to network over canapés and drinks.

The event was a success, with tickets selling out within hours of release. Thank you again to our attendees for joining us on this special evening. A huge thank you also goes out to the Perrier Ryan staff who volunteered to set up the event, your help was invaluable.

Keep your eyes on this space as this is certainly not the last event Perrier Ryan will be hosting.

Important update - new AML obligations for our firm - effective 1 July 2026

Tue, 10 Mar 2026 03:28:29 GMT

new AML obligations for us and what this means for you

From 1 July 2026, new national AML/CTF regulations require us to update our client verification processes.

What is AML/CTF?

AML = Anti-Money Laundering

CTF = Counter-Terrorism Financing

From 1 July 2026 new services and entities come under the regulation of AUSTRAC as a result of changes to the AML-CTF Act 2006.

Specifically, accounting practices are now subject to what is known as Tranche 2 requirements under the reform.

As a result, you may be asked to provide updated identification or information regarding business structures - even as an existing client - in order for us to meet our mandatory obligations under the regulations.

Entities that are regulated under Tranche 1 measures (such as banks and credit unions) are also impacted by the Amendment, with them being subject to updated requirements around their customer due diligence (CDD) and monitoring processes. We are already seeing the impact of this with increased activity around requests from banks for various company documentation for clients.

Objectives of the Amendment Act

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (the Amendment Act) passed the Parliament on 29 November 2024.

The Amendment Act amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act).

Reforms to Australia’s anti-money laundering and counter-terrorism (AML/CTF) regime were needed to " ensure it can effectively deter, detect and disrupt money laundering and terrorism financing, and meet international standards set by the Financial Action Task Force (FATF) ". (source: Overview of the AML/CTF Amendment Act )

What this means for you :

Updated Verification: We may need to re-verify the identity of some existing clients under certain circumstances
Verification of new clients : Effective 1 July 2026 we are required to verify every new client's identity before we can start - this will be a standard part of how all professional services firms will operate from that date
Beneficial Ownership: We will need to collect more detailed information about who owns or controls business entities
Proactive Compliance: These checks are mandatory.

How we are conducting our ID Verification

To comply with these new regulatory requirements, we are using the BGLID system to verify client identities - which is faster and more secure than manual processes. It is a purpose-built verification solution designed to help accounting practices meet these new obligations quickly, easily and importantly, securely.

As part of the process, you will receive a secure link. The entire process only takes a few minutes and is designed to keep your personal information safe with BGLiD being ISO27001 certified. Verification is instantaneous.

We will reach out individually if we require additional information from you.

For more information on these reforms, visit the AUSTRAC website ... the government body responsible for the AML/CTF program.

We appreciate your cooperation in helping us meet these new, mandatory compliance standards, and we will keep you informed as various changes that may impact you are rolled out.

The Amendment Act and its explanatory materials are available on the Parliament of Australia website .

posted 9/3/2026

Perrier Ryan proudly welcomes a new staff member

Wed, 04 Feb 2026 00:50:39 GMT

January 2026 - new year, new staff member

In January 2026, Perrier Ryan was pleased and proud to welcome Nicole Power to the team. Nicole brings many years of accounting experience and a dedication to:

client service;
delivering quality, forward-thinking professional business advice; and
integrity.

Qualities that are valued by Perrier Ryan as well as our clients.

Providing valuable additional capacity to our accounting team, Nicole will be operating out of offices located in "Cairns most beautiful building" ... The Bolands Centre which is at 14 Spence Street, Cairns Qld 4870. If you need to speak with Nicole, ring our Brisbane office on 07 3391 7566.

PayDay Super is now law

Mon, 20 Oct 2025 07:09:54 GMT

Payday Super is now law

UPDATE:

On 4 November, 2025 the government's legislation to require employers to pay employees' super at the same time as their salary and wages passed Parliament and is now law.

This means that from 1 July 2026, employers will be required to deposit their employees' super into accounts within seven (7) business days of payday. The original plan was for 7 x calendar days so the move to business days is a welcome one.

Whilst it is acknowledged that most employers do the right thing, the ATO estimates that $6.25 billion worth of super went unpaid on the most recent financial year data.

The ATO is consulting on its approach to compliance for the 12 months after the change starts ... their approach will differentiate between low and high-risk employers ... which addresses some employer concerns about what happens when a mistake is made or a payment bounces.

We remind clients about things they can do to prepare including:

review employee onboarding processes to make sure you get the right information and correct details to minimise the risk of rejected contributions
consider any payroll and system updates that may be required to comply with Single Touch Payroll (STP) requirements in respect to the new Payday super requirements
review wage codes in your payroll system
review agreements and processes with your clearing houses

It is a significant change, so planning for cashflow impacts will be important.

updated 7/11/2025

--ooOoo--

On 9 October, two Bills were introduced into Parliament regarding Payday Superannuation and the Superannuation Guarantee Charge amendment. That day, the ATO released its DRAFT Practical Compliance Guideline (PCG) providing guidance around their first year compliance approach.

Under the proposed Payday Super reforms, employers will be required to make superannuation contributions within seven business days of the legal pay day (initially, the wording was 7 calendar days - so this is a welcome change). This represents a significant change from the current Superannuation Guarantee (SG) regime, which operates on a quarterly basis. Whilst not yet law, the new requirements are set to commence 1 July 2026.

Payday Super represents a fundamental rewrite of rules for SG contributions and brings with it an expectation that employers will have strong governance in place over their SG processes. 1 July 2026 may seem like a while away, but as we know, time flies ... and we have the Christmas flurry now and then the Christmas break ... so that deadline will be on us before we know.

In anticipation of the reforms coming into effect, there are a few things you can be looking at now to ensure you are ready:

review employee onboarding processes to make sure you get the right information and correct details to minimise the risk of rejected contributions
consider any payroll and system updates that may be required to comply with Single Touch Payroll (STP) requirements in respect to the new Payday super requirements
review wage codes in your payroll system
review agreements and processes with your clearing houses

It is a significant change, so planning for cashflow impacts will be important.

The ATO will have increased visibility of super contributions and enhanced data matching capability - so business should expect to see a more proactive approach by the ATO in identifying late or missing contributions.

originally posted 20/10/2025

ATO's Small Business Superannuation Clearing House is closing

Wed, 27 Aug 2025 06:46:21 GMT

Latest news from the ATO - no new users for the Small Business Super Clearing House

On 13 August, the ATO published their latest news regarding the closure of the Small Business Superannuation Clearing House (SBSCH).

As part of Payday Super reform (current at 12/8/2025) , the SBSCH will close on 1 July 2026.

In the notice, the ATO announced that:

from 1 October 2025, no new users will be able to register to use the service .

The full ATO announcement can be found here - The Small Business Superannuation Clearing House is closing (13/8/2025) .

T his site might be worth keeping in mind also: How to Pay Super .

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Software providers who provide a payroll solution have been working to get ready for Payday Super. Most of our clients use XERO Payroll, MYOB payroll and some utilise Intuit's QuickbooksOnline:

Treasury Department's announcement about Payday Super may be worth having a look at.

Trading Names are NOT business names - check your trading names now - 31/10/2025 is a date to look out for

Fri, 22 Aug 2025 05:03:13 GMT

Trading Names and Business Names are two different things

Prior to 28 ^th May 2012, entities did not have to register a business name, instead they could choose to carry our business activities under a trading name. Trading names were governed by old state and territory laws and are now effectively historical unregistered names used by entities for business purposes. However, with the introduction of the Australian Business Register, if businesses wanted to trade under a specific name, they were required to register it as a business name with the Australian Securities and Investments Commission (ASIC). This remains the case.

It is important to note that as of the 31st of October 2025 the Registrar will not publicly display trading names that were recorded in the ABR prior to the 28 ^{th of} May 2012 . As a result, we urge you to please check any linked business names and contact us should you still have trading names displayed on the ABN lookup.

You may find these two site helpful for more information:

ASIC - trading names not business names

ABR - trading names

MYOB e-invoicing - requires ID check

Mon, 28 Jul 2025 01:56:47 GMT

myob is currently introducing and rolling out their new secure invoicing platform

MYOB recognises that the cybersecurity landscape is constantly evolving, with new threats emerging daily - and have recently advised that as part of their continuous development and investment in solutions to address these challenges, they are introducing a new secure invoicing platform in their SME subscriptions.

This new platform requires that business owners be verified. The verification process uses the AUSTRAC KYC (Know Your Customer) and Beneficial Owners guidelines to determine these procedures. The AUSTRAC beneficial owners guidelines state that no matter how far down the structure an individual's ownership extends, if they hold more than 25% control, they are included in this verification process. MYOB's verification process is in partnership with FrankieOne .

As they roll this out to their customers, we expect that you will see a pop up in the software that looks like the image below.

We have been in touch with MYOB about this process and they understand that some clients may need additional time to arrange documents when prompted. They have advised that, through our manager, we can work with MYOB to arrange extension for clients who need additional time to get the required material together. This will ensure email invoicing can continue during that extension timeframe. They will require the Business Name and the MYOB serial number - so if you need an extension, please provide your serial number when you contact us.

If you have a MYOB file and only occasionally issue invoices, you can bypass the verification process. Then though, you would still raise the invoice in MYOB, but would need to download the invoice and send it by email as a PDF - that is, not send it directly out of the software.

MYOB have provided these links for any additional information you may require.

https://www.myob.com/au/support/security/secure-invoicing-upgrade
https://info.myob.com/au/lp/pr/secure-invoicing

https://www.myob.com/au/support/Turning Online Payments On or Off

ASIC fee increases 2025

Sun, 29 Jun 2025 22:21:22 GMT

2025 ASIC fee increases come into effect 1 July 2025; DPN penalty units increase - this impacts penalties relating to Director IDs.

1 July 2025 sees the ASIC company fees increase, but we also draw your attention to the increase of the Director Penalty Unit value.

As always, the ASIC Annual Review fee has increased - was $321, now $329; late payment fees have also increased.

Penalties relating to Director IDs

Our Corporate Compliance team is currently reminding clients to send us your Director ID number if we don't have it on record. We are doing this because ASIC states:

It is an offence if you:

do not apply for a director ID on time
do not have a director ID when you should
apply for more than one director ID or
misrepresent your director ID.

Serious penalties may apply, including fines and imprisonment.

The penalties are described in ‘penalty units’. The unit value changes over time.

Please note that a penalty unit is $330, so, failure to have a Director ID could result in a penalty totalling $19,800.

Implications of recent tensions

Wed, 25 Jun 2025 00:24:23 GMT

Market implications for Middle East Risks

The recent escalation of hostilities between Iran and Israel, now having involved direct US military action, has created a complex environment for global investors. Over the past view days, markets have reacted with modest levels of volatility but have largely maintained composure, reflecting cautious optimism that the conflict may be contained.

See investment commentary here.

planning for EOY - two important measures to consider

Fri, 06 Jun 2025 07:54:34 GMT

The rush toward end of financial year is on us - here are a couple of important things to consider at this time:

Maximise your Super

One key opportunity in your superannuation strategy is to make the most of your Concessional Contributions - but get them in before 23 June 2025 to ensure they're processed in time.
Another valuable opportunity is the carry-forward contributions - remembering that unused cap amounts from the 2019-2020 FY will expire after 30 June 2025 - so this is your last chance to use them.

Take Advantage of the $20,000 instant asset write-off before 30 June 2025

If you're a small business owner, now is the time to consider investing in new equipment or assets. The $20,000 instant asset write-off has been extended for the 2024–25 financial year — but it expires on 30 June 2025 and there is currently no confirmed extension beyond this date.
This applies to assets that are first used or installed ready for use between 1 July 2024 and 30 June 2025.

For more, see our attached information , or, call the office - 3391 7566

As EOFY approaches, a reminder about planning for WFH claims

Tue, 13 May 2025 05:16:35 GMT

Calculating WFH Deductions - a summary

As a reminder around WFH deductions, please see key points listed below - if you need more detail, please see information in: PR News - WFH deductions detailed

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Before 1 July 2022

Before 1 July 2022, taxpayers had the choice of using one of three methods to calculate their deduction for WFH expenses:

the shortcut method
the fixed rate method
actual expenses.

The shortcut method (a temporary measure during the COVID period), ended 30 June 2022.

After 1 July 2022

From 1 July 2022, taxpayers can continue to claim their actual expenses, or they can use the fixed rate method.

Under the guidelines, the fixed rate per hour worked from home is:

67 cents per hour for the 2022–23 and 2023–24 income years; and
70 cents per hour from 1 July 2024.

Working out deductions is quite technical in terms of eligibility and the actual calculation. The keeping of honest and accurate records is most important (including cost of allowable expenses incurred, time worked, use of assets).

When an expense is incurred for both private and work purposes, only the work-related portion can be claimed as a deduction. The deduction needs to be apportioned on a fair and reasonable basis.

It is also important to be aware of what cannot be claimed – for example: the cost of coffee, tea, milk and other general household items (even if the employer provides these at work) cannot be claimed.

We encourage you to consult us for advice in relation to your specific circumstances. Please call us on 07 3391 7566.

iPhone - use the scanner for copying documents

Thu, 01 May 2025 07:10:52 GMT

Did you know about the Scan function in Notes on your iPhone?

If you have an iPhone, you can use the Notes feature to take a scan of the document and it works much better than taking a photo for documents.

See our Guide for step by step instructions.

Psst ... this is how you can recover your Director ID

Fri, 04 Apr 2025 07:22:00 GMT

If ever you need to recover your Director ID number, here are some instructions to assist with that

Perrier Ryan Guide to How to Recover your Director ID

You may find this helpful as well - where to find the right numbers on your Driver Licence for ID purposes

PRGI insurance portfolio has been sold

Wed, 02 Apr 2025 02:53:23 GMT

Effective 7 March 2025, Perrier Ryan General Insurance portfolio was sold to

Benjamin & Benjamin Insurance Group

From the Perrier Ryan Group perspective, this marked the end of this chapter. Please know that Paul, Ben, Janos, Mitch and Andrew are still here to provide all the same services and level of service to you in Accounting, Business Advisory, Financial Planning Advice and Lending services.

If you have any questions, please feel free to call any of them - they'll be happy to answer any queries.

Our office number is: 07 33917566

Instant Asset Write Off - $20,000 threshold applies for FY2025

Tue, 01 Apr 2025 22:39:11 GMT

TAX UPDATE:

Temporary increase to the instant asset write off (IAWO) threshold extended to FY2025

Passed by the Senate on 26 March 2025

Although not apparent in the Budget papers, in its Small Business Statement , the Government reaffirmed its commitment to providing cash flow support to small businesses by extending the temporary increase in the instant asset write-off (IAWO) threshold.

The enabling Bill , which gives effect to the Federal Budget 2024-2025 announcement, was passed by the Senate on 26 March 2025 - nine months into the income year of its effect. Schedule 4 to this Bill extends the $20,000 IAWO threshold for an additional 12 months, until 30 June 2025. Better late than never, at least businesses now have certainty on whether they can immediately write off assets costing $1,000 to less than $20,000 in the FY 2024-2025.

It's worth noting though, that unless there is a further legislative amendment, the IAWO threshold reverts to the standard threshold of $1,000 in the Income Tax Assessment Act 1997 from 1 July 2025.

The Federal Budget - March 2025

Thu, 27 Mar 2025 00:50:34 GMT

Implications for Investors and the Economy

A pre-election budget designed to address key voter concerns, particularly cost-of-living pressures - but the full implementation of the proposed measures will depend on whether the government secures re-election in the upcoming May election.

See the full report here .

First newsletter for 2025

Sun, 02 Mar 2025 03:18:02 GMT

2025 is off to a flying start

March is now underway, the federal election is looming, Easter is on the horizon and it'll be EOFY before we know it.

Here is our first newsletter for 2025 - read about the myths around Division 7A - and much more

Now the next 'season' is upon us ... no, not Easter (yet) ... FBT Season!

Wed, 26 Feb 2025 03:47:06 GMT

FBT reporting is due soon - get ready to take your Odometer reading on 31 March 2025

Fringe Benefit Tax (FBT) is a tax paid by employers on certain benefits provided to their employees (or to their employees' family or other associates). FBT is separate to income tax and it's calculated on the taxable value of the fringe benefit.

There are different types of fringe benefits, a few typical examples (as listed by the ATO) include:

allowing an employee to use a work car for private purposes (therefore an odometer reading is needed);
car parking
paying an employee's gym membership

The FBT year is 1 April to 31 March. On 31 March, in order to accurately account for any motor vehicle use, remember to take the odometer reading for this year's FBT year.

We will send reminders leading up to 31 March. In the weeks after that, expect to receive our annual FBT Questionnaire.

Our Christmas break

Tue, 03 Dec 2024 05:24:10 GMT

'Tis the most wonderful time of the year - to celebrate, take a break and relax

Perrier Ryan November newsletter

Fri, 22 Nov 2024 06:41:08 GMT

November update

For our full newsletter, see more here

MyGovID is changing to myID

Tue, 12 Nov 2024 01:05:24 GMT

From 13 November 2024 myGovID will be changing to myID - beware of the scammers

The name change will include a new name and look ; however, the app will still be used in the same way and will require no action from users .

With the name change, you will still be able to:

continue using your existing app on your smart device
use the same login details and have the same identity strength
use it to securely access government online services.

For more information visit: myGovID is changing to myID .

The ATO has warned that Taxpayers and app users are being targeted by impersonation scams based on the upcoming name change.

According to the ATO, an influx of scams has been experienced. As usual, scammers are trying to trick the community. This time they are trying to trick people into thinking they need to reconfirm their details. You do not.

So, if you are asked to set up a new myID or reconfirm details via text message, email or visiting a website, ignore the message as it is a scam. The scam link directs users to a fraudulent myGov sign-in page designed to steal personal information, including myGov sign-in credentials.

It's worth noting that the ATO has said that while communications and notices from the ATO could be found on Facebook, Instagram and LinkedIn, they will never use the social media platforms to private message, discuss personal information, documentation or ask anyone to make payments.

If you receive one of these scam messages , or you are in any doubt, DO NOT REPLY, DO NOT CLICK the link .

Phone the ATO on 1800 008 540 or report suspicious contact to ReportScams@ato.gov.au .

New ASIC charges from 1 July 2024

Sun, 30 Jun 2024 06:42:32 GMT

ASIC releases its new fee schedule - effective 1/7/2024

ASIC has recently notified their new schedule of fees, being:

Late fee if document is received (lodged) within one month after the prescribed time – was $93 now $96
Late fee if document is received (lodged) more than one month after the prescribed time was $387 now $401

Annual review fee – was $310, now $321 – if paid before the due date (note: if ASIC received the payment on the due date, it’s considered late)
Late fee if payment for annual review is received (by ASIC) within one month after the due date – was $93 now $96
Late fee if payment for annual review is received (by ASIC) more than one month after the prescribed time – was $387 now $401.

When we send the annual review packs to clients, we highlight the importance of paying by the due date and our automated system is designed to send reminders to clients to assist in the management of the pay by date (ASIC deadline). Those reminders stop once the fee is paid.

All other ASIC fees have also had an increase including application for registration as an Australian company; reserving a company name; and business name renewals.

Adrienne is a CrossFit Champ and off to Fort Worth TEXAS

Wed, 19 Jun 2024 06:05:03 GMT

Adrienne and her mates qualified for the 2024 Crossfit Games and is competing in August 2024

Adrienne has worked with Perrier Ryan (pictured second from left) for more than 5 years providing wonderful support and assistance to our clients in the Corporate Compliance role here in the firm - so, many of you will 'know' her.

In May, Adrienne and her team mates competed in the Torian Pro Semi-finals - the semifinals event for the Oceania region (other regions are Europe, North America etc). This was the qualifying event for the 2024 Crossfit Games which is being held in Fort Worth, TEXAS on 8-11 August 2024. Only the top 3 teams could earn a spot and her team made it. Adrienne's team will be competing against all the top teams that qualified from all the regions - it's basically the world championships of Crossfit.

This achievement comes after years of dedicated training & focus, and now that all that sacrifice has paid off they get to ... do more training and fundraise. For more about Adrienne's efforts to get to The Championships, please see this flye r.

PR Newsletter - Federal Budget edition

Mon, 27 May 2024 06:17:19 GMT

May is Federal Budget time

The Federal Budget was handed down on 14 May 2024 and there was the usual hurly burly of commentary that went with it - notably, the $300 power bill rebate drew much attention. Inflationary effects of the budget (or not) were also hotly debated.

This newsletter doesn't deep dive into those issues, but it does touch on a few things that didn't hit the headlines.

PR newsletter - Stage 3 Personal income tax cuts and other updates from the ATO

Tue, 23 Apr 2024 04:47:17 GMT

Claiming WFH expenses, EV home charging rates, Common Div 7A errors ... and more

The changes to the Stage 3 Personal income tax cuts - to take effect on 1 July 2024 are now law;
Check your PAYG instalments if you are a Sole Trader;
If you have been working from home this income year, you will probably have some work-related expenses you can claim - there are two ways to calculate a WFH deduction - the fixed rate method and the annual cost method - find out more in the newsletter;
If you use an EV for work, you may be able to use the ATO's cents-per-kilometre rate for calculating electricity costs when you charge the EV at home. This method can also be used for FBT purposes if you provide an EV to an employee who charges it at home. There are particular things to note and record keeping requirements, so find out more in the newsletter;
Division 7A - so much to understand, so many common errors. The rules around Division 7A are complex - read more in the newsletter, but do contact us if you intend to receive money from a company (or trust structure) that you operate your business through;
Do you own shares? You may be entitled to a franking offset in relation to franked dividends you receive - learn about the Franking Offset holding rule and the LIFO method;
Financial crime is not victimless and has a serious economic impact on the community (eg the effect on individuals arising from cyber criminals who steal people's life savings or identities). It is estimated that financial crime costs Australia up to $60billion each year. Read about indications of financial crime, tax evasion or fraud and how the ATO tackles financial crime;
If you have an SMSF, there are some timely reminders for this time of year and some interesting SMSF stats in this issue;
A couple of updates 'from the Courts' about recent cases - ie, the Plutus Payroll fraud, a developer jailed for tax fraud and a man sentenced to 3.5 years imprisonment for attempting to defraud the ATO (including 40 fraudulent applications for JobKeeper);
Key Tax Dates

FBT Questionnaire

Tue, 02 Apr 2024 06:47:17 GMT

It's FBT Season - here is the link to our questionnaire - in case you need it

Perrier Ryan FBT Questionnaire

ASIC ramps up its compliance activity around the DIN

Tue, 02 Apr 2024 02:19:06 GMT

ASIC Media Release 25 March 2024 - ASIC announced it has commenced the first prosecution action against a director for failing to have a Director ID number (DIN)

To see the full media announcement, visit ASIC's news centre - but it's worth noting that the defendant in this matter is facing a maximum penalty of $13,320.

PR Newsletter Feb-Mar 2024

Tue, 05 Mar 2024 05:47:03 GMT

It's been a while, but we hope you enjoy our first newsletter for 2024

We won't dwell on the content here, but the matters covered in our Feb/Mar 2024 newsletter are:

Stage 3 Income Tax cuts redesigned
GST Amendments
ATO ruling on Employee or Independent contractor - latest one anyway
make sure your ABN details are up to date
Ahhh, the TPAR - penalties to apply now
Applying for a substituted accounting period (SAP)
Depreciating assets - composite parts
EV home charging rates
Sharing Economy reporting regime (SERR)
ATO's R&D Concerns
Fuel Tax credits - rates increased on 5 Feb
Key Tax dates: Feb-May inc FBT odometer reading due 31/3; annual return due 21/5.

Full newsletter available here .

Transition to Digital Company Registers

Thu, 15 Feb 2024 08:12:40 GMT

Company Registers are now being stored electronically

Background

In recent years, rapid technological advancements and the impact of COVID-19 lockdown measures have prompted a modification to the Corporations Act 2001. This alteration, specifically to section 9 of the Corporation Act 2001 (Cth) (the Act), led to the decision that various records can now be stored electronically, including in cloud storage, albiet with certain compliance requirements.

It's important to highlight that these records have been categorized as 'books' within the Act and as a result they can be maintained electronically, provided they are secure and can be reproduced in written form when required. Records include: registers, recorded information, financial reports, financial records and documents.

Our Response

Based on our firm’s continuing priority to digitise both incoming and outgoing documents, and the recent update to the Act, Perrier Ryan has made the decision to convert all currently held paper Company Registers to digitally stored files. Thus, we have notified ASIC that we are a Digital Registered Office.

In the upcoming months, our Corporate Compliance team will be scanning all Company Registers onto a secure drive within our server. This will allow all future Corporate Compliance matters to be digitally dealt with and records to be delivered through a secure online system. Our obligations, as mandated by the Corporations Act, remain that we must ensure and take reasonable measures to prevent any harm, loss, or tampering of **any** segment or entirety of the book. Consequently, the electronic duplicates (scanned copies) will faithfully replicate the 'books' without any modifications or interference.

The digitisation of the books (i.e. Company Registers) is phase one of the transition. Phase two will be establishing secure online access to the registers for directors.

Please be assured that the transition will not affect the integrity or availability of your company's records.

If you would like any further information please call our office on 3391 7566 and ask to speak to Adrienne in Corporate Compliance, Margaret or Bridgette.

Improved invoicing arrangements

Fri, 02 Feb 2024 07:56:00 GMT

New secure online billing interface

At Perrier Ryan we are committed to adopting new technology, where appropriate, to enhance our clients’ experience and make interactions easier and more streamlined. So, we are pleased to announce that we are about to launch an improved billings interface which we hope you will find beneficial and easy to use.

Currently, clients are receiving our invoices by normal email and/or in your Tax/Financial Statements pack via FuseSign. That won’t change, but until now, our invoices had no convenient online payment method. Our new interface makes online payment possible – direct from the invoice. For you this means wherever you are, you can receive invoices, and arrange payment. Furthermore, at a click, your full current account position will be available.

It is important, however, to draw your attention to a key feature of this new system - it sends automated notifications. Automated notifications can only go to one email address. The first notification will provide an e-copy of the invoice on the due date (if it’s not already paid). Then, if invoices become overdue, reminders will be sent. If required, you can onforward these notifications to whoever needs to attend to payment – if that person isn’t you. For the vast majority of our clients who pay by the due date, reminders won’t be an issue.

This new system will be activated on Monday 5/2/2024 but if you have received an invoice in the past several days you may have noticed that our invoices already now contain a secure link. This link will take you directly to the Firm’s payment gateway which is located on our website ( https://www.perrierryan.com.au/payments ). The payment gateway allows for credit card payments and is a secure banking portal powered by Westpac. By the way, we can now accept payment by AMEX – good for those who like to collect those points – however that does attract a small AMEX merchant fee. No details are gathered or retained by us or on our website.

The launch notice that you will receive on 5/2/2024 will essentially be like a statement. It will give you a total of what’s outstanding and will contain links to the relevant invoices – we think you’ll find this to be a huge improvement.

We welcome your feedback, so please don’t hesitate to contact our team at any time should you have any issues or queries that arise.

Fun Run Fun

Wed, 01 Nov 2023 03:49:55 GMT

On 15 October 2023, a group of 15 x Perrier Ryan people participated in the Bridge to Brisbane Fun run. Special thanks to Bridgette for organising the group's participation. Here are a few happy snaps from the day - and what a beautiful Brisbane day it was.

Navigating Geopolitical Turmoil

Mon, 30 Oct 2023 23:36:31 GMT

Investing in uncertain times ... looming geopolitical conflicts

Geopolitical conflicts have always loomed ominously over financial markets, presenting investors with the formidable task of safeguarding their wealth during uncertain times. In this O ctober article , Quilla dives into the wealth of historical wisdom and insights gleaned from the ongoing Russia-Ukraine conflict to provide investors with information as they grapple with the ever-evolving turmoil in the Middle East.

ASIC releases its new fee schedule - effective 1/7/2023

Mon, 12 Jun 2023 04:41:24 GMT

New ASIC charges from 1 July 2023

ASIC has notified their new schedule of fees which come into effect 1/7/2023.

Late fee if document is received (lodged) within one month after the prescribed time - was $87, now $93
Late fee if document is received (lodged) more than one month after the prescribed time - was $362, now $387

Annual review fee - was $290, now $310 - if paid before the due date (Note: if ASIC receives the payment on the due date, it's considered late)
Late fee if payment for annual review is received (by ASIC) within one month after due date - was $87, now $93
Late fee if payment for annual review is received (by ASIC) more than one month after the prescribed time - was $362, now $387

posted 12/6/2023

Revenue foregone

Thu, 04 May 2023 03:25:38 GMT

Tax Expenditures and Insights Statement issued February 2023

In February 2023, the Commonwealth of Australia (Treasury) issued its latest Tax Expenditures and Insights Statement (TEIS).

Treasury tells us that " transparent reporting of tax expenditures and other aspects of the tax system provides a more complete picture of the impact of government policies on individuals, households and business, and any revenue foregone ".

In the table below we have highlighted the revenue forgone as a result of CGT concessions, but you might find it interesting to review some of the other items.

If you’re interested in the full report you can access it via treasury.gov.au .

Public Holiday rostering - ask first

Thu, 27 Apr 2023 06:17:03 GMT

Ask BEFORE you roster an employee on a public holiday - even it if forms part of their regular shift rotation

A recent decision from the Federal Court has changed the way employers manage their rosters. Effective from 28 March 2023, employers now need to make sure, in advance of any public holiday, that they have asked an employee if they will be available to work that public holiday, as opposed to just rostering them - even if the day forms pay of a regular shift rotation. There are important guidelines around how these requests to employees are framed and it's important that requests provide adequate time for employees to consider the request and offer their reasons for refusal if they wish to do so.

It is worth noting that it is not sufficient to include a term in an employment contract stipulating that they agree to work on public holidays, as contracts cannot override employees' rights in the National Employment Standards.

This rule has arisen out the successful appeal brought by the CFMMEU against OS MCAP Pty Ltd .

When payments in lieu of notice must be paid - NOT after termination

Mon, 03 Apr 2023 07:04:57 GMT

Federal Court clarifies when payments in lieu of notice must be paid ...

as an employee leaves, NOT after

Whilst we are not HR specialists, we thought this recent Federal Court case might be of interest :

There are many situations where employers choose to make a payment in lieu of notice to outgoing employees, and it has become common practice for employers to provide that final payment after the termination date of the employment. A recent Federal Court Case however, has made it clear that such payments need to be made at time of termination – not after – in order for that termination to be lawful. If paid after the termination date, it amounts to a contravention of the Fair Work Act which may subject the employer to pecuniary penalties.

We recommend employers be mindful of this when planning any future terminations and review current processes to ensure this requirement is met. According to FWA , if the employer pays out the notice period, the employee’s employment ends on the date that payment in lieu of notice is made.

It's also timely to remember:

The amount of notice an employer is compelled to give will often be determined by what is prescribed by the NES , an Award, an enterprise agreement or employment contract – noting that, where an employment contract differs to the notice requirements under the NES or an Award, the period that is more favourable to an employee will apply.

Where they intend to terminate the employment of an employee, employers must stipulate a relevant notice period that explains when the prospective termination is to take effect.

Should an employer choose to make payment in lieu of notice, this payment must be equivalent to the employee’s full rate of pay for the time they would have worked during the notice period. This includes:

incentive-based payments and bonuses
loadings
monetary allowances
overtime
penalty rates
any other separately identifiable amounts.

posted 3/4/2023

Workcover update: new psychosocial hazards code of practice in effect from 1/4/2023

Fri, 31 Mar 2023 03:32:57 GMT

Workcover Update - new psychosocial hazards code of practice

As an employer registered with Workcover, you may may have received this update yourself, but in their March update, WorkCover has highlighted the fact that from 1/4/2023, the new Code of Practice for psychosocial hazards comes into effect. This update also covers the new silica dust code of practice - in effect from 1/5/2023 and a reminder about apprentice vs trainee and how this may impact your premium discount. For more on these topics visit their site: WorkCover update March 2023 .

Silicon Valley Bank Collapse - little known bank becomes infamous

Tue, 14 Mar 2023 06:21:22 GMT

Collapse of 2 x US Banks sends shockwaves ... but no contagion risk for now

For more on the story, see our SVB March update , but essentially:

US regional banks, Silicon Valley Bank (SVB) and Signature Bank collapse unexpectedly - sending shockwaves through markets reminiscent of the GFC
Regulators, with the approval of US President Joe Biden, step in with emergency provisions to restore confidence in the financial system and to protect depositors' money
Fears of contagion risk appear to have been successfully mitigated for now.

Importantly, we have established that no active global manager on our approved list or that features in your investment portfolios, has any direct exposure to SVB.

ATO Outlines new approach to WFH deductions

Mon, 06 Mar 2023 07:18:37 GMT

New rate and new record keeping requirements for WFH deductions - from 1/3/2023

The ATO has released Practical Compliance Guideline ( PCG ) 2023/1 which outlines their new compliance approach in relation to taxpayers claiming a deduction for running expenses incurred while working from home. From the 2023 year (i.e from 1 July 2022), taxpayers will be able to use the actual method (which is based on apportioning actual expenses) or the revised fixed rate method (which is based on standard ATO rate per hour). The revised fixed rate will be 67 cents per hour and will cover: energy expenses; internet expenses; mobile and home phone expenses; stationery and computer consumables. In addition to the revised ATO rate, the record keeping requirements have also changed. Taxpayers will now be required to keep records of: how many hours they work from home (e.g. timesheets or diaries); and one document for each additional type of running expense incurred (e.g. a monthly phone bill). Previously, taxpayers were allowed to use records which were representative of total hours worked for an income year, such as a 4 week diary. For the period 1 July 2022 to 28 February 2023, the ATO will accept records which are representative of the hours worked from home in that period. From 1 March 2023, taxpayers will need to keep records of actual total hours worked from home. Therefore, if you wish to claim a deduction using the revised fixed rate method, you will now be required to keep timesheets, diaries or something similar to substantiate actual total hours worked from home. Please contact our office if you would like to discuss how these rules apply to your circumstances.

10 days of Paid Family and Domestic Violence Leave - in effect now

Wed, 01 Feb 2023 08:30:48 GMT

All employees entitled to 10 days paid family and domestic violence leave from 1 Feb 2023

There has been some publicity on news reports about this new Amendment which came into effect 1 February 2023. The Bill gives all employees (including casuals) 10 days of paid Family and Domestic Violence leave in a 12 month period. It is paid at the employee's full rate of pay, as if the employee had worked the hours, and any unused entitlement does not accumulate from year to year. It is important to note that the leave for part time and casual employees is the full 10 days, it is NOT pro-rated. Depending on the size of the employer, as at 1 February 2023, the bill comes into effect from 1 February 2023 for employers who have 15 or more employees; or 1 August 2023 for small business employers (employers with fewer than 15 employees). There are some quite specific requirements around taking it, administering (tracking) it and maintaining confidentiality around it, which employees and employers should be aware of. Further details about how family and domestic violence leave works can be found on the Fairwork site. Evidence requirements can be found here .

1800 Respect is the National domestic and family violence counselling, information and support service. Their number is 1800 737 732.

Important changes to payroll tax and mental health levy

Thu, 15 Dec 2022 03:12:55 GMT

The Queensland Revenue Office has announced two important changes to payroll tax - effective 1/1/2023

Just recently, the QRO has announced these two changes to payroll tax effective 1 January 2023:

The payroll tax deduction range will change, reducing payroll tax for small and medium businesses. The deduction entitlement now extends to employers with annual Australian taxable wages up to $10.4 million (previously $6.5 million).
A mental health levy will apply for employers or groups of employer who pay more than $10 million in annual Australian taxable wages.

More information is available on the links provided.

posted 15/12/2022

seems like that was a bad idea ... QLD land tax decision overturned

margaretp@perrierryan.com.au (Margaret Paskin) — Mon, 10 Oct 2022 04:39:47 GMT

Everyone thought this was a bad idea - relying on interstate cooperation sees this one fail

Annastacia Palaszczuk - at National Cabinet - overruled Treasurer Cameron Dick's efforts to implement the State's controversial land tax after refusals by other premiers to co-operate. The amendments to the tax had already been legislated, so that means they will now be deferred in Parliament.

a few important reminders

Thu, 15 Sep 2022 00:57:54 GMT

Have you secured your .au website domain?

You have until 20 September to reserve your .au equivalent before it becomes available to the general public

Earlier this year, it was announced that anyone with a local connection to Australia (including businesses, associations and individuals) will be able to register a new category of domain name. These shorter, simpler domain names will end in .au rather than .com.au, .net.au, .org.au, .gov.au or .edu.au.

If you haven't already done so via your host, ACSC advises that you can reserve your .au domain name by visiting an auDA accredited registrar.

For more, see our news update from March 2022 .

Directors ID number - date closing in

The last deadline until 30 November 2022 to apply for their DIN. To avoid the last minute rush and the likely technology issues that seem to accompany a rush on any website, we really recommend you get on and complete that application.

Complete the process here at the ABRS .

Land Tax changes are coming

margaretp@perrierryan.com.au (Margaret Paskin) — Wed, 14 Sep 2022 06:23:22 GMT

Do you own interstate land?

If you own, or have an interest or share in, property in another state or territory, it may affect how much land/tax you pay in Queensland because the Queensland Government has made changes to how land tax will be calculated.

From 30 June 2023, when working out your Queensland land tax liability, the Queensland government will consider all the land you own in Australia. So, you need to declare any landholdings you own outside of Queensland. You can get ready now by reading about the changes to land tax .

From 1 January 2023 you will be able to use your QRO Online account to tell the Qld Government about your interstate land.

The total value of your Australian land will be used to determine:

whether the tax-free threshold has been exceeded
the rate of land tax that will be applied to the Qld proportion of the value of your landholdings.

The current tax-free thresholds are $600,000 for individuals (other than absentees) and $350,000 for companies, trustees and absentees.

Tax is 'only' paid on the land you own in Queensland (ie the Government says it's not taxing your land outside Queensland).

Tax Planning time

margaretp@perrierryan.com.au (Margaret Paskin) — Sat, 04 Jun 2022 02:43:50 GMT

Things to consider -

With a little discussion and thought, tax planning can greatly reduce tax expense and even worse, the fear of an unbudgeted tax debt. EOFY is also a great time to ensure all compliance matters are addressed. Typical items for consideration are:

Trust distributions
Bad debt write off
Asset purchases
Concessional super contributions
Carry forward concessional super contributions
Rental property deductions
Motor vehicle deductions

For more, see here .

STP Phase 2 - software company deferrals apply until 31 December 2022

Sun, 15 May 2022 23:00:00 GMT

The ATO is currently circulating reminders about the STP Phase 2 changes now in effect - check your payroll processing.

What you need to know :

STP Phase 2 started on 1 January 2022. Some Digital Service Providers (DSPs) needed more time to update their products and transition their customers (typically the ATO is talking about software providers like XERO/MYOB/Quickbooks/Reckon and payroll service providers such as ADP here) . What this means is, if your DSP has a deferral, you have a deferral. If that's the case, make sure you understand when your product will be ready and that you are ready to start Phase 2 reporting when it has been updated, or no later than the first pay day after your DSP deferral expires. Most of the software providers have a deferral date of 31 December 2022.

As the ATO highlights, it's important though to understand which of the following circumstances apply to you:

Phase 2 reporting is a requirement . The ATO has prepared resources such as a factsheet and a checklist to provide assistance - as have the DSPs. For detailed information about reporting requirements, visit the ATO website .

Xero Blog re: STP2

MYOB article re: STP2

Quickbooks help: STP2

Reckon support: STP2

Superannuation Guarantee rate moves to 10.5% for FY2023

Wed, 11 May 2022 23:00:00 GMT

Please make sure you allow for the increased rate for the Superannuation Guarantee in your planning for 2023.

From 1 July 2022, the SG percentage moves from 10% to 10.5%.

This move is part of the graduated increase over the next several years , to 12% for the 2026 financial year.

Most of the software providers will allow for the increase in their payroll systems, but it's worth checking to ensure that the right amount is paid from 1/7/2022.

A DIN Deadline has now passed

Wed, 06 Apr 2022 23:00:00 GMT

The time has come

We are now past 5 April 2022, so anyone newly appointed as a director, must be the holder of a Director ID Number (DIN) prior to appointment.

The last deadline in the DIN timeline applies to existing directors who were appointed on or before 31 October 2021 - they have until 30 November 2022 to apply for their DIN.

50,000 directors put on Notice

Wed, 06 Apr 2022 23:00:00 GMT

This week, letters have been sent out by the ATO warning that if companies don't actively manage their tax affairs the next communication they can expect to receive from the ATO is a Director Penalty Notice (DPN) and that could result in a director being personally liable for their company's tax debt - within 21 days. It is important to engage with ATO on company tax debt so please call us if you require any assistance or further information.

New domain name changes - secure your new domain name now

Wed, 23 Mar 2022 22:00:00 GMT

From 24 March 2022, anyone with a local connection to Australia (including businesses, associations and individuals) will be able to register a new category of domain name. These shorter, simpler domain names will end in .au rather than .com.au, .net.au, .org.au, .gov.au or .edu.au. For more, see our news update.

DIN and SMSF Corporate Trustees

Wed, 15 Dec 2021 22:00:00 GMT

Chicken or the Egg - Corporate Trustee or Director ID?

There are reports of some confusion around whether to establish a corporate trustee for an SMSF fund first, or obtain a Director ID. Mary Simmons from the SMSF Association says: " it makes sense that anyone who is considering setting up a new corporate trustee for an SMSF should get their director ID first and then proceed to setting up an SMSF ".

For more: ATO provides a little bit of extra info on DINs and SMSF Corporate Trustees

As a reminder, the timeline for obtaining a DIN is:

Super Fund Stapling - in effect from 1 November 2021

Wed, 24 Nov 2021 22:00:00 GMT

From 1 November 2021 , the Your Future, Your Super reforms mean if you have new employees start and they don't nominate a super fund for their SGC payments, you may have to take an extra step in order to comply with ATO choice of fund rules. This step involves contacting the ATO to request the employee's 'stapled super fund' details from them (the ATO).

A stapled super fund is an existing super fund linked (stapled) to an individual employee so that fund follows them as/when they change jobs. The aim being to reduce account fees and to avoid new super accounts being opened every time an employee starts a new job. Up until 1 November , if an employee failed to nominate a fund you may have simply signed them up to your default fund - with the new rules, you need to determine first if the employee already has a fund, which can be done by contacting the ATO.

For super payment compliance, it is important that this process is followed - so it might be time to review your current employee onboarding procedures.

More information is available from ASIC in their INFO 89 Factsheet and the ATO has a reference guide .

MYOB has digital onboarding for small and medium businesses with MYOB Team and both Xero and QBO have articles on employee onboarding. In the second stage of these reforms the ATO will provide a service for employers that don't have access to tech like MYOB Team.

this check is worth the $2 - PPSR check

Wed, 17 Nov 2021 22:00:00 GMT

To avoid inheriting other people's debt/finance when buying a motor vehicle from a private seller, ALWAYS do a PPSR check. This check only costs $2 and it will tell you whether there is a security interest over the vehicle.

Unfortunately, we are aware of a few instances of people getting caught out in circumstances where they have bought a vehicle privately and the vehicle they've bought had finance attached. When the sale went through (ie funds were exchanged), the seller didn't clear the debt - leaving the buyer on the hook so to speak for that debt. Sometimes this doesn't become apparent until some time later - it's quite a shock and unfortunately, there is very little that can be done.

Visit here to access the check: PPSR - used car vehicle search .

Government locks in director ID deadline - the DIN just got real

Tue, 19 Oct 2021 22:00:00 GMT

We've been advising and updating for a little while now about the new director ID regime proposed – and now enacted – by the Government. Key dates for the implementation have now been released: From 1 November 2021 – existing company directors have to apply for a director ID by 30 November 2022; From 1 November 2021 – directors appointed from 1 November 2021 to 4 April 2022 will have just 28 days after appointment to apply for their director ID From 5 April 2022 – new directors appointed will be required to apply for their director ID before appointment. Other points to note: Essentially, the director ID confirms a director's identity and will, in future, show which companies a director is linked to As it is about identity confirmation, directors must apply for their director ID themselves – no agent can do it on behalf of a client The fastest way to get a director ID is to apply online – you will need to make sure you've set up your myGovID It is free to apply and open for applications from November 2021 The director ID will be attached to a director permanently The law (currently) does not authorise the ABRS to disclose director IDs to the public without the director's consent. For now, director IDs will not be searchable by the public – this may change in the future. Penalties do apply for failing to apply for a director ID within stipulated timeframes. For more, see our newsletter here.

Sole Trader Grant - apply now

Mon, 30 Aug 2021 23:00:00 GMT

The Office of State Revenue has just announced that applications are now open for the $1000 non-employing sole trader grant.

The $1,000 grant is available to non-employing sole traders affected by Queensland COVID-19 lockdowns in August 2021.

This is a one-off grant and you must meet the eligibility criteria at the time of making your application.

You need to have applied and had your information verified by 30 November 2021 .

You should check if you are eligible for a COVID-19 disaster payment from the Australian Government instead, if your income has been affected by the Queensland lockdowns.

Go to: Business Queensland business support grants for all details.

ATO looks set to disclose tax debt information to credit agencies

Mon, 16 Aug 2021 23:00:00 GMT

The ATO has begun utilising new powers allowing it to disclose business tax debts of more than $100,000 to credit reporting bureaus.

There are reports of businesses with over $100,000 in tax debts recently receiving letters (orange coloured we hear) from the Tax Office, warning of the agency's intent to disclose if the business/es do not make an effort to manage the debt within 28 days. There are reassurances that businesses that actively work with the ATO to manage their tax debt will not be reported to credit agencies.

These new powers passed into law in late 2019, but then 2020 hit and ATO debt and lodgement compliance activity was suspended. There is an argument that now is not the time to start, but it's reported that around 5,000 businesses are potentially 'caught' by the $100,000 threshold - which includes income tax debts, activity statement debts, superannuation debts, FBT debts and penalties & interest charges.

COVID-19 Business support grants open today at 12noon

Sun, 15 Aug 2021 23:00:00 GMT

Applications for the 2021 COVID-19 Business Support Grants will open at 12noon today - Monday 16 August 2021.

Applications for these grants will remain open for three months and Guidelines on how to apply are now available at: www.business.qld.gov.au/supportgrant .

The grants will provide $5000 to employing small and medium businesses and large businesses in the hospitality and tourism sectors across Queensland that have been impacted by the recent SEQ or Cairns lockdowns - subject to those businesses meeting the criteria of a 30% reduction in turnover as a result of the lockdowns as well as meeting other eligibility criteria. Check your eligibility here .

Importantly:

COVID grant announced

Sun, 01 Aug 2021 23:00:00 GMT

The Queensland Government has just announced a COVID grant - a round directly related to this most recent/current lockdown - which may be worth checking out.

They are for small and medium business with turnover more than $75,000 and payroll up to $10 million and must show a 30% decrease in turnover as a result of the current lockdown period. According to the announcement made this morning it is a $260 million package and grants will be processed in the order they are received.

Covid-19 business support grants - August 2021

Launch date: 2 August 2021

Opening Date: mid August

Closing date: anticipated mid-November

For updates you can subscribe to their small business newsletter: Small Business Connect .

Business Basics (Round2) Regional Queensland

Launch Date: 17 August 2021

Opening Date: 9am 31 August

Closing Date: until funds are exhausted

Lifestyle assets - ATO eyeing off

Tue, 20 Jul 2021 23:00:00 GMT

The Tax Office has now extended its lifestyle assets data-matching program for the 2020–21 financial year through to 2022–23, allowing it to acquire insurance policy information for certain asset classes.

Motor vehicles with values of $65,000 and above will fall within the ATO's data collection scope, as well as marine vessels above $100,000, thoroughbred horses over $65,000, fine art over $100,000 per item, and aircraft over $150,000.

The ATO will acquire the data from 25 insurance providers, with the agency expecting 300,000 individuals to be identified each year.

EOFY 2021 Things to think about

Mon, 14 Jun 2021 23:00:00 GMT

As the 2021 EOFY year rapidly approaches, now is the time to take some time to consider what needs to be done. It is a period of review and of forward planning - but first let's look at what's on the immediate horizon.

For more see here

Queensland Government Grants announcements

Sun, 16 May 2021 23:00:00 GMT

Just announced - Small business grants! The Qld Department of Employment, Small Business and Training has just announced new grants available now to small business clients: Business Basics Grants Program - launched today and opens on 31 May 2021 will offer grant funding to new and emerging businesses grants available for up to $5,000 each to increase core capabilities and adopt current best practice - such as website development and upgrades, strategic marketing, training and coaching, advisory services and planning for business continuity and succession Guidelines and FAQ's available 17/5/2021 Applications open 31 May Business Boost Grants Program - opens in July will support established small businesses grants available for up to $15,000 to improve efficiency and productivity through organisational development and upgrades through automated software and CRM systems Guidelines and FAQ's available mid-July 2021 Applications open - late July 2021 Business Growth Fund - opened last week Will help evolving and fast growing small and medium sized businesses grants available up to $50,000 to buy highly specialised equipment to seize and accelerate growth opportunities Guidelines/FAQ's available 1 May 2021 Eligibility tool available 5 May 2021, but to be eligible, your business must: have fewer than 20 employees at the time of applying for the grant have an active ABN and be registered for GST have a Queensland HQ have a turnover of $300,000 or less for the current financial year not be insolvent or have owners/directors that are an undischarged bankrupt Applications open 11 May 2021

ATO WFH crackdown - car claims under scrutiny too

Sun, 09 May 2021 23:00:00 GMT

As tax time looms, the ATO has pointed to several key ineligible work from home claims that it will be watching closely as taxpayers look to make the most of flexible working arrangements.

Whilst the temporary shortcut method will remain some expenses cannot be claimed through any method, for example:

Claiming occupancy expenses could expose some taxpayers to Capital Gains tax when they leave their homes

If you decide not to use the simplified 80c/hour claim method, make sure you have good records.

For more, see here .

Please note: The ATO has also signalled that work-related car expense claims - which have been closely scrutinised over recent years - will again be on their radar. They make the point that they are " still concerned that some taxpayers aren't getting the message that overclaiming will be detected, and if it is deliberate, penalties will apply ."

DIN update

Wed, 14 Apr 2021 23:00:00 GMT

ATO assumes registrar role for the new Director ID regime

ASIC staff will begin moving to the ATO as the government prepares for the imminent rollout of the new DIN regime and the Commissioner of Taxation is appointed as the Commonwealth Registrar of the new ABRS.

The DIN will be the first function of the ABRS. Once current testing concludes (31 October), directors will be able to access the ABRS using their myGovID to supply a number of identity documents to acquire the unique identifier. They will keep this number permanently, even if they cease to be a director, change their name or move interstate/overseas.

Provisional deadlines will see all directors required to obtain a DIN by 30 November 2022. Individuals who seek appointment after 30 November 2022 will be required to obtain a DIN prior to being appointed. It's interesting to note that this regime is expected to cover 10% of Australia's 25.7 million population.

The next move will be the companies register, the business names register and the ABN register to the ABRS.

The end goal is to improve the user experience, simplify the way people interact with business registers and provide business owners with a single entry point to establish their business.

As Senator Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy put it: " Modernising business registers with a one-stop shop, replacing the current 31 registers, is part of our government's commitment o Australia becoming a leading digital economy and society by 2030 ."

FBT Season has arrived

Wed, 07 Apr 2021 23:00:00 GMT

FBT annual returns will be due soon - for those clients of ours to whom FBT applies, please note we will be sending our annual FBT Questionnaire next week.

We will post the link to the Questionnaire here on our website for ease of reference in case you need to come back to it and don't want to have to sort through your emails to find the link :)

What is all the noise about DIN?

Mon, 22 Mar 2021 22:00:00 GMT

ATO, ABR, MBR, ASIC, CBRS - quite a bit of DIN!

In 2020, legislation giving effect to the new Director Identification Number (DIN) regime passed and will be administered by the new Commonwealth Business Registry Service (CBRS) as part of the 2020 Budget Digital Business plan via the Modernising Business Registers (MBR) Program .

The MBR Program will (apparently) unify the Australian Business Register (ABR) and 31 registers administered by ASIC, on a contemporary, digital registry system. The unified government business register will be operated by the ATO.

The MBR Program will also include the introduction of a director identification number (DIN) - a unique identifier that a director will keep forever. It will be used by Regulators to verify the identity of directors and map out their relationships between entities - and thereby facilitate the traceability of the director.

Whilst key details of the regime - including what details will need to be provided - have yet to be publicly released, the established legal framework shows that the DIN will require all existing and new directors to confirm their identity to a unique identifier. It also appears that new directors will have to apply for a DIN before they are appointed as a director. A transitional period for existing directors will be specified by a legislative instrument. We also know that there will be civil and criminal penalties for directors who fail to apply for a DIN within the applicable timeframe and for conduct that undermines the new requirements (e.g. providing false identity information to the registrar or intentionally applying for multiple DINs).

There is no published timeline for the introduction of DIN, but it's coming, so it's best to be aware and ready to implement procedures to ensure compliance with the new law/s and the timely appointment of directors.

Modernising Business Registers and the Discussion Paper

ATO audit activity looks set to ramp up

Mon, 08 Mar 2021 22:00:00 GMT

ATO heats up their audit activity - targetting privately owned and wealthy groups

With compliance activities having been deferred at the height of COVID-19, it appears likely that the ATO will now start to ramp up its auditing activities. It seems that the interest in privately owned and wealthy groups of more than $10million, or controlled wealth of more than $5million, is a result of recent tax gap reports which highlighted a gap in the sector worth $772million.

There are reports that the ATO will look to its Top 55 and Next 5,000 programs to address the short fall - as well as take an industry-by-industry approach following COVID-19 as it appears that these groups have been less afflicted by the pandemic.

So the message is: be ready and ensure that appropriate steps are being taken to comply with tax obligations.

ATO reveals STP reporting options for closely help payees

Sun, 07 Mar 2021 22:00:00 GMT

Following advice from the ATO, Employers with closely held payees will now have three options to report payments through Single Touch Payroll (STP).

The ATO has confirmed that STP reporting for closely held payees will commence from 1 July, after it had granted these employers a one-year exemption in the midst of the pandemic last year.

For more information see our news article .

Activity statement delivery - ATO reverts

Sat, 06 Mar 2021 22:00:00 GMT

We recently shared the news that the ATO's changes to client correspondence had caused some issues for some clients.

The issue relates to the recent change in the clients' correspondence preferences for delivery of the quarterly PAYG instalment notices (also known as instalment activity statements) from paper to digital due to the decommissioning of an old ATO system known as Electronic Commerce Interface (ECI), and affects activity statements from the December 2020 quarter onwards. While clients can access their myGov account to see if an activity statement has been issued, and agents can check on Online Services for Agents ( OSfA ) for each client, this is proving to be not a practical solution moving forwards.

The ATO recently advised that they will recommence issuing paper PAYG and GST quarterly instalment notices, starting with the June 2021 quarterly notices. The ATO have since been able to bring this solution forward and the interim measure will begin with the March 2021 quarterly instalment notices , not June 2021 as previously advised.

This measure applies to agents, who lodge for clients, but does not extend to self-preparers. Self-preparers will continue to receive an email reminder 21 days before the due date, where the ATO has an email address for them. Clients who are self-preparers should have already received an email notification for the December 2020 PAYG and GST instalment notices (due for payment by 2 March 2021) reminding them that their instalments were due.

ATO communication preferences

Market Watch - top 3 themes

Sun, 21 Feb 2021 22:00:00 GMT

The Top 3 themes that The Market will be watching are: Inflation - all things considered the RBA's outlook for inflation in 2021 seems reasonable, however, higher inflation may be a risk for 2022. Currency - expectation is that we will see the AUD rising across the first half of the year against the USD and then slipping back in the second half of the year. Speed and success of the COVID-19 vaccine rollout - delays, shortages, slow uptake and/or discovery of new variants could derail markets' confidence, but it is expected that vaccination rates (rather than infection rates) will be the new barometer of equity market sentiment in 2021.

When did that Director resign?

Tue, 16 Feb 2021 22:00:00 GMT

18 February 2021 marks the date that grants new powers to ASIC such that: If ASIC is not notified of a person's resignation as a Director within 28 days, then the resignation as a Director will be recorded as effective on the day that written notice is lodged with ASIC; The person or the company would need to apply to ASIC (within 56 days) or the Court, for the record to be corrected to the actual date of resignation. This move is part of new legislation to hold Directors accountable in the context of illegal phoenixing activity and to prevent the improper backdating of Director resignations.

Economic snapshot - December 2020 year in review

Mon, 11 Jan 2021 22:00:00 GMT

latest snapshot from PRFA.

Greater Brisbane lockdowns

Thu, 07 Jan 2021 22:00:00 GMT

Please note: in line with current Government directives, the Perrier Ryan offices will be closed on Monday 11/1/2021 pending further advice.

ATO corrects its error - impact on PAYG instalments

Sun, 29 Nov 2020 22:00:00 GMT

We have been receiving enquiries from clients confused about refunds and correspondence being issued from the ATO. Unfortunately, the ATO is not only not explaining the reason behind the refund or the revised notional tax notices, but correspondence also refers to it as a "client initiated amendment" to the BAS - when actually it is the ATO making the amendments. Essentially, there is a correction to the company tax rate.

For more information about the situation, see the ATO newsroom .

Webinar - how to make wise financial and legal choices when starting out

Sun, 08 Nov 2020 22:00:00 GMT

Cara Williams from Perrier Ryan Financial Advisors is excited to be co-hosting a free webinar specifically for young people looking to make wise financial and legal choices.

Cara will be joined by Naomi Williams from Mitchells Solicitors - and both understand the important of their generation receiving proper advice to set up for the future.

They will speak in plain language to demystify financial and legal jargon.

Cara and Naomi both aim to educate those in their early stages of their future building so they can:

The webinar is running on Wednesday 18 November 2020 at 6.30pm AEST.

Please pass this on to anyone you know who may benefit from attending the webinar.

Cash rate won't rise for 3 years - according to the RBA

Wed, 04 Nov 2020 22:00:00 GMT

The Governor of the RBA has revealed that the cash rate is not expected to increase until 2023, at the earliest.

So, what does this mean for you ?

Well, it does present an opportunity to review your Home Loan b ut take your time and carefully consider your circumstances. Using a mortgage broker is one way to ensure that you get the best advice for those circumstances. A mortgage broking service saves you time and effort as the advisor will run the figures for you, anticipate what the banks will want to consider in any application proposal and find the most suitable lender for you.

See here for more on what the Governor had to say - and contact Andrew Forsyth (andrewf@perrierryan.com.au) if you're wondering what might be possible and beneficial for you.

Budget notes

Wed, 07 Oct 2020 22:00:00 GMT

For Key points and assessment of the Federal Government's COVID-delayed budget, please read our Budget Notes - at least the Budget and its analysis nudged COVID off the headlines of newspapers ... for a little bit anyway.

2020 has been a long, hard year for many, and the long weekend seemed to have come at a good time for a lot of people - a time when we usually find ourselves starting to look forward to the end of the year and the Summer break, but especially so this year.

When we stop and think about about it though, a lot still lies ahead:

And of course the imminent countdown to Christmas and the New Year ... what will 2021 bring? Dare we imagine!

Nonetheless, in the meantime, let's see what Budget measures get over the line.

Apprentice subsidy extended to 31 March 2021

Mon, 05 Oct 2020 22:00:00 GMT

Apprentice subsidy continues - and expands

The Australian Government has announced the extension and expansion of the Supporting Apprentices and Trainees wage subsidy, to include medium-sized businesses who had an apprentice in place on 1 July 2020.

Eligible employers can apply for a wage subsidy of 50% of an eligible apprentice or trainee's wages paid until 31 March 2021. In addition to the existing support for small businesses, medium-sized businesses will now be eligible for the subsidy, for wages paid from 1 July 2020 to 31 March 2021.

Further information about eligibility can be found on the government website for Employment or at the Employment Department newsroom .

For information on how to apply for the subsidy, contact an Australian Apprenticeship Support Network Provider .

Wage theft is now criminal

Tue, 22 Sep 2020 23:00:00 GMT

The Wage Theft Act

announcement

What is cyber protection insurance?

Wed, 19 Aug 2020 23:00:00 GMT

Interesting question isn't it.

In short, it's insurance that's designed to help protect your business from the financial impact of computer hacking or a data breach - incidences of which are increasing at an alarming rate and malicious actors are rapidly evolving. There's a range of policy types , but they include: business interruption losses; Cyber Extortion; Defence costs; Electronic Data Replacement; and Regulatory Breach Liability - as well as coverage to help with the extra expenses involved in Crisis Management and Notification & Monitoring expenses. The issue of compromises by cyber attack is real and the associated financial and reputational damage costs are high. Call Sean Kenny at Perrier Ryan General Insurance today to talk about your circumstances and he'll work with you to tailor a solution that fits. Call the office on 3391 7566 in the first instance.

WorkCover releases important legislative changes

Sun, 19 Jul 2020 23:00:00 GMT

WorkCover Queensland today released important information on legislative amendments that came into effect 1 July 2020.

The Queensland Government's five year review identified a number of recommendations to ensure the WorkCover scheme is "well placed to respond to emerging issues into the future".

Matters identified are:

The information they've prepared about the changes that you may need to make to ensure you have up-to-date practices, can be found here .

latest economic update - historic crude oil price

Mon, 20 Apr 2020 23:00:00 GMT

Latest economic update published

crude oil prices go negative in historic crash

TAL Life adds COVID-19 exclusion to certain NEW insurance policies

Thu, 26 Mar 2020 22:00:00 GMT

An ABC news report has come out today regarding TAL LIfe adding COVID-19 exclusions to NEW insurance policies.

We have spoken to TAL and to clarify:

The exclusion is not being placed on any EXISTING polices and is not being placed on all new policies as a blanket exclusion. It is only being applied for those who may be in a higher risk area of contracting COVID-19.

Whilst this seems unfair for any clients in these categories the rationale behind it (and no,I am not defending the position entirely, but can understand it) is that for the clients who already have cover with TAL Life if they (TAL) had an increase in claims on policies for COVID then this would force premiums up (further) in the future. Therefore they are trying to protect the existing clients from paying for the new disease.

Will other insurers follow suit? They are all considering it for new business, however all may not go to the same extremes. The pressure actually comes from the re-insurers to place the exclusion on the new policies. This is because the re-insurers are global and they are exposed to possible massive claims due to COVID so they to are trying to flatten their curve....

If you have any questions regarding this please do not hesitate to call Ben, Cara or Stuart in the financial planning team.

APRA and ASIC announce new regulatory approaches amid COVID-19 pandemic

Mon, 23 Mar 2020 22:00:00 GMT

Given the ongoing COVID-19 pandemic, the prudential and financial services regulators have announced new regulatory approaches including attitudes to payment holidays.

Commonwealth Bank also makes an announcement about payment deferrals for eligible small business loans.

See out latest update .

Coronavirus Stimulus - banks announce their packages

Thu, 19 Mar 2020 22:00:00 GMT

Update at 24/3/2020 - new Payroll Tax measures and other Coronavirus support

Banking industry moves to support SME and distressed mortgage customers + Payroll tax deferral package announced - see our latest update (posted 20/3/2020)

Coronavirus Stimulus package - let's sum it up

Mon, 16 Mar 2020 22:00:00 GMT

Announcements by the Federal Government with regard to the Coronavirus stimulus package have been released with full details of the package to be tabled to Parliament on 23 March 2020. The Queensland State Government has also released details of their measures. BCC have just released details of various fee waivers. Read a summary here - and remember to call us with any queries or questions.

updated 19/3/2020

So, what's going on ...

Sun, 15 Mar 2020 22:00:00 GMT

Recent developments

March has seen the market volatility of late February continue, but with even greater intensity. In the first two weeks of March, the ASX200 and S&P500 indices have fallen around 15%. This comes on top of their 7% - 8% falls in February. Developed country global equity markets are down 17% in March to date and emerging equity markets are down about 12%. Volatility is very high, with equity markets registering falls of 10% or more in a single day. These are some of the biggest single day declines since 1987's "Black Monday". Overall, this has so far been one of the fastest equity market corrections on record.

In other markets, government bond yields have fallen even further as investors price in further interest rate cuts. For example, in the US markets now expect the Federal Reserve to cut the cash rate from 1% to 0.1% at its meeting on 17-18 March. This follows the Fed's 0.5% rate cut just a few days ago. In Australia, markets expect the Reserve Bank to cut the cash rate to 0.25% in coming days. In response to this, 10 year government bond yields have fallen to 0.66% in Australia, and to 0.8% in the US. However, credit spreads have widened sharply as investor worry about corporate cash flows.

Currency markets have also been affected, with the A$ falling to around US0.63, its lowest level for a number of years.

Global recession?

The causes of this market volatility have attracted many headlines: the overvalued state of global equity markets, the spread of Covid-19, and the oil dispute between Saudi Arabia and Russia. Of these, the first set the scene, the second started the fire and the third just added more fuel. Coming on top of each other, these events proved a toxic mix for risk assets. Markets have been alarmed by the spread of the virus outside China and the increasing use of travel restrictions in response, which will add to downward pressure on global growth. The WHO's announcement of a global pandemic hit markets badly.

Not surprisingly markets are asking if this is the start of a new global recession, or perhaps even a new GFC. The likelihood of a recession is higher than that of a new GFC, though the damage that could be done to confidence should not be underestimated.

Support and stimulus from fiscal and monetary policies are expected. As noted above, further rate cuts are likely in coming weeks. In addition, the markets expect central banks around the world, including the Fed and the RBA, to start new Quantitative Easing programs as soon as possible. These more relaxed monetary policy settings are likely to be kept in place through the rest of this year and into next year as central banks seek to plentiful liquidity for the smooth functioning of financial markets.

While the markets want to see this support from central banks, they are also acutely aware that there is little room left to cut interest rates. Fiscal stimulus is urgently required to moderate the impact of Covid-19 on global growth. Here in Australia, the Federal Government has announced a stimulus package which has been generally well-received by economists and commentators, but more stimulus is expected in the May Budget. In the US, markets are worried that the rancour between the White House and the Democrats will hamstring any fiscal stimulus over there.

The bottom line is that while the risks of global recession have gone up significantly, there will be policy support, albeit with some caveats on the ability of traditional policy measures to offset a pandemic. At the moment, most analysts expect any recession to be shorter rather than longer, but that we will not see recovery before the second half of the year.

When will it end?

This is a very hard question to answer with any degree of certainty. The best we can say is, not soon enough. There are two key timelines here. The first is the course of the virus as it spreads between and within countries. The second, is the pattern of the economic data as the impact of the virus and travel restrictions show up in economic activity.

The first of these timelines leads the second. That is, until we can see the peak in the infection rate, we cannot estimate the timing of the trough in economic activity. In the meantime, we are likely to see some very weak economic growth figures from around the world. Within these, the key data to watch will be the labour market figures, especially in the US. Signs of an uptick in the US unemployment rate would confirm market fears about recession.

It is also important to note that the virus is only just starting to spread in the US. Its impact there will be even more important than its impact in China.

The markets will be encouraged by evidence of the peak in the virus, but their concerns about the effectiveness of fiscal and monetary policy support means they may not be as quick to price recovery as they might otherwise have been.

In short, we cannot say when the world will turn the corner on Covid-19 and its impact on the global economy. However, it is likely to be a matter of months rather than years and we know what to monitor to keep up to date on key developments.

Investment implications

We are going to see more volatility in markets in coming weeks as more data comes to light. Some of that data will encourage markets, while some will be received badly. Equity markets have fallen sharply enough to suggest markets are already pricing a recession, and perhaps even a severe one. On the other hand, traditional metrics such as price/earnings ratios have not yet fallen far enough to say that equity markets are outright cheap.

In this environment we will continue to run our strategy of diversifying our portfolio exposures while monitoring very closely key data and developments. This has served us well so far. While the portfolios have experienced negative returns in March so far, these have been much smaller than the falls in the equity markets and less than those experienced by some leading portfolio managers. This reflects the de-risking of the portfolios we began last November and extended recently. While the reduced equity allocations have under-performed, the increased allocations to hedges in fixed income, gold and selected infrastructure assets have helped the portfolios significantly.

Leaving Gifts to charities through your Estate - Why I would never do it

Wed, 04 Mar 2020 22:00:00 GMT

Many people I know, have left money to various charities in their Wills as either specific asset gifts or specific amounts to be paid out of the proceeds of the assets of the Estate.

It is certainly a wonderful thing to contemplate and these gifts are relied upon by the charities in undertaking the wonderful work that they do.

However – yes, there is a but - there is a reason why I would never leave specific gifts to a charity and why I always counsel against my clients doing it.

To appreciate the issue, you need some context:

I am currently a co-executor with the deceased's elderly sister. She lives in far north Queensland on a rural property so dealing with matters for her has been difficult. The deceased left significant gifts to seven charities.

Unfortunately, there was an issue with the Will which required an application to the Courts for interpretation, which delayed the granting of probate. In this case, probate was required to allow us, as executors, to deal with the assets of the Estate. Consequently we had our hands tied for almost eight months from the date of death.

The Estate did not have sufficient cash assets to payout the gifts as per the Will, without selling assets - which we could not do until we had probate.

Within five months of being able to deal with the Estate assets we made payment to the charities of the specific gift amounts as provided for in the Will. However, this was 12 months after the date of death.

Queensland's Succession Act 1981 s52 provides that, from 12 months of the date of death until payment of the gift, the gift amount will accrue an interest amount at the rate of 8 per cent per annum. These charities within hours of receiving gifts, in excess of $150,000 in some cases, were sending me letters stating that they were expecting - in fact demanding - the payment of 8% on the funds.

I know and accept that many may well say that they are only doing their job, but as someone who has had to deal with it on many occasions - and often due to issues with realisation of funds to facilitate the gift - I find it difficult to come to terms with.

End result is: the funds going to the final beneficiary of the estate (an elderly women) are going to be $76,125 less and the charities are receiving an 8% return on their funds . I am not saying not to make a provision for a gift, but I am saying there are better ways of doing it that will avoid this issue, than putting it in your Will.

Greasing the wheels of commerce

Wed, 19 Feb 2020 22:00:00 GMT

Noel Whittaker recently published an article in The Courier Mail highlighting the link between credit and the wheels of commerce. He gives the example of a man of substantial means who was happy to go guarantor for his son, but was knocked back and then goes on to explain how the banks' approach to deal approval has shifted over time - making life particularly difficult for small business borrowers. Read the article in full here and contact us if you require any assistance with your borrowing or preparation of financials in readiness for an application.

provided with the permission of Noel Whittaker 19/2/2020

Annualised Wage arrangements - forget me not!

Sun, 16 Feb 2020 22:00:00 GMT

Annualised wage arrangements for Award-covered employees – not set and forget!

As of 1 March 2020, employers who have annualised wage arrangements in place for award-covered employees, will be faced with a number of new obligations resulting in more onerous notification, record-keeping and auditing requirements – yes, creating a significant administrative burden for employers.

So, the first thing to get straight is: what is an annualised salary (wage) arrangement ? Essentially, it's an 'all-inclusive' annual rate instead of a rate that specifies all applicable award entitlements (such as overtime, penalty rates and loadings). Historically an annualised arrangement was used as a means of payroll convenience that allowed an employer to satisfy all award entitlements by paying an employee an annual salary (wage).

However, with the new ruling, any employers with employees covered by the relevant awards (there are more than 20 awards in total affected by this ruling) will be required to meet several new administrative obligations – being:

NOTE: employers are also required to have employees sign this record (or acknowledge it in writing, electronically) each pay period or roster cycle .

Four 'model clauses' have been prepared and each of the >20 Modern Awards have one of these new clauses.

Cooper Grace Ward has a simple diagram on their website depicting which Award has adopted which Clause .

This new ruling will surely have employers reviewing whether an annualised salary arrangement is still a "convenient", viable option.

https://www.fwc.gov.au/documents/decisionssigned/html/2018fwcfb154.htm

AUSKEY no more - better get myGovID

Thu, 06 Feb 2020 22:00:00 GMT

The way you access government online services is changing. At the end of March 2020 myGovID and Relationship Authorisation Manager (RAM) will replace AUSkey and Manage ABN Connections (your ABN connected to your myGov). Together, these new services provide a secure, simple and flexible way to access government online services.

myGovID is the Australian Government's digital identity provider to prove who you are online - just like the 100 point ID check ... on your smart device.

RAM is the authorisation service that allows you to act on behalf of an entity with participating government online services.

Entities that don't have an individual listed as an associate on the ABN in the Australian Business Register (ABR), for example corporate trustees, subsidiary companies executors or Australian charities and not-for-profits, will need to ensure the primary person links the entity.

The primary person will be the Associate/Director for the corporate trustee or subsidiary company (for the non-individual associate) or the Responsible Person for a Not-for-profit. As the primary person they will need to do the following:

The whole process starts with an app, downloaded from the AppStore or Googe Play.

ATO audits the auditors - here are the results

Thu, 06 Feb 2020 22:00:00 GMT

ATO – Audits on the top 100 SMSF auditors

The ATO has released the results of their review of 51 of the top 100 SMSF auditors who audit 33% of the total population of SMSFs, representing around $186 billion in assets.

The ATO's focus on the top 100 SMSF auditors is to understand and gain assurance about the methods, processes and controls in place that allow the SMSF auditor to sign off on a large number of audits annually.

The result of the reviews were:

The ATO are concerned:

The ATO are planning on completing audits on the remaining 49 auditors by the end of the 2020 financial year.

ATO – SMSF quarterly statistical report September 2019

The ATO has released its quarterly SMSF statistical report for the quarter ended September 2019.

Highlights include:

Content sourced from ICAANZ. posted 7/2/2020

Directors now personally liable for unpaid GST

Thu, 06 Feb 2020 22:00:00 GMT

Directors are already currently personally liable for unpaid superannuation and withholding tax and on 5 February 2020, the Senate passed a Bill which means directors can now be personally liable for unpaid company Goods and Services Tax (GST) as well. The Treasury Laws Amendment ( Combating Illegal Phoenixing ) Bill 2019 (The Bill) is now awaiting assent.

Once Royal Assent is given, from the first day of the first quarter following Assent, directors will become personally liable for unpaid GST, Luxury Car Tax and Wine Equalisation Tax liabilities in certain circumstances.

Directors and management teams should review systems and procedures to ensure the debts are known and paid on time (including lodgement of any relevant forms) - to reduce and limit their risk.

Now would be a good time to correct any inadvertent error or known outstanding debts because if these are not corrected promptly, directors will become personally liable.

It's worth noting that the ATO can retain refunds where a taxpayer has failed to lodge a return or provide other information that may impact the amount of a refund.

Other important takeaways :

If any of this raises any concerns for you, make sure you seek professional advice early - so call Lee Duncan, Will Townson, Dan Perrier or Paul Ryan to talk it through. Asset protection strategies might be worth considering also. Contact the office on 07 3391 7566.

SG Loophole closed

Thu, 06 Feb 2020 22:00:00 GMT

Passed last year, but in effect from 1 January 2020, it is now explicitly clear that employee salary sacrifices to superannuation cannot reduce an employer's SGC charge - and, that SG is paid on the pre-salary sacrifice base.

The software companies such as XERO will have made the necessary adjustments but employers should check to satisfy themselves that SG is being dealt with properly and in accordance with the new measures.

Visit the ATO website for more detail.

Capacity to Repay certificates: we are unable to sign those

Thu, 28 Nov 2019 22:00:00 GMT

Accounting bodies have recently reported a spike in banks asking accountants to sign off on a client's loan application by way of a Capacity to Repay Certificate – that is, asking accountants to sign off, by declaration, on the future viability of a business, and in effect sign off on their client's capacity to repay a loan or even what percentage they will use a motor vehicle for business purposes in the future.

This is a practice that was first seen 10 years ago and banned by APRA and ASIC but now seems to be appearing again.

Whilst we understand the critical role that the preparation and provision of quality financial information for small businesses plays in loan applications, it is the lender's responsibility to use that and other information to make an appropriate credit assessment. We will always work with our clients to provide whatever supporting information is requested and required as part of an application, however we are unable to sign Capacity to Repay Certificates for banks, as we do not hold an Australian Credit Licence.

As banks continue to be under scrutiny for various practices and procedures, and with the flow-on effect being felt by borrowers, we recommend you contact Andrew Forsyth from Perrier Ryan Financial Services when next considering a loan or re-financing application. He will work closely with you to ensure that you are well prepared for that process and armed with all that's required to stand you in good stead for your application's assessment by the bank or financial institution.

Andrew can be contacted in the office on 07 3391 7566, by email on andrewf@perrierryan.com.au , or mobile on 0439 827 700.

If you have any other questions in relation to this, please call Paul or Dan on 3391 7566.

Starting out or downsizing - financial considerations Made Easy!

Wed, 27 Nov 2019 22:00:00 GMT

Our longstanding client, Noel Whittaker, would be well known to many as he's been a finance industry fixture for many years including appearing on radio, television and in print (books and newspaper articles).

He has recently released two books – one a completely revised and updated version of his original and huge best seller Making Money made Simple ! and the second, a newly released book Downsizing made Simple which has been written in partnership with Rachel Lane, an Australian aged care guru.

We have a limited supply of both these books available for our clients – compliments of the season. So, if you'd like something for your kids as they embark on their independent financial life, or you're considering options for your own next move, we think you'll find these books to be both valuable and an easy, helpful read.

Please contact us and we'll send the book/s out – or feel free to pick them up next time you're in the office visiting us.

Logbooks - ATO clearly says close enough is NOT good enough

Mon, 18 Nov 2019 22:00:00 GMT

A recent case between a taxpayer and the ATO has highlighted the importance of completing a logbook correctly if you want to claim deductions for car expenses using the logbook method.

The logbook method is used by those who claim more than 5000 business kilometres - under that, the simpler method to use is the cents-per-km method.

So, if you want your logbook to be considered valid by the ATO make sure that:

Further, for the first year in which you're claiming car expenses, the logbook must be meticulously kept for a continuous 12-week period.

So, once again, the importance of accurate and careful record keeping is highlighted!

Reid v Commissioner of Taxation [2019] AATA 4624 (12 November 2019)

myGovID and myGov - different but related - and both about secure access online

Mon, 11 Nov 2019 22:00:00 GMT

myGovID will be used to access your myGov account - confusing? Maybe a bit.

From 1 April 2020, myGovID will replace AUSkey as the new secure login service with the ATO and other government agencies. It's a new digital identity provider that utilises the security features on a user's device (such as fingerprint or face detection), allowing the user secure access to government online services.

It is currently in public beta testing phase and available for download across the Apple App Store and Google Play.

myGovID is different - but related - to the myGov account. myGov is essentially a portal where users gain access to a range of government services online. Many people will have created a myGov account to interact with Medicare, for example. The recent introduction of STP reporting has resulted in a large number of people setting up myGov accounts.

We are finding that many clients have discovered that once a myGov account is set up, the ATO sends their correspondence to that portal as their default communication channel - and clients don't always realise this until much later.

So, if you've set up a myGov account, you will likely receive SMS messages from the ATO regarding correspondence - but we suggest you always login to the site away from the SMS message (scammers love it when people click on links in messages - tips on how to spot a scam ).

posted 12/11/2019

Economic Snapshot for October published

Wed, 06 Nov 2019 22:00:00 GMT

PRFA's latest Economic Snapshot - in October, despite a cautious start, markets became a little more optimistic through the month. Some interesting political moves emerged - not the least of which was the announcement of the UK 12 December 2019 'Brexit' poll. The slowdown in US manufacturing led to some concern. German factory orders were very weak - China's manufacturing PMI improved, but that needs to be read with some caution. Australian indicators are mixed. There were questions remaining as to whether the RBA would cut the cash rate again - but we know now that they didn't.

ATO can now report tax debt to credit reporting bureaus

Wed, 06 Nov 2019 22:00:00 GMT

As mentioned in our August QUICK NEWS newsletter, new laws have now passed allowing the Australian Taxation Office (ATO) to disclose business tax debt information to registered credit reporting bureaus (CRBs).

It's worth noting that the disclosure of tax debt information of a business can only be made if the business meets ALL of these four criteria:

A business will be notified in writing by the ATO if they meet the reporting criteria and will be given 28 days to engage with the ATO to avoid having tax debt information reported.

If a business is engaging with the ATO to manage their tax debts, the tax debt information will not be reported to the CRBs.

Perrier Ryan can assist businesses engage and negotiate with the ATO in relation to overdue tax debt. Please call us on 07 3391 7566 and ask to speak with Lee or Will in the first instance.

7/11/2019

Banks have changed - and borrowers feel the impact

Sat, 28 Sep 2019 23:00:00 GMT

Recent Banking Code of Practice changes on 1 July 2019 have resulted in lengthy delays to access to Commercial Lending funding for business clients.

What are the changes?

Now when the Banks are considering a Commercial Lending application they are looking more closely and in more detail at the following considerations:

· Is the person providing the guarantee considered suitable, according to the Bank's lending criteria;

· Is the person providing the guarantee considered to be a vulnerable guarantor; and

· Is the person providing the guarantee obtaining a substantial benefit from providing that guarantee?

Whilst the above points have always been considered in any loan application, it is now mandatory that the Banks can demonstrate and verify that careful consideration has been given, prior to taking and accepting guarantees.

In conjunction with the above considerations, the Banks are also carefully reviewing the ability of the business to repay the loan, by, in most cases, completing a 3-way detailed Income Servicing Test . This Income Servicing Test is not limited to the borrowing entity but extends to other associated entities and the business owner's household for personal commitments

All of this is leading to extended timeframes for access to lending for business clients.

Four Tips on what you can do to prepare well for your application's assessment:

Perrier Ryan Financial Services understands these changes and what is required by Banks and Lenders in the current environment. Call Andrew Forsyth for assistance with your Lending requirements – he'll help you prepare for your loan application to ensure your readiness, support you and provide timely advice through the entire process. Call him in the office on 3391 7566.

Is this investing?

Tue, 24 Sep 2019 23:00:00 GMT

How "Investing" has changed - have we outsourced our responsibilities as individuals who invest, too much?

It would have been 1992. I was 22, had just finished my studies and was working in a mid-tier city firm when they decided to start offering planning advice.

I remember a conversation at the time around the use of managed funds (much like what we are seeing now with index funds). One of the partners was saying that before managed funds, the focus of the investor was Investing - at its core. That is, understanding that "I am buying an equity stake in a company"; 'I own a share in BHP'.

He indicated that while the premise of the managed fund was that they were actively being managed, the investor would still be outsourcing the stock selection to someone else. Nevertheless, the Fund Manager was still looking for stocks in line with their mandate from the client investor i.e. value, growth or income manager. The partner reiterated that, as the investor, you were saying "I have someone who makes stock selections for me and invests my money in the best companies based on their research".

I wonder now what he would say with the rise in popularity of passive investing, i.e. index funds. I have a feeling he may have pondered the question: "Is this really investing?"

When purchasing in such a passive way I wonder if we have forgotten that we are actually taking an equity stake in a company?

Moreover, I become concerned when I see managed funds buying index funds. I wonder, have these guys lost the core investing mentality and now just see their role as ticker symbols, not researchers and analysers of companies?

Add to this the increased use of direct index investing (passive investing), which has nothing to do with the company's future earnings potential, but a mandated index weighting, then do companies that are in an index fund become overvalued?

Does this then leave more opportunity for truly value based, research orientated, company analysts to truly add returns at lower risks than the passive index funds?

Perhaps in a low interest rate, slow growth economy we need greater focus on more deeply understanding what we are investing in to protect and grow our overall wealth, and equally reward well performing businesses while allowing the market to eliminate, or at least limit the growth of, those underperforming businesses.

Days of Personal leave - not hours - Federal Court Ruling handed down

Mon, 23 Sep 2019 23:00:00 GMT

The issue around personal leave has been in the employment news of late. For the time being – and subject to appeal – the Full Federal Court of Australia has handed down a decision that has determined that full time and part-time employees are entitled to 10 working days of paid personal/carer's leave for each year of employment – that is, the leave must be calculated in working days , not hours. Employers should use the Ombudsman's Advice as a starting point to review how their business currently accrues and deducts personal/carer's leave – with many employers potentially needing to change their approach to personal/carer's leave. If you have an enterprise agreement that purports to be more beneficial than the NES, you may need to review whether those entitlements are now actually more beneficial.

The FWO has recently updated their Fair Work Information Statement – which employers are required to give every new employment upon commencement - to reflect this change.

It's back! SGC Amnesty reintroduced into Parliament

Wed, 18 Sep 2019 23:00:00 GMT

The government has taken to Parliament the Treasury Laws Amendment (Recovering Unpaid Superannuation) - picking up from the previously lapsed bill that sought to introduce the Superannuation Guarantee (SG) amnesty. This proposed amnesty is designed to encourage employers to self-correct historical non-compliance for the period from 1/7/1992 to the quarter ending 31/3/2018.

While it allows employers to claim tax deductions for payments of SG charge or contributions made during the amnesty period to offset SG charge, as well as remove the administrative component and the Part 7 penalty that may otherwise have applied, there are some issues that need to be considered - timing of the payment will be important.

The proposed window of opportunity should the bill pass without amendments is six months.

With no election looming, and STP about to come into full effect (30/9/2019 is the STP deadline for everyone), there is hope that this amnesty will be enacted now.

SMSF Trustees - the ATO is watching

Thu, 05 Sep 2019 23:00:00 GMT

ATO issues SMSF investment strategy warning to Trustees - letters are being sent.

The ATO has commenced issuing letters to Trustees and auditors of SMSFs where they have identified that the SMSF holds 90% or more of its investment holding in one asset.

This most typically occurs where the only asset in the SMSF is a single property.

The ATO are requiring the Trustees and Auditors to justify how, in these cases, the fund's investment strategy meets the requirements in Regulation 4.09 of the Superannuation Industry (Supervision) Regulations 1994 , which requires that the fund is suitably diversified.

The ATO expects to see documented evidence from the SMSF Trustee which demonstrates that the following were considered:

Vehicle Finance rate - with a 3 in front!

Tue, 03 Sep 2019 23:00:00 GMT

Andrew Forsyth - principal at Perrier Ryan Financial Services - is starting to see base rates for Motor Vehicle Finance starting from 3.25% for lends over $100k and creditworthy borrowing entities. If you're considering borrowing, re-financing or re-arranging your borrowings, contact Andrew today to find out more. He can be reached in the office on 07 3391 7566 or by email on andrewf@perrierryan.com.au.

QUICK NEWS published

Sun, 25 Aug 2019 23:00:00 GMT

QUICK NEWS

Giveth with one hand and taketh with the other?

Wed, 21 Aug 2019 23:00:00 GMT

It might feel a bit that way ... In today's The Sydney Morning Herald there is an article highlighting the looming potential tax consequences for people who have received compensation payments from financial institutions as a result of the banking royal commission.

The article explains that estimates for compensation-owed stretches beyond $6 billion.

The ATO has issued official advice that states any taxpayer who has received compensation faces "tax consequences". This is an outcome or effect that people may not have allowed for or considered in their tax planning and it's an issue that hasn't received much attention.

If you have received a remediation payment, please seek advice as the rules are complex.

T he Sydney Morning Herald article p ublished 22/8/2019

Tax time ... and the scammers come out to play

Mon, 05 Aug 2019 23:00:00 GMT

Tax Time Scam Time - don't get caught

Please be aware that, now that Tax time is here, the scammers are out and impersonating trusted brands like myGov or the ATO - their goal being to trick you into giving them money or (worse still) your personal details.

Do not fall prey to their trickery and remember that myGov will never send you a text, email or attachment with links or web addresses that ask you for your login or personal details - always login to your official myGov account by manually typing https://my.gov.au into your internet browser. It's important to have a strong password on your myGov account - and to add a security code (2FA) to your login process to provide an extra layer of protection.

You can always the check the status of your tax affairs at any time by calling us (3391 7566) or the ATO (13 28 61).

The scammers will continue their activities right through from now until well beyond the 30 October deadline for individual tax returns because they know how many people are waiting for a refund or debt owed - so please remain vigilant and alert to these activities.

If in doubt, contact the ATO scam hotline on 1800 008 540 or visit ato.gov.au/scams. If you're worried about your details and myGov, contact the DHS Scams and Identity Theft Heldesk on 1800 941 126 or email isar@humanservices.gov.au.

Visit Staysmartonline for more tips to stay safe online this tax time.

July Economic Snapshot is here

Mon, 05 Aug 2019 23:00:00 GMT

July was all about interest rates, with the Reserve Bank and the American Federal Reserve both cutting. Here in Australia, the cash rate and bond yields are at new record lows. In July the RBA signalled its intention to pause on interest rates to assess the impact of its actions and this held true with no rate cute announced today. The RBA has however not ruled out future cuts and has said that the cash rate will stay low for a long time. With income tax cuts hopefully providing some support for the economy as we move into 2020, inflation is still too low and the unemployment rate is too high for the RBA to declare success. Meanwhile, the world is watching the fallout from current trade wars. See the full July report here.

Key dates for August - including TPAR

Tue, 30 Jul 2019 23:00:00 GMT

REMEMBER:

5 August 2019 - Fuel Tax Credit rates change

14 August 2019 - PAYG withholding annual report due

21 August 2019 - July monthly BAS due

28 August 2019 - Taxable payments Annual Report due

28 August 2019 - June quarter SG charge statement due

What on earth is STSL?

Mon, 22 Jul 2019 23:00:00 GMT

HELP! What is STSL?

From 1 July 2019, the ATO combined existing higher education, trade apprenticeship and other applicable program financial assistance loans (eg HELP, SFSS) into one loan type titled "Study and Training Support Loan" (STSL). This will be reflected in payroll software packages and in the ATO tax tables.

There are new STSL repayment thresholds which may result in some employees seeing a variance to their net pays in FY2020. To view these thresholds and/or for more information visit the ATO-HELP-SSL-TSL-SFSS site.

Div 293 Tax - new system for paying - not so straight forward

Tue, 16 Jul 2019 23:00:00 GMT

Did you know that there is a new system for paying Div 293 Tax? It's an important change and it's probably worth contacting us before you do anything with Div 293.

Having said that, by way of a quick update:

For those who've earned over $250k in 2018, have put money into super and want to pay the Div 293 tax payment from their super fund - they must send a request to the ATO that they want the money for the Div 293 tax payment withdrawn from their super fund. The ATO will then contact the super fund to get the money.

If this applies to you, to send the request, you can login to your myGov or contact us and we can lodge the request on the ATO portal - but PLEASE NOTE clients with an SMSF MUST WAIT to get a release authority from the ATO BEFORE paying the money from the SMSF. If the ATO doesn't have your super fund details, a paper form will be necessary.

June Economic Snapshot report now published

Wed, 03 Jul 2019 23:00:00 GMT

Uber is not a taxi - is not FBT exempt!

Wed, 03 Jul 2019 23:00:00 GMT

Do you sometimes pay for employees trips home? Well, make sure you use a taxi - because an UBER does not attract the FBT exemption.

There is an exemption from FBT that generally applies to taxi travel where the travel is a single trip beginning or ending at the employee's place of work. For some time there has been some uncertainty as to whether that exemption extends to ride sharing services such as UBER. Be uncertain no more. After public consultation - and flying in the face of public support for ride sharing - the ATO recently confirmed its current interpretation of 'taxi' to only include vehicles licensed to operate as taxis - which, in most locations, would exclude ride-sharing services.

If you have any questions about home-work travel (as opposed to travel for work-related purposes), please contact us on 3391 7566.

Claims can lead to closer inspection - audit anyone?

Tue, 18 Jun 2019 23:00:00 GMT

As we approach the end of this financial year, we think it's timely to highlight again to our clients that the Tax Office has sounded a warning that it will be taking a closer look at claims made by individuals on their tax returns. This is in response to the ATO report released last year (for the 2014-2015 period) which revealed an $8.76 billion gap caused primarily by incorrect claims – by individuals – for work-related expenses and omitted income. This number is greater than the gap for the large corporations - which for the comparable 2014-2015 period was $1.8 billion.

We have had our first call from the ATO regarding what they call a Lifestyle Audit. These arise out of the ATO's data matching and sophisticated analytics enabling them to spot claims that are "kind of out of pattern with people's peers – ie people of the same occupation, at the same income level". They also utilise online social platforms as part of their monitoring – they look at people whose lifestyle does not appear to match their disclosed income.

We have mentioned this before, but the ATO will also take a tougher stance around over-claiming of rental deductions and the non-declaration of rental income. It's worth realising that the ATO's data collection activity includes gathering information on rental income from accommodation and sharing platforms.

The ATO has declared that they don't expect agents to audit every claim, but they do expect a judicious approach to handling claims. On individual tax returns, the ATO is particularly focussing on clothing and motor vehicle expense claims and identifying income from renting a room or renting a 'holiday home' that is not being used by the owner.

So, when we seek clarification or substantiation for your claims, it's for everyone's protection.

EOFY things to think about

Thu, 06 Jun 2019 23:00:00 GMT

Get set for EOFY 2019 Things to think about: QBO, MYOB and XERO have all prepared EOFY/Small business Checklists to help clients prepare for and process EOFY matters - and finalise payroll; The $30,000 instant asset right off; The $25,000 total deductible personal/employer SGC contribution limit; Be sure of your rental property claims and check if unsure because the ATO is auditing and has found that 9 out of 10 claims have been wrong; and The ATO has ramped up their data matching program so be careful with claims and make sure you declare income from the sharing economy (car sharing etc).

Uncommon Sense: Spoiled Rotten - an article on LinkedIn

Tue, 04 Jun 2019 23:00:00 GMT

If you're on LinkedIn, you might like this article by Michael Arone, published 4 June 2019 - thought provoking and challenging - draws parallels between 'spoiled kids' and today's investing environment. Definitely worth a read. Hopefully this click works for you, but if it doesn't contact Margaret Paskin and she'll pass the link to you via LinkedIn.

RBA Pulls the cash rate trigger - not all banks are playing nice

Mon, 03 Jun 2019 23:00:00 GMT

For the first time since August 2016 ...

The RBA has reduced the official cash rate by 25 basis points to a low of 1.25% - with the cut being predicted by most industry pundits (as in 91% according to comparison website Finder.com.au).

The shift in expectations followed RBA governor Philip Lowe's concession earlier this month that the Board would "consider the case" for a rate cut in June, in light of flat inflation growth, subdued wage growth and weaker than expected labour market conditions. ( www.theadviser.com.au )

As at the time of publication we know that:

DID YOU KNOW?

The Australia 10Y Government bond decreased 0.79% since the beginning of 2019 - according to trading on a contract for difference (CFD) that tracks this financial market. Historically, the Australia Government Bond 10Y reached an all time high of 16.5 in August of 1982 and a record low of 1.47 in June 2019.

Get your STP sorted - there's no advantage in delaying

Sun, 02 Jun 2019 23:00:00 GMT

People are really starting to get onboard with STP – there's no advantage in delaying

The ATO STP lead assistant commissioner, John Shepherd, has advised that, with a trend of around 1,600 employers each day getting their STP sorted, employers should try to commence reporting prior to the mandatory reporting date so they can - if need be - rectify early errors and reach out to the ATO ahead of the busy tax time period that is just around the corner.

ATO analysis to date indicates that there is a 10 per cent fail rate for employers' first submission on STP – largely due to employers failing to provide Software Service ID (SSID) to the ATO during STP set up - so, make sure you complete that step as part of your set up.

" Particularly (with) the cloud products, there is a one-off notification you've got to do upfront before you start reporting as an employer and that's to let us know that solution sending through the cloud to the ATO is authorised and is so we know it is your file. That's a key part of the process and if you don't do that upfront, the submissions will fail and continue to fail ," said Mr Shepherd at QuickBooks Connect 2019 in Melbourne. Any failure is best avoided, let alone repeat failures.

The ATO is expecting up to 9 million employees to be under the STP regime by 30 June 2019.

There is plenty of information and assistance available online provided by the ATO and the software providers ( MYOB , XERO , QBO ), but if in doubt, please call us. We highlight however, that unfortunately we are unable to register your software with the ATO on your behalf – that must be done by you - the organisation that processes the payruns.

Open Banking - Really?

Wed, 29 May 2019 23:00:00 GMT

Well, Banks and banking have certainly had their fair share of attention and shakeups of recent times – and there's more to come. This time it's to do with impacts resulting from modern circumstances and the emerging issue of data - who owns it and who has a right to it.

CDR - Customers – Choice – Convenience - Confidence

If you've only recently started hearing about Open Banking, essentially it is the first part of the Consumer Data Right in Australia. To begin to understand what it is, what it means for you and what's changing, we'll start with a definition used in the Australian Government's Open Banking Review (2017) ... click here for more.

Imminent ... but not yet

Wed, 08 May 2019 23:00:00 GMT

Despite expectations by about half the money market, the Reserve Bank of Australia (RBA) has held the official cash rate at 1.5%. By now, we all know that, but … why is it so?

Well, history shows that the RBA rarely moves during an election campaign, so perhaps that's partly it, but there are other influences at play – including the unemployment rate, which a Moody's Analytics economist has said would need to "consistently head higher" before the RBA makes a monetary policy adjustment.

That said, a number of factors are now swirling that make the case for a cut in coming months – with many predicting that cut to come by August. A significant indicator to watch is inflation. As the pressure of inflation and wages not growing builds, the door opens for future rate cuts – especially in light of the RBA's reduced inflation target forecast from 2% to 1.75%.

This reduced target depends on improvement in the labour market so it's felt that the RBA is now focussing more on the labour/employment/wages market in its decision making on interest rates. The model in the past has been that there's a link between the unemployment rate falling and a tightening labour market putting upward pressure on wages – leading to growth. But, in this changing environment, does this still hold true? Some commentators believe this line of thinking is under threat.

Currently, inflation expectations generally seem to have come down, so businesses don't increase prices and employees don't claim as much on their wages. As well as this, productivity is low. So, there's been no pressure to raise wages.

A further complication is Technology. Technology now provides an opportunity for companies (employers) to substitute labour for capital and investment. There's a sense that workers are feeling threatened by this as well as increasing numbers in the workforce – so people don't seek pay increases.

Bill Evans – Westpac's chief economist – feels that August is likely to reveal another inflation forecast of just 1.5%. This combined with labour market softening (largely in cyclical markets such as construction) would force the RBA to cut rates.

As mentioned previously, it's felt there's minimal risk of rekindling the housing 'boom' due to the current tighter credit conditions (and borrower mortgage serviceability still being assessed on mortgage rates of at least 7%).

P.S. As Bill Evans explained recently on radio, our main shock absorber in a crisis in the past has been interest rates. He believes now however that should there be another financial crisis, this time around our shock absorber will be our currency rather than interest rates – Bill believes currency is the thing to watch.

see our April Economic Snapshot report

Tue, 07 May 2019 23:00:00 GMT

See our latest Economic Snapshot report

Imminent RBA cash rate cut?

Mon, 29 Apr 2019 23:00:00 GMT

Flat CPI leads to thoughts of imminent RBA cash rate cut ...

According to the latest data from the ABS, the CPI reported no movement (ie 0.0%) in Q3 2019 – which followed on from a 0.5% rise the previous quarter.

This stagnant growth has fuelled talk of an imminent cut to the official cash rate by the RBA – with some analysts suggesting it could come as early as next week (May's announcement). Meanwhile, several lenders including the major banks have announced cuts to their fixed rate home loans of up to 40 basis points. Despite some concern over a second boom in the housing market if the official cash rate was to be cut, analysts doubt that the RBA is really concerned about that while the inflation rate is so low – it's felt the risk of over-stimulating the economy just isn't there.

The RBA's next monetary policy board meeting will be held on Tuesday 7 May.

To discuss your current lending arrangements, contact Andrew Forsyth by phone on 3391 7566 or email at andrewf@perrierryan.com.au .

a pet dog does not a guard dog make!

Wed, 10 Apr 2019 23:00:00 GMT

Huh?

Well, two tax agents have recently had their tax agent registrations cancelled by the Tax Practitioners Board (TPB) - for making claims that showed " intentional disregard to taxation laws and advice by the ATO and repeatedly making claims for {his} clients without substantiation or merit ". The TPB provided several examples of dodgy claims - including claiming family pets as guard dogs (which is something we get asked about quite regularly - and which we always knock back). To see the full article which was recently published in Accountants Daily , click here . The TPB was clear that " Tax practitioners must undertake their role truthfully, accurately and competently to uphold the integrity of the profession and what is ultimately best for taxpayers and the overall integrity of the tax and super systems ". As we've highlighted recently, the ATO is actively reviewing and auditing tax returns - and they are using resources such as social media platforms, rental property platforms, ride sharing platforms and gig sharing sites - so if we recommend not proceeding with a claim and/or we seek substantiation, it's for everyone's protection and integrity.

see our latest Economic Snapshot report

Thu, 04 Apr 2019 22:00:00 GMT

See our latest Economic Snapshot report - PRFA regularly posts to our website economic snapshots which provide a handy summary of conditions here and around the world.

Our latest posting touches on how financial markets are still trying to come to grips with the nature and implications of the sudden slowdown in global growth seen since last year - and their mixed views on what it might actually be signalling. Brexit rates a mention too - the ongoing saga of indecision and the likelihood of a 'hard Brexit' outcome.

Tax Scammers are active again

Wed, 03 Apr 2019 22:00:00 GMT

StaySmartOnline has issued a warning because the ATO have reported an increase in the number of scammers contacting members of the public pretending to be from the ATO - leaving pre-recorded messages. The scammers are using technology to manipulate the caller ID so that your phone displays what appears to be a legitimate ATO phone number (this is called 'spoofing'). If you receive one of these calls/messages don't respond to the call. As your registered Tax Agent, the ATO would normally contact us with any issues.

Rental property errors in 9 out of 10 returns that were audited

Sun, 31 Mar 2019 22:00:00 GMT

In March, ATO Commissioner, Chris Jordan effectively issued a warning to property investors to be very careful and honest in their rental deduction claims. In particular, it is recommended that investors pay particular attention to loan interests and ensure that any loans were used to purchase, repair or improve the investment property or its contents.

He noted that of the more than 300 rental property claims audits that the ATO completed, the ATO found errors in almost 9 out of 10 returns.

" We're seeing incorrect interest claims for the entire investment loan where it has been refinanced for private purposes, incorrect classification of capital works as repairs and maintenance, and taxpayers not apportioning deductions for holiday homes when they are not genuinely available for rent ," said Mr Jordan in an address to the Tax Institute's national convention.

Employers face risk of rolling series of audits by the ATO if they slip behind on their SG obligations

Thu, 28 Mar 2019 22:00:00 GMT

The ATO is taking a tougher approach to Superannuation Guarantee (SG) non-compliance.

"[In the past], when the ATO audited an employer to check whether they had SG obligations, it would almost be like a self-correction so their view was that if the employer paid it and fixed it up then it would be okay. Now when they audit employers, they're applying the full suite of penalties," said Insyt chief executive Darren Wynen.

Audits may continue if the employer cannot provide evidence that they have also met their obligations for the last quarter.

Challenging these assessments can be extremely costly, so businesses need to ensure they are satisfying their SG obligations.

To make sure you are satisfying your SG obligations, contact Perrier Ryan today.

Westpac stops providing advice - are you seeing a bank advisor?

Sun, 24 Mar 2019 22:00:00 GMT

This week Westpac announced its intention to stop licensing advisors to offer personal financial advice , joining its big-four rivals in abandoning the once-dominant model of vertical integration. The decision to stop licencing advisors, who either work directly for Westpac or operate as authorised representatives under its Securitor and Magnitude brands, is expected to result in the loss of 900 full time jobs. A small proportion of its in house advisors will move to the boutique advisory firm Viridian. This means that if you are a Westpac financial advice client you will be having a change of financial advisor (possibly without the choice).

The move follows the other big banks decisions to exit the personal advice space . What is most important for everyone is that they can get advice when required. If you are seeing a bank advisor or a Westpac bank advisor then please feel free to call us for a catch up and a review. We are not licenced through any of the banks, we have our own Australian Financial Services Licence so we are not bound by any bond to the banks. Please call Ben Littleton or Stuart Woodbridge to arrange an appointment. – 07 3391 7566.

Trail commission on new loans will not be prohibited, rather reviewed in three years' time, Coalition announces

Tue, 12 Mar 2019 22:00:00 GMT

Treasurer Josh Frydenberg announces that the government "will not prohibit trail commissions on new loans but rather review their operation in three years' time", a decision being welcomed by the industry.

MFAA CEO Mike Felton said this was a great outcome for consumers, as the preservation of the mortgage broker channel would continue to promote competition in the home lending market, which protects customer choice and access to credit.

While yesterday's announcement was cause for some relief, Peter White of the Finance Brokers Association of Australia (FBAA) warns that the discussion may not be over just yet. With a federal election looming and a review date in three years, there is some uncertainty as the industry goes forward.

Read more about the decision in The Adviser's recent article.

What's really behind the housing slowdown?

Mon, 04 Mar 2019 22:00:00 GMT

RBA Governor suggests that the current slowdown in housing numbers and price corrections in the residential property market has little to do with the current constraints being felt in lending or the general interest rate discussions in the market place, and more to do with the slow supply-side response rates from the population growth demand from years ago. See full report here and note, in particular, graph 5 and 6.

It's Time to Start Thinking About FBT

Thu, 28 Feb 2019 22:00:00 GMT

We will be distributing our annual FBT Questionnaire for 2019 in coming weeks, which means it's time to start thinking about your FBT obligations.

A reminder that if you drive a vehicle that is subject to FBT, you need to take the odometer reading for that vehicle on 31 March 2019.

For more on FBT, the small business market, and other recent business news, our February newsletter has also been released.

MYOB and Xero to launch cut-price single touch payroll products for micro businesses

Tue, 12 Feb 2019 22:00:00 GMT

Ahead of the implementation of single touch payroll legislation, MYOB and Xero have revealed STP solutions for businesses with four or less employees for an affordable price.

MYOB has announced that it will launch a $10/month STP solution for businesses with four or less employees but has refrained from committing to an exact date launch.

MYOB will also allow accountants and bookkeepers who use its Connected Ledger to add the STP payroll module for an extra $10 a month in a bid to capture micro business clients who are unable to process STP.

Likewise, Xero will launch two standalone products, including a new payroll-only product for up to four employees at an "expected price of about $10 a month", as well as the option for Xero partners to add Payroll to a ledger or GST cashbook subscription covering up to four employees, with the price yet to be determined.

For businesses that already have payroll software, you will only need to update it once it has been STP-enabled. Perrier Ryan can also report to the ATO through STP on your behalf.

Talk to Perrier Ryan about STP and your obligations today.

AccountantsDaily's article with more information can be found here .

Single touch payroll reporting rules extended to small business

Mon, 11 Feb 2019 22:00:00 GMT

Parliament has passed new laws that now require more than 700,000 Australian small businesses to be added to the ATO's single touch payroll rules, a move worth an estimated $1.3 billion to the economy.

The system, in which employees' payroll and super information is sent to the ATO from internal payroll systems each payday, now also extends to firms with fewer than 20 employees.

The Financial Review's article reports on the move, which is being described as the biggest legislative change for small businesses since the GST.

2019 is here, but let's reflect on 2018 - economically speaking

Wed, 16 Jan 2019 22:00:00 GMT

2019 is up and running - but let's review 2018. Click here for an Economic Snapshot of 2018. It is suspected that the coming year will continue to provide challenges for global financial markets - considering risks associated with slower growth and higher inflation in the US; the political environment in the US; the trade dispute/s with China; and the issues around Brexit which are all expected to cause uncertainty and volatility for the markets. Now is a time for well diversified investment portfolios.

Perrier Ryan

Beware dodgy registration companies

PLEASE BE AWARE SCAMMERS ARE ACTIVE AT THE MOMENT

QBO-Intuit announces current bank feeds are being sunset - 31 May 2026

Intuit QuickbooksOnline (QBO) - upgrading all customers to Open Banking Bank Feeds

A successful evening of information and interaction

thank you to all those who attended our seminar, with Noel Whittaker as our guest speaker

Important update - new AML obligations for our firm - effective 1 July 2026

new AML obligations for us and what this means for you

Perrier Ryan proudly welcomes a new staff member

January 2026 - new year, new staff member

PayDay Super is now law

Payday Super is now law

ATO's Small Business Superannuation Clearing House is closing

Latest news from the ATO - no new users for the Small Business Super Clearing House

Trading Names are NOT business names - check your trading names now - 31/10/2025 is a date to look out for

Trading Names and Business Names are two different things

MYOB e-invoicing - requires ID check

myob is currently introducing and rolling out their new secure invoicing platform

ASIC fee increases 2025

2025 ASIC fee increases come into effect 1 July 2025; DPN penalty units increase - this impacts penalties relating to Director IDs.

Penalties relating to Director IDs

Implications of recent tensions

Market implications for Middle East Risks

planning for EOY - two important measures to consider

As EOFY approaches, a reminder about planning for WFH claims

Calculating WFH Deductions - a summary

iPhone - use the scanner for copying documents

Did you know about the Scan function in Notes on your iPhone?

Psst ... this is how you can recover your Director ID

If ever you need to recover your Director ID number, here are some instructions to assist with that

PRGI insurance portfolio has been sold

Effective 7 March 2025, Perrier Ryan General Insurance portfolio was sold to

Benjamin & Benjamin Insurance Group

Instant Asset Write Off - $20,000 threshold applies for FY2025

TAX UPDATE:

﻿ Temporary increase to the instant asset write off (IAWO) threshold extended to FY2025

Passed by the Senate on 26 March 2025

Although not apparent in the Budget papers, in its Small Business Statement , the Government reaffirmed its commitment to providing cash flow support to small businesses by extending the temporary increase in the instant asset write-off (IAWO) threshold.

It's worth noting though, that unless there is a further legislative amendment, the IAWO threshold reverts to the standard threshold of $1,000 in the Income Tax Assessment Act 1997 from 1 July 2025.

The Federal Budget - March 2025

Implications for Investors and the Economy

First newsletter for 2025

2025 is off to a flying start

Now the next 'season' is upon us ... no, not Easter (yet) ... FBT Season!

FBT reporting is due soon - get ready to take your Odometer reading on 31 March 2025

Our Christmas break

'Tis the most wonderful time of the year - to celebrate, take a break and relax

Perrier Ryan November newsletter

November update

MyGovID is changing to myID

From 13 November 2024 myGovID will be changing to myID - beware of the scammers

New ASIC charges from 1 July 2024

ASIC releases its new fee schedule - effective 1/7/2024

Adrienne is a CrossFit Champ and off to Fort Worth TEXAS

Adrienne and her mates qualified for the 2024 Crossfit Games and is competing in August 2024

PR Newsletter - Federal Budget edition

May is Federal Budget time

PR newsletter - Stage 3 Personal income tax cuts and other updates from the ATO

Claiming WFH expenses, EV home charging rates, Common Div 7A errors ... and more

FBT Questionnaire

It's FBT Season - here is the link to our questionnaire - in case you need it

ASIC ramps up its compliance activity around the DIN

ASIC Media Release 25 March 2024 - ASIC announced it has commenced the first prosecution action against a director for failing to have a Director ID number (DIN)

PR Newsletter Feb-Mar 2024

It's been a while, but we hope you enjoy our first newsletter for 2024

Transition to Digital Company Registers

Company Registers are now being stored electronically

Improved invoicing arrangements

New secure online billing interface

Fun Run Fun

Navigating Geopolitical Turmoil

Investing in uncertain times ... looming geopolitical conflicts

ASIC releases its new fee schedule - effective 1/7/2023

New ASIC charges from 1 July 2023

Revenue foregone

Tax Expenditures and Insights Statement issued February 2023

Public Holiday rostering - ask first

Ask BEFORE you roster an employee on a public holiday - even it if forms part of their regular shift rotation

When payments in lieu of notice must be paid - NOT after termination

Temporary increase to the instant asset write off (IAWO) threshold extended to FY2025