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Question of the month: Company loan to pay down the mortgage
By WSC Group | Created on April 20, 2023
A friend’s accountant suggested that they could reduce interest on non-deductible debt by using company cash to offset their personal mortgage, then transferring the cash back by 30 June. Is this an acceptable strategy?
Start thinking about your FBT obligations
By WSC Group | Created on April 20, 2023
The 2023 FBT year ended on 31 March, so it is now time for employers to get ready to lodge their 2023 FBT returns, where they have provided benefits to their employees (or their associates) between 1 April 2022 and 31 March 2023.
Right to super to be enshrined in National Employment Standards
By WSC Group | Created on April 20, 2023
The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).
New 15% super tax to apply from 1 July 2025
By WSC Group | Created on April 19, 2023
The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year).
How Does Tax Apply to Electric Cars?
By WSC Group | Created on April 19, 2023
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles.
Company money: A guide for owners
By WSC Group | Created on April 19, 2023
When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right?
Budget 2023-24
By WSC Group | Created on April 19, 2023
The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023. Look out for our update the next day on the important issues to you, your superannuation and your business.
What sharing platforms are sharing with the ATO
By WSC Group | Created on April 19, 2023
From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.
Selling a business? The pros and cons of earn-out clauses
By WSC Group | Created on April 19, 2023
Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider.
End of the FBT year fast approaching
By WSC Group | Created on March 3, 2023
The Fringe Benefits Tax (FBT) year ends on 31 March 2023. If you operate a business
Future earnings for super balances above $3m taxed at 30% from 2025-26
By WSC Group | Created on March 3, 2023
The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%.
Significant change to claiming working from home expenses
By WSC Group | Created on March 3, 2023
Expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses.
The ‘Super’ Wars
By WSC Group | Created on March 3, 2023
A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation ahead of the 2023-24 Federal Budget.
Transfer balance cap indexation
By WSC Group | Created on March 3, 2023
An individual’s transfer balance cap (‘TBC’) determines the maximum amount they can commit to a retirement phase interest in their super fund,
ATO and Australian Federal Police crackdown on GST-fraud promoters
By WSC Group | Created on March 3, 2023
A raft of enforcement activity has been undertaken across the country by the ATO-led Serious Financial Crime Taskforce, including the execution of search warrants and issuing of warning letters.
1 July 2023 Super Balance Increase but no Change for Contributions
By WSC Group | Created on March 3, 2023
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
What will the ATO be Asking about your Holiday Home?
By WSC Group | Created on March 3, 2023
Taxpayers claiming deductions on holiday homes are in the ATO’s sights.
Builder unable to obtain refund of incorrectly charged GST
By WSC Group | Created on February 13, 2023
The Administrative Appeals Tribunal has held that a builder was unable to receive a refund of GST incorrectly charged on the sale of a residential premises that had been rented for just over five years since construction was complete.
The ATO’s final position on risky trust distributions
By WSC Group | Created on February 13, 2023
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses.
Electric vehicle FBT exemption legislation is now law
By WSC Group | Created on February 13, 2023
Legislation to make certain electric vehicles exempt from Fringe Benefits Tax (‘FBT’) has now been enacted into law.
Is ‘downsizing’ worth it?
By WSC Group | Created on February 13, 2023
From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation.
SMSF reporting changes from 1 July 2023
By WSC Group | Created on February 13, 2023
If you have an SMSF with a total balance of less than $1 million, from 1 July 2023 you will need to report quarterly to the ATO instead of annually. Previously,
How good is ChatGPT at tax?
By WSC Group | Created on February 13, 2023
Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system.
Full Throttle in 2023
By WSC Group | Created on February 13, 2023
In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough.
Super guarantee contributions for the December 2022 quarter
By WSC Group | Created on February 13, 2023
A reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023.
Further eligibility age change for downsizer contributions
By WSC Group | Created on February 13, 2023
In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023.
Avoiding the FBT Christmas Grinch!
By WSC Group | Created on December 13, 2022
It’s that time of year again - what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax effective Christmas season:
Requesting stapled super fund details for new employees
By WSC Group | Created on December 13, 2022
The ATO is reminding employers that, when they have new employees that have not provided them with their choice of super fund, super contributions should be made into:
ATO's record-keeping tips
By WSC Group | Created on December 13, 2022
The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur
ATO warning to SMSFs, "Paying the price for non-compliance"
By WSC Group | Created on December 13, 2022
There are various courses of action available to the ATO when trustees of self-managed super funds ('SMSFs') have not complied with the super laws, including applying administrative penalties.
Input tax credits denied due to lodging BASs late
By WSC Group | Created on December 13, 2022
The Administrative Appeal Tribunal ('AAT') has held that a taxpayer could not claim $91,239 of input tax credits ('ITCs') at least partly because it lodged the relevant BASs more than 4 years too late.
Chef spending most of a year on cruise ships still a 'resident'
By WSC Group | Created on December 13, 2022
The AAT has also held that a taxpayer, an Australian chef with over 20 years’ experience both in Australia and overseas, was an Australian resident for taxation purposes in the 2016 income year.
Missed the director ID deadline? Now what?
By WSC Group | Created on December 13, 2022
If you missed the 30 November 2022 deadline for obtaining a Director ID, the Australian Business Registry Services have stated that they will not take action against directors that apply for their ID by 14 December 2022.
What do the ‘Secure Jobs, Better Pay’ reforms mean?
By WSC Group | Created on December 13, 2022
The Government’s ‘Secure Jobs, Better Pay’ legislation passed Parliament on 2 December 2022. We explore the issues.
Why are credits and refunds being offset
By WSC Group | Created on November 16, 2022
The ATO has reached out to small businesses who may have recently received a letter advising that they have a debt on hold and any credits or refunds would be offset against this debt.
30 November director ID deadline
By WSC Group | Created on November 16, 2022
The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022.
How high will interest rates go
By WSC Group | Created on November 16, 2022
Low interest rates have been a mainstay since the global financial crisis of 2008. When the pandemic hit, Governments pushed stimulus measures through the economy and central banks reduced interest rates even further. Coming out of COVID
Can you prevent a hack?
By WSC Group | Created on November 16, 2022
In the wake of the Optus data leak, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But there are no guarantees that even the strongest safety measures will prevent an attack.
Scams and how to avoid them
By WSC Group | Created on November 16, 2022
I got a text the other day “Hi Mum, I have broken my phone and I am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven months of 2022, with total reported losses of $2.6 million.
ATO advice for SMSFs thinking about investing in crypto assets
By WSC Group | Created on November 16, 2022
The ATO recommends that trustees of self-managed super funds ('SMSFs') thinking about investing in crypto assets should seek professional advice from a licensed financial adviser.
Taxing fame: The ATO’s U-turn
By WSC Group | Created on November 16, 2022
Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed.
Check that holiday employees get the right super
By WSC Group | Created on November 16, 2022
The ATO is reminding employers that the holiday season is fast approaching, and that their holiday casuals may now be eligible for super.
Shuffling the decks: 2022-23 Budget 2.0
By WSC Group | Created on October 31, 2022
There is nothing in this Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives.
ATO contacts ‘at risk’ professional services firms
By WSCAdmin | Created on October 25, 2022
New guidelines for professional services firms - lawyers, architects, medical practitioners etc., came into effect on 1 July 2022.
Lessons from a data breach
By WSCAdmin | Created on October 25, 2022
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached.
Super guarantee contribution due date for September 2022 quarter
By WSCAdmin | Created on October 25, 2022
The due date for employers to make super guarantee contributions for their employees
Talking tax with new workers
By WSCAdmin | Created on October 25, 2022
The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services
How the myGov update affects taxpayers
By WSCAdmin | Created on October 25, 2022
Clients using myGov will see that it has recently been updated with a new look and more features.
Varying PAYG instalments
By WSCAdmin | Created on October 25, 2022
The ATO is reminding taxpayers that they can vary their pay as you go PAYG instalments if they think the amount they pay now will be more or less than their expected tax liability for the year
States move on property based taxes
By WSCAdmin | Created on October 25, 2022
Queensland backs down on Australia wide land tax assessment
To cut or not to cut? Stage three personal tax cuts
By WSCAdmin | Created on October 25, 2022
In September, amid a climate of startling interest rates, UK Chancellor Kwasi Kwarteng announced a series of tax cuts, including the reduction of the top personal income tax rate that applies to those earning more than £150,000 from 45% to 40%.
1 October minimum wage increase
By WSCAdmin | Created on October 25, 2022
Minimum wages in 10 awards in the aviation, tourism and hospitality sectors increased from 1 October 2022.
Valuing fund assets for an SMSF's annual return
By WSCAdmin | Created on October 25, 2022
The ATO has provided the following reminder and general advice for SMSF trustees regarding their obligations to value the assets annually.
Input tax credits denied due to lodging BASs late
By WSCAdmin | Created on October 25, 2022
The AAT has held that a partnership’s entitlement to $16,361 of input tax credits claimed for the quarterly periods of 1 July 2012 to 31 March 2017 had ceased by the time the associated BASs were lodged with the ATO on 21 June 2021
Banking business income to a private account
By WSCAdmin | Created on October 25, 2022
The ATO has stated that it has no concerns with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn't reported.
COVID downgraded but not gone
By WSCAdmin | Created on October 25, 2022
National Cabinet agreed to end the mandatory isolation requirements for COVID-19 effective from 14 October 2022. Each state and territory has, or will, implement the end of the isolation rules.
Director ID number deadline looming
By WSCAdmin | Created on October 25, 2022
If you are a Director of a company or registered foreign company and have not applied for your Director ID Number
Australian super funds gorge on cryptocurrency
By WSCAdmin | Created on October 25, 2022
The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics
Tax reprieve for double taxation of Indian technical support
By WSC Group | Created on September 13, 2022
The tax system currently allows Australia to tax payments made by an Australian customer in relation to technical services provided by an Indian firm
Acquiring collectibles inside your SMSF
By WSC Group | Created on September 13, 2022
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.
Register your .au domain!
By WSC Group | Created on September 13, 2022
23:59 UTC on 20 September 2022 is the cut-off to register for your .au direct domain.
120% deduction for skills training and technology costs
By WSC Group | Created on September 13, 2022
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
How to sell your business
By WSC Group | Created on September 13, 2022
We’re often asked the best way to sell a business.
Super comparison tool updated
By WSC Group | Created on September 6, 2022
The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs.
Rental properties and second-hand depreciating assets
By WSC Group | Created on September 6, 2022
The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating assets’ used in their properties.
Small business tax incentives back on the table
By WSC Group | Created on September 6, 2022
The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs.
ATO reminder about appointing an SMSF auditor
By WSC Group | Created on September 6, 2022
The ATO is reminding trustees of self-managed super funds (‘SMSFs’) that they need to appoint an approved SMSF auditor no later than 45 days before the lodgment of their fund’s SMSF annual return (for example, for the 2022 income year).
More COVID-19 business grants are now tax-free
By WSC Group | Created on September 6, 2022
The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.
How high will interest rates go?
By WSC Group | Created on August 12, 2022
The RBA lifted the cash rate to 1.85% in early August 2022.
Can I claim my crypto losses?
By WSC Group | Created on August 12, 2022
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.
FBT-free Electric Cars
By WSC Group | Created on August 12, 2022
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free.
It’s Not Easy Being Green
By WSC Group | Created on August 12, 2022
Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.
ATO’s small business focus for 2022 income year
By WSC Group | Created on July 13, 2022
The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year
ATO to target ‘wash sales’ this Tax Time
By WSC Group | Created on July 13, 2022
The ATO is warning taxpayers to not engage in ‘asset wash sales’ to artificially increase their losses to reduce gains (or expected gains).
ATO updates ‘cents per kilometre’ rate for individuals
By WSC Group | Created on July 13, 2022
The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and become what the ATO refers to as ‘NEVER’ lodgers.
