Archive for the "News" Category
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Single Touch Payroll is upon us – if you’re an employer, here’s what you need to know
Posted on February 19th, 2019 by Melissa JohnsonIt was announced on 12 February
2019 that the legislation for Single Touch Payroll (STP) for employers with 19
or less employees has now passed Parliament. Reporting will be required from 1
July 2019, with a buffer period to 30 September (limited exemptions available).Businesses with 20 or more
employees began reporting on 1 July 2018, and will not be affected by this new
legislation.STP is a change to the way
employers report their employees’ wages and superannuation information to the
Australian Taxation Office (ATO). Employers will be required to electronical… -
What is, and isn’t material? Proposed changes for peppercorn leases, and how to treat leave loading and super.
Posted on January 16th, 2019 by WLFUpdates from the Audit, Assurance & Advisory Team
As auditors, we are often asked
questions that apply across various types of organisations and industries. The
below information provides an update on a few key changes and sheds some light
on a topic that often raises questions – how to treat leave loading in
superannuation.If you have any questions, please contact one of our team.
The new definition of material
In practice, many entities
disclose immaterial information and omit material information from their
financial statements. This reduces th… -
Big tax law changes proposed around private company loans
Posted on December 12th, 2018 by WLFChanges 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 LyonsDecember 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 …
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How to build a strategic plan that really meets the needs of your stakeholders
Posted on December 5th, 2018 by WLFA 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 WLFAre 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 WLFWe’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 McConnonOver 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 OnlineThe 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 WLFMYOB 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 … -
WLF Accounting & Advisory office hours for Christmas
Posted on November 29th, 2018 by WLFThe 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….