News

Archive for the "News" Category

  • The Major Parties’ Superannuation and Tax Policies

    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.

    Liberal-National Coalition

    Superannuation

    Austr…

    Posted in News Tags: ,
  • EY Financial Reporting Update, 2019

    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…

    Posted in News
  • What the 2019 Federal Budget means for you

    Posted on April 3rd, 2019 by WLF

    Treasurer Frydenberg
    brought down his first budget last night. 

    The government
    proposes various changes to further lower individual taxes, including
    increasing the low and middle income tax offset, and lowering the 32.5% rate to
    30% in 2024/25. More businesses will have access to immediate deductions for
    asset purchases, with the expansion of the instant asset write-off to
    businesses with an annual turnover of less than $50m.

    We are pleased to
    present you with some highlights that will impact you, our valued
    clients. 

     Individuals

    The legislated…

    Posted in News
  • Federal Budget Update 2019 – an exclusive client event

    Posted on March 27th, 2019 by WLF

    With the upcoming Federal election expected for May 2019, the Federal Budget will be handed down by Treasurer Josh Frydenberg on the evening of Tuesday 2 April, a month earlier than the usual schedule.

    We are delighted to invite our valued clients to join us for our annual Federal Budget Update event.  This year our event will be held the week following the budget announcements, which will allow us to take a broader focus and include commentary on the Opposition’s Budget Response.

    Presented in collaboration with UNICA Wealth, this event will provide an overview of the …

    Posted in News
  • Dean Johnson recognised as CA Business Valuation Specialist

    Posted on March 20th, 2019 by WLF

    The Partnership and team are proud to congratulate Dean Johnson on his recent
    recognition as a CA Business Valuation Specialist. 

    Dean received the official accreditation through Chartered Accountants Australia
    and New Zealand earlier this month, after completing formal study and
    exams. To date he is one of only two people in Tasmania to qualify for the
    specialisation. 

    “This is an area of I have been working in for almost 10
    years now” remarks Dean. “I initially started under Harvey Gibson’s
    supervision, undertaking research and writing assignmen…

    Posted in News
  • 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 Johnson

    It 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…

    Posted in News
  • 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 WLF

    Updates 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…

    Posted in News
  • 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…

    Posted in News
  • 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…

    Posted in News
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