News

Archive for the "News" Category

  • A local business success story that’s all about people

    Posted on July 15th, 2019 by WLF

    Building and maintaining a thriving business in the community sector isn’t easy, so the ongoing success and growth of local organisation St Vincent Industries (SVi) is to be applauded.  Not only has the organisation been in operation in North Hobart since 1972, but they have continued to look at, and embrace, new opportunities. Recently, this sense of vision saw SVi taking out the Excellence Leadership Award in the Work Safe Tasmania Awards for 2018.
    We have been working with SVi for many years and recently had the pleasure of speaking with CEO Daniel Teague about this …

    Posted in News
  • Tax time tips for deductions on rental properties

    Posted on June 26th, 2019 by WLF

    Do you own rental properties? It’s important to know what you can and cannot claim as a deduction on your tax. 
    The Australian Tax Office has indicated that it will be investing additional resources to look in Airbnb and rental property claims this year. If this impacts on you, the following infographic released by the The Tax Institute will provide some useful tips. 
     

    Posted in News
  • Is It Tax Deductible?

    Posted on June 26th, 2019 by Edward MacFie

    Everyone wants to pay less tax, don’t they? To do that you need to know what you can claim… and what you can’t.
    It’s not about cheating the system, or creative accounting. It’s all about claiming what you’re entitled to. That’s why we’ve developed the ‘Is it tax deductible’ checklist for you.
    Remember, substantiation is always the key so ensure you keep all of your records and talk to us about any queries around claims
     

    Posted in News
  • On 1 July 2019 your insurance cover may be changing

    Posted on June 19th, 2019 by WLF

    In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has directed otherwise.
    It is a common practice for many individuals with an SMSF to also have a secondary APRA-regulated fund which provides them with insurance.
    This may be done for two key reasons:

    to access insurance policies provided through large superannuation funds which are often cheaper;
    to keep legacy insurance policies which may offer better benefits or lower premiums…

    Posted in News
  • Big Tax Law Changes – No tax deductions if you don’t meet your obligations

    Posted on June 19th, 2019 by WLF

    There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.
    This may happen if you:

    Don’t lodge your BAS on time; or
    Don’t lodge your payroll each week using Single Touch Payroll (STP); or
    Don’t properly withhold a tax amount from a payment before you pay it to an employee or a contractor.

    Make sure that this doesn’t happen to you!
     
    WHAT HAS CHANGED?
    From 1 July 2019, you can only claim deductions for payments you make to your workers (employees or contractors) where you have complied with the pay as you…

    Posted in News
  • New Minimum Wage Rate from 1 July 2019

    Posted on June 19th, 2019 by WLF

    The Minimum Wage Panel on 30 May 2019 handed down its minimum wage decision for 2019. From the first pay period commencing on or after 1 July 2019, the National Minimum Wage will increase to $740.80 per week, or $19.49 per hour.
     
    What this means for you:

    Employers who pay their employees at the National Minimum Wage or Modern Award rates of pay will need to apply the increase in the first full pay period commencing on or after 1 July 2019;

     

    Employers who currently pay above National Minimum Wage or Modern Award rates of pay are not obliged by this decision t…

    Posted in News
  • Maryellen Salter announced as new Partner

    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 in News
  • 2019 Tax Planning Guide for Individuals and Families

    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.
     
    SUPERANNUATION CONTRIBUTIONS
    While you might not be flush with cash now and able to put large amounts into superannuation, it’s important …

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  • 2019 Tax Planning Guide for Businesses

    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 in News
  • Single Touch Payroll is upon us – Employees

    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. 
    What d…

    Posted in News
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