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FACEBOOK COMPETITION: GET YOUR 2018 SALARY & WAGE TAX RETURN ON US!

McLaren Hunt is turning One! We are so excited we're giving away TWO free Salary & Wage Tax Returns! To the value of $200 exc GST each.

To be in the draw to win see our Facebook post 
 
McLaren Hunt Financial Group 2018 Salary & Wage Tax Return Facebook Competition Terms & Conditions.

2018 Tax Checklists

 

With the end of the financial year there are an number of things you can put together to make the completion of your tax return easier.

Please see  our checklists for Salary & Wage Returns and Rental Properties.

 

 New Victorian long service leave legislation

The Victorian Parliament recently passed the Long Service Leave Act 2018 which will come into effect on 1 November 2018 (unless an earlier date is proclaimed), replacing the current Long Service Leave Act 1992.

The new act updates and modernises Victorian long service leave laws. While the new legislation does not significantly change long service leave entitlements or administration, there are a number of key changes that employers should be aware of. These include:

·         Employees will be able to take long service leave following seven years of service rather than 10 years.

·         Up to 12 months of unpaid parental leave will count as service and unpaid parental leave of greater than 12 months will not break continuity of service.

·         Changes to the calculation of ordinary hours and ordinary pay where employees' hours or rates of pay have changed.

·         Employees will be able to request to take long service leave in blocks of a single day.

If you would like more information please contact us.

Superannuation Guarantee Amnesty

 

 Superannuation Guarantee Amnesty

On 24 May 2018, Minister for Revenue and Financial Services announced the commencement of a 12 month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty. Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 to 23 May 2019.

Employers who voluntarily disclose previously undeclared SG shortfalls during the Amnesty and before the commencement of an audit of their SG will, not be liable for the administration component and penalties that may otherwise apply to late SG payments, and be able to claim a deduction for catch-up payments made in the 12-month period.

Employers will still be required to pay all employee entitlements. This includes the unpaid SG amounts owed to employees and the nominal interest, as well as any associated general interest charge (GIC).

The Amnesty applies to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018. Employers who are not up-to-date with their SG payment obligations to their employees and who don't come forward during the Amnesty may face higher penalties in the future. Accessing the Amnesty is a simple process. If you are able to pay the full SG shortfall amount directly to your employees' super fund or (funds), then complete a payment form and submit it electronically through the business portal. If you would like more information please contact us.

Single Touch Payroll

Single Touch Payroll

Single Touch Payroll is an Australian Government initiative that changes the way businesses report on employee payments such as salary or wages, pay as you go (PAYG) withholding and superannuation. It is the biggest payroll reporting change in Australia's history.

Under STP employers will need to report employee payments electronically to the ATO with every pay run. It is the direct digital connection to the ATO that is new and requires all payroll systems to be upgraded to accommodate. Employers with 20 or more employees on 1 April 2018 will be required to confirm to these new regulations by 1 July 2018.

 

A checklist is now available to assist you with the transition Single Touch Payroll get ready checklist (PDF 194KB)This link will download a file  

 

Please contact us if you would like more information or refer to the ATO website.

Reduced Company Tax Rate Eligibilty

Reduced Company Tax Rate Eligibility

The company tax rate for eligible companies in the 2018 financial year is 27.5%. To be eligible a company must have an aggregated turnover of less than $25 million and be carrying on a business. For further details on the 2018 company tax rate & eligibility click here 

 

McLaren Hunt Easter Competition

 

The Easter Bunny has come early at McLaren Hunt!

 The Easter Bunny has delivered some goodies to McLaren Hunt! We want to give this delicious looking choc filled hamper to 1 lucky winner. To go in the draw:
             

 **LIKE, SHARE & TAG TO WIN**

 Go to the McLaren Hunt Facebook Page for your chance to win the Chocolate Easter Basket.
 Competition Entry:
1 - Like our Page
2 - Tag a friend to help you devour all the chocolate
3 - Share this post


Winner drawn Wednesday 28th March 2018.

McLaren Hunt Easter Facebook Competition Terms and Conditions

Small Business Depreciation Rules Extended

 

Small Business Depreciation Rules Extended

The current instant asset write-off threshold for Small Business Entities of $20,000 has been extended until 30 June 2018. These simplified depreciation rules can be used by small businesses with an aggregated turnover of less than $10 million per year. Please contact us or refer to the attached link for more information https://www.ato.gov.au/business/depreciation-and-capital-expenses-and-allowances/simpler-depreciation-for-small-business/

Merry Christmas

   

From the team at McLaren Hunt, we wish you a very Merry Christmas

Our office will be closed from 12:00pm Friday 22nd December 2017 and will reopen at 8:45am Monday 8th January 2018.

Morning Tea Facebook Competition

   

You can have morning tea on us!

We've got ONE to give away!! TO the value of $50.

To go in the draw to win a Morning Tea on Us:
 1. LIKE our page
 2. LIKE & SHARE this post
 3. TAG 1 friends in the comments

Competition closes 12PM Thursday 21st December, 2017.

Morning Tea on Us Facebook Competition  terms and conditions

 

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