Archive for the "News" Category
-
The Accountant Versus the ATO – High Court Case Could Reshape Tax Treatment of Trust Distributions
Posted on October 30th, 2025 by Paul LyonsIt’s not the next block buster movie but does have shades of the ‘Castle’ about it!
A long-running legal dispute between a suburban Melbourne accountant and the Australian Taxation Office (ATO) has reached the High Court, with potential significant implications for how trust distributions are taxed, particularly those involving corporate beneficiaries.
The case, involving accountant Steven Bendel, stems from amended tax assessments issued by the ATO for the 2014 to 2017 financial years. The assessments related to unpaid present entitlements (UPEs) from a trust to a c… -
Government Announces Major Changes to Division 296 Superannuation Tax
Posted on October 13th, 2025 by James Watson
What’s changed
The Federal Government has announced a revised version of the proposed Division 296 superannuation tax. The amendments respond to widespread industry concerns about fairness, liquidity, and the inclusion of unrealised gains.
These changes are not yet law. Legislation will be introduced later in 2025 for parliamentary consideration.
Summary of key announcements
Measure
Original Proposal
Revised Position (13 Oct 2025)
Tax rate
Flat 15 % additional tax on earnings from super balances > $3 million
Two-t…
-
GST and Cars: What Business Owners Need to Know
Posted on October 8th, 2025 by Paul Lyons
Purchasing a car through your company can be an attractive proposition, but it’s essential to understand the GST rules and potential pitfalls, especially when it comes time to sell.
GST Cap on Car Purchases
When a business purchases a car, it can generally claim a GST credit for the GST included in the purchase price but only up to a capped amount. For the 2025–26 financial year, the car cost limit is $69,674, which means the maximum GST credit claimable is $6,334 (i.e. 1/11 of the limit).
Even if the car costs significantly more say $200,000 the GST credit is sti… -
Connecting Classroom Learning with Real-World Audit Practice
Posted on October 6th, 2025 by WLF
At WLF, we’re passionate about supporting the next generation of professionals and giving back to our community. That’s why we were proud to see our Audit, Assurance and Advisory Director, Georgie, recently take part in an undergraduate auditing lecture and workshop at the University of Tasmania.
The session focused on tests of controls, a key concept in the audit process. Georgie shared her extensive industry experience, offering students a practical lens through which to view the theory they’re learning in class. From real-world examples to insights into how aud… -
Thinking of Selling?
Posted on August 5th, 2025 by Agnes GondekWritten by Agnes Gondek, Manager
You’ve worked hard to create a successful, profitable business and now you’re looking on collecting a return for your years of effort and “drive into the sunset”.
Nothing wrong with that picture, but have you actually wondered how much your business is worth?
Statistically*, 88% of small business owners will be well wide of the mark when placing a value on their business, and, therefore, exposing themselves to the value gap risk. A difference between a value of your business today and the value you need it to be worth… -
Do you have an end game?
Posted on July 23rd, 2025 by WLFWritten by Agnes Gondek, Manager
Many business owners tend to not think about their succession until it is too late. Don’t wait for something to happen – for example, ill health, a partnership dispute, relationship breakdown, major clients or staff leaving the firm. Be proactive and plan your end game.
Whether you’re considering selling your business or passing on the baton to family member / staff, there are multiple factors that you may need to think about, such as:
Your current business structure – not all structures are suitable for a family / staff …
-
Audit Survival Guide
Posted on July 21st, 2025 by WLFFacing an audit may feel like a daunting prospect, but with the right preparation, it can be a straightforward and valuable process for your organisation. Our external audit team have put together the following guide that outlines the key steps your organisation can take to effectively prepare for your audit.
Understanding the Audit
Before you begin preparing, it is important to understand why the audit is being conducted and which areas it will cover. Whilst you may be familiar with your obligations and understand the scope of our external audit work, for some… -
Significant Changes to Foreign Resident Capital Gains Withholding (FRCGW)
Posted on June 25th, 2025 by WLFWritten By Aneesh Chopra – AccountantAs we approach 30 June 2025, it’s important to be aware of significant changes to the Foreign Resident Capital Gains Withholding (FRCGW) regime that took effect on 1 January 2025.
At WLF, we are dedicated to keeping you informed and prepared for these updates.
Overview of FRCGW
Since 1 July 2016 the FRCGW regime has required purchasers of certain Australian real property and related interests to withhold an amount from the proceeds and remit it to the ATO when the property is acquired from a foreign resident vendor. This withh… -
Audit, Assurance and Advisory Division 2025 Assurance & Financial Reporting Update
Posted on June 19th, 2025 by WLFWLF Accounting & Advisory’s Audit, Assurance and Advisory Division recently hosted its annual Assurance & Financial Reporting Update (AFRU), welcoming clients and colleagues to the Crowne Plaza Hobart for an afternoon of insights and discussion.
The AFRU is a key event in WLF’s calendar, designed to keep clients informed of the latest developments in assurance and financial reporting, while also exploring broader issues that impact governance and business operations.
A highlight of the afternoon was the expert panel session, where Audit Partner, Alicia … -
Employer Superannuation Obligations: Key Dates and Deductibility
Posted on June 18th, 2025 by WLF
Written By Shiranga Mendis – Senior Accountant
As we approach the end of the year, it is crucial to stay on top of your superannuation obligations to ensure compliance and avoid penalties. Here is a simple guide to help you navigate the key aspects of superannuation for your employees.Superannuation Guarantee (SG) Contributions
As an employer, you are required to pay superannuation contributions for your eligible employees. These contributions, known as the Superannuation Guarantee (SG), are currently set at 11.5% of an employee’s …