Archive for the "News" Category
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Before asking what’s next with AI, understand where you are today
Posted on October 14th, 2026 by Maryellen Salter“Across our discussions with Boards, executive teams and Audit & Risk committees, one observation continues to emerge.
The human element is not an afterthought. As AI becomes more capable, organisations are spending more time determining where judgement should sit, how technology should support it, and what level of oversight remains appropriate. Not less.” Maryellen Salter
One of the more common themes in conversations about AI is the focus on what comes next. The next capability, implementation, opportunity, use case.
That makes sense. Most organisations… -
Hiring Your First Employee? Here’s What You Need to Know
Posted on September 29th, 2026 by Dylan Bassett
Employing staff is an exciting milestone for any business. Whether you’re a sole trader hiring your first employee or a company expanding its team, becoming an employer brings a range of tax, superannuation and workplace obligations that need to be addressed from the outset.
Before your first employee starts, it is important to ensure the correct registrations, systems and insurance arrangements are in place. This includes setting up payroll, registering for PAYG withholding, implementing Single Touch Payroll (STP), arranging workers compensation insurance and … -
Wine Equalisation Tax – Producer Rebates for Australian Wineries
Posted on September 29th, 2026 by Kerry UebergangWhat is the WET Producer Rebate?
The Wine Equalisation Tax (WET) Producer Rebate is one of the most valuable tax concessions available to Australian wineries.
Eligible producers may claim a producer rebate on certain sales of wine, generally up to the amount of WET paid, with a maximum rebate of $400,000 per financial year from 1 July 2026 (shared across associated entities where applicable).
Are you eligible?
For 2018 and later vintage wines, producers generally need to:Be the producer of the wine.
Be liable for WET (or sell under quote where another party is liable)… -
Parliament Passes Permanent $20,000 Instant Asset Write-Off and Reintroduces Loss Carry Back Measures
Posted on September 4th, 2026 by Naomi NormanIn a welcome development for Australian businesses, Parliament has passed the Treasury Laws Amendment (Tax Reform No. 2) Bill 2026, delivering two significant tax measures announced in the 2026-27 Federal Budget:
The $20,000 instant asset write-off has been made permanent for eligible small businesses.
The tax loss carry back regime has been reintroduced for eligible companies.These changes provide greater certainty for business investment decisions and may improve cash flow for businesses experiencing fluctuating profitability.
Permanent $20,000 Instant Asset Write-… -
The CGT Shake Up: Why 30 June 2027 is the deadline you can’t ignore (But can’t rush)
Posted on September 4th, 2026 by Paul LyonsThe capital gains tax (CGT) landscape is undergoing a sizeable shift. Under the proposed rules, the familiar 50% CGT discount for individuals, trusts, and partnerships will be replaced with cost base indexation from 1 July 2027.To bridge the old and new regimes, “Tranche 2” of the consultation legislation introduces a transitional mechanism: any CGT assets held on 30 June 2027 will be subject to a deemed disposal and
requisition. This effectively draws a line in the sand, forcing taxpayers to establish a reset cost base using one of two methods. These rules will affect … -
Private Ancillary Funds: Proposed Changes Every Trustee Should Know
Posted on August 12th, 2026 by Naomi NormanThe Federal Government has announced reforms to Australia’s Private Ancillary Fund (PAF) framework as part of its broader philanthropy agenda. While the reforms are not yet fully operational, trustees should be aware of the proposed changes and begin considering how they may affect their fund’s long-term strategy.
Key Proposed Changes
The key changes currently proposed include:Increase in the minimum annual distribution requirement from 5% to 6% of the fund’s net assets.
Introduction of a three-year distribution smoothing mechanism, allowing trustees greater flexibi… -
Superannuation, Directors’ Liability, and the Ostwald Case
Posted on July 15th, 2026 by Marg MarshallThe recent Federal Court decision in Ostwald v Commissioner of Taxation shows how important it is that employee super contributions don’t just leave the company’s bank account by the due date — they must actually be received by the super fund on time. Missing these strict deadlines can create significant company liabilities and expose directors to personal liability through Director Penalty Notices (DPNs).
When is super considered “paid”?
A common misconception is that super is “paid” once the money is debited from the company’s bank account or sen… -
Stocktakes for 30 June 2026 – Why They Matter
Posted on July 2nd, 2026 by Jay BowdenNow that we have passed 30 June, many businesses have completed their year-end stocktake. While it can feel like a chore, a stocktake is essential for both compliance and understanding how your business has truly performed.
Why Stocktakes Matter
A stocktake involves counting and valuing all inventory on hand at year-end. This directly impacts your profit and tax position:Affects your tax outcome: Higher closing stock increases profit (and tax), while lower stock reduces it. Stock figures feed directly into your cost of goods sold (COGS) and profit. Accurate stock equals…
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Celebrating the Career of Douglas Thomson
Posted on June 30th, 2026 by WLFAfter more than four decades with WLF Accounting & Advisory, today we farewell Douglas Thomson and recognise an exceptional career defined by dedication, expertise, and leadership.
Douglas joined WLF on 12 February 1979, beginning a journey that would see him play a significant role in the firm’s growth and evolution. Over this time, the accounting profession has undergone considerable change from manual processes to modern digital systems, and an increasingly complex regulatory environment. Throughout it all, Douglas has remained a steady and trusted presence for b… -
Tax changes update: new concessions and incentives for small businesses and startups
Posted on June 19th, 2026 by Marg Marshall
The Prime Minister & Treasurer has issued a media release that outlines further implementation details for its tax changes that were announced in the recent federal budget.
Expanded access to small business CGT concessions
A key feature of the announcements is the expansion of eligibility for one of the existing capital gains tax (CGT) concessions.
The Government proposes to increase the turnover threshold for the 50% active asset reduction from $2 million to $10 million. The eligibility criteria for the remaining small business CGT concessions are unchanged…