News

How NOT Reading Your Superannuation Fund Mail Could Cancel Your Life Insurance

A recent study has shown that one third of members do not open letters and emails from their superfunds. 

Earlier this year,  the Government announced an updated position to the "Protecting Your Super Package" that was initially announced in the 2018-19 budget. It is designed to protect retirement savings from being depleted by certain ongoing payments including insurance costs. The reform

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Fair Work Ombudsman Identifies Wage Underpayments

The Fair Work Ombudsman has revealed that it identified more than $330,000 in wage underpayments following surprise audits of businesses in three regional locations.

In his presentation at the Western Downs Regional Business Summit on the 27th May, Matthew Burke advised all attendees that they need to ensure that they are meeting their obligations as employers. This word of warning was based on a

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ATO Ramping Up Crackdown On Dodgy Returns

Thousands of Australians are expected to receive a nasty letter from the ATO after lodging their 2018-19 returns this year. Here’s one way the ATO could catch you out!

Within a tax return, it is a requirement to put in details regarding the deductions claimed (e.g. work related travel).  In the past, this data was never reported to the tax office, however, the ATO have announced a major

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QRIDA Grants - Farm Succession Planning - Closing Soon

Farm Management Grants to help offset the costs of professional advice will close on 30 June 2019.

Farm Management Grants of up to $2,500 are available to primary producers and their relatives to help offset the costs of professional advice associated with farm succession planning. Eligible advice includes that received from solicitors accountants, financial advisors and succession planners.

Prima

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Have You Put Money Into Super?

Did you know that your superannuation can work for you in more ways than one?

The ATO allows an individual to claim up to $25,000 per year of concessional contributions.  This means if you make a voluntary contribution into your superannuation fund you may be able to claim this as a tax deduction if your total contributions for the year (this includes the super your employer pays), hasn&rsquo

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Single Touch Payroll (STP)

What is Single Touch Payroll (STP)?

STP is the new payroll reporting requirements implemented by the Australian Taxation Office (ATO) and will be mandatory for all employers from 1 July 2019 with some exemptions (e.g. paying associated persons).

What does this mean for me?

STP requires employers to report the Gross, PAYGW and Super amounts for each employee to the ATO on or before each payment dat

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Be Aware - Xero Email Scams

It has come to our attention that another round of scam emails are targeting Xero.  Unfortunately this is an ongoing problem that we can't stop in this day and age; our best protection is being proactive and creating awareness.

Xero have created a website page that enables you to look up and verify if an email is a scam.  Their 'Security Noticeboard' and your ability to contact our off

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Know the Benefits of Tax & Forward Planning

The end of financial year is fast approaching, now is the time to take stock and review the financial performance of your business!

Great tax planning advice provides a strategy which covers all of the following areas:

  • Measures your business performance and provides multiple scenarios that will maximise your business outcomes;
  • Calculates the potential tax liability for your business, allowin
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Federal Budget 2019

The Federal Government delivered the 2019 Federal Budget last night.

The Coalition have promised changes to the Low and Middle Income Tax Offset, increases to the Instant Asset Write Off for small businesses, and further tax cuts in the 2024/25 financial year.  Labor, over the past few months have released a number of tax polices which will come into play should they be elected in the upcoming

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High Demand for Tax Planning

It's time to evaluate your need for tax planning!

A tax planning review provides you with an estimated taxation position for 2019, and options to minimise your taxation liability before the 30 June deadline.

EnVision Partners will be sending out checklists to customers who have already notified us of their need for this service.

If you don't receive a checklist and would like a tax planning rev

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Prospective Changes to the Pastoral Award

We would like to bring your attention to a current four yearly review underway with the Fair Work Commission regarding the Pastoral Award.

Although these changes are not yet in concrete, we are recommending that you review your current employment and payroll arrangements now.  There is a line of new legislation coming into play by 30 June 2019, including Single Touch Payroll.

Uncertain if you

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Single Touch Payroll (STP) | Does It Affect You?

If you have employees, the Australian Government initiative known as Single Touch Payroll (STP), will affect you!

From 1 July 2019 all employers, both large and small, will have to report their payroll details electronically to the ATO. 

Single Touch Payroll (STP) aligns your reporting obligations to your payroll processes, this means you will report to the ATO every time you pay wages. 

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Update - Employer Superannuation Guarantee Amnesty

 

Back in May 2018, the Government announced an amnesty for employers who had fallen behind with their superannuation guarantee (SG) obligations. Under the amnesty, employers could catch up or “self correct” outstanding SG payments for any period from 1 July 1992 up to 31 March 2018. The intent was to reduce the estimated $2.85 billion owed by employers in late or missing SG payme

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Surprising Ways Cloud Software Can Simplify Your Life

Here at EnVision Partners, we understand that you started your business to do what you love, not because you wanted to do bookkeeping.  Let's be honest, unless you’re an Accountant or Bookkeeper, you probably find doing bookwork to be mind numbing and time consuming.

Our Bookkeeping Division (Priscilla Bramley and Jo Irwin), are always looking for new innovative software programs and str

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What would happen if...

Life does not always go to plan. While we logically know that, most of us don’t plan for the worst - it’s all a bit morbid and time consuming.

The downside of not planning is the potential for hard earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed in accord with your wishes. If you are a business owner, then the stakes

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Confused by Companies Who Call? Be Caller Savvy

Renewal of Business Names

Last week a customer received a telephone call from a person who they thought was from the Australian Securities and Investments Commission (ASIC).  In this instance, the caller was from a legitimate external agency and not a scam, however, the phone call lead to our customer incurring unnecessary costs.

We are highlighting to our customers to be aware of agencies wh

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ATO Scams | Phone Spoofing & iTunes Gift Cards

Back in 2016 the ATO reported that there were a growing number of scammers convincing tax payers that they could use iTunes gift cards as a form of tax debt payment.  Unfortunately, over the last few years this ploy has continued to be extremely successful, with hundreds of thousands of dollars being paid to scammers in the form of iTunes cards.  The reason iTunes cards are used by the s

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No Tax Deductions If You Don't Meet Your Tax Obligations

New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations.

Tax deductions denied

If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments:

 

  • of salary, wages, commissions, bonuses or allowances to an employee;
  • of directors’ fees;
  • to a re
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Amazing Grant News | Are You Looking for an Apprentice in 2019

Looking to employ an apprentice in 2019?
Amazing Opportunity Available
________________________________________

Latest Grant News!

AUSTRALIAN APPRENTICE WAGE SUBSIDY TRIAL
COMMENCES FROM 1 JANUARY 2019

Information supplied by: Australian Government | Australian Apprenticeships

________________________________________

What financial support is available to employers?

The Australian Apprentice Wage Sub

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Single Touch Payroll - We can help!

On Wednesday, 5 December, the Senate passed the Treasury Laws Amendment that extends the Single Touch Payroll (STP) reporting requirements so they apply to all employers.


What do you need to know?


The expectation is that all businesses, that have the capability or no real impediment to reporting (e.g. no internet access), will report their employee payroll obligations electronically as at 1 July 2 read more...

 

Who Loves Bookkeeping - We Do!

Did you start your business because you love maintaining financial records -  or because you are passionate about what you are talented in??

Most small business owners dream of a successful business but many are not prepared for the bookkeeping, financial and tax obligations that come with running a business.

Let EnVision Partners take these pressures away from you and let you do what you do

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Is your employer withholding enough tax from your wages?

There is nothing worse than going to complete your tax return, expecting a refund, only to find out you have a bill and a large one at that!  And through no fault of your own, well…. you think.

There are actually a number of reasons why you may end up with a tax liability, and while you may think your employer is at fault (and in some instances they may be), there are a number of thing

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Why should I care about super?

Did you know that as at 30 June 2018 there was $2.7 trillion in superannuation assets in Australia? So what? Well a portion of this balance is YOUR super.

So many people receive their Super Annual Statement each year, take a quick look and throw it in the 'filing' bin. Super is often misinterpreted as being an investment which can't be touched until you retire. Super is not an investment, rather a st

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5 Most Common Tax Time Mistakes

As the typical rush kicks in for everyone to get their tax returns lodged and their refunds back as quickly as possible, the ATO has profiled the five most common mistakes that are most likely to cause tax time troubles. 

The ATO has identified that taxpayer’s are regularly:

  1. Leaving out some of their income;
  2. Claiming deductions for personal expenses;
  3. Forgetting to keep receipts or reco
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A Personal Touch Never Goes Out Of Style

It's 2018, the world we live in has certainly changed from the likes of 20 years ago - especially the way we do business. With the evolution of technology and automation, customers like yourselves have adopted a new way in how you approach sourcing information.  Platforms like Google and mobile technology, allows you to have an encyclopaedia at the touch of your finger tips.

What does this mea

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Non-compliant businesses that withhold PAYG to be denied tax deductions

Single Touch Payroll (STP) commences on 1 July 2019 for all employers. Even if you employ just one employee (including yourself) you are obligated to move across to this new government reporting system.

You may have heard of STP, however, you may not be aware of the impact that non-compliance may have on your ability to claim a deduction for wages.

Originally announced as part of the federal budge

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Clothing Deductions Hung Out To Dry

The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns.

The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent

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ATO Scam Alert

With the increasing number of scams each day, you need to become more vigilant about the emails, text messages &/or phone calls you may receive from external parties.  These scams are being used to try to steal your personal data and/or money.

Just last week I personally received a phone call, allegedly from the “ATO”, claiming that there was a warrant out for my arrest due to u

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Don't Forget the Golden Rules of Tax Deductions

30 June has rolled by again, which means its time to get your 2017-18 tax returns completed.  As you may be aware, the ATO are really cracking down on work related deductions. This crackdown isn’t something that will go away; the ATO will be holding firm on their hit lists and running a fine tooth comb through your deductions.  This will not only apply to 2017-18, but for all futur

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Time to get Tax Ready

The end of financial year is fast approaching.  Now is a great time to prioritise preparing your 2017-18 tax return information.  Getting ready now, ensures you have time to focus on the new financial year.

If you are a salary and wage earner, here are some tips to prepare:

  • Start organising your tax records.  Make sure you have details of all your income and expenses.  Recent
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Scams Awareness

Australians were estimated to have been scammed out of $340 million last year, an amount that is growing significantly every year as scammers get better at what they do and utilise more sophisticated technology to assist them with the process.

Scams Awareness Week has just passed and this is a timely reminder on how to protect yourself.  This is a particularly useful page containing informati

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The bugger went and died on me and.... I DON'T KNOW WHAT TO DO!

Try to imagine a sudden tragedy in your family.

Imagine you are a husband who has relied on your wife’s financial management skills your entire working life.  She has taken care of planning and managing the family since you first married and you have come to rely heavily on her. Perhaps she has been diagnosed with a terminal illness or had a major car accident and you now need to step i

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The ATO is Watching You

Now more than ever, it is crucial for individual taxpayers to ensure they are completing their tax returns correctly.

Armed with an additional $130m of funding from the Federal budget, the Australian Taxation Office (ATO), from 1 July 2018 will be increasing their compliance activities targeting individual taxpayers.

The ATO are making it very clear that they will be closely examining claims for w

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QRIDA Succession Planning

QRIDA Announcement Assists Primary Producers to Save Thousands

Farm Management Grants are now available to assist eligible Queensland primary producers or their relatives with succession planning advice. 

As succession/transition planning experts, EnVision Partners is a regular witness to the negative impacts that commencing a succession planning review and strategy has when implemented too la

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Tax Planning Time

Tax planning time is upon us once again.  If you haven't done tax planning in previous years and would like to know more about it, please don't hesitate to contact our office.

 BackPacker Tax

After a lot of political horse trading, the “Temporary Working Holidaymakers” Tax (the “Backpacker Tax”) has finally been implemented, taking effect from 1st January 2017. 

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Tax Hot Spots

Coming into the new Financial year, there are a number of changes that businesses should be aware of:

Small Business Restructure Rollover
From 1st July 2016, the Federal government has passed the Small Business Restructure Rollover.  This rollover allows a small business to change structures and defer all gains or losses on Capital Gains Tax (CGT) assets, trading stock, revenue assets and de read more...

 

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