Month: November 2018
GOVERNMENT ANNOUNCES CHANGES TO THE WORKING HOLIDAY VISA MAKER PROGRAM
In an effort to provide more support for Australian farmers and regional economies, The Minister for Immigration, Citizenship and Multicultural Affairs, The Hon David Coleman, MP together with Ministers Coleman and Littleproud announced, in a Media Release on 5th November 2018, changes to the Working Holiday Maker (WHM) visa program.
To date, the WHM Program has enabled young adults (aged 18-30) from eligible partner countries to work in Australia while having an extended holiday. Work must not be the main purpose of the visa holder’s visit. The WHM Program includes the Working Holiday (subclass 417) and Work and Holiday (subclass 462) visas.
The changes have been designed to target genuine workforce shortages in regional Australia without displacing Australian workers, increasing the number of WHM visa holders and allowing them an extension of time in Australia by undertaking agricultural work in new areas across Australia.
Announced changes to Working Holiday Visa Makers include:
- Work and Holiday makers (subclass 462) will be able to undertake regional plant and animal cultivation work in additional priority areas to become eligible for a second visa
- Extension of the period a WHM (subclass 417 and 462) may work with the same agricultural employer from six to 12 months.
- Introduction of a third year visa option for WHM (subclasses 417 and 462), who from 1 July 2019 onwards complete six months of regional work in the second year.
- Increase the number of places available for Work and Holiday Maker program (subclass 462) by lifting annual caps available to a number of countries participating in the subclass 462 visa program.
Changes to the Seasonal Worker Program:
- Increase work period in Australia to nine months for all workers (currently six months for some countries).
- Increase validity of labour market testing prior to recruiting workers from three to six months.
- Reduce out of pocket expenses for employers (workers repay their full travel costs except for the first $300; a reduction from the previous $500).
How can YML help?
Talk to our YML Finance Team today to see how YML Group can assist you with your home loan. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.
Should I ‘fix’ my home loan?
If you’re wondering whether ‘fixing’ your home loan is worthwhile and to help you decide what to do, consider the following:The main advantage of a fixed rate home loan is that it gives you cash-flow certainty. That is, you know exactly how much your loan repayment will be over the fixed term period. When you are a new homeowner or are setting up a business, this certainty can give you great peace of mind.
The main disadvantage of a fixed rate home loan is that fixed term loans tend to be inflexible – and can be expensive if you break the contract!
If I decide to ‘fix’ my home loan, what interest rate is on offer?
For a fixed 2-year investment home loan, where principal + interest repayments are made, you can access an interest rate from 3.98% per annum.
For a fixed 2-year home loan for a first home buyer-owner-occupier, where principal + interest repayments are made, you can access an interest rate from 3.69% per annum.
For a fixed 2-year home loan for other owner-occupiers, where principal + interest repayments are made, you can access an interest rate from 3.72% per annum.
You don’t have to answer the question alone.
At YML Group we can help you to find out more about your home loan interest rate options and decide whether ‘fixing’ your home loan is in your best interest.
How can YML help?
Talk to our YML Finance Team today to see how YML Group can assist you with your home loan. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.
Working with Remote Staff – Business Process Outsourcing
One of the fastest-growing sectors in the business world, particularly in the Information Technology (IT) sector, is Business Process Outsourcing (BPO). And The Philippines is leading the way with its third-party outsourcing availability for companies in Australia.Third-party management of virtual employees offshore combines managerial control with cost effectiveness for an Australian company whose head office and senior management may be located onshore in Australia.
Whether you’re a fast-growing business with a need for more employees to carry the load or your business requires business process services without the need for on-the-ground workers, BPO could be the answer for your business processing demands.
The types of work a virtual employee could engage in are: IT, data entry, customer service, call centre operations, bookkeeping and other back-of-house administrative functions, as well as many other work areas related to general business processing.
Major Benefits of BPO:
There are many advantages to remote staffing practices. Your company may benefit from any or all of these:
- Screened, qualified and approved employees adding value to your business
- Easy access to remote staff for – direct and targeted communication
- Focus on work goals – no excessive or unnecessary activity
- No local Australian labour law requirements to meet
- No local Australian tax requirements to meet
- No fixed overhead costs – no desk space required
- No Human Resources (HR) involvement required
- No insurance (WorkCover) requirements to meet
The cost-effectiveness of remote staff may make financial sense to your company. BPO may contribute to enriching your business and its economic results by delivering on KPI objectives and ensuring a more streamlined application of your business processing tasks.
At YML Group we have the expertise in BPO – both as a company itself utilising this workplace-of-the-future scenario and with a specialist team at your service – to advise and assist your company towards finding and integrating a BPO solution.
Consider your company’s current growth and future BPO opportunities by exploring your options with us.
How can YML help?
Talk to our YML Innovation Team today to see how YML Group can assist you with your BPO. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.
ATO Payment Arrangements – Avoid Overseas Travel Ban
Owe the Australian Taxation Office (ATO) a debt? You are not alone. Many businesses – sole traders and companies – cannot pay a debt to the ATO upfront. So the ATO offers you recourse with its payment arrangement system that allows you time to pay off your debt, saving you the stress of finding the money to pay a debt upfront in full.A payment arrangement with the ATO will also ensure you are not subject to the new Departure Prohibition Order (DPO), an action enforceable at the border when you wish to travel overseas. This order provides that you pay your taxation debts – or have an active payment arrangement in place – prior to being allowed to leave the country.
What is a payment arrangement?
A payment arrangement is an agreement between the ATO and you, whereby you agree to pay off your debt gradually – in instalments – over an agreed period, usually 12 months.
Once you are in a payment arrangement with the ATO, it’s important to stay on track with your repayments and make sure that you:
✔ Pay the exact amount expected to be received by the ATO – it is matched to repayments
✔ Pay in to the correct account – check if you normally use more than one
✔ Pay on time – check due dates
✔ Pay all future ATO obligations by the due date - keep up to date with your future ATO lodgments
Fulfilling these requirements precisely will help you to avoid defaulting on your payment arrangement, avoid penalty and a General Interest Charge (GIC) accruing on your remaining unpaid debt.
How do you apply for an interest-free payment plan?
First, your business’s eligibility is assessed using these criteria:
- Annual turnover of < $2 million
- Activity Statement debt of up to $50,000 – overdue for up to 12 months
- Ongoing compliance with payments and activity statement lodgements
- Unable to obtain finance / loan through normal business means
- Demonstration of ongoing business viability
Should your circumstances change, the ATO may be able to vary the terms of a payment plan to make it easier for you to repay your debt. Make sure you contact the ATO if you cannot pay an instalment.
Seek Advice
There is no need to go it alone when it comes to debt and the ATO.
YML Group can not only help you to determine your eligibility for an ATO payment arrangement but also help you to administer your 12-month interest-free repayments.
How can YML help?
Talk to our YML Chartered Accountants Team today to see how YML Group can assist you with your ATO payments. Contact us on (02) 8383 4400 or by visiting the Contact Us page page on our website.
