Archive for the "News" Category
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Navigating Income Tax Exemption: A Guide for Not-for-Profit Entities in Australia
Posted on January 11th, 2024 by Claire ThornettNew reporting requirements
(Note: These new rules do NOT apply to registered charities.)
Managing your not-for-profit’s (NFP) income tax exemption is crucial for sustaining your organisation’s mission-driven initiatives. If your NFP holds an active Australian Business Number (ABN), understanding the intricacies of the new NFP self-review return is essential to maintain your tax-exempt status.
The NFP Self-Review Return
Commencing from the 2023–24 income year, NFPs with an active ABN must lodge a self-review return to remain entitled to access income tax exemption….
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Spreading some Christmas joy!
Posted on December 14th, 2023 by Jo BaileyAs our team at WLF commences Christmas celebrations, we’re also proud to be bringing some Christmas joy to others through our WLF social club’s annual giving drive.
This morning we enjoyed a delicious morning tea and festivities, and all staff were invited to donate a gift to go to the residents who live at Anglicare’s Trinity Hill.Trinity Hill is one of a number of Youth2Independence residences managed by Anglicare Tasmania that provides housing to young people aged between 16 and 24 years. The young people who live here would otherwise be experiencing, or at risk …
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WLF Accounting & Advisory office hours over Christmas
Posted on December 7th, 2023 by Jo BaileyThe WLF Accounting & Advisory office will be closed for the Christmas and New Year period from 12 noon on Friday 22 December 2023.
We will re-open at 8.45am on Tuesday 2 January 2024.
The Partners and team at WLF wish all our valued clients a Merry Christmas. We hope you have a safe, happy new year and we look forward to working with you in 2024….
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Proudly Tasmanian – a connection that has continued for more than 130 years
Posted on October 24th, 2023 by Jo BaileyWe’ve been talking a lot about our ‘Tasmanian-ness’ in the office recently – including what this means to our staff, our clients and our community. It’s a topic that has prompted some interesting conversations and also given us an opportunity to reflect on where we have come from, and where we are heading.
As an independent local firm, we are privileged to work with clients right around Tasmania, as well as interstate and overseas. From the early days as Wise, Lord and Ferguson we have been supporting and serving some of Tasmania’s largest companies and governme… -
Tax incentives on electric vehicles
Posted on October 23rd, 2023 by Alex YangAre you thinking about buying a Tesla as your next toy? Are you enticed by the serene comfort of electric vehicles (EVs)? Or perhaps you’re exploring the idea of long-term saving from electric vehicles, despite the higher initial cost.
With Australia pushing towards a greener future, tax incentives for electric vehicles, both on a national and a state level, might be something for you to make the most out of.You’ll find details on the ATO website and we’ve provided some key insights here for quick reference:
The 5% import tax and Fringe Benefits Tax (FBT) no longer app…
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Christmas party celebrations and Fringe Benefit Tax
Posted on October 18th, 2023 by Stacie YoungAre you planning to take your employees out for a well-earned meal or host an end-of-year Christmas party? If so, there are some key Fringe Benefit Tax (FBT) implications to keep in mind to ensure you don’t end up with a nasty surprise when reporting season arrives.
What is FBT?
FBT is a tax that is levied on certain benefits you may provide to your employees. It can end up being quite costly if you aren’t eligible to apply any exemptions. FBT is separate to income tax and can end up doubling your costs.One of the most common expenses liable for FBT is entertainment….
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Don’t let cashflow pressure get the better of you
Posted on October 18th, 2023 by James Day“Never take your eyes off the cash flow because it’s the life blood of business” Richard Branson
As a business owner you know that cashflow is important, however the current inflationary pressures and higher interest rates are certainly putting some pressure on for many SMEs.To help alleviate your cashflow struggle, we’ve provided some useful tips and processes that you can implement in your business:
Enter supplier invoices into your accounting system upon receipt of the invoice – this will allow you to have a clearer picture of what is owing and when it fal…
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Connecting with our future accountants, auditors and advisors
Posted on October 5th, 2023 by Jo BaileyLast month we had the pleasure of hosting Tasmanian University Business and Economics Society (TUBES) students for a morning of conversation, presentations and an office tour. It was a great opportunity to share a bit about WLF, including our background, range of services and the foundations that launching a career with WLF can provide.
The morning started with Dean Johnson, a Partner in our Business and Personal Advisory division, and Agnes Gondek, Manager speaking with the group about what their standard work-day entails –highlighting that in fact there isn’t actuall…
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Welcome John and Jackie from S2B
Posted on June 15th, 2023 by Jo BaileyThe Partnership is excited and proud to welcome our new colleagues John Oliver and Jackie Ikin, who have joined our WLF team through a merger with Solutions to Business.
John is a well-known Chartered Accountant who established Solutions to Business (S2B) in November 2000 and has continually been working with and supporting clients across all sectors right around Tasmania. Jackie joined S2B in June 2005 as Senior Accountant and has been instrumental in building and maintaining relationships with clients, while also overseeing the administrative functions of S2B.Both Joh…
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2023 Tax Planning Guide for Business
Posted on May 11th, 2023 by Matthew KiernanWith the end of the financial year fast approaching, it’s a good time to review the strategies you have in place that can ensure you are responsibly minimising your business tax.
We have provided a quick reference guide below to help get you started, and we will be discussing many of these opportunities in further details with our business clients in our end of financial year meetings.
IS YOUR BUSINESS A “SMALL BUSINESS” ENTITY?
Small businesses can access a range of tax concessions from the ATO. To qualify as a “Small Business Entity”, the business must h…