Archive for the "News" Category
Posted on June 18th, 2019 by WLF
The Partnership and all staff congratulate Maryellen Salter on her promotion to Partner, effective 1 July 2019.
Maryellen joined the firm, then Wise, Lord and Ferguson, in December 1998 as a graduate of University of Tasmania. She went on to complete her Chartered Accountants (CA) certificate and settle into her career.
In late 2003 Maryellen decided to embark on a two year working holiday to the UK. Two years quickly extended, and she ended up living and working in the UK for 13 years! Throughout this time Maryellen worked for the Audit Commission, PKF, Grant Thornton…
Posted on June 5th, 2019 by WLF
Now is the time to review what strategies you can use to minimise your tax before 30 June 2019.
Just imagine what you could do with those tax savings. You could:
Reduce your home loan
Top up your super
Have a holiday
Deposit for an investment property
Upgrade your car
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.
While you might not be flush with cash now and able to put large amounts into superannuation, it’s important …
Posted on June 5th, 2019 by WLF
Here’s a guide to the strategies you can use to minimise your business tax.
1. IS YOUR BUSINESS A ‘SMALL BUSINESS’ ENTITY?
Small businesses can access a range of tax concessions from the ATO. For most concessions, to qualify as a “Small Business Entity”, the business must have an aggregated turnover (your annual turnover plus the annual turnover of any business connected / affiliated with you) of less than $10 million and be operating a business for all or part of the 2019 year.
2. REDUCTION IN COMPANY TAX RATES FOR SMALL BUSINESSES
The company tax rate for busine…
Posted on May 22nd, 2019 by Melissa Johnson
While Single Touch Payroll (STP) is being talked about frequently in the business and employer worlds, as an employee you may not know what this means for you.
STP is a change to the way your employer will report your wages and super information to the Australian Taxation Office (ATO) from 1 July 2019. It is only a reporting mechanism and you don’t need to worry as your employer will continue to pay you the same way. Your employer will be required to electronically report your wages, PAYG withholding and super information to the ATO on the same day you are paid.
Posted on May 20th, 2019 by WLF
Harvey Gibson will be retiring from the partnership at 30 June this year, but don’t fear, it is not over yet! Harvey will continue in a senior consulting role with WLF focusing on his probity advisory work and also continuing with a number of audit engagements. Harvey has worked for WLF for 40 years and has been a partner since 1986. In that time he has lead the audit teams on a significant number of clients within Tasmania. Harvey’s extensive probity experience has built his reputation as the probity advisor of choice within Tasmania…
Posted on May 8th, 2019 by WLF
New rules were passed by Parliament in February 2019 as part of the Treasury Laws Amendment (Protecting your Superannuation Package) Bill 2018. Essentially, the provisions are aimed at superannuation fund members who have small balances across a number of funds, which all charge an individual series of fees. In these cases, there tends to be duplication of the fee structures across funds and this can erode superannuation balances over time.
An inactive low balance member is
defined as somebody who hasn’t made a contribution to the superannuation fund
Posted on May 1st, 2019 by Claire Thornett
What is an executor?
An executor is
the person responsible for administering the assets and liabilities of a
deceased estate. They must pay the deceased’s creditors (and the creditors of
the deceased estate) and then distribute assets to beneficiaries in accordance
with the deceased’s Will.
Here are the top 5 things, from a purely financial perspective, that you should consider before signing on to be an executor.
1. Find and protect assets
In order to
obtain probate, which allows the executor to begin distributing assets, you’ll
need to first gather an…
Posted on April 26th, 2019 by WLF
Sunday 28 April is 2019 World Day for Safety and Health at Work and Workers’ Memorial Day.
Safe Work Australia is encouraging everyone to take time out to focus on the importance of Work Health and Safety (WHS) for World Day; and also to honour those who have died from a work related injury or illness.
WHS is an important issue for everyone in the workplace to be aware of, from the new employee right through to the CEO and the Board. It’s a term we hear a lot in the workplace but do you really know your obligations? And just as importantly, do you know th…
Posted on April 23rd, 2019 by WLF
The federal election has been called for May 18 and both major parties have outlined their superannuation and tax policies. With the federal election only weeks away many of our clients have been asking what the major political parties’ policies are that may impact their SMSF, individual taxation circumstances or personal investments.
If you would like more information on a particular policy announcement, please do not hesitate to contact our office to set up a time to discuss any requirements you may have.
Posted on April 17th, 2019 by WLF
We are pleased to invite our valued clients to the 2019 Financial Reporting Update, presented in partnership with EY, on Wednesday 15 May.
This year’s presentation will focus on the changes, both recent and upcoming, to accounting standards. Guests will gain a thorough understanding of the changes, the ramifications for their organisation and what they can do internally to prepare.
Staying up to date on accounting and financial reporting rules is critical to any organisation and this annual event continues to provide a valuable resource, with expert commentary on…