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Divorce, you, and your business
By WSC Group | Created on August 15, 2024
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved.
When is a gift not a gift?
By WSC Group | Created on August 15, 2024
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.
The rise in business bankruptcy
By WSC Group | Created on August 15, 2024
ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year.
The changes to how tax practitioners work with clients
By WSC Group | Created on August 15, 2024
The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner.
ATO's tips for correctly claiming deductions for rental properties
By WSC Group | Created on August 2, 2024
Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses.
Notice of online selling data matching program
By WSC Group | Created on August 2, 2024
The ATO will acquire Australian sales data from online selling platforms for the 2024 to 2026 income years, including full names, dates of birth, addresses, emails, business names, ABNs, contact phone numbers, and account details.
Small business energy incentive available for the 2024 income year
By WSC Group | Created on August 2, 2024
Businesses with an aggregated annual turnover of less than $50 million that had upgraded or purchased a new asset that helps improve energy efficiency during the 2024 income year should consider the small business energy incentive.
Importance of good record keeping when claiming work-related expenses
By WSC Group | Created on August 2, 2024
The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed.
SMSFs acquiring assets from related parties
By WSC Group | Created on August 2, 2024
SMSFs cannot acquire an asset from a 'related party' (such as a member or their spouse or relative) unless it is acquired at market value and is
Federal Court overturns AAT's tax resident decision
By WSC Group | Created on August 2, 2024
The Federal Court has recently overturned an Administrative Appeals Tribunal ('AAT') decision that a taxpayer was a resident of Australia for tax purposes (even though he was mostly living and working overseas during the relevant period).
