Archive for the "News" Category
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Audit, Assurance and Advisory Division 2025 Assurance & Financial Reporting Update
Posted on June 19th, 2025 by WLFWLF Accounting & Advisory’s Audit, Assurance and Advisory Division recently hosted its annual Assurance & Financial Reporting Update (AFRU), welcoming clients and colleagues to the Crowne Plaza Hobart for an afternoon of insights and discussion.
The AFRU is a key event in WLF’s calendar, designed to keep clients informed of the latest developments in assurance and financial reporting, while also exploring broader issues that impact governance and business operations.
A highlight of the afternoon was the expert panel session, where Audit Partner, Alicia … -
Employer Superannuation Obligations: Key Dates and Deductibility
Posted on June 18th, 2025 by WLF
Written By Shiranga Mendis – Senior Accountant
As we approach the end of the year, it is crucial to stay on top of your superannuation obligations to ensure compliance and avoid penalties. Here is a simple guide to help you navigate the key aspects of superannuation for your employees.Superannuation Guarantee (SG) Contributions
As an employer, you are required to pay superannuation contributions for your eligible employees. These contributions, known as the Superannuation Guarantee (SG), are currently set at 11.5% of an employee’s … -
Superannuation Shake-Up: Navigating the Division 296 Tax
Posted on May 29th, 2025 by WLF
Written By James Watson – CA SMSF Specialist
📌 What Is Division 296?
The Australian Government is proposing introducing a new tax measure—Division 296—as part of its efforts to make superannuation concessions more equitable. This legislation targets individuals with superannuation balances exceeding $3 million, and it’s set to take effect in the next financial year, the first testing point for the proposed tax will be 30 June 2026.
💼 Who Will Be Affected
If your total superannuation balance (TSB) exceeds $3 million at the en… -
A Practical Guide to Business Tax Planning for 2025
Posted on May 27th, 2025 by WLFStrategies you can use to minimise your business tax this financial year.
IS YOUR BUSINESS A “SMALL BUSINESS” ENTITY?
Small businesses can access a range of tax concessions from the ATO. To qualify as a “Small Business Entity”, the business must have an total turnover (including of any business connected / affiliated with you) of less than $10 million; and be operating a business during the 2025 financial year.
COMPANY TAX RATES
The 2025 company tax rate for businesses with less than $50 million turnover is 25%, as long as 80% or less of the company’s as… -
End of Financial Year Tax Planning for Farmers for 2025
Posted on May 27th, 2025 by WLFAs the financial year draws to a close, it’s the perfect time to review your farm’s finances and take advantage of the tax deductions and planning strategies available to primary producers.
Here are some practical tips to help you reduce your tax bill and ensure you are taking advantage of all the concessions available:
IMMEDIATE WRITE OFFS & ACCELERATED DEPRECIATION
Primary producers can claim accelerated depreciation on a range of farm improvements:Fencing & Laneways – Fully deductible in the year of installation.
Pasture Renovation – Deduc…
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Tax Time Simplified: Your Easy Planning Guide for 2025
Posted on May 27th, 2025 by WLFNow’s the time to review what strategies you can use to minimise your tax BEFORE 30 June 2025.
The most important thing to remember is that there is no point in spending money to get a tax deduction unless it’s going to result in something useful for you.
HOME OFFICE EXPENSES
If you have been working from home, you may have expenses you can claim a tax deduction for. The ATO allows you to claim using a “Revised Fixed Rate Method” an amount of $0.67 per work hour for the 2025 year.
This amount covers most expenses from working from home, and you need to keep … -
Unlock Funding for Your Business with Recycle Rewards Grants
Posted on May 21st, 2025 by WLFThe Recycle Rewards initiative is here for small Tasmanian beverage producers, and with it comes an opportunity to secure funding that can help your business transition smoothly into Tasmania’s new container refund scheme.
The Small Producer Assistance Grants provide financial support for administrative costs related to container approvals, barcodes, and label updates/printing. With up to $1,000 (excluding GST) available per business, this grant can ease the burden of compliance and ensure your products are ready for the new refund system.
Applications are open now…
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Celebrating Inclusion Through Workplace Giving
Posted on May 15th, 2025 by WLFWe’re proud to share a special moment from our workplace giving program — a meaningful meeting with Sunny from Inclusive Innovations Tasmania, an organisation dedicated to making inclusion mainstream across Tasmania.
Inclusive Innovations Tasmania is promoting innovation through human-centred solutions that empower people living with disability, disadvantage, or disruption. Their work spans inclusive sports, creative recognition, accessible technologies, and more — all designed to build a stronger, more inclusive community.
We had the pleasure of connecting …
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WLF joins Committee for Greater Hobart
Posted on April 28th, 2025 by WLFWLF Accounting & Advisory is now a proud Corporate member of the Committee for Greater Hobart.
We are committed to contributing to the growth and development of our beautiful city. By joining this committee, we aim to collaborate with other local leaders to drive positive change and create a brighter future for Hobart.Stay tuned for updates on how we are working to make a difference in our community. Together, we can achieve great things!
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Changes Ahead: Payday Super is Coming!
Posted on April 16th, 2025 by WLF
Starting 1 July 2026, Australian businesses will experience a significant shift in how they manage their employees’ superannuation guarantee obligations.
The new Payday Super system will require employers to deposit superannuation payments guarantees within seven days of each payday, replacing the current quarterly contribution schedule.
This change is designed to benefit employees by ensuring their super contributions are more promptly deposited. However, it also introduces new operational and financial considerations for businesses.
What is Payday …