Archive for the "News" Category

  • Community Partnership Program

    Launching the new $15,000 WLF Community Partnership Program – media release

    Posted on April 11th, 2024 by Jo Bailey

    WLF Accounting & Advisory Partners are proud and excited to launch a new initiative to support Tasmanian community service organisations – the WLF Community Partnership Program.
    For more than 130 years, WLF has been supporting Tasmanian businesses, families and communities, and Partner Alicia Leis says this program felt like the logical next step.

    “As an independent local firm, we have always had a commitment to helping Tasmanians, at a business and individual level” says Ms Leis.

    “For many years WLF has supported charities and not-for-profit organisations rig…

    Posted in News
  • Stage 3 Tax Cuts – Update from recent announcements

    Posted on February 1st, 2024 by Chase McConnon

    As a follow up to our recent article about the Stage 3 Tax Cuts, we want to bring to your attention some additional changes that have been announced by the Government.

    The purpose of these recent changes is to improve the benefit to those earning less than $146,486 and decrease the benefit to those earning above that amount.

    An outline of what these latest announcements mean for you is provided following. However please keep in mind that until the changes have been passed through legislation they may be subject to further change.

    The below summarise…

    Posted in News
  • Young professional at laptop in cafe looking very happy

    Tax cuts taking effective from July 2024

    Posted on January 18th, 2024 by Chase McConnon

    UPDATE: The Government has announced some changes to the Stage 3 Tax Cuts, which are still to go through legislation. You can read the updated information here. 

    Commencing from the 2025 financial year, significant revisions will be made to individual marginal tax rates for those with taxable incomes above $45,000.

    The most significant change is by removing the 37% marginal tax rate bracket and creating one marginal tax rate bracket from $45,000 – $200,000 at a rate of 30%. The amount of the reduction is summarised in the table below, excluding the …

    Posted in News
  • Not for profit volunteers at work

    Navigating Income Tax Exemption: A Guide for Not-for-Profit Entities in Australia

    Posted on January 11th, 2024 by Claire Thornett

    New reporting requirements

    Managing your not-for-profit’s (NFP) income tax exemption is crucial for sustaining your organisation’s mission-driven initiatives. If your NFP holds an active Australian Business Number (ABN), understanding the intricacies of the new NFP self-review return is essential to maintain your tax-exempt status.

    The NFP Self-Review Return

    Commencing from the 2023–24 income year, NFPs with an active ABN must lodge a self-review return to remain entitled to access income tax exemption. The self-review return will require the organisation’s gover…

    Posted in News
  • Spreading some Christmas joy!

    Posted on December 14th, 2023 by Jo Bailey

    As our team at WLF commences Christmas celebrations, we’re also proud to be bringing some Christmas joy to others through our WLF social club’s annual giving drive.
    This morning we enjoyed a delicious morning tea and festivities, and all staff were invited to donate a gift to go to the residents who live at Anglicare’s Trinity Hill.

    Trinity Hill is one of a number of Youth2Independence residences managed by Anglicare Tasmania that provides housing to young people aged between 16 and 24 years. The young people who live here would otherwise be experiencing, or at risk …

    Posted in News
  • WLF Accounting & Advisory office hours over Christmas

    Posted on December 7th, 2023 by Jo Bailey

    The WLF Accounting & Advisory office will be closed for the Christmas and New Year period from 12 noon on Friday 22 December 2023.

    We will re-open at 8.45am on Tuesday 2 January 2024.

    The Partners and team at WLF wish all our valued clients a Merry Christmas. We hope you have a safe, happy new year and we look forward to working with you in 2024….

    Posted in News
  • Proudly Tasmanian – a connection that has continued for more than 130 years

    Posted on October 24th, 2023 by Jo Bailey

    We’ve been talking a lot about our ‘Tasmanian-ness’ in the office recently – including what this means to our staff, our clients and our community. It’s a topic that has prompted some interesting conversations and also given us an opportunity to reflect on where we have come from, and where we are heading.
    As an independent local firm, we are privileged to work with clients right around Tasmania, as well as interstate and overseas. From the early days as Wise, Lord and Ferguson we have been supporting and serving some of Tasmania’s largest companies and governme…

    Posted in News
  • Tax incentives on electric vehicles

    Posted on October 23rd, 2023 by Alex Yang

    Are you thinking about buying a Tesla as your next toy? Are you enticed by the serene comfort of electric vehicles (EVs)? Or perhaps you’re exploring the idea of long-term saving from electric vehicles, despite the higher initial cost.
    With Australia pushing towards a greener future, tax incentives for electric vehicles, both on a national and a state level, might be something for you to make the most out of.

    You’ll find details on the ATO website and we’ve provided some key insights here for quick reference:

    The 5% import tax and Fringe Benefits Tax (FBT) no longer app…

    Posted in News
  • Christmas party celebrations and Fringe Benefit Tax

    Posted on October 18th, 2023 by Stacie Young

    Are you planning to take your employees out for a well-earned meal or host an end-of-year Christmas party? If so, there are some key Fringe Benefit Tax (FBT) implications to keep in mind to ensure you don’t end up with a nasty surprise when reporting season arrives.
    What is FBT?
    FBT is a tax that is levied on certain benefits you may provide to your employees. It can end up being quite costly if you aren’t eligible to apply any exemptions. FBT is separate to income tax and can end up doubling your costs.

    One of the most common expenses liable for FBT is entertainment….

    Posted in News
  • Don’t let cashflow pressure get the better of you

    Posted on October 18th, 2023 by James Day

    “Never take your eyes off the cash flow because it’s the life blood of business” Richard Branson
    As a business owner you know that cashflow is important, however the current inflationary pressures and higher interest rates are certainly putting some pressure on for many SMEs.

    To help alleviate your cashflow struggle, we’ve provided some useful tips and processes that you can implement in your business:

    Enter supplier invoices into your accounting system upon receipt of the invoice – this will allow you to have a clearer picture of what is owing and when it fal…

    Posted in News
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