Archive for the "News" Category

  • Establishing and managing a Not-for-Profit entity

    Posted on November 7th, 2019 by WLF

    Over the past few years our team at WLF has noticed an increase in the number of not-for-profit entities being set up in Tasmania.  We have a long history of supporting Tasmanians, and decided to do our bit to assist by sharing our expertise and commentary in this area. 
    We are proud to present our Not-for-Profit series, a collection of video and written articles developed by Marg Marshall, Rachel Mendlik and Claire Thornett.  Throughout the series we will cover everything from start ups to compliance, accounting processes to governance, insurances and more.  Please t…

    Posted in News
  • The success of our Undergraduate Cadetship Program continues

    Posted on August 23rd, 2019 by WLF

    Since our establishment in 1890 WLF Accounting & Advisory has been providing career opportunities for Tasmanians.  In fact, our records dating back to 1928 show that over 760 Tasmanians have worked at our firm – and we know the number is substantially larger even though the earlier records are incomplete. 
    In 2006 we introduced an Undergraduate Cadetship Program. The program is open to Tasmanian year 12 students who have an enrolment in pre-tertiary accounting.  Each year the successful applicant/s completes their TCE, enjoys some time off over summer and then com…

    Posted in News
  • Upcoming series for Not-For-Profits

    Posted on August 21st, 2019 by Claire Thornett

    Keep watch on our website and social media for our upcoming series especially for Not-For-Profit (NFP) entities. We’ll be covering topics like:

    What to consider when just starting out in the NFP space
    What are the next steps for an established NFP
    The importance of budgets, finance functions and cash flows
    What authorities need to be notified when changing board or committee members
    The types of accounting software that you could be using and why you should consider a review of your financial processes
    Best practice when onboarding employees including consideration of f…

    Posted in News
  • Dressing down for a cause

    Posted on August 21st, 2019 by WLF

    If you are in our office on a Friday you’ll notice the team looking slightly less formal than usual, but be assured it is for a good cause! 
    For a number of years we’ve been running ‘Fundraising Friday’ and participating staff make a donation. Our well used cash collection jar continues to operate, however the move towards a more cashless society has meant we also enable staff to make their regular contributions electronically, through our workplace giving program.  
    The funds we raise support a wide range of local not-for-profit organisations and causes. Once t…

    Posted in News
  • Confession is good for the soul (and can keep you out of trouble)

    Posted on August 21st, 2019 by Claire Thornett

    The ATO has come out this week to remind us that they’re watching you and so are their international counterparts.
    Through the Automatic Exchange Of Information developed by the OECD in 2014, the ATO and international tax authorities share bank account information with each other, including yours.
    This year, “The ATO has shared data on financial account information of foreign tax residents with over 65 foreign tax jurisdictions across the globe. This includes information o…

    Posted in News
  • 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 WLF

    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!
    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
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