News

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

    Posted on June 19th, 2019 by WLF

    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…

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  • New Minimum Wage Rate from 1 July 2019

    Posted on June 19th, 2019 by WLF

    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…

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  • Maryellen Salter announced as new Partner

    Posted on June 18th, 2019 by WLF

    The Partnership and all staff congratulate Maryellen Salter on her promotion to Partner, effective 1 July 2019. 
    Maryellen joined the firm, then Wise, Lord and Ferguson, in December 1998 as a graduate of University of Tasmania. She went on to complete her Chartered Accountants (CA) certificate and settle into her career.
    In late 2003 Maryellen decided to embark on a two year working holiday to the UK. Two years quickly extended, and she ended up living and working in the UK for 13 years!  Throughout this time Maryellen worked for the Audit Commission, PKF, Grant Thornton…

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  • 2019 Tax Planning Guide for Individuals and Families

    Posted on June 5th, 2019 by WLF

    Now is the time to review what strategies you can use to minimise your tax before 30 June 2019.
    Just imagine what you could do with those tax savings. You could:

    Reduce your home loan
    Top up your super
    Have a holiday
    Deposit for an investment property
    Upgrade your car

    The most important thing to remember is that there is no point in spending money to get a tax deduction, unless it’s going to result in something useful for you.
     
    SUPERANNUATION CONTRIBUTIONS
    While you might not be flush with cash now and able to put large amounts into superannuation, it’s important …

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  • 2019 Tax Planning Guide for Businesses

    Posted on June 5th, 2019 by WLF

    Here’s a guide to the strategies you can use to minimise your business tax.
    1. IS YOUR BUSINESS A ‘SMALL BUSINESS’ ENTITY?
    Small businesses can access a range of tax concessions from the ATO. For most concessions, 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 2019 year.
     
    2. REDUCTION IN COMPANY TAX RATES FOR SMALL BUSINESSES
    The company tax rate for busine…

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  • Single Touch Payroll is upon us – Employees

    Posted on May 22nd, 2019 by Melissa Johnson

    While Single Touch Payroll (STP) is being talked about frequently in the business and employer worlds, as an employee you may not know what this means for you.
    STP is a change to the way your employer will report your wages and super information to the Australian Taxation Office (ATO) from 1 July 2019. It is only a reporting mechanism and you don’t need to worry as your employer will continue to pay you the same way. Your employer will be required to electronically report your wages, PAYG withholding and super information to the ATO on the same day you are paid. 
    What d…

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  • Harvey Gibson starts a new chapter

    Posted on May 20th, 2019 by WLF

    Harvey Gibson will be retiring from the partnership at 30 June this year, but don’t fear, it is not over yet!  Harvey will continue in a senior consulting role with WLF focusing on his probity advisory work and also continuing with a  number of audit engagements.  Harvey has worked for WLF for 40 years and has been a partner since 1986.  In that time he has lead the audit teams on a significant number of clients within Tasmania.  Harvey’s extensive probity experience has built his reputation as the probity advisor of choice within Tasmania…

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  • Government takes action on inactive superannuation accounts

    Posted on May 8th, 2019 by WLF

    New rules were passed by Parliament in February 2019 as part of the Treasury Laws Amendment (Protecting your Superannuation Package) Bill 2018.  Essentially, the provisions are aimed at superannuation fund members who have small balances across a number of funds, which all charge an individual series of fees.  In these cases, there tends to be duplication of the fee structures across funds and this can erode superannuation balances over time.

    An inactive low balance member is
    defined as somebody who hasn’t made a contribution to the superannuation fund
    concerned for…

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  • Death and taxes: 5 tax and money issues you should know about before agreeing to become an executor

    Posted on May 1st, 2019 by Claire Thornett

    What is an executor?

    An executor is
    the person responsible for administering the assets and liabilities of a
    deceased estate. They must pay the deceased’s creditors (and the creditors of
    the deceased estate) and then distribute assets to beneficiaries in accordance
    with the deceased’s Will.

    Here are the top 5 things, from a purely financial perspective, that you should consider before signing on to be an executor.

    1. Find and protect assets

    In order to
    obtain probate, which allows the executor to begin distributing assets, you’ll
    need to first gather an…

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  • World Day for Safety and Health at Work and Worker’s Memorial Day

    Posted on April 26th, 2019 by WLF

    Sunday 28 April is 2019 World Day for Safety and Health at Work and Workers’ Memorial Day.

    Safe Work Australia is encouraging everyone to take time out to focus on the importance of Work Health and Safety (WHS) for World Day; and also to honour those who have died from a work related injury or illness.

    WHS is an important issue for everyone in the workplace to be aware of, from the new employee right through to the CEO and the Board.  It’s a term we hear a lot in the workplace but do you really know your obligations? And just as importantly, do you know th…

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