Blog

Welcome to the summer edition of our e-newsletter

Welcome to the summer newsletter of Yield Accounting Group.  Our first newsletter was very well received and responses to the content and format were very positive.  We hope you continue to find this an informative and entertaining forum.  

Since the spring edition and now moving into summer everyone at Yield group have been busy consolidating the new processes and continuing to adapt our new service standards.  Many of you have had conversations with us regarding the changes and we sincerely hope you see that the changes that we are making as positive.

Derek, Steve and Lee-Anne have been spending time continuing staff development and reinforcing our skill base with professional development through regular tech meetings and seminars so that only the best service is provided to our clients.  

Client Profile – The Cherry Box

Anthony and Tamsyn Tartaglia and their dedicated staff have now moved premises to the new location on Giblett Street.  The new premises are more suitable in terms of size to the style of outlet they wish to be offering and continuing to offer fresh produce, deli items and continental lunch options. Anthony and Tamsyn want everyone to know that although they have moved locations, its business as usual just in a smaller and more intimate environment.

Yield Accounting Group wishes all the best to Anthony and Tamsyn at the new location and urge all of our clients and contacts to explore the new shop and the beautiful produce and foods on offer.

Free Bookkeeping Services Review

A new initiative we have introduced to our website is an obligation free bookkeeping system review.  The link to the free review opportunity is on our home page.  It leads to a simple questionnaire which is submitted to our office.  We will then be in touch to discuss the concerns raised and to discuss options available to make your bookkeeping systems simpler and get you back in control.

For more information please follow this link to our Free Bookkeeping Systems Review

Facebook

Our Facebook page likes have been continuing to climb and there has been many positive comments coming through on the content of our page.  We see Facebook as a crucial way to communicate and interact with our clients and to keep everyone up to date.  We encourage everyone to like and share our page to increase our reach so that the information that we are sharing reaches a wider audience.  Keep an eye out for the Facebook competition that we will be running in the new year.

You can view our Facebook site here (don’t forget to like us).

Staff Update

Professional Development

Jessica recently passed her CPA exam leaving one unit to finish to attain the coveted CPA designation.  Anna and Tyson each passed units towards their degrees which leaves both with one unit to finish.  That would be another great achievement for the two of them.  This means that in June 2017 Yield Accounting Group will be blessed with Jess being a CPA qualified accountant and Anna and Tyson being degree qualified accountants. These are further examples of Yield supporting staff to further their careers through studying towards qualifications.  The work and dedication required to get to these achievements should not be underestimated and we wish them well down the home straight.  Celebrations could be in order in June.   

 Anna Ditri                                             Tyson Baker                                           Jessica Liebregts

Kim and Rachel Leaving

Many of our clients have enjoyed the services of Kim Wadsworth in our offices over the past four years.  Kim has been a dedicated member of our staff who has contributed to the business both internally with excellent input for the benefit of management plus through her client service, based around very sound technical knowledge.  Kim is now heading for Albany and a new beginning so will finish with Yield Group prior to Christmas.  We will miss Kim and wish her all the best.

Rachel has been our chirpy and ever smiling receptionist for the last year.  Rach is leaving us to head off to university to pursue her dream of becoming a social worker.  We have had numerous clients give us really positive feedback about Rachel in particular her great phone manner and willingness to help.  We wish Rachel all the best and expect visits when she returns home on uni breaks.

Rachel Cleverly

SMSF Advisors Network

Under the new superannuation regulations super advice given by accountants is required to be given under the auspices of a financial planning licence. Derek and Steve have had to undergo
further study for a diploma in Financial Services and have been through an arduous process to become qualified under the new Australian Securities and investment Commission (ASIC) requirements.

At Yield we have chosen the path of becoming licensed representatives of the National Tax Agents Association’s licence offering; SMSF Advisers Network (SAN).   When we deal with you on matters requiring superannuation advice it will be done so under the combined banner of Yield Accounting Group and SAN.  The SAN also requires Yield to adapt their branding, so you will see the SAN logo shown above appearing on our stationery when you deal with us on superannuation advice matters.  Further information will be forthcoming as SAN is adapted.    

My Kitchen Rules

On the 9th of December we got together for our staff Xmas party where management put on a food extravaganza for the team in our latest version of My Kitchen Rules.

Lee-Anne, Steve & Derek battled it out in the kitchen for the rights to the coveted title of “Yield Groups – My Kitchen Rules Champion” with each team member scoring each dish prepared.

As you can see from the photo’s below it was a great night had by all, and in the end Steve was voted the 2016 champion.

Key Dates  

January 2017 to March 2017

• 21st January  – December 2016 monthly activity statements (Paper or ELS)
• 28th January – Superannuation Contributions for Quarter 2 2016-17
• 21st February – January  2017 monthly activity statements (Paper or ELS)
• 28 February – Quarter 2 2016-17 activity statement (Paper or ELS)
• 21st March – February 2017 monthly activity statements (Paper or ELS)

If you need assistance with your BAS lodgements please contact us.

Please note that there are extensions to the due dates for the December 2016 activity statements into late February 2017 to allow everyone to relax and have a well earned break in January.

Backpacker Tax Update

After much debate and deliberation, the details of the “Backpacker Tax” were finally approved by Parliament earlier this month.  

From 1 January 2017, tax rates will change for working holidays makers and these rates are now known as the working holiday maker tax rates.

The main information required to employers of these workers is that;

• you must register with the ATO to withhold at the working holiday maker tax rate
• From 1 January 2017, you should withhold 15% from every dollar earned up to $37,000 (with foreign resident tax rates applying for earnings in excess of $37,000)
• If you already employ working holiday makers you will need to issue two payment summaries (with different rates) this year – one for the period to 31 December 2016 and a second for any period from 1 January 2017

If you require assistance to register with the ATO or to complete the two required payment summaries, please contact us.

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Pension Assets Test Changes

From the first of January significant changes are to take place in relation to the pension assets test.  The Department of Human Services have called the changes “rebalancing the assets test”. Some pensioners will be better off but a significant number will have their pensions reduced or even stopped.  If you are a pension receiver it is important for your planning that you assess how you will be affected by the changes.

The following video provides a brief outline on the changes that come into effect in 1 January 2017.

https://youtu.be/I89Hn5_wI3w

Further information is available by following this link to the Department of Human Services website :

https://www.humanservices.gov.au/customer/enablers/changes-pension-assets-test

FMD Thresholds

For our primary producer clients there have been some significant changes to the Farm Management Deposit (FMD’s) thresholds.  From 1 July 2016 the maximum amount of FMD’s that can be held increases from $400,000 to $800,000.  Deductible amounts for FMD’s are limited to the amount of primary production income earned.  FMD’s are not claimable if your non primary production income exceeds $100,000.  

Whilst the threshold increase gives an option to reduce tax payable by placing deposits in FMD’s, it can also pose problems for their eventual withdrawal. FMD’s are a stop gap and are assessable income on their withdrawal. Note that FMD’s become assessable income if you die or if you stop your primary production business for more than 120 days. For more information click here

Superannuation Changes that have become law.

In the May 2016 budget the government announced a raft of changes to the superannuation system.  A number of the changes have passed through both houses of parliament and have now received royal assent.

A summary of the measures that are now law include;

• Reducing the concessional contributions cap to $25,000 from 1 July 2017 and introducing the ability to carry forward up to five years’ of unused concessional contributions from 1 July 2018.
• Reducing the non-concessional contributions cap to $100,000 from 1 July 2017, and removing the ability for persons with more than $1.6 million in superannuation from making any further non-concessional contributions.
• Introducing the $1.6 million transfer balance cap regime from 1 July 2017.
• Removing the earnings exemption for assets backing Transition to Retirement Pensions, such that these will be taxed as accumulation accounts from 1 July 2017.
• Removal of the anti-detriment payment from 1 July 2017.
• Removal of the 10% income test rule for making personal tax deductions for superannuation contributions.

In the coming months, we will be working closely with our clients affected by the changes to identify potential opportunities and strategies prior to 30 June 2017.

If you have any questions, please contact us

Immediate $20,000 write off

Most are now aware of the ability for small business entities to claim an immediate deduction for items valued at below $20,000.  Please be aware that this threshold reduces back to the previous value of $1000 from 1 July 2017.

Fences, Water and Fodder Facilities

As a result an announcement in the 2015/16 budget all primary producers are allowed;

• an immediate deduction for the cost of fencing and water facilities such as dams, tanks, bores, pumps, water towers, channels and windmills.
• to depreciate over three years the cost of fodder storage assets such as silos and tanks used to store grain and other animal feed.

These changes took effect from 12 May 2015 previously to that the claims were fences depreciated over 30 years, water facilities claimed over three years and fodder storage assets depreciated over up to 50 years.

Christmas Message

2016 has been an exciting year at Yield Accounting Group with a new name, new branding and a few new faces. We have enjoyed working with all our valued clients and appreciate the positive response to all our recent changes.

We are all taking a well earned break with both offices closing on 23rd December from lunchtime and reopening on Monday 9th January.  We will still be available if needed with phone messages checked over this time.

Steve, Derek, Lee-Anne and all the staff at Yield would like to wish all our clients all the best for the festive season and we look forward to continuing to work with you all in the new year.

And please click on the picture below to view our special Christmas song for you.