Renting out your shack or holiday home and also using it privately? your tax deductions may be at risk

This is the time of the year when many Australian’s head off to their holiday home or shack to spend time with their friends and family. Given the steep rise in property prices, it is common for owners to rent out their holiday homes to help subsidise the significant holding costs of retaining them.  
What might surprise you is the Australian Taxation Office (ATO) has issued a new draft ruling that would significantly reshape how holiday homeowners can claim tax deductions. The changes, outlined in Draft Taxation Ruling TR 2025/D1, aim to curb over-claimed e…

The $20K Immediate Asset Write-Off – What Small Businesses Need to Know for 2025–26 Financial

Over the past few years, one of the most confusing aspects for small business entities (and there are many!) is what the applicable limit for the immediate tax write-off for depreciable assets is?  
The rules have changed more than Tassie’s Spring weather and eligibility has been dependent on both turnover and asset value. Asset value’s have ranged from $1,000 to $30,000, up to unlimited (Covid years), then down to $20,000 over the past few years. What is it now?  
 
Well, it had dropped to only $1,000 for this 25/26 financial year, before the Australi…

Gordon Hamilton Wins the Spirit of WLF Award for 2025 

We are proud to announce that Gordon Hamilton has been awarded the Spirit of WLF Award for 2025. 
A recognition reserved for team members who consistently demonstrate our core values and make an exceptional impact on our firm and community. 
Gordon is a valued member of the Audit, Assurance & Advisory team who delivers his role with commitment to quality and client service. His professionalism, integrity, and positive attitude has earned him respect across the firm. 
Through his active role in stakeholder engagement, community initiatives, and a strong com…

WLF Workplace Giving: Making a Difference in 2025

At WLF, giving back to our community is part of who we are. Through our Workplace Giving Program, our team has once again demonstrated that when we come together, even small contributions can create meaningful change. This year, we proudly supported a range of incredible organisations that are making a real difference in areas such as youth development, mental health, accessibility, and vital care services. By pooling our efforts, we help strengthen programs that empower individuals, foster inclusion, and provide hope where it’s needed most.
JCP Youth empowers young peop…

WLF Joins Forces with CBA Hobart at The Mind Games to Champion Workplace Mental Health

Two of WLF’s leaders, Director James Watson and Manager James Day, joined forces with colleagues from CBA Hobart’s Business Banking Team in a team called the “Amortizators” at The Mind Games, Tasmania’sultimate corporate challenge promoting mental health awareness and research. Held at Princes Wharf No. 1 in Hobart, The Mind Games is a high-energy event where 50 corporate teams of five compete in 10 creative, problem-solving challenges designed to test teamwork, communication, and ingenuity rather than physical fitness. The initiative raises vital funds for the…

Late on ATO payments? Why delays are more costly now

When a taxpayer is late paying their tax debt, the ATO has the option to charge general interest charge (GIC). This is currently charged at 10.61% pa. As of 1 July 2025, GIC is not tax deductible.           
In recent years, WLF and our clients have had a good relationship with the ATO. The COVID period saw the ATO relax a little on lodgement and payment expectations, and this assisted us and you, our clients, to manage obligations and, for the most part, recover from that time and meet tax obligations in a timely manner. When payment of tax debts was dif…

Everything You Need to Know About Your Australian Student Loan and the 20% Reduction

 
 
 
 
 
 
 
 
If you’ve got a student loan in Australia, you may have heard that the government has introduced a one-off 20% reduction on education loans, alongside new fairer repayment rules.
Here’s what you need to know.
What’s Changing?
Anyone with an outstanding student loan as at 1 June 2025 will have their balance cut by 20%. This applies to:

HELP loans (HECS-HELP, FEE-HELP, OS-HELP, SA-HELP, STARTUP-HELP)
VET Student Loans
Australian Apprenticeship Support Loans
Legacy schemes like the Student Financial Supplement Scheme.

Do You Need to Do Anything…

Celebrating 135 years of WLF Accounting & Advisory

Last week, WLF Accounting & Advisory proudly marked a significant milestone, 135 years of service to the Tasmanian community. Since our beginnings in 1890 as Wise & Inglis, we’ve grown and evolved through generations of change, while staying true to the values of integrity, professionalism, and community connection that define us. 
From supporting household names in Tasmania’s early days to partnering with today’s innovators and entrepreneurs, our journey reflects that of our clients and is one of resilience and adaptability. Over the decades, we’ve�…

Some days are extra special, and this was one of those days.

 
 
 
 
 
 
 
 
 
Image: Sophie Davidson, CEO of Eskleigh Foundation and Jo Curran, Consultant from our Audit, Assurance & Advisory Division.Through our workplace giving program, we were able to donate funds to Eskleigh Foundation Inc.Their amazing CEO, Sophie Davidson called in and gave us an update about the remarkable work the Foundation is doing and how our donation can help.
Eskleigh is a not-for-profit that has been supporting Tasmanian’s for over 70 years, with a focus on helping those with a disability.
In recent times, Eskleigh has provided more sho…

Australia’s National Artificial Intelligence Centre Releases Guidance for Responsible AI Adoption

The Australian Government through its National Artificial Intelligence Centre (NAIC) has launched its latest Guidance for AI Adoption, a comprehensive framework designed to help Australian organisations adopt artificial intelligence responsibly and effectively. Released in October 2025, this guidance marks a significant step in aligning AI governance with both national ethics principles and international standards.
 
 
Why This Matters
AI is transforming industries, from finance and healthcare to education and government. While the benefits are clear—efficiency, innova…