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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.
Non-compete clauses and worker restraints under review
By WSC Group | Created on April 10, 2024
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.
Budget 2024-25
By WSC Group | Created on April 10, 2024
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.
Warning on SMSF asset valuations
By WSC Group | Created on April 10, 2024
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
The Fringe Benefit Tax traps
By WSCAdmin | Created on March 8, 2024
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
Getting back what you put in: Loans to get a business started
By WSCAdmin | Created on March 8, 2024
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own.
How to take advantage of the 1 July super cap increase
By WSCAdmin | Created on March 8, 2024
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
Revised stage 3 tax cuts confirmed for 1 July
By WSCAdmin | Created on March 8, 2024
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
The ATO Debt Dilemma
By WSCAdmin | Created on March 8, 2024
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt.
Jail sentence for fraudulent developer
By WSCAdmin | Created on March 5, 2024
A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail with a non-parole period of six years and eight months.
Avoiding common Division 7A errors
By WSCAdmin | Created on March 5, 2024
Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their 'Division 7A' obligations).
Penalties soon to apply for overdue TPARs
By WSCAdmin | Created on March 5, 2024
Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year.
Small business concessions
By WSCAdmin | Created on March 5, 2024
The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay.
FBT time is fast approaching!
By WSCAdmin | Created on March 5, 2024
The ATO has advised employers that 'FBT time' is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations.
Super contribution caps to rise
By WSCAdmin | Created on March 5, 2024
The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year.
Sale of land subject to GST
By WSCAdmin | Created on February 2, 2024
The AAT recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer.
Government announces changes to proposed 'Stage 3' tax cuts
By WSCAdmin | Created on February 2, 2024
Despite previous assurances, and after much speculation, the Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024.
New ATO guidance on "who is an employee?"
By WSCAdmin | Created on February 2, 2024
The ATO recently issued a ruling which explains when an individual is an 'employee' of an entity for pay as you go ('PAYG') withholding purposes.
Deductions denied for work-related expenses
By WSCAdmin | Created on February 2, 2024
The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied.
Changes in reporting requirements for sporting clubs
By WSCAdmin | Created on February 2, 2024
Not-for-profits ('NFPs'), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption.
Stage 3 personal income tax cuts redesigned
By WSCAdmin | Created on January 31, 2024
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.
Contractor or employee?
By WSCAdmin | Created on January 31, 2024
Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns.
Can my SMSF invest in property development?
By WSCAdmin | Created on January 31, 2024
Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development.
Bah humbug: The Christmas tax dilemma
By WSCAdmin | Created on December 8, 2023
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.
Tax on super balances above $3m hits Parliament
By WSCAdmin | Created on December 8, 2023
Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.
The key influences of 2024
By WSCAdmin | Created on December 8, 2023
Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.
The controversial case of the taxpayer who claimed a loss on their home
By WSCAdmin | Created on December 8, 2023
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.
Reminder of December 2023 Quarter Superannuation Guarantee ('SG')
By WSCAdmin | Created on December 4, 2023
Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date is 28 January 2024.
ATO warning regarding prohibited SMSF loans
By WSCAdmin | Created on December 4, 2023
Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports.
ATO's lodgment penalty amnesty is about to end
By WSCAdmin | Created on December 4, 2023
The ATO is remitting failure to lodge penalties for eligible small businesses.
