GFM November 2024 Newsletter

Ho Ho Ho – soon to be Merry Christmas one and all

4 weeks to go until the GFM office enjoy a couple of weeks off after a hectic tax season and compliance work needs.  Should you require anything to be completed prior to our Christmas break, we strongly encourage you to contact us very soon.

Below you will see that GFM key employees are spending time at a Volunteer event on the 3^rd December – if you have any time available, we can provide you further details to attend and help out.

Trump is US president again, Cricket season is about to start, our Federal election should be announced very soon and we all hope interest rates fall in February.  It’s a busy time of year but also a time to reflect on 2024 and plan for the year ahead.  Depending on your age, what will be your goals for 2025.  We are working very closely with the early to mid 50 year old clients to provide a path to retirement and an understanding of the financial needs to achieve this.  Results to date show that people believe they need way more $$ to retire than they actually do. 

It can be a beautiful time of the year, spend it with loved ones, enjoy the festive season and plan for the future.

We wish all our clients a fantastic, happy and healthy next 6 or so weeks

Regards
Darren, Brent and the Team at GFM

GFM Christmas Closure

We will be closing for the Christmas Holiday Season
Our office will be closed from 5pm Friday 20th December 2024
and will re-open at 9am Wednesday 8th January 2025

As the holiday season approaches, we want to take a moment to express our sincere gratitude for your continued trust and partnership throughout the year.

It has been a pleasure working with you, and we look forward to achieving even greater success together in the coming year.

May this festive season bring you joy, peace, and time to relax with loved ones. We wish you a Merry Christmas and a prosperous New Year filled with happiness, health, and success.

Thank you for being a valued part of our journey. We are excited for all the opportunities that 2025 will bring.

GFM Staff Volunteering at the Helping Hands Airport West Christmas Cave

This December 3rd, the GFM team is coming together to support a great cause and spread some holiday cheer.

We will be volunteering at the Helping Hands Airport West Christmas Cave, a heartwarming event that provides Christmas gifts and food hampers to those in need in our community.

If you’d like to volunteer with us or learn more about the event, please contact our office.

A little of our time and effort will go a long way in ensuring a warm and joyful holiday season for those who need it most.

Let’s come together to give back to our community and make this holiday season one to remember. It would be great to see you there!

Entertainment Related Fringe Benefits

As the holiday season kicks off, you may be planning to celebrate with your staff!

Before you crack the bon-bons, consider if your event will attract fringe benefits tax.

• The amount you spend on each employee
• When and where your celebration is held
• Who attends
• The value and type of any gifts you provide

For more information contact our office or visit ATO Online

Eligibility for compassionate release of superannuation

The ATO has been responsible for the administration of the early release of superannuation on compassionate grounds since 1 July 2018. 

It will only approve a release of superannuation on compassionate grounds if the applicant meets all the conditions set out in the regulations, including that the applicant has no other means to pay the expenses.

The five main grounds of eligibility are:

• medical treatment or transport (i.e., to treat a life-threatening illness or injury, or alleviate acute or chronic pain or mental illness) for the applicant or their dependant;
• accommodating a disability for the applicant or their dependant;
• palliative care for a terminal illness for the applicant or their dependant;
• funeral expenses for a dependant of the applicant; or
• preventing foreclosure or forced sale of the applicant’s home.

FBT on plug-in hybrid electric vehicles

From 1 April 2025, a plug-in hybrid electric vehicle (‘PHEV’) will not be considered a zero or low emissions vehicle under fringe benefits tax (‘FBT’) law and will not be eligible for the electric car FBT exemption.  However, an employer can continue to apply the electric car exemption if:

• use of the PHEV was exempt from FBT before 1 April 2025; and
• they have a financially binding commitment to continue providing private use of the vehicle to an employee or their associate on and after 1 April 2025 (note that any optional extension of the agreement is not considered binding).

If there is a change to a pre-existing commitment on or after 1 April 2025, the FBT exemption for the PHEV will no longer apply from the date of that new commitment.

An employer is not entitled to an exemption from FBT after 1 April 2025 if there was no binding financial commitment to provide the car to a particular employee in place before then.

Hiring employees for the festive season

As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations:

• Employers should make sure they are withholding the right amount of tax from payments they make to their employees and other payees, especially as this will help their employees meet their end-of-year tax liabilities;
• Employers must pay super guarantee (currently at 11.5%) to all eligible employee’s super funds in full and on time to avoid paying the super guarantee charge; and
• If employers are still not reporting through single touch payroll (‘STP’) and they do not have an approved exemption, deferral or concession in place, they should start reporting now.  If they have just started a business or recently employed staff, they will need to report through STP from their first payday.

myGovID has changed it’s name to myID

On 13^th Nov 2024 myGovID changed it’s name and look – but you’ll continue to use it in the same way.

myGovID has changed its name to myID. While the name has changed, the way you login and the security of myID has not change. If you’ve already set up your myGovID and use it to access government online services, you won’t need to do anything.

You’ll still have: 

• your same details – there’s no need to set up a new myID. Your login details (including email address) and identity strength remain the same
• continued use –your existing app should have automatically updated to myID, if not you can manually update it from the App Store or Google Play
• access to services – you can still use the app to securely access government online services.

The new name aims to reduce the confusion between myGovID and myGov.

A reminder to watch out for scammers using fake websites or apps that look like myGovID or myID. To help protect yourself:

• don’t click on suspicious links, open attachments or download any files from suspicious emails or SMS. The ATO will never send an unsolicited SMS that contains a hyperlink
• only download the myGovID (soon to be known as myID) app from the official app stores (Google Play and the App Store) and ensure you turn on notifications, so you are notified when accessing online services
• never enter your login code for anyone, or share with anyone.

Key Dates

• LLodge and Pay September 2024 Quarterly BAS – 25th November 2024
• Lodge and Pay September 2024 quarter Superannuation Guarantee Charge Statement – 28th November 2024
• Lodge and Pay November 2024 Payroll Tax – 9^th December 2024
• Lodge and Pay November 2024 Monthly BAS/IAS – 23rd December 2024
• Lodge and Pay December 2024 quarter Superannuation Guarantee Charge Statement – 28th January 2025
• Lodge and Pay December 2024 Quarterly BAS – 28th February 2025