Tasmanian Support & Stimulus Package

The State Government has released further details about its second tranche of stimulus measures for Tasmania.
The $1 billion support package includes payroll tax relief, incentives to invest and rebates on electricity.  
Small Business Grants  

$2,500 emergency support grants available to small business with up to 20 employees
Businesses must have been operating from January 2019 or earlier and be operating in one of the following industries:  

Seafood
Tourism and accommodation 
Hospitality 
Retail  
Arts and entertainment 
Fitness  

A…

We’ve upgraded to make things easier for you!

Over the past few weeks we have been implementing a new practice management system. Most of the changes are ‘back of house’ for our own business management and reporting, but there are two key differences that our clients will notice:

our invoices will look a bit different; and
most importantly, our clients will now be able to pay online by clicking on the link in the emailed invoice.

Our IT team has undertaken some rigorous testing to ensure the transition is seamless, and we retain access to our old system for records. Our online payment system has the highest leve…

2nd COVID-19 economic stimulus package

Today the Prime Minister and Treasurer scaled up their economic stimulus package to $189 billion (approximately 10% of GDP).
The measures will be delivered over the next six months and focus on those that will be the first to feel the economic hardship of this crisis. We expect that the Parliament will push through this stimulus package Monday or Tuesday and implement the measures as soon as possible.
You can find our overview of the 1st stimulus package here.
Some key points of the second package that we believe may be of particular interest to our clients are listed belo…

Update: COVID-19 government economic stimulus package

Last week the Federal Government announced a stimulus package in response to the economic effects of Covid-19 (Coronavirus). 
The aim of the package is to help businesses stay afloat and keep people employed. This means the measures focus on businesses that employ people. The government have also indicated that they are intending to announce further measures soon.
We don’t know many details yet as the legislation hasn’t been introduced to parliament which we expect will occur next week. Watch this space for updates.
Some key points of the package that we believe may b…

WLF COVID-19 procedures and business continuity

WLF Accounting & Advisory has been in business for almost 130 years, and whenever we have encountered a challenge, we have always made it through by working together.  Accordingly, we are addressing the challenges of the current COVID-19 pandemic with our primary focus on people, and our belief that we have a shared responsibility to support our team and our clients during this time. 
As a Tasmanian firm we understand the environment that our clients live and work in and we know that for many people the uncertainty surrounding COVID-19 gives cause for great concern. …

COVID-19 government economic stimulus package

This is an evolving situation and we will keep our clients updated as things changes. Please see our website article published on 17 March 2020 for up to date information.
Earlier today the Federal Government announced a stimulus package in response to the economic effects of COVID-19 (Coronavirus).  Some key points of the package that we believe may be of particular interest to our business clients are listed below:

Increasing the instant asset write off to include expenditure on assets up to $150,000. This extension will apply from today until 30 June 2020;
The $150,00…

myGovID to replace AUSkeys

If you are one of the many businesses using the ATO’s Business Portal with an AUSkey, you need to know that the ATO is turning off AUSkeys on Friday, 27 March 2020.
To access the Portal after that date you and your staff or bookkeeper will need a myGovID. 
What is a myGovID?
myGovID is the Federal Government’s new way of accessing government services online and is much more secure than AUSkeys.
myGovID is not the same as your myGov account, if you have one, and you don’t need a myGov account to get the ‘ID’.  However you do need a compatible smartphone because …

Employers on Alert for Modern Award and Payroll Changes

There are several key changes coming to 22 modern awards and other payroll-related legislation that will take effect from 1 March 2020.  It is important employers take note of these upcoming changes.
Superannuation and salary sacrifice arrangements
Employers will be required to calculate and pay superannuation based on employees’ gross pay – including on any salary sacrificing. Referring to a media release from the Australian Payroll Association, “It will no longer be possible for an employer to pay super only on the reduced salary of an employee with a salary sacri…

Estate Tax Returns

One of the worst things that can happen in life is the loss of loved ones. Unfortunately, we will all have to go through this and manage what they’ve left behind. But something many people are not aware of is the tax implications of what their loved ones have left behind or what they may need to do and report after a death.
It is the responsibility of the Legal Personal Representative (LPR) or the Executor (trustee) of the estate (named in the Will), to notify the Australian Taxation Office of the passing of the deceased. This person also has a duty to ensure that all ob…

Welcome to our new team members!

We are delighted to welcome six new accountants to the WLF Accounting and Advisory team this week through our Graduate and Undergraduate Programs. 
Ellis Blyth, William Farmilo and Karam Jeong commenced in our Audit, Assurance and Advisory division on Tuesday after recently graduating from the University of Tasmania. They’ve been working closely with Rebecca Meredith this week and will be out and about meeting clients soon.  
Our Business and Personal Advisory division has also seen growth, with Chantelle Rose and Stacie Young both joining us through our Graduate Progr…