News

Archive for the "News" Category

  • Harvey Gibson starts a new chapter

    Posted on May 20th, 2019 by WLF

    Harvey Gibson will be retiring from the partnership at 30 June this year, but don’t fear, it is not over yet!  Harvey will continue in a senior consulting role with WLF focusing on his probity advisory work and also continuing with a  number of audit engagements.  Harvey has worked for WLF for 40 years and has been a partner since 1986.  In that time he has lead the audit teams on a significant number of clients within Tasmania.  Harvey’s extensive probity experience has built his reputation as the probity advisor of choice within Tasmania…

    Posted in News
  • Government takes action on inactive superannuation accounts

    Posted on May 8th, 2019 by WLF

    New rules were passed by Parliament in February 2019 as part of the Treasury Laws Amendment (Protecting your Superannuation Package) Bill 2018.  Essentially, the provisions are aimed at superannuation fund members who have small balances across a number of funds, which all charge an individual series of fees.  In these cases, there tends to be duplication of the fee structures across funds and this can erode superannuation balances over time.

    An inactive low balance member is
    defined as somebody who hasn’t made a contribution to the superannuation fund
    concerned for…

    Posted in News
  • Death and taxes: 5 tax and money issues you should know about before agreeing to become an executor

    Posted on May 1st, 2019 by Claire Thornett

    What is an executor?

    An executor is
    the person responsible for administering the assets and liabilities of a
    deceased estate. They must pay the deceased’s creditors (and the creditors of
    the deceased estate) and then distribute assets to beneficiaries in accordance
    with the deceased’s Will.

    Here are the top 5 things, from a purely financial perspective, that you should consider before signing on to be an executor.

    1. Find and protect assets

    In order to
    obtain probate, which allows the executor to begin distributing assets, you’ll
    need to first gather an…

    Posted in News
  • World Day for Safety and Health at Work and Worker’s Memorial Day

    Posted on April 26th, 2019 by WLF

    Sunday 28 April is 2019 World Day for Safety and Health at Work and Workers’ Memorial Day.

    Safe Work Australia is encouraging everyone to take time out to focus on the importance of Work Health and Safety (WHS) for World Day; and also to honour those who have died from a work related injury or illness.

    WHS is an important issue for everyone in the workplace to be aware of, from the new employee right through to the CEO and the Board.  It’s a term we hear a lot in the workplace but do you really know your obligations? And just as importantly, do you know th…

    Posted in News
  • 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
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