RJS Client James Eling receives Conspicuous Service Medal at the

This is a photo of our client James Eling who received a Conspicuous Service Medal last week at Government House.

The award was announced in the 2022 Australia Day honours.

Major Eling was awarded his Conspicuous Service Medal for his meritorious achievements as a Strategic Planner in support of the Victorian Emergency Services as part of COVID 19 ASSIST.

Pictured with James is his wife Tina, who ran Extreme Networks Pty Ltd for all of the time James was deployed.

She shouldered all of the stress and burden of running a SME with a team of 15 people during a pandemic.

She did a crushingly good job of looking after the team and their customers.

Penalties for overdue TPAR

The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.

Affected industries where taxpayers may have an obligation to lodge a TPAR are:

  • Cleaning services;
  • Building and construction services;
  • Road freight;
  • Courier services;
  • Information technology services;
  • Security, investigation or surveillance services.

From 23 March 2022, the ATO will apply failure to lodge penalties to those who:

  • did not lodge their 2021 or prior year TPAR;
  • have already been sent three non-lodgment letters about their overdue TPAR;
  • do not respond to an ATO follow-up phone call about their overdue TPAR.

In the coming weeks the ATO may be phoning tax agents (or taxpayers directly) about their overdue TPAR, to follow up the non-lodgment letters that have been sent.

Get expert advice

There are different support grants from the government to your business that might be eligible for. If you need help with your grant application, we can assist. We can help you confirm your eligibility for assistance, prepare your funding application, or simply give you advice. We’ll take care of you.

We’re here to support you. If you have questions, contact us here to book a catch up with an RJ Sanderson professional.

This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

Re-contribution of COVID-19 early release super amounts

Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.

These contributions can be made between 1 July 2021 and 30 June 2030.

Individuals can make COVID-19 re-contribution amounts to any fund of their choice where the funds’ rules allow.

COVID-19 re-contribution amounts are reported as personal contributions. If the fund member is found to be ineligible to make the re-contribution (for example, the fund member may be required to satisfy the work test and does not do so at the time of a re-contribution) it may result in that member exceeding their non-concessional contributions cap.

It should be noted that once an amount originally withdrawn under the COVID-19 early release of super program has been re-contributed into a superannuation fund, it will not be able to be released from that fund until the fund member satisfies a condition of release – such as obtaining the age of 65 or having met their preservation age and they have ‘retired’.

Get expert advice

There are different support grants from the government to your business that might be eligible for. If you need help with your grant application, we can assist. We can help you confirm your eligibility for assistance, prepare your funding application, or simply give you advice. We’ll take care of you.

We’re here to support you. If you have questions, contact us here to book a catch up with an RJ Sanderson professional.

This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

JobMaker Year 2: adjusting baseline headcount

If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted baseline headcount for the claim.

The ATO will amend the prefill in the claim form based on information provided in earlier claims.

The ATO does this each period by calculating the greatest headcount increase that occurred in a period that began 12 months or more before the current claim period.

The ATO then adds that increase to the baseline headcount.

Broadly speaking, to qualify for the JobMaker Hiring Credit an employer needs to have not only employed an eligible individual but to have also increased their overall employee headcount.

Get expert advice

There are different support grants from the government to your business that might be eligible for. If you need help with your grant application, we can assist. We can help you confirm your eligibility for assistance, prepare your funding application, or simply give you advice. We’ll take care of you.

We’re here to support you. If you have questions, contact us here to book a catch up with an RJ Sanderson professional.

This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

Cents per kilometre deduction for car expenses – 2023 income year

The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for the income year starting 1 July 2022 (the 2023 income year) will be 75 cents per kilometre.

This is an increase from the 72 cents rate applicable for both the 2021 and 2022 income years.

A reminder that the ability to claim a deduction under the cents per kilometre method is subject to a cap of 5,000 business kilometres annually.

Individual taxpayers will claim deductions for work related car expenses (where eligible) under one of two alternative methods: the log-book method or the cents per kilometre method.

April 2022 – Practice Update

Get expert advice

There are different support grants from the government to your business that might be eligible for. If you need help with your grant application, we can assist. We can help you confirm your eligibility for assistance, prepare your funding application, or simply give you advice. We’ll take care of you.

We’re here to support you. If you have questions, contact us here to book a catch up with an RJ Sanderson professional.

This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

Reminder of March 2022 Quarter Superannuation Guarantee (‘SG’)

Employers are reminded that their SG obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022.

An advance warning is also provided to employers that the compulsory 10% SG rate is going to increase to 10.5% from the period 1 July 2022 to 30 June 2023.

So now might be a good time to ensure your payroll systems and SG calculators are updated by the start of the next income year.

Get expert advice

There are different support grants from the government to your business that might be eligible for. If you need help with your grant application, we can assist. We can help you confirm your eligibility for assistance, prepare your funding application, or simply give you advice. We’ll take care of you.

We’re here to support you. If you have questions, contact us here to book a catch up with an RJ Sanderson professional.

This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

2022-2023 Budget Measures that are now law

Low and Middle Income Tax Offset
A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax offset which reduces an individual taxpayer’s tax liability.

This means that the maximum amount of the LMITO for the 2022 income year will now be $1,500 (up
from $1,080 for the 2021 income year). However, the LMITO will not be extended to the 2023 income year.

Reduction in Fuel Excise
Fuel excise on petrol and diesel will be reduced by 50% (a reduction of 22.1 cents per litre) from 30 March 2022 to 28 September 2022.

This temporary reduction in the fuel excise is to soften the impact of increased petrol and diesel prices that have been triggered by Russia’s invasion of Ukraine.

Tax deductions for work-related COVID-19 tests
Last month’s edition of Practice Update discussed a proposal for COVID-19 tests, to be both:

• tax-deductible; and
• exempt from FBT;

broadly where they are purchased for work-related purposes.

This proposed legislative change is now law with effect from 1 July 2021.

Get expert advice

If you have questions on how the changes affect you or your business, and what you can do to make the most of them, we’re here to support you. Contact us here to book a catch up with an RJ Sanderson professional.

This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

Super changes and full expensing 12-month extension now law

A plethora of superannuation law tweaks has recently been made (via recent legislative reforms) which include:

  • Removing the $450 monthly super guarantee threshold.
  • Reducing the eligibility age for making downsizer contributions from 65 to 60.
  • Changes to facilitate the removal of the work test for those aged between 67 and 75 regarding non-concessional and salary sacrificed contributions. In addition, the bring-forward rule will now be available for people under the age of 75 (rather than 67, as is currently the case).
  • Increasing the maximum releasable amount under the First Home Super Saver scheme from $30,000 to $50,000.
  • Allowing super fund trustees to choose not to use the segregated assets method in certain circumstances.

Furthermore, the Government has also ‘made good’ on their promise to extend accelerated depreciation with legislation passing to allow current Temporary Full Expensing measures to continue for another 12 months (i.e., to 30 June 2023).

Get expert advice

For more information on how the changes to super affect your retirement savings and what you can do to make the most of them, book an appointment with one of our strategic wealth planners.  Now is the time to act if you want to have a successful return. 

Contact us for a complimentary consultation at info@rjswm.com.au or on (03) 9794 0010.

For more information on our services, CLICK HERE.

This blog has been prepared by RJS Wealth Management Pty. Ltd. ABN 24 156 207 126. RJS Wealth Management Pty. Ltd. is a Corporate Authorised Representative (No. 438158) of Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licensee (Number 233209). The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individual’s personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to buy, sell or hold any particular financial product should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.

4 Ways to Protect Yourself and Your Finances from Cybercrime

In 2019 individuals and organisations in Australia lost over $630 million to online scams, according to the Australian Competition and Consumer Commission (ACCC).

Of that total, $126 million was stolen in investment scams, while online shopping scams increased by 42%, fuelled by the rise in the number of people shopping online. Since many online scams go unreported, the actual amount of financial losses is likely to be higher.

The increasing digitisation of information and online investment opportunities available to the public have been accompanied by a rise in cybercrime.

Generally, the more money you have, the more attractive you are to online scammers. Yet many investors are unfamiliar with this class of criminal activity.

As technology advances, cybercriminals find new ways to attack. Especially at risk are unwitting investors and unprepared individuals.

This article will provide you with an introduction to cybercrime and some simple ways you can protect yourself against it.

What is cybercrime?

Cybercrime is any type of criminal activity that targets or makes use of a computer, network, or networked device. The offenders can be individuals or organisations, and the crimes almost always involve money.

These crimes involve theft, blackmail or ransom demands to restore access to encrypted files, for example.

Luckily, there are plenty of novice hackers who don’t succeed or get caught. But there are also a sizeable number of organised cybercriminals with access to advanced hacking programs and techniques.

The 4 types of cybercrime activities

1. Phishing

Phishing is the act of contacting a target via email, text message, social media, or phone and pretending to be a representative of a legitimate business or government body.

The cybercriminal asks for the victim’s personal information, which may include bank account information, passwords, superannuation details, etc.

If successful, the scammers use the stolen information to impersonate the victims for financial gain.

Last year saw a 44% uptick in reported phishing scams.

2. Identity theft

By all accounts, this is the most damaging type of cybercrime.

It can take years to clear your name, recover losses, and undo the damage if you fall victim to an identity thief. Some victims recover little more than their identity.

In 2020 online theft of personal information rose by 55%. Most victims are 25 to 34 years old.

While scammers can steal lots of identities quickly, cybercrime investigations take much longer. That’s why victims of identity theft often face an extended period of financial hardship.

3. Ransomware

Scammers can encrypt a victim’s computer files using a form of malware called ransomware.

They then demand a ransom in exchange for restoring the victim’s access to their data.

Essentially, victims are locked out of their computer or device until they pay the ransom.

One example is the highly publicised WannaCry ransomware attack that targeted 230,000 computers across 150 countries.

The affected parties had to pay a ransom in BitCoin to regain access to their data.

4. Sales and Investment Fraud

Investment fraud involves a wide range of confidence tricks, scammers adopting the persona of a financial broker.

By coaxing people into making an outwardly solid investment, fraudsters can gain access to the victims’ contact details and account information.

How Can You Protect Yourself?

Now that you’re aware of the most popular types of cybercrimes, how can you avoid becoming a victim?

Here are four relatively easy measures you can take to protect yourself.

Tip #1. Keep all of your software updated

Hackers target known vulnerabilities in computer operating systems, mobile devices, networks, and so on.

Unfortunately, some users refuse to keep their software up to date for fear of slower performance following the update.

But it’s these updates that often include patches — a set of changes to a computer program or its supporting data to update, fix, or improve it, including fixes for security vulnerabilities.

In other words, the benefits of updates almost always outweigh the costs.

Tip #2. Don’t share personal information online

Phishing relies on victims willingly sharing their confidential information online, either directly to the scammer or through various sign-up or opt-in forms.

You must never give out your personal information online or over the phone unless you’re certain about the trustworthiness of the other party.

One way to detect a phishing scam is to look for pressure tactics: Trustworthy entities rarely have reason to pressure someone into disclosing information.

Furthermore, providers of financial services and government institutions never ask for sensitive personal data over the phone or via email.

They will typically not ask for passwords or other identifying or confidential information outside of a sign-in or log-in scenario. They certainly won’t contact you to ask for it over the phone, email, or chat.

If you have any reason to suspect criminal activity, ask the caller for the name of their company and then verify it’s legitimate.

For example, check the business has a physical address (preferably local) and landline number and/or search the business-names register to confirm they’re listed.

Tip #3. Always use multi-factor identification when offered

Multi-factor authentication (MFA) is one of the best tools for stopping cybercriminals in their tracks. It’s used to ensure digital users are who they say they are by requiring them to provide at least two pieces of evidence to prove their identity.

For example, a person may be required to provide not only a password but also enter a PIN sent to their smartphone.

So if hackers manage to get your password, they still have another security hurdle to clear before they’re able to access your account.

If MFA is available, always set it up, especially for your emails online bank accounts, and the like.

Tip #4. Stay Up-To-Date on Major Security Issues

It’s helpful to stay informed on the latest security breaches.

Business entities whose security has been breached commonly make a public announcement.

Stay on top of the news so you can be among the first to find out if one of your accounts might be compromised. If so, change your password and take any other measures the entity advises you to.

It’s also a good idea to keep an eye out for new vulnerabilities discovered in devices and software.

Updating your anti-virus software will help since the developers constantly patch up vulnerabilities, as discussed earlier.

Stay informed and safe

Many aspects of your personal finances are now accessible online, from your bank account to your investment portfolio.

This makes cybercrime a major concern, especially for people with spare cash to invest and who consequently are prime targets.

By staying informed and always keeping your guard up, you’ll be less likely to fall victim to cybercriminals.

For more information about protecting yourself and your finances from cybercrime, contact an RJS Professional.

RJS AFL Footy Tipping Competition 2022

It’s that time of the year again, welcome to the RJS AFL Footy Tipping Competition for season 2022!

Look like 2022 is going to be another great season.

This comp is available for all current Team Members & Clients of R J Sanderson & Associates Pty Ltd only

Starts Wednesday 16th March  – 1st Bounce


Prize money:
1st       $550
2nd      $325
3rd         $125


There will be no prize money for last.

Instructions:


Go to www.footytips.com.au or click here….

For new members: 

  1. Click on the “PLAY NOW” and register as a New Member
  2. Follow the prompts then click on Competitions / Search Competitions – Sanderson
  3. Choose R J Sanderson & Associates Pty Ltd
  4. The secret password is: rjsteam

For existing Members

  1. Go to www.footytips.com.au or click here….
  2. Click on the “PLAY NOW
  3. Enter your email address and follow prompts to re- activate your account ( if need be)
  4. Click on the “View Comp” under R J Sanderson Associates Pty Ltd
  5. You are then “active