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Welcome to Twomey Talk where you can take advantage of the specialist knowledge of our team & learn their thoughts on various issues that may
impact YOU!

Matt Paterson, a Director of Twomeys has recently celebrated 15 years of service with the Firm.

Everyone at Twomeys would like to thank Matt for his outstanding contribution and look forwards to many years of working along side him in the future.

NATIONAL LANDCARE GRANTS

Landcare grants are available for experienced and skilled organisations working in partnership to undertake projects to develop, trial and implement new and innovative tools that support the uptake of sustainable practices across agricultural, fishing, aquaculture and farm forestry industries.

These projects will protect and improve the condition of the important resources of soil, water, plants and animals which underpin productive and profitable primary industries.

The National Landcare Program Smart Farming Partnerships is one such opportunity and closes 21/12/2017.

Go to: https://www.grants.gov.au/?event=public.GO.show&GOUUID=8C474BF9-EE24-E2FD-35A40CF6417DE06A

Information on all available Landcare grants can be found at: https://landcareaustralia.org.au/funding-opportunities/

The ATO has back-flipped on its decision to slash the reasonable daily travel allowance for employee truck drivers who have to sleep away from home from $97.40 per day in the 2016-17 year to just $55.30 per day for the 2017-18 year.

The ATO has re-issued Tax Determination TD 2017/19 and updated its reasonable amounts for meals (breakfast, lunch and dinner) for employee truck drivers for the 2017-18 year as follows:

  • breakfast $24.25
  • lunch $27.65
  • dinner $47.70

The amounts for each of these meal breaks are deemed to be separate and cannot be aggregated into a single daily amount, nor can unspent amounts be moved from one meal to another. Truck drivers are required to keep a diary of when meal breaks were taken.

The deduction allowed for each meal is the amount actually spent and not simply the reasonable amount specified above. Although the formal substantiation requirements don't apply for claims up to the reasonable amount, taxpayers should still be able to demonstrate the basis for their claims. This could be by reference to diary entries, bank records and receipts kept for some (a representative sample) of their trips.

All accommodation expenses and incidental expenses (for example, the cost of a shower) incurred by employee truck drivers as part of work-related travel must be substantiated with written evidence (for example, a receipt).

The ATO has a free app called myDeductions that can be used to keep track of work related deductions. It can capture photos of invoices and receipts, record vehicle trips and keep a record of all expenditure.

At tax time the data can be uploaded to the income tax return or emailed to the tax agent. myDeductions can be downloaded to a smart device from the iTunes Store, Google Play or Microsoft Store.

The ATO's Business Portal provides secure access to a range of tax and superannuation services with one logon, including:

  • prepare, lodge and pay employee Superannuation Guarantee to the Small Business Superannuation Clearing House (from February 2018)
  • prepare, lodge and revise Business Activity Statements (BAS)
  • view your ATO statement of account and payment options
  • view your reports for Single Touch Payroll
  • request a refund or transfer of funds between ATO accounts
  • update your business registration details
  • register for goods and services tax (GST) and PAYG withholding (PAYGW)
  • request a ruling or lodge an objection
  • communicate with the ATO through a secure mailbox.

For more information on how to register for the Business Portal,  go to www.ato.gov.au/Business/Business-Portal/Getting-started/.

ATO ANNOUNCES CHANGES TO SBSCH

The Small Business Superannuation Clearing House (SBSCH) is a free online service that allows employers with less than 20 employees or an annual aggregated turnover of less than $10 million to meet their Superannuation Guarantee (SG) obligations.

Employers send their employees' superannuation contributions to a single destination, the SBSCH, and the SBSCH distributes the payments and payment details on their behalf to the employees' nominated super funds.

The ATO has announced that from early 2018, the SBSCH will only be accessed through ATO online services such as the Business Portal, Tax Agent Portal, BAS Agent Portal and myGov.

  • sole traders or individual employers, require a myGov account linked to the ATO
  • other small businesses require access to the Business Portal through either myGov or AUSkey.
  • BAS and Tax Agents will access the SBSCH through their respective ATO portals.

An ATO recorded webinar on the SBSCH joining the Business Portal can be viewed on the ATO TV channel, tv.ato.gov.au.

2018 NEW YEAR RESOLUTIONS

MERRY CHRISTMAS & HAPPY NEW YEAR

TWOMEYS LENDING SOLUTION

We have recently partnered with Richard Hewitt from Hewitt Advisory to provide a complete solution for all our clients' lending needs, including agri, commercial, equipment finance and home lending.

Hewitt Advisory is an accredited Finance Broker and will assist to ensure that your interest rate and lending structure is both competitive and suitable for your needs.

Richard is available to help you 'present' your business to potential investors, rather than just 'applying for a loan'. He will conduct a comprehensive review and analysis of your business, prepare a detailed cash flow with production schedules and explanation, provide an assets and liability statement, compile all the detailed information required, submit your credit presentation to the most suitable lenders, and work with the selected lender through the formal credit approval process.

Regular communication and on-going support is provided as part of the service.

If you would like further information about how Hewitt Advisory could assist your business, please speak to your local Twomeys Accountant.

SINGLE TOUCH PAYROLL

Single Touch Payroll will be mandatory for employers with 20 or more employees from 1 July 2018 and for ALL employers from 1 July 2019.

Employers will be required to report salary or wages, PAYG withholding and superannuation information directly to the ATO at the same time that payment is made to their employees. Employers who report through Single Touch Payroll will not be required to provide employees with Payment Summaries at the end of the year.

For more information go to www.ato.gov.au/about-ato/about-us/in-detail/strategic-direction/streamlined-reporting-with-single-touch-payroll/.

TWOMEYS CLIENT PORTAL

Twomeys have recently added Client Document Portal functionality to our website.

You can now login to your own personalised secure area to access your documents, files, income tax returns and financial reports. You can also use the portal to send us data files or other documents to assist us with, for example, the preparation of your Financial Statements and income tax returns. The portal also enables us to send you documents for electronic signing.

Registration for the Client Document Portal is not automatic and you need to request access. If you are interested, please go to our website and request access at www.twomeys.com.au/client_login