Fabian Natoli Honoured with Spirit of WLF Award 2024

WLF Accounting & Advisory is proud to announce that Fabian Natoli has been awarded the prestigious Spirit of WLF Award for 2024. This accolade recognizes Fabian’s exceptional dedication, mentorship, and positive impact on both our team and clients.
Fabian exemplifies the core values and culture that define WLF. His outstanding work ethic ensures client satisfaction and team success, while his proactive approach to client development has brought in new clients and generated strong fees. As a mentor, Fabian is always ready to lend his time and expertise, helping …

Spreading Some Christmas Joy with Home Base Tasmania🎄

As the festive season approaches, our team at WLF is delighted to share the joy of giving through our annual giving drive this year we collaborated with Home Base Tasmania. This year, our efforts have been focused on collecting toys for their annual Christmas day lunch.
To celebrate this initiative, we hosted a heartwarming morning tea attended by Home Base Tasmania’s Angela Abbott, COO, and Monique Langridge, Finance Manager. It was a wonderful opportunity to reflect on the impact of our contributions and the difference these toys will make in the lives of many children …

Changes to Property Withholding Rules for Australian Sellers Starting January 2025

In a significant update for the Australian property market, the Australian Taxation Office (ATO) has announced changes to the Foreign Resident Capital Gains Withholding rules, effective January 1, 2025.
Currently, Australian residents selling property must provide a clearance certificate to the purchaser at or before settlement to avoid having 12.5% withheld from the sale proceeds if the property is valued at $750,000 or more.
However, the new rules will see the withholding rate increase from 12.5% to 15%, and the $750,000 threshold will be removed, meaning the wit…

myGovID rebrands to myID: What you need to know

The Australian Government’s Digital ID app, myGovID, has officially rebranded to myID which began rolling out in app stores from November 13th, 2024.
Why the change?
It aims to reduce confusion between myGovID and myGov. The new name for the Australian Government Digital ID app reflects the community’s evolving understanding of Digital ID. It demonstrates how a whole-of-government ID provider can help protect Australians from identity theft and fraud. 
What’s New?
While the app’s name and appearance have changed, the functionality remains the same. Users will continue…

Careers and pizza – a great way to spend a Friday

It was an afternoon of pizza and great conversation on Friday 30 August when we joined accounting students from the University of Tasmania to share some insights into the accounting profession and chat about career opportunities with WLF.
As an independent local firm, WLF has always had a strong relationship with UTAS, launching hundreds of graduate careers since UTAS was established. We’ve also been an active supporter and partner of the Tasmanian University Business and Economics Students society (TUBES).
We were delighted to join with TUBES for the on-campus Panel Dis…

Selling your rental property and the 6-year rule

Selling your rental property is a terrific way to unlock personal equity to be able to pursue other investment opportunities or meet other personal financial goals.
Before doing so, your tax obligations should be considered. Depending on your circumstances, however, you may qualify for the Main Residence Exemption (MRE), more commonly known as the 6-year rule, where any capital gain made on the sale of the property is exempt from income tax.
 
Eligibility
To be able to apply the 6-year rule the property must:

Have been your main residence first. That is, you cannot have …

Announcing our community partnership with Square Pegs

We are thrilled to announce a new Community Partnership with Tasmanian organisation Square Pegs Dyslexia Support. 
Square Pegs is a small, hard-working and high achieving not for profit organisation that provides advice, information and programs to improve outcomes for children with dyslexia. 
Founded by current Chairperson Amelia Jones and Georgina Porter, Square Pegs will mark its tenth anniversary in October this year and is looking forward to growing its operations and services to meet the increasing demand for support, education and services to the statewide communi…

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…