News

Archive for the "News" Category

  • 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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  • Jay Bowden – finalist in the SMSF and Accounting Awards

    Posted on August 29th, 2018 by WLF

    Congratulations to Jay Bowden who as been shortlisted as a finalist in the SMSF and Accounting Awards 2018.

    The SMSF and Accounting Awards recognise individuals and businesses who are leading the way, championing professionalism and innovation and providing quality advice.

    Jay was nominated for Newcomer of the Year in the Victoria/Tasmania category of the awards.  Jay joined WLF Accounting & Advisory through our Undergraduate Cadetship Program in February 2015, immediately after completing year 12 at Hobart College.

    Through the undergraduate program Jay is emp…

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  • A practical approach to using risk management as part of post-incident review processes

    Posted on August 27th, 2018 by WLF

    Risk Management is often used as a tool to consider what could go wrong prior to a scenario occurring. But have you ever thought about using risk management as a tool for reviewing an incident after a disaster or risk event has occurred?

    Learning involves inner reflection and analysis of ‘how could we have done this better?’ Approaches to risk management have evolved over time and whilst traditional risk management approaches may have seen an event occurring as a failure of risk management mitigation strategies, quite often there is a trade-off between the level of r…

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  • Updates, changes and tips for your Not-for-Profit organisation

    Posted on August 15th, 2018 by WLF

    If you’re involved with running a not-for-profit organisation as a CEO, executive or director, you will know how important it is to keep up to date with changes in regulatory requirements and legislation. And you will probably also know how time consuming this can be.

    Our team is here to assist and keep you informed, so you can spend your valuable time helping the people and community that you serve.  The below provides a summary of critical information and updates for the not for profit sector. If you have any questions or concerns, contact one of our team or raise t…

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  • Cybersecurity

    Posted on August 15th, 2018 by WLF

    Malware.  Trojan Horses.  Phishing.  No, we aren’t talking about animals or recreational activities, but rather examples of cybersecurity threats that ALL entities are exposed to.  If you haven’t already, now is the time to implement controls to help your business manage cybersecurity risks.

    What are examples of cybersecurity threats?

    Unusual terms aside, cybersecurity threats can result in extended periods where business critical systems are unable to be used, loss of data, data breaches, misappropriation of funds, and numerous other events that negatively im…

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  • Is it time for your cloud health check?

    Posted on August 15th, 2018 by WLF

    Ensure you’re getting the best from your Xero, MYOB or Quickbooks cloud file

    At WLF Accounting & Advisory we are proud to be working closer than ever with our clients to ensure they are moving forward as the current age of technology and the cloud rapidly evolves. Our firm has a dedicated ‘cloud team’ which is made up of various staff members with a future focus towards the cloud and new technologies that affect our clients.

    WLF Partner and member of the cloud team, Paul Lyons believes “the cloud is becoming a commonly referenced term, however we are notic…

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  • A healthy approach to growing a strong business

    Posted on August 15th, 2018 by WLF

    Five years ago, Emily Clark was working as a Pilates instructor in a small studio in Salamanca. Today, Emily and her partner Todd Skipworth own the business; have expanded across three sites; grown the services they provide; and built a team of almost 40 instructors. In between, they’ve also just welcomed their first child and still managed to lock in their goals and budget for the new financial year.

    It’s been an impressive and very busy journey for Emily and Todd, but one they are thoroughly enjoying.

    “We both love health and fitness, and we love a challenge!…

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  • WLF workplace volunteering, with a team helping out at the Hobart City Mission warehouse move in March 2018’

    Volunteering – sometimes you really do get more than you give

    Posted on August 15th, 2018 by WLF

    “At WLF we encourage all our staff to be good contributors to the community” says Stuart Clutterbuck, Partner in Business and Personal Advisory.

    “Many of our employees volunteer their time to assist the community. This can take many forms, whether it be as a honorary board member, an ongoing volunteer for an organisation or just volunteering at a particular event.”

    Stuart speaks from experience, having been an active member of the Rotary Club of Sandy Bay for over 10 years.

    “My time with Rotary has given me an opportunity to contribute to the local and in…

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  • The ‘good tax agents’

    Posted on August 15th, 2018 by WLF

    The ATO has been making much of the ‘individuals tax gap’ – the amount of tax that taxpayers don’t pay due to overclaimed deductions. The Commissioner has gone on the record stating that the majority of overclaimed deductions are through agent-lodged returns. Tax agents. Like WLF.

    Well, maybe not like WLF. We have always held a good standing with the ATO, and we don’t find too many of our clients being subjected to audit or having their claims rejected. So, what makes us ‘good’ tax agents?

    Our view is always that you should claim everything that you can le…

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