For all our facebook followers you can follow the link to our current Newsletter for Wage Earners for your reading pleasure 😊 https://www.accounting.eknowhow.com/aas/files/uploads/Salary_Newsletter_2017.pdf

Just a reminder to all our clients using accounting software and processing payroll After you process your last payroll for this year, print your Payment Summaries, take your End of Payroll Year backup and then roll over the payroll year you will most likely need to install the latest release from your provider to have access to the latest payroll tax tables. I know we keep going on about taking backups, but if you ever need us to solve a payroll related problem for the previous year, guess what we are going to ask for? Yup, got it in one, that EOPY backup you did just before you rolled over.

Got a email lately that you’re not sure about? You’re not the only one, seems like lately we are being deluged with fake ASIC emails. Here a couple of tips to spot the fakes. - Check the senders email address. asictransaction@asic-au-gov.com, sounds just a little bit suspect. - No specific details in the message, just a generic “renewal letter” or “our invoice” - Hovering mouse over the link in the email has anything but the senders domain. - If there is an attachment it’s a zip file or a .doc, both usually give away its someone not on the level. But if you get one and you can’t suss out if it’s a legit email or not send it to us and we can check if the ATO, ASIC etc is actually trying to contact you.

Many families with secondary school aged children or even younger have entitlements to Family Tax Benefit payments they may be unaware of. The great news is you can always go back and claim 1 full financial year worth of entitlement prior to the current financial year. For families even with just 1 child this can be as much as $2500 and double for 2 children If your adjusted family income is around $110k and have not received Family Tax Benefit for some years, contact us at Advance Accounting Services so that we can assist you. Ph (03) 5381 1911 Please note that such claim would need to be lodged prior to 30 June 2017 or 2015-16 financial year eligibility is lost!

Every 20th March & 20th September Centrelink index Pensions in line with inflation At this same time they will also revalue the asset value of shares listed on the Australian Stock Exchange We have seen many shares have strong runs since 20 Sept 2016, including Commonwealth Bank To this many peoples assets will have gone up in the eyes of Centrelink as at 20th March 2017 With the new asset test that came in on 1st January 2017 this may lead to a reduction in your payment rate or even cancellation of payment If you are in any doubt please contact us at AAS to clarify

Last week we had the pleasure of having Casey Kosch run a training night to obtain First Aid Training Certificates. Casey is a registered nurse and has been conducting first aid training around the local area for the past few years. We were provided with a fun and insightful night and were given detailed descriptions of what is expected when applying first aid. This was backed-up by real life examples to consolidate our learning. You never know when you may be needed to apply first aid and your actions at that time could save someone’s life! We thank Casey for her time and effort and couldn’t recommend her more to anyone interested! Casey Kosch

Tertiary first round offers have been issued and hopefully most of our Facebook followers got into the course of their choice. NOW is the time to start getting Youth Allowance organised for the big shift away. We can assist to ensure you access your correct entitlement and by completing a quick questionnaire, we can usually advise within 5-10 minutes if your student child would qualify and if so what amount. Centrelink, were at one stage, 100,000 claims in arrears last year. Get in early to beat the rush!

As we wind up our fantastic celebrations at Warrenmang Winery over the weekend, we would like to take this opportunity to wish our valued Clients a safe and Happy Christmas and a prosperous New Year. We advise our offices will be closed from 5:00pm Thursday 22nd December 2016 and will reopen at 9.00am Monday 9th January 2017.

AGE PENSION ASSET CHANGE FROM 1 Jan 2017 From 1 January 2017, Centrelink will be making changes to the assets test threshold amount and assets test taper rate for pensioners. Whilst some pensioners with slightly reduced payment rates due to asset test will be better off, many clients will lose some of their pension if not all of their pension. We strongly suggest you ensure that Centrelink have accurate data as to your assets and their “market value” so you are not incorrectly affected. Especially where people live on acreage (in excess of 5 acres) and have done so for 20 or more years. Have you had the 20 year association rule applied??? Many people have ill-conceived ideas as to what an “asset” actually is when it comes to Centrelink assessment. What are the consequences if your pension is cancelled come 1 January ???? If you wish to discuss these changes, please call our office on (03) 5381 1911.

A handy reminder to always monitor what you are posting on social media. The Australian Taxation Office could be watching you to make sure what you have declared on your tax return, matches up with the happy snaps you are posting online! http://www.abc.net.au/news/2016-11-17/australian-taxation-office-trawls-facebook-for-tax-cheats/8032974

IMPORTANT CHANGES TO CENTRELINK PAYMENTS & REPORTABLE FRINGE BENEFITS From 1 January 2017, Centrelink will use 100 per cent of your reportable fringe benefits, instead of the current 51 per cent, to calculate your payment rate. There are many family assistance payments which WILL be affected and you MUST be cautious. These include but are not limited to: Family tax & child care benefit, Parental leave pay and Dad and Partner leave pay. If you work for a non-for-profit organisation which is eligible for an exemption you may not be liable to this change. If you are unsure, you should check with your employer’s payroll area to confirm your exemption. Whilst salary packaging may be a great tax strategy we need to be careful that what we gain, now out weighs what we lose!!!

Get along to support the Horsham Arts Councils production of The Wedding Singer starring our very own Jamie Thomas