C & W Partners Chartered Accountants

 Age of Pensioner     

    Pension Rate % 

    Reduced 2010/11 Rate  

                   <65                          

 4

 2

 65-74

 5

 2.5

 75-79

 6

 3

 80-84

 7

 3.5

 85-89

 9

 4.5

 90-94

 11

 5.5

 >95

 17

 7

Over the last month C & W Partners has been busy finalising the re design of its financial planning arm. We are proud to announce that we have formed a new financial planning relationship with Henderson Matusch.  As part of this Trent Humphreys, our Financial Planning partner, is now licenced under Henderson Matusch. Also working along side Trent is Sue Conyard in the role of Clients Services Manager. This role has been put in place to help Trent with the burgeoning financial planning client list to assist and maintain the highest level of service associated with C & W Partners financial planning offering.

Why Henderson Matusch?

It all actually started when Mark Johnson was having a discussion with Ben Matusch (the General Manager of Henderson Matusch) at a seminar. They were comparing stories of experiences of financial planners and clients during the GFC. Mark was highly impressed with their systems and processes and the way they were able to navigate a way through for the clients. This lead to an official introduction to all the team at Henderson Matusch and over the last 12 months culminating in our partnership for the future.  Another reason was that we simply enjoy forming partnerships with people we like and respect.

Who are Henderson Matusch?

Founded on 1 July 2004, Henderson Matusch (HM) was formed by a group of like-minded financial planning professionals who saw a need to 'humanise' the world of finance and enable everyday Australians to benefit from 'real world', achievable financial strategies.

Henderson Matusch is committed to delivering the highest standards of customer service and integrating your financial and lifestyle goals into a single strategy to create greater lifestyle options. As a result, our financial strategies are designed to help you achieve financial success without compromising your lifestyle, so that you can get on with enjoying all that life has to offer.

Henderson Matusch operates under AFSL & ACT No. 274484

Are any new Services offered?

Yes. We will continue to provide our very strong retirement service for clients but we also believe we have enhanced our offering substantially in terms of wealth creation. Using Henderson Matusch’s Individual Cash Flow and Investment Solution, we believe we are now placed to offer the most holistic of wealth creation strategies to salary and wage earners looking to achieve their goals far earlier than possible without advice. By using sensible strategies, we are able to significantly reduce total mortgage interest and timeframes and enable the commencement of savings for far more enjoyable pursuits by years.

If you have 30% or more equity in your home, have regular/fixed incomes and are worrying about how you can achieve your goals and retirement outcomes, please call Trent Humphreys for an appointment today on 02 6759 1000.

Long Service Requirements for Clients in the Building Industry.

Self Employed Certificates for the 2010-11 financial year must be lodged with the Corporation by 30 June 2012. A tax agent must verify completed certificates before they are returned to the Corporation.

The long service corporation has recently sent personalised certificates to workers. Additional certificates for individual clients can be obtained from the corporation. However, privacy provisions mean these can only be sent to the address that the Corporation has recorded for the worker.

You are reminded to include your ABN on the certificate not your Tax Agent’s registration number.

Information on all long service obligations for the NSW building and construction industry is available on the website www.longservice.nsw.gov.au or call the Helpline on 13 14 41.

Change to the Fuel Tax Credit Rate for Heavy Road Vehicles.

From 1 July 2011, the fuel tax credit rate for heavy vehicles that use fuel such as diesel or petrol and travel on public roads is 15.043 cents per litre. This change is due to an increase in the road user charge.

A heavy vehicle has a gross vehicle mass (GVM) greater than 4.5 tonne. Diesel vehicles acquired before 1 July 2006 can equal 4.5 GVM tonne.

The new rate needs to be used when completing activity statements for the 2011 -2012 year affected by the road user charge increase.

If required to substantiate claims, clients will need to keep records that show they acquired the fuel and how they used it. Fuel dockets, invoices and log books are examples of acceptable records.

Payroll Tax – Rebate Scheme

The NSW government recently announced the jobs action plan which is designed to give businesses an incentitive to employ new workers and expand their enterprises. Under the plan, businesses that increase the number of full-time equivalent (FTE) employees for a period of at least two years, will receive a payroll tax rebate following the employment of each additional employee in a position that is a new job.

The Jobs Action Plan :

·         Provides a payroll tax rebate of up to $4000 per employee for the first 100 00 new payroll tax paying jobs created in NSW. 40 000 of the new jobs will be prioritised for the non-metropolitan areas of NSW with the remaining 60 000 in metropolitan areas.

·         Provides for payment of the rebate in two equal parts, on the first and second anniversary of the employment of an additional employee in a new job.

·         Applies to the first 100 000 new jobs created on or after 1 July 2011.

Application for registration

Employers are required to register the employment of a person in a position that is a new job and advise the number of FTE employees immediately before the position was filled.

Registration may be made:

·         By an employer who is registered and paying payroll tax

·         Between 1 July 2011 and 30 June 2013

·         Within 30 days after the employment to which the application relates first commences.

Application for registration for the Payroll Tax Rebate Scheme (Jobs Action Plan) is available at www.osr.nsw.gov.au

Eligible Employment

Employment is eligible employment if:

• ·  A person is employed (full time or part time) in a position that is a new job, and

• ·         The employment commences on or after 1 July 2011 , and

• ·         The employment is maintained for a period of at least two years, and

• ·         The services of the employee  are performed wholly or mainly in NSW, and

• ·         The employment is not excluded from the rebate scheme.

Minimum employment period

The minimum employment period is two years starting on the date the employment concerned is claimed to commence.

Employment is maintained if there is always a person employed in the position for which the rebate is claimed.

A vacancy in a position can be disregarded if the number of days vacant does not exceed a total of 30 days in each year of employment for which the rebate is claimed.

The rebate may be paid if the 30 days are exceeded but only if the Chief Commissioner is satisfied that the length of the vacancy is beyond the employer’s control. In this case the rebate will be paid on a pro-rata basis.

Payment of the rebate

Certain conditions apply in respect of the payment of the rebate for each position that is a new job. These conditions are:

• ·    For part time employees, the rebate will be pro-rated based on FTE hours of employment

• ·    The rebate will only be payable if the higher level of employment is maintained for the first and second anniversary of employment

• ·   The amount of rebate payable cannot exceed the employer’s net payroll tax liability for the tax year ending in the year in which the claim is lodged.

• ·    If the rebate is paid prior to an employer’s annual payroll tax liability being determined, the employer is required to refund any rebate amount that exceeds the employer’s net payroll tax liability for the relevant tax year.

Amount of rebate payable per employee

The total rebate payable is $4000 per full-time employee and a proportion of $4000 for a part-time employee.

The rebate is payable in two payments of up to $2000 on the first and second annual anniversary of the commencement of employment.

In the case of part-time employees, the rebate payable on each anniversary is $2000 x C/D, where:

C = the number of hours worked by the employee during the previous 12 months

D = the average number of hours worked by full-time employees during the previous 12 months.

The maximum amount of rebate payable per FTE employee to an employer should not be reduced if the payroll tax attributed to a particular new employee’s wages is less than the rebate.

Full details of the rebate scheme can be found at www.osr.nsw.gov.au


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