News

Archive for the "News" Category

  • Big tax law changes proposed around private company loans

    Posted on December 12th, 2018 by WLF

    Changes are in the wings to a popular type of business loan called a ‘Division 7A loan’. Division 7A is a framework that governs the terms on which individual shareholders and related parties can borrow money from private companies. These are popular types of loans and are commonly used to extract money out of companies to fund purchases such as commercial property or to lend money from one entity to the other.

    Current rules

    The current rules require the loan to be documented, as well as being repaid over a 7-year (unsecured) or 25-year (secured) term, with int…

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  • Managing your business cash flow over Christmas and New Year

    Posted on December 12th, 2018 by Paul Lyons

    December is usually the busiest time of the year for retail and hospitality businesses. However, businesses in other sectors often find that their sales slow down and their customers stop paying them fora few months. This means cash flow dries up, turning their January and February into cash flow nightmares.

    Whether your business is large or small,well-established or in start-up mode, you need to take a planned approach to managing cash flow during the holiday season. Here are few tips for keeping on top of cash flow management during the Christmas and New Year holiday …

    Posted in News
  • How to build a strategic plan that really meets the needs of your stakeholders

    Posted on December 5th, 2018 by WLF

    A strategic plan is a vital tool for any business or organisation. It captures the needs and opportunities for the organisation and sets the future direction to meet medium- and long-term goals. Essentially, a strategic plan sets an organisation up for success.

    However, for many people running a business, finding the time to develop a strategic plan is a challenge, particularly where there are multiple stakeholders to consult and a broad range of service offerings to deliver.

    Under a recent change to the Local Government Act, the local councils in Tasmania are require…

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  • Are you drowning under the weight of book work?

    Posted on December 4th, 2018 by WLF

    Are you caught up in the day to day juggle and spending too much time working IN your business, and not enough time working ON it?

    Did you start your own business because you loved what you were doing, but now find you spend all day (and half the night) keeping up to the date with the accounts and book work?

    Or maybe the thought of your office staff taking leave gives you nightmares?

    If you answer yes to any of the above, you should talk to us about a professional bookkeeper. We have bookkeepers with a professional accreditation with the Institute of Certified Book…

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  • Donate a toy and brighten Christmas for a local child

    Posted on December 4th, 2018 by WLF

    We’re delighted to support the Hobart City Mission’s Christmas Appeal, collecting toys to put smiles on the faces of local children this Christmas.

    Our team are all encouraged to contribute, and we’ve had a shopping spree courtesy of our staff fundraising program (now you know why we have casual Friday each week!).

    If any of our clients would like to support the appeal you are welcome to drop into reception with a contribution. Here are some helpful tips for choosing a gift:

     

    Please leave gifts unwrapped. Hobart City Mission allow parent/guardians …

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  • Mandatory Changes to User Log-in Process for Cloud Accounting Products

    Posted on December 4th, 2018 by Chase McConnon

    Over the coming months all users of cloud accounting products will be required to sign in using a two-step authentication process. As with most IT related processes there are many terms and acronyms which relate to the relatively similar process but vary depending upon the product you are using:

    Two-step authentication (2SA) – Xero
    Two-factor authentication (2FA) – MYOB
    Multi-factor authentication (MFA) – Quickbooks Online

    The purpose of 2SA/2FA/MFA is to provide an extra level of security to your accounting software login. Step one of the login process will…

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  • Important news for MYOB Desktop software users

    Posted on December 4th, 2018 by WLF

    MYOB has recently announced some important news for businesses who use AccountRight Classic, also known as Version 19 (and earlier). As of 30 September 2019, features, patches, compliance updates and product support will no longer be provided for your MYOB AccountRight Classic desktop software (including Version 19 and all prior versions).

     
    Why are these changes occurring?
    When MYOB first developed AccountRight Classic business was done very differently: data entry was manual, books were only worked on in the office and getting your financials to your accountant …

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  • WLF Accounting & Advisory office hours for Christmas

    Posted on November 29th, 2018 by WLF

    The WLF Accounting & Advisory offices will be closed for the Christmas and New Year break from 12 PM Friday 21 December 2018 and will re-open on Wednesday 2 January 2019.
    The WLF Partners and team wish all our valued clients a Merry Christmas and a wonderful year ahead.  We look forward to working with you in 2019….

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  • Are you keeping the right documents for your tax return?

    Posted on September 19th, 2018 by WLF

    The ATO have flagged in recent weeks the areas they will be targeting for the 2018 tax year and beyond. Their major focus area this year is work-related claims, including travel and motor vehicle expenses.

    As such, there are certain documents and records you will need to retain as substantiation of any claims made in your return. That way, if the ATO question any claims made, you can provide the appropriate documentation to support your claim.

    You must have written evidence of expenses you are intending to claim if the total claim exceeds $300. This doesn’t automati…

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  • Foreign investor regulations for purchasing property – what you need to know

    Posted on September 19th, 2018 by WLF

    With the current state of the Tasmanian property market, purchasing a residential property is an appealing proposition for both local and foreign buyers. If you are a foreign investor, it is important to be aware of the rules surrounding residential property acquisition for foreign persons.

    As a foreign investor you will need to obtain Foreign Investment Review Board (FIRB) approval before acquiring an interest in certain types of property investments. This list is not exhaustive, but two situations where the rules can apply that are relevant for the Hobart market are th…

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