An Eventful 2017

It is often difficult to fathom how quickly the year passes. It often feels as if it is going slowly and then all of a sudden it is close to the end of 2017.

Reflecting back on the year that was, it is fair to say that it is has been a successful year for Powers Financial Group.
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Changes to Payroll Reporting

As part of the Budget Savings (Omnibus) Act 2016, employers will be required to comply with the ATO’s Single Touch Payroll Reporting (STPR). The STPR will streamline the way that employers report tax and superannuation information to the ATO.

The compulsory switch will take place on 1 July 2018 for businesses who have more than 20 employees and from 1 July 2019 for businesses who have less than 20 employees.
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Death and Taxes

It is well known that Benjamin Franklin is credited with the famous line, “There are only two certainties in life – death and taxes.”  What is not as commonly known is that he is also responsible for the quote, “By failing to prepare, you are preparing to fail”.

 

For the majority of us, we understand the importance of spending time and money to ensure our tax structures are correct, appropriate and are the best in the circumstances to minimise taxation. Not many of us truly spare a thought about the important preparations the need to take place in the unfortunate event of a death in the family.
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Unlocking the Future of Australian Agriculture

As many of us are aware, available reports and statistics suggest that Australian Agriculture is experiencing an increase in foreign investment.  The low-risk agricultural assets supplying growing populations with high-quality products is one of the main reasons why foreign investors are looking to invest in the Australian market long-term.

With the current absence of domestic capital sources and Government support, this kind of foreign investment is essential for Australian agriculture. The need for Government policies should be to focus on balancing the sector’s needs for substantial foreign investment, while at the same time, demonstrating the many advantages of foreign investment in Australia’s key agricultural industries.
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