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The essential 30 June guide
By WSC Group | Created on June 6, 2024
The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.
ATO fires warning shot on trust distributions
By WSC Group | Created on June 6, 2024
The ATO has warned that it is looking closely at how trusts distribute income and to who.
5 million+ struggle with mortgage payments
By WSC Group | Created on June 6, 2024
New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.
What’s changing on 1 July 2024?
By WSC Group | Created on June 6, 2024
A summary of the key changes coming into effect on 1 July 2024
ATO issues warning about false invoicing arrangements
By WSC Group | Created on May 3, 2024
The Serious Financial Crime Taskforce ('SFCT') is warning businesses about using illegal financial arrangements such as 'false invoicing' to cheat the tax and super systems.
NFPs need to get ready for new return
By WSC Group | Created on May 3, 2024
From 1 July 2024, non-charitable not-for-profits ('NFPs') with an active Australian Business Number ('ABN') will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status.
What to know about disaster relief payments
By WSC Group | Created on May 3, 2024
Taxpayers should be aware that some natural disaster relief payments are not taxable.
Government warns of 'malicious' myGov scammers
By WSC Group | Created on May 3, 2024
The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.
Taxpayer unsuccessful in having excess contributions reallocated
By WSC Group | Created on May 3, 2024
The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer.
Illegal early access to super
By WSC Group | Created on May 3, 2024
Faced with tough times, some people may be thinking about accessing their super early.
Company money crackdown
By WSC Group | Created on May 1, 2024
The ATO is cracking down on business owners who take money or use company resources for themselves.
Do your kids really want to take over your business?
By WSC Group | Created on May 1, 2024
Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.
Accessing money in your SMSF
By WSC Group | Created on May 1, 2024
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs).
Should you be the ‘bank of Mum & Dad’?
By WSC Group | Created on May 1, 2024
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.
How much is my business worth?
By WSC Group | Created on April 10, 2024
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.
