What the 2020/2021 Federal Budget means for you

As expected, Treasurer Frydenberg delivered an unprecedented budget last night. The coronavirus-centric measures focus on job creation and tax cuts which aim to stimulate our weakening economy.  

The government proposes to bring forward cuts to individual tax rates and expand access to small business tax concessions as well as implement a JobMaker hiring credit which will subsidise wages for new employees. 

If the measures are passed in the coming weeks, most businesses&nbs…

JobKeeper 2.0 – Update 16 September 2020

The government has announced changes to the JobKeeper payment that will extend the scheme until 28 March 2021.
These changes are summarised for you below along with some other important information.
 
Extensions
The extension to the scheme will be in two tranches:

October to December 2020
January to March 2021

What will change

Turnover tests
The amount of the payment
Payments to part-time workers
 Employees employed on or before 1 July 2020 will now be eligible

What won’t change

Other employee eligibility criteria
Notification requirements
Business participant el…

Moving forward from COVID-19: Business recovery, opportunities and readiness

2020 has been a year of significant change, to the point of upheaval – far more than any organisation would willingly impose on its people and its operations.
When Premier Peter Gutwein recently announced that Tasmania’s borders will remain closed until 1 December 2020, there was a mixed response. Some people welcomed the news that our COVIDSafe ‘bubble’, which has allowed us to resume a degree of normality and business operations, will remain in place for a little longer. For others the continued border closures mean further delays, particularly those businesses t…

Chart our own course

Run our own race and become a world leader with an island strategy
Tasmania’s tough border stance in response to the COVID pandemic recently lead to the Queensland Deputy Premier Steven Miles questioning, “Why anyone would want to go to Tassie?”
However, the perception of Tasmania depends largely on who is doing the perceiving.  It is fair to say that historically there has been at times a lack of optimism, almost negativity, regarding the future of our island State.
‘Backward’, ‘depressed’, ‘losing’, and ‘parochial,’ were often heard perceptions, often reinforced …

Farewell and thank you Denise – enjoy the next chapter

While most of our team members were working from home, we said a fond farewell and good luck to Denise Scott, who retired on 14 April after 31 years with WLF Accounting & Advisory. 
The celebratory send offs had to wait a while due to the COVID-19 restrictions, but happily we were able to congratulate Denise at our end of year presentations in July. Partner Stuart Clutterbuck shared some fond memories, which also highlighted the many changes Denise has been a part of in her time with the firm.
On 3 July 1989 when Denise walked into the firm for her first day of work, …

Tasmanian State Government announces a new round of grant funding for businesses affected by COVID-19

The Tasmanian government has announced a further grant funding round for businesses that continue to be impacted by COVID-19. The COVID-19 Small Business Sustainability and Recovery Grant will open for applications on 3 August and close on 24 August.The grants are $5000 and there is a total of $15 Million available, meaning a maximum of 3000 grants will be issued. This round of funding will require applicants to meet eligibility criteria and assessment criteria.
 
Eligibility criteria:

Have employed fewer than 20 FTE staff at 29 February 2020, with payroll less than $1….

Tax return checklist for Property Investors

If you and/or your family have an investment property/properties for rent, there are many expenses you can claim on your tax return to responsibly minimise your tax. The following information will provide a guide on what can be claimed immediately and what should be deducted over a number of years.
If you have any queries on how the below applies to your personal circumstances, please touch base with your WLF Advisor who would be pleased to help. 
 
INCOME

· Rental Property Summary Report from your Real Estate Agent

· Details of any other income – including i…

Recognising and rewarding the achievements of our team

The Partnership is delighted to announce that four WLF Accounting & Advisory team members received promotions at the start of this month, in recognition of their ongoing contribution and achievements with the firm.
Jay Bowden has been promoted to the role of Advisor, while James Watson, Matthew Kiernan and Oliver Barta each received promotion to the role of Manager.  All four work within our Business and Personal Advisory Division (BPA).
BPA Partner Stuart Clutterbuck congratulated the four on their successes.
“James, Matt, Oliver and Jay have all consistently excel…

Amendments to AGM and reporting deadlines, 2020

While we are continuing to see the COVID-19 regulations and restrictions ease, there are still very firm requirements for holding large gatherings of people. This has implications for public companies and Incorporated Associations who are due to hold their Annual General Meetings (AGM).
The following information should assist your organisation when planning for the upcoming AGM. 
 
IMPLICATIONS FOR PUBLIC COMPANIES
Virtual Meetings
A determination has been issued by the Treasurer, Josh Frydenberg, amending the Corporations Act for six months from 6 May 2020. The dete…

2020 Tax Planning Guide for Business

Here’s a guide to the strategies you can use to minimise your business tax.
IS YOUR BUSINESS A ‘SMALL BUSINESS’ ENTITY?
Small businesses can access a range of tax concessions from the ATO. To qualify as a ‘Small Business Entity’, the business must have an aggregated turnover (your annual turnover plus the annual turnover of any business connected / affiliated with you) of less than $10 million and be operating a business for all or part of the 2020 year.
 
REDUCTION IN COMPANY TAX RATES
The company tax rate in 2019/20 for businesses with less than $50 million turnover i…