The success of our Undergraduate Cadetship Program continues

Since our establishment in 1890 WLF Accounting & Advisory has been providing career opportunities for Tasmanians.  In fact, our records dating back to 1928 show that over 760 Tasmanians have worked at our firm – and we know the number is substantially larger even though the earlier records are incomplete. 
In 2006 we introduced an Undergraduate Cadetship Program. The program is open to Tasmanian year 12 students who have an enrolment in pre-tertiary accounting.  Each year the successful applicant/s completes their TCE, enjoys some time off over summer and then com…

Upcoming series for Not-For-Profits

Keep watch on our website and social media for our upcoming series especially for Not-For-Profit (NFP) entities. We’ll be covering topics like:

What to consider when just starting out in the NFP space
What are the next steps for an established NFP
The importance of budgets, finance functions and cash flows
What authorities need to be notified when changing board or committee members
The types of accounting software that you could be using and why you should consider a review of your financial processes
Best practice when onboarding employees including consideration of f…

Dressing down for a cause

If you are in our office on a Friday you’ll notice the team looking slightly less formal than usual, but be assured it is for a good cause! 
For a number of years we’ve been running ‘Fundraising Friday’ and participating staff make a donation. Our well used cash collection jar continues to operate, however the move towards a more cashless society has meant we also enable staff to make their regular contributions electronically, through our workplace giving program.  
The funds we raise support a wide range of local not-for-profit organisations and causes. Once t…

Confession is good for the soul (and can keep you out of trouble)

The ATO has come out this week to remind us that they’re watching you and so are their international counterparts.
https://www.ato.gov.au/Media-centre/Media-releases/ATO-watching-for-foreign-income-this-Tax-Time/
Through the Automatic Exchange Of Information developed by the OECD in 2014, the ATO and international tax authorities share bank account information with each other, including yours.
This year, “The ATO has shared data on financial account information of foreign tax residents with over 65 foreign tax jurisdictions across the globe. This includes information o…

A local business success story that’s all about people

Building and maintaining a thriving business in the community sector isn’t easy, so the ongoing success and growth of local organisation St Vincent Industries (SVi) is to be applauded.  Not only has the organisation been in operation in North Hobart since 1972, but they have continued to look at, and embrace, new opportunities. Recently, this sense of vision saw SVi taking out the Excellence Leadership Award in the Work Safe Tasmania Awards for 2018.
We have been working with SVi for many years and recently had the pleasure of speaking with CEO Daniel Teague about this …

Tax time tips for deductions on rental properties

Do you own rental properties? It’s important to know what you can and cannot claim as a deduction on your tax. 
The Australian Tax Office has indicated that it will be investing additional resources to look in Airbnb and rental property claims this year. If this impacts on you, the following infographic released by the The Tax Institute will provide some useful tips. 
 

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Is It Tax Deductible?

Everyone wants to pay less tax, don’t they? To do that you need to know what you can claim… and what you can’t.
It’s not about cheating the system, or creative accounting. It’s all about claiming what you’re entitled to. That’s why we’ve developed the ‘Is it tax deductible’ checklist for you.
Remember, substantiation is always the key so ensure you keep all of your records and talk to us about any queries around claims
 

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On 1 July 2019 your insurance cover may be changing

In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has directed otherwise.
It is a common practice for many individuals with an SMSF to also have a secondary APRA-regulated fund which provides them with insurance.
This may be done for two key reasons:

to access insurance policies provided through large superannuation funds which are often cheaper;
to keep legacy insurance policies which may offer better benefits or lower premiums…

Big Tax Law Changes – No tax deductions if you don’t meet your obligations

There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.
This may happen if you:

Don’t lodge your BAS on time; or
Don’t lodge your payroll each week using Single Touch Payroll (STP); or
Don’t properly withhold a tax amount from a payment before you pay it to an employee or a contractor.

Make sure that this doesn’t happen to you!
 
WHAT HAS CHANGED?
From 1 July 2019, you can only claim deductions for payments you make to your workers (employees or contractors) where you have complied with the pay as you…

New Minimum Wage Rate from 1 July 2019

The Minimum Wage Panel on 30 May 2019 handed down its minimum wage decision for 2019. From the first pay period commencing on or after 1 July 2019, the National Minimum Wage will increase to $740.80 per week, or $19.49 per hour.
 
What this means for you:

Employers who pay their employees at the National Minimum Wage or Modern Award rates of pay will need to apply the increase in the first full pay period commencing on or after 1 July 2019;

Employers who currently pay above National Minimum Wage or Modern Award rates of pay are not obliged by this decision t…