EMPLOYEES ON WORKING HOLIDAY VISAS

Consider Brent and Jane’s case Brent and Jane have recently purchased a winery in the Macedon Ranges. They are concerned about their obligations pertaining to new employees on working holiday Visas during picking season. After speaking with their accountant they are aware of the need to complete a Special Withholding Form for non-resident employees. This enables them to withhold tax at 15% for the first $37,000 of income earned by each employee. If any employees earn over $37,000 tax would need to be withheld at ordinary rates. Superannuation is required to be paid for all eligible employees, as such Brent and Jane need to ensure their new employees have superannuation paid at 9.5% on gross earnings. Foreign employees may apply to the ATO to release their superannuation (less tax) after departing Australia. Brent and Jane should also consider whether their current WorkCover insurance covers the new employees. Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further. We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

DID YOU KNOW THERE ARE CHANGES TO STUDENT LOAN REPAYMENT RULES?

One of the key changes is that from 1 July 2017 an individuals repayments will be based on their worldwide income . This means that if you have a Higher Education Loan Program (HELP) or Trade Support Loan (TSL) and are working in Australia or overseas then repayments may be required. 

To read more please click on the link below:

https://www.ato.gov.au/Individuals/Study-and-training-support-loans/Overseas-repayments/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

STARTING UP A BUSINESS?

Starting a new business is an exciting time, however it is important to start off on the right foot.

You may find the following link useful in providing guidance.

https://www.ato.gov.au/Business/Starting-your-own-business/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

SMALL BUSINESS VICTORIA ASSISTANCE

The Small Business Victoria website has many resources for your small business including information on starting a new small business, marketing and hiring and managing staff.  Please click on the link below to find out more:
 

http://www.business.vic.gov.au/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

ONLINE ACCOUNTING & BOOKKEEPING SOLUTIONS

Consider Roy’s case    Roy operates a courier business in the Macedon Ranges. His bookkeeping system is extremely outdated – receipts in shoeboxes and problematic spreadsheeting systems.     Roy approached our office to get an understanding of the new generation of online or cloud based bookkeeping systems available. His current system is extremely time consuming and inefficient.     Benefits of using an online system:     Ability to receive bank feeds which directs bank transactional data each day to the accounting system, no need to key in bank transactions.    Improved debtor and invoicing control, which assists in cash flow.     Access anywhere technology, from a computer, laptop, tablet or phone.  We assisted Roy with a trial version of a suitable product and after completing his first Business Activity Statement he was amazed at the time saved not only at month end but also during the period.   Should you wish to discuss your administration needs please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 for an initial consultation. We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

DO YOU OPERATE IN THE BUILDING AND CONSTRUCTION INDUSTRY? HAVE YOU LODGED YOUR TAXABLE ANNUAL PAYMENTS REPORT?

 

Businesses that operate in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.  The 2017 Taxable Annual Payments Report is due 28 August 2017.

The Tax Office has recently been cracking down on outstanding TPAR’s with penalties up to $1,800 per outstanding lodgement. If you have not lodged a report for your business which operates in the building and construction industry then you may be liable for penalties. If you would like to discuss your reporting obligations further please contact us. 

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

MAINTAINING LIVESTOCK AND RAINFALL RECORDS

Accounting for primary production livestock on small holdings can be challenging. Remembering births, deaths and other movements during the year is often difficult when 30 June rolls around.

Here at Langley McKimmie, we have developed a wall chart to assist with the recording of livestock movements throughout the year. We have combined it with a rainfall chart and calendar.

If you would like a copy, please feel free to drop in to collect one.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.