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A MESSAGE FROM OUR DIRECTORS
Hello and welcome to the December issue of the Bongiorno newsletter.
This month, we turn the spotlight on Single Touch Payroll, an issue that will soon have tax implications for all employers. We also showcase our new Managed Discretionary Accounts offering, outline why it’s important to review your insurance regularly, and look at the great work of RACS when it comes to supporting its younger fellows. As always, scroll to the very end for important tips, advice and dates.
We’d also like to take this opportunity to wish you the very best for the festive season. Just so you know, our office will be closed from 22 December until 7 January. We look forward to working with you again in the New Year!
Steven Wilkie
Director
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If you employ fewer than 20 people, you might not have heard of Single Touch Payroll (STP) but it’s soon to be on every employer’s to-do list, whether they like it or not!
Read full article >>
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We have established a Managed Discretionary Accounts (MDA) portfolio management system. It is an arrangement whereby you give a manager the authority to invest a certain amount of your money at their discretion.
Read full article >>
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Australian property prices soared in the past five years but times are changing and it pays to be aware. Many Australians have entered the property market via more-affordable interest-only (IO) loans, as opposed to traditional Principal & Interest (P&I) loans. However, changes in payment rules ...
Read full article >>
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If you receive a call from someone who says they’re from the ATO, telling you that you have a tax debt that must be paid NOW, please DO NOT act. This is a scam. Only act on correspondence from Bongiorno.
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For more than half a century, the Bongiorno National Network has helped medical professionals to grow, manage and protect their wealth. We believe that giving back to the community is the only way forward and have raised hundreds of thousands of dollars for charities.
Read full article >>
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The Government is trying to make it harder for the Black Economy to function. If certain boxes aren’t ticked, like withholding tax for casuals, part-timers, full-time staff or contractors without an ABN, you will miss out on critical tax deductions. This measure is closely linked to Single Touch Payroll and will apply from 1 July 2019.
There are already administrative penalties for failure to withhold income tax, however this new rule is in response to the Black Economy Taskforce Report, i.e. it makes it much easier to detect any non-withholding or thwart phoenix-type activity.
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Over the years, our lifestyles, income and health can change, and the insurance you took out years ago might not be adequate to protect your current way of life. That’s why it’s always a great idea to conduct regular reviews of your policy (or policies) and make sure your level of risk protection continues to match your needs. Some of the areas you need to review include:
Read full article >>
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Office closure: |
22/12/18 – 7/1/19 |
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December 2018 BAS due: |
28/2/19 |
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2017/2018 tax return due date for large tax payers: |
31/3/19 |
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March 2019 BAS: |
28/4/19 or 25/5/19 (ask your adviser) |
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2017/2018 tax return due date for all taxpayers: |
15/5/19 |
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EOFY – pay your super: |
30/6/19 |
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