Marg Marshall wins RESPECT Award with The Tax Institute

WLF Accounting & Advisory Partner, Marg Marshall, was last night announced as the winner in The Tax Institute’s Tax Advisor of the Year Awards, in the RESPECT SME 5-15 Partners category.
The award ceremony was held as a virtual event. Marg was the sole Tasmanian finalist, and is proud and delighted to be recognised for her expertise and service, both to our firm and our clients.
“The past 18 months have presented so many challenges for all of us,” says Marg. “I consider myself fortunate to be in the position where I can use my knowledge and experience to help, …

Marg Marshall announced as a finalist in The Tax Institute’s RESPECT Awards  

On behalf of the Partners and all the WLF team, we extend our congratulations to Marg Marshall on being selected as a finalist in The Tax Institute’s Tax Advisor of the Year Awards, in the category of RESPECT SME 5 – 15 Partners.   

The 2021 RESPECT Awards recognise the significant contribution made in tackling the challenges that have been impacting business communities as a result of the COVID-19 pandemic. Nominations are judged by an independent expert panel, and the criteria included demonstrating commitment…

Claire Thornett recognised for her expertise and contribution with the appointment to the position of Director

The Partners are very proud to announce the recent appointment of Claire Thornett to the position of Director, Specialist Tax Advisory.
Claire joined WLF in February 2014 through our Graduate Program after completing a Master of Professional Accounting at the University of Tasmania. She commenced in the Specialist Tax Advisory division (STA) and has continually built on her expertise, navigating the intricacies of tax legislation for her clients.
In 2018 Claire was recognised by The Taxation Institute of Australia as the Dux of the Chartered Tax Advisor course specialising…

Auditing your SMSF

If you’re a director or trustee of a Self Managed Superannuation Fund (SMSF) you are probably aware that changes were recently made to whether certain firms can undertake SMSF audits and provide other services to the SMSF.
We are very happy to confirm that the changes do not impact on the services we offer our SMSF clients, however we felt it important to bring this to your attention and keep you informed.  
The below provides a summary of the changes.
 
Background
Commencing on 1 January 2020, the Code of Ethics for Professional Accountants (including indepen…

Self Managed Superannuation Funds

Within our BPA Division we have a dedicated group to provide trustees of Self Managed Superannuation Funds (SMSFs) surety and comfort by looking after all the administrative and compliance requirements of the fund.
The services we offer include:

Preparation and lodgement of the ASIC Annual Return
Preparation of annual financial statements and income tax return
Preparation and lodgement of relevant Transfer Balance Account Reports (TBARs)
Preparation of all relevant trustee minutes and resolutions
Provision of relevant advice in respect of income tax and superannuation la…

Changes to Special Purpose Financial Statements reporting

From 1 July 2021 following approval of AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities, certain for-profit private sector entities will no longer be permitted to prepare special purpose financial statements (SPFS). This change does not apply to everyone, with only some for-profit private sector entities (and any not-for-profit entities currently reporting under the general purpose reduced disclosure framework) affected.
 
The new requirements apply to for-profit pr…

What does the State Budget mean for me?

Premier Peter Gutwein gave his budget speech yesterday. It’s a big spending budget, designed to provide some stability and security to the State economy. We bring you a brief summary, highlighting measures announced that may impact our clients.

There’s a significant amount of money for health – a total of $900 million across a range of health infrastructure, home and community health initiatives and additional staffing in hospitals and the ambulance service.

Education is also receiving a large chunk of funding, as the government pushes on with its commitment to e…

Single Touch Payroll Phase 2 – what do I need to know?

Earlier this year the Federal Government released an outline of upcoming changes to Single Touch Payroll (STP), which will take effect on 1 January 2022.
STP Phase 2 will require businesses to report on some additional information, but more importantly it will reduce the reporting burden for employers who currently need to report information about their staff to multiple government agencies. 
If you are using STP-enabled software you do NOT need to take any action at this stage. The Australian Tax Office (ATO) is working with the software providers to ensure the syste…

Micro & Small Businesses – Border Closure Critical Support Grants EXTENDED

The State Government has extended its support grants for businesses impacted by lockdowns and border restrictions in other states.
Applications are now open and close 8 October 2021 at 2pm. COVID-19 Micro and Small Business – Border Closure Critical Support Grant – Department of State Growth
The main points are:

A second payment will be made to businesses that were successful in the first round of grants (no need to reapply – payments will be automatically made)
A third grant will open in November for all applicants that have already received a grant under the program…

Rebecca Meredith announced as new Partner

The Partnership and all staff congratulate Rebecca Meredith on her promotion to Partner, effective 1 July 2021.
Rebecca grew up locally, graduating from the University of Tasmania in December 2005 before heading to England for a working holiday. On her return to Hobart she joined WLF, then Wise, Lord and Ferguson, starting in the Audit, Assurance and Advisory division in October 2007.
Rebecca quickly felt an affinity for the firm,
“From fairly early on I felt that I’d landed in a firm and in a position that clicked for me, and which came fairly naturally.”
“As I�…