Superannuation, Directors’ Liability, and the Ostwald Case 

The recent Federal Court decision in Ostwald v Commissioner of Taxation shows how important it is that employee super contributions don’t just leave the company’s bank account by the due date — they must actually be received by the super fund on time. Missing these strict deadlines can create significant company liabilities and expose directors to personal liability through Director Penalty Notices (DPNs). 
When is super considered “paid”? 
A common misconception is that super is “paid” once the money is debited from the company’s bank account or sen…

Stocktakes for 30 June 2026 – Why They Matter

Now that we have passed 30 June, many businesses have completed their year-end stocktake. While it can feel like a chore, a stocktake is essential for both compliance and understanding how your business has truly performed.
Why Stocktakes Matter
A stocktake involves counting and valuing all inventory on hand at year-end. This directly impacts your profit and tax position:

Affects your tax outcome: Higher closing stock increases profit (and tax), while lower stock reduces it. Stock figures feed directly into your cost of goods sold (COGS) and profit. Accurate stock equals…

Celebrating the Career of Douglas Thomson

After more than four decades with WLF Accounting & Advisory, today we farewell Douglas Thomson and recognise an exceptional career defined by dedication, expertise, and leadership.
Douglas joined WLF on 12 February 1979, beginning a journey that would see him play a significant role in the firm’s growth and evolution. Over this time, the accounting profession has undergone considerable change from manual processes to modern digital systems, and an increasingly complex regulatory environment. Throughout it all, Douglas has remained a steady and trusted presence for b…

Tax changes update: new concessions and incentives for small businesses and startups

 
The Prime Minister & Treasurer has issued a media release that outlines further implementation details for its tax changes that were announced in the recent federal budget. 
Expanded access to small business CGT concessions 
A key feature of the announcements is the expansion of eligibility for one of the existing capital gains tax (CGT) concessions. 
The Government proposes to increase the turnover threshold for the 50% active asset reduction from $2 million to $10 million. The eligibility criteria for the remaining small business CGT concessions are unchanged…

Audit, Assurance and Advisory Division – 2026 Assurance & Financial Reporting Update

WLF Accounting & Advisory’s Audit, Assurance & Advisory team recently hosted its annual Assurance & Financial Reporting Update (AFRU), welcoming clients and colleagues to the Crowne Plaza Hobart on Thursday 11 June for an afternoon of insights and discussion.
The AFRU is a key event in WLF’s calendar, designed to keep clients informed of the latest developments in assurance and financial reporting, while also exploring the broader issues that impact governance and business operations. This year’s program turned its attention to the changes on the horizon for th…

Supporting the next generation of accountants

Marg Marshall, Partner, Toby Duncan, Advisor and Seema Tamang, Accountant recently took part in the TTI Office Crawl 2026, sharing their experience with the next generation of accounting professionals.
Speaking with a group of emerging accountants, they offered practical insights, reflected on their own career paths and talked about what working in the profession really looks like.
The conversation covered day-to-day work in the industry, client relationships, professional growth and the need to stay adaptable as the profession continues to evolve.
For those in the…

What does the 2026-27 Federal Budget mean for you?

The Federal Treasurer, Dr Jim Chalmers, delivered the 2026–27 Federal Budget on 12 May 2026.
It’s a budget focussed on tax reform with major changes that will impact many of our clients.At this stage, nothing has been legislated and further detail is expected. Most major measures are not due to commence until after 30 June 2027, with transitional rules and rollover relief likely to assist with implementation.We will continue to monitor developments and keep you informed as the proposals evolve. There may be planning opportunities to mitigate adverse impacts, in…

ATO Support for Businesses Impacted by High Fuel Costs

 
ATO Support for Businesses Impacted by High Fuel Costs
With fuel prices continuing to put pressure on businesses, the Federal Government has announced extra support through the Australian Taxation Office (ATO). If higher fuel costs have affected your cash flow, you may be eligible for a more flexible ATO payment plan.
 
 
What Support Is Available?
The ATO’s Fuel Response Payment Plan offers eligible businesses:

No upfront payment
Up to 3 years (36 monthly instalments)to pay tax debts
Remission of interest (GIC) provided conditions are met
The ability to vary PA…

Why Getting the Basics Right Matters More Than Ever

 
 
 
 
 
 
 
 
 
As we move through 2026, the Australian Taxation Office (ATO) has made it clear that its compliance focus is firmly on the fundamentals. 
Rather than targeting only complex or aggressive tax arrangements, the ATO is increasingly directing attention to: 

Late lodgements  

Poor record‑keeping  

Documentation gaps  

Division 7A issues  

GST errors  

Gaps in governance or internal processes 

In many cases, it’s small and seemingly routine mistakes that are triggering reviews and follow‑up action across privately own…

Payday Super Is Coming – Are You Ready?

From 1 July 2026, the way super is paid is changing. 
Under the new Payday Super rules, employers will need to pay super at the same time as wages, rather than quarterly. Now is a great opportunity to start preparing and, where possible, begin implementing changes early. 
 
What Is Payday Super? 
Currently, most businesses pay super quarterly. From 1 July 2026: 

Super must be paid on or before each payday 

Payments must align with your payroll cycle (weekly, fortnightly or monthly) 

Quarterly super payments will be phased out 

 
What Does This Mean for Y…