Friday fundraising supports SASS in their support for survivors

We were delighted to hand over our giant $1000 cheque to Sandi Doherty of Sexual Assault Support Service (SASS) in June as part of our WLF Friday Fundraising program.
WLF has been supporting SASS for a number of years as part of their awareness raising month each April. This year our team decided to build on that through a Friday Fundraising campaign, a staff initiative allowing everyone in the firm to make a contribution. 
Sandi and the team at SASS are proud to see businesses and employees around Hobart recognising and contributing to the important work they do in the c…

Carbon Accounting & ESG Reporting – an evolving priority for your organisation

In May 2024 we hosted 100 clients for our annual Assurance and Financial Reporting Update seminar, where we brought together an array of experts to share their expertise and insights on the rapidly emerging areas of environment, social and governance reporting (ESG), carbon accounting and climate-related disclosures.
These areas have been on our radar at WLF for some years, and we have been closely following the developments on ESG reporting in particular, at an international and national level. Over the past year since we shared our first ESG reporting article on our webs…

Tax Deduction Substantiation – What Can I Claim?

In recent years the ATO has taken a closer look at work related deductions. If you’re simply repeating the same claim year on year, the ATO are more likely to start asking questions. Therefore, it’s more important than ever that you’re aware of your responsibilities to substantiate any claims you make in your tax returns.
Remember – you must keep your written evidence for 5 years from the date you lodge your tax return!
 
WHEN YOU CAN CLAIM A DEDUCTION

You personally incurred the expense without receiving reimbursement,
The expense must be directly connected to e…

Welcoming Oliver Barta to the WLF Partnership

We are delighted to announce that Oliver Barta is joining the WLF Accounting & Advisory Partnership from 1 July 2024.
Oliver’s expertise in tax strategy, financial forecasting, and business improvement is highly regarded by his clients, who span a wide range of industries and sectors.  He has a strong future focus on contemporary advisory services and a reputation for working collaboratively with clients to deliver solutions.
Partner and head of Business and Personal Advisory, Douglas Thomson, says Oliver has continued to be an asset to the firm since commencing his a…

2024 Tax Planning Guide for Business

Owning a business can be both rewarding and challenging. And even when business is thriving, it can involve a lot of hard work.
So, it makes sense to invest some time into reviewing the strategies you have in place to responsibly minimise your business tax and maximise your returns. 
If you followed our coverage of the recent Federal Budget, you’ll know there aren’t many changes. However, we encourage you to look through the below tips to help ensure you are taking up any relevant opportunities for tax deductions. After all, you work hard so you want to maximise your r…

2024 Tax Planning Guide for Individuals and Families

With the end of the financial year approaching, it’s a good time to think about what strategies you have in place, or can implement now, to responsibly minimise your tax.   
While the most recent Federal Budget has not resulted in very many changes, we encourage you to read through the information we have provided below. This will help ensure you are taking up any opportunities to reduce your tax and keep more money in your pocket and savings. 
 
STAGE 3 TAX CUTS FROM 1 JULY 2024
You will have heard about the Stage 3 Tax Cuts that are applicable from 1 July 2024. The…

What does the 2024/2025 Federal Budget mean for you?

The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024.
Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the government, as reflected in the Budget, are helping with the cost of living, building more housing, investing in skills and education, strengthening Medicare and responsible economic management to help fight inflation.
The key tax measures announced in the Budget include extendin…

Launching the new $15,000 WLF Community Partnership Program – media release

WLF Accounting & Advisory Partners are proud and excited to launch a new initiative to support Tasmanian community service organisations – the WLF Community Partnership Program.
For more than 130 years, WLF has been supporting Tasmanian businesses, families and communities, and Partner Alicia Leis says this program felt like the logical next step.

“As an independent local firm, we have always had a commitment to helping Tasmanians, at a business and individual level” says Ms Leis.

“For many years WLF has supported charities and not-for-profit organisations rig…

Stage 3 Tax Cuts – Update from recent announcements

As a follow up to our recent article about the Stage 3 Tax Cuts, we want to bring to your attention some additional changes that have been announced by the Government.

The purpose of these recent changes is to improve the benefit to those earning less than $146,486 and decrease the benefit to those earning above that amount.

UPDATE: These changes to the Stage 3 tax cuts were passed through legislation in late February 2024.

The below summarises the effects from the 2025 financial year, excluding the Medicare levy:

Income RangeTax rate…

Tax cuts taking effective from July 2024

UPDATE: The Government has announced some changes to the Stage 3 Tax Cuts, which are still to go through legislation. You can read the updated information here. 

Commencing from the 2025 financial year, significant revisions will be made to individual marginal tax rates for those with taxable incomes above $45,000.

The most significant change is by removing the 37% marginal tax rate bracket and creating one marginal tax rate bracket from $45,000 – $200,000 at a rate of 30%. The amount of the reduction is summarised in the table below, excluding the …