News

Archive for the "News" Category

  • Federal Budget Update

    Posted on April 18th, 2018 by WLF

    We are delighted to invite our valued clients to join us on Wednesday 9 May 2018 for an update on the Federal Budget. Our presentation will include expert commentary with the chance to ask questions, followed by light refreshments.

    Presented in collaboration with UNICA Wealth, this event will provide an overview of the Federal Budget, which is being handed down the evening before by The Hon Scott Morrison, Treasurer.

    WLF Partner Marg Marshall will share her thoughts and commentary on the budget for the year ahead, in particular the impact on tax for individuals and…

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  • Oak Possability, supporting Tasmanians with a disability for more than 50 years

    Posted on April 11th, 2018 by WLF

    The 2016 introduction of the National Disability Insurance Scheme (NDIS) brought significant changes to the disability sector right around Australia. Many organisations needed to revise operating structures and service offerings, as well as adapt to new administrative and compliance processes. And in a sector dominated by not for profit organisations, these sorts of changes can really put a drain on resources.

    Two highly reputable Tasmanian providers used the introduction of the NDIS to position themselves for the future: the merger of Optia Limited (trading as Possabili…

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  • The reasons for a corporate trustee for SMSFs

    Posted on April 11th, 2018 by Douglas Thomson

    The trustee of a super fund may be either individuals or a company.

    It is best practice for a self managed superannuation fund (SMSF) to have a corporate trustee (company) – in fact a sole purpose corporate trustee. Such a company only acts as trustee of the fund – it does not have any other function. It reduces the opportunities for mistakes and provides protection from business creditors.

     

     

     
    The advantages of a corporate trustee are as follows:
     Breaches of Law:

    A sole purpose corporate trustee also has the benefit of lower penaltie…

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  • Does your agricultural business have too much money?

    Posted on April 11th, 2018 by WLF

    Financial year 2018 is shaping up to be a big year for our farming clients. Sheep farmers in particular are seeing great wool and lamb prices, while beef prices are nothing to laugh at either.

    These great prices are driving a number of questions from our small business farming clients. What can I do with this extra income? Should I pay down some debt? How can I spend it as tax effectively as possible?

    Here are some ideas.

     

     

    Repairs

    One of the most tax effective deductions is making repairs to your existing equipment, sheds, vehicles, stockyards…

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  • Thirty years in business and still growing

    Posted on April 11th, 2018 by WLF

    Running a family business can be challenging, keeping up with day to day operational demands, juggling personalities and trying to maintain a work/life balance for everyone. But when the business does it well, the rewards are plentiful.

    “Something I really enjoy about our business is the great rapport we have with our customers” says Michelle Williams, of Williams Mitre 10 in New Norfolk.

    “Most of our customers are from the Derwent Valley so we get to know them and understand their needs. We see a lot of DIYers and professional builders, and our staff are known …

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  • EY Financial Reporting Update 2018

    Posted on April 4th, 2018 by WLF

    WLF Accounting & Advisory invites our valued clients to the annual Financial Reporting Update, presented in partnership with EY (formerly Ernst & Young), on Thursday 3 May 2018 at the RACV/RACT Hobart Apartment Hotel.
    Staying up to date on accounting and financial reporting rules and regulations is critical to your organisation. This presentation will provide an invaluable resource with expert commentary on key issues across accounting standards, corporate governance and financial reporting.

    Registration is open from 12.30pm, with a light luncheon served at 12….

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  • WLF Tax Proposals Client Update – the 2018-19 Federal Election

    Posted on March 21st, 2018 by Paul Lyons

    Whilst for many people tax policy is as boring as watching paint dry, there are some important proposed changes to the tax system that will affect many of our clients.  WLF Business & Personal Advisory Partner, Paul Lyons has summarised the key proposals below:

    Area
    The Coalition proposals
    Labor proposals

    Corporate tax rates
    A reduced corporate tax rate for all companies eventually with a target rate of 25%.
    Restoring the company tax rate to the full 30%, along with a possible lower rate for smaller corporate entities.

    Personal tax rates
    A likely …

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  • Attention all Employers – Single Touch Payroll is Coming

    Posted on March 21st, 2018 by Melissa Johnson

    As we all know 1 April 2018 is Easter Sunday and the end of daylight savings for this year, however what you might not know is that it’s also ‘employee headcount day’ for the new Single Touch Payroll (STP) initiative being introduced by the Government.

    STP will begin on 1 July 2018 for employers with 20 or more employees and on 1 July 2019 for all other employers (subject to legislation being passed in parliament). It involves employers electronically reporting all wage details, PAYG withholding and super entitlements to the ATO every time you pay your employees. U…

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  • Welcoming our new team members

    Posted on February 21st, 2018 by WLF

    There is no greater signal to the WLF Accounting and Advisory team that the summer break is well and truly over than seeing our new graduate and undergraduate accountants arrive, excited for their first day on the job.

    This February we have welcomed six new staff, with three graduate accountants, an undergraduate accountant, a tax consultant and a corporate support services officer joining the firm. Induction day was held last week and while there was a lot of information to absorb we managed to coerce most of the new team into the foyer for a first-day photo!

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  • Who has a business plan?

    Posted on February 21st, 2018 by Paul Lyons

    How many small to medium sized businesses have documented business plans and how many reference back to it regularly? In my experience not many!
    A business plan should be a living and breathing document. Hence the strategies to achieve your goals will always evolve. As your business environment changes, the plan’s actions and strategies should evolve and adapt. It may sound like a daunting assignment, but evidence suggests a well-written business plan contributes to a successful business.

    Why? 

    Building a business from scratch can be challenging, therefore, creat…

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