Archive for the "News" Category
-
Employer SGC and the ATO
Posted on November 17th, 2022 by James WatsonWith the removal of the $450 monthly wage threshold and increase in the Superannuation Guarantee Charge (SGC) rate to 10.5% of wages for super guarantee payments (referred to in our recent newsletter) it is a good time to remind everyone of the penalties that can be incurred for not paying employee super on time.
Superannuation is required to be paid 28 days after the end of each quarter (see below).Period
Payment due dateSeptember Quarter (1 July – 30 September)
28 OctoberDecember Quarter (1 October – 31 December)
28 JanuaryMarch Quarter (1 January – 31 …
-
2022-23 Labor Federal Budget Highlights – what this means for you
Posted on October 25th, 2022 by Claire ThornettThe Federal Treasurer, Dr Jim Chalmers, handed down the Labor government’s first Federal Budget at 7:30 pm (AEDT) on 25 October 2022.
Described as a sensible Budget for the current conditions, it contains various cost of living relief measures including cheaper childcare, expanding paid parental leave and encouraging downsizing to free up housing stock.
Importantly, no amendments have been proposed to the already legislated Stage-3 individual tax rate cuts.
However, increased funding to the ATO’s Tax Avoidance Taskforce is likely to see the ATO more inclined to… -
Helping Tassie Mums make a difference through our Friday Fundraising program
Posted on October 6th, 2022 by WLFTassie Mums was the most recent, and very worthy, recipient of our Friday Fundraising program, and it was great to welcome Operations Manager Madeleine Glover and Committee member Nigel Clutterbuck to our office to chat about the wonderful work they do.
Tassie Mums is a volunteer based not-for-profit organisation with a commitment to provide Tasmanian babies and children with everyday essentials for a happy and healthy life. Working with more than 60 community and social service organisations right around Tasmania, the team at Tassie Mums supply every-day essentials for b… -
Cyber security – are you protecting yourself and your finances?
Posted on October 6th, 2022 by WLFOur team at WLF want to remind you to remain vigilant in protecting yourself, your family and your business from scams or ‘phishing’.
Over recent years there has been a continual increase in the number of scams reported. Additionally, the methods used by scammers to target people continue to evolve. Here are a few quick tips we’d like to share:Don’t click any links or open attachments if you aren’t expecting them
Never write your password on a sticky note and attach it to your computer
Don’t share your password with anyone
Turn on two-factor or multi-factor authen… -
Bon voyage and happy retirement Debra
Posted on October 2nd, 2022 by WLFThere were plenty of happy memories, and more than a few tears, on 30 September when we said farewell and happy retirement to Debra Harris.
Deb started at WLF on 15 June 1993. In true accounting style, at her farewell she was recognised for 29 years, 3 months and 16 days of outstanding service to the firm!
When Deb joined the firm, then Wise, Lord and Ferguson, we were located in the Reserve Bank Building. Her initial role was in the Insolvency Division, which was led by former Partners Robert Whitehouse and Paul Cooke. The office was rather ‘low tech’ back then, with m… -
Rental properties and tax time – what you need to know
Posted on September 29th, 2022 by Stacie YoungThe Australian Tax Office (ATO) has noted that one of their key focuses this tax year is rental properties. If you have a rental property or receive any sort of rental income it is important to consider the following when lodging or collating information for your tax return.
Rental income – what do I need to declare?
It is important to note that any income received for rent is required to be declared as income in your annual tax return. This includes but is not limited to renting part of your home, short- and long-term rental agreements, leasing of a holiday home and any … -
Shack life – keep the right records now to avoid extra costs later
Posted on September 29th, 2022 by Stuart ClutterbuckAre you keeping all the records you need for the day you sell the family shack or vacant block of land? If you’re not, then it could cost you!
When you are working out the amount of a capital gain there are several elements that make up the cost base of property:The purchase price
The incidental costs associated with the purchase. These would include items like (stamp) duty, legal fees, valuation fees, surveyors’ fees, building inspection fees and agents commission in seeking out the property.
Where a property is acquired after the 20 August 1991 you can include the cos… -
Self Managed Super Funds – update to member reporting requirements
Posted on September 29th, 2022 by Douglas ThomsonIf your investments are in a Self Managed Super Fund (SMSF) you need to be aware of a change in reporting requirements that for events that affect member transfer balance accounts.
From 1 July 2018 the Australian Taxation Office (ATO) introduced the concept of event based reporting which allowed the ATO to administer the Transfer Balance Cap – the cap that details the amount a member can have in a retirement income stream.
A SMSF must report events that affect a member’s transfer balance account. Common events include:Details of when a member commences a retirement in…
-
We’re a Xero Platinum Partner – and we have the trophy to prove it!
Posted on August 18th, 2022 by Jo BaileyWe were very proud to be awarded Platinum Partner status with Xero back in November 2019, and just as proud to receive our long-awaited trophy earlier this year!
WLF has been a Xero Partner since 2011. Over this time our firm has consistently committed to quarterly training, ensuring our staff stay up to date with the latest features and add-ons and are able to provide our clients with the highest standard of service.
We currently have 29 certified Xero Advisors and 14 certified Xero Payroll advisors.
Our Platinum Partner recognition came through on 14 November 2019, … -
New client ID verification process introduced by ATO and Tax Practitioners Board
Posted on August 10th, 2022 by WLFA new mandatory client identification verification process has recently been introduced by the Australian Tax Office (ATO) and the Tax Practitioners Board (TPB), taking effect from 1 July 2022.
The process is known as a Verification of Identity, or VoI, and has been introduced to provide greater cyber security for both accounting firms and clients. It is essential that the VoI is completed before any work is undertaken for a new client.
Who does this apply to?New clients of the firm
New representatives of existing clients, who will be giving instruction or…