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Tax and Tinsel Q&As

By WSC Group | Created on December 12, 2024

Can you avoid giving the Australian Tax Office a gift this Christmas?

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Tax deduction denied for signature basketball shoe R&D

By WSC Group | Created on December 12, 2024

The Federal Court has denied a sports company’s appeal to claim research & development incentives for the creation of an Australian signature basketball shoe.

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Phasing out cheques

By WSC Group | Created on December 12, 2024

The Government has announced a transition plan to phase out the use of cheques. Under the plan, cheques will stop being issued by 30 June 2028 and stop being accepted on 30 September 2029.

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What’s ahead in 2025?

By WSC Group | Created on December 12, 2024

The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges.

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Reminder of December 2024 Quarter Superannuation Guarantee ('SG')

By WSC Group | Created on December 5, 2024

Employers are reminded that employee superannuation contributions for the quarter ending 31 December 2024 must be received by the relevant super funds by 28 January 2025.

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ATO's tips for small businesses to 'get it right'

By WSC Group | Created on December 5, 2024

While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen.

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Taxpayer's claims for various 'home business' expenses rejected

By WSC Group | Created on December 5, 2024

In a recent decision, the AAT rejected in full a taxpayer's claims for 'several classes or categories of deductions.'

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ATO reminder about family trust elections

By WSC Group | Created on December 5, 2024

Taxpayers may be considering whether they should make a family trust election ('FTE') for a trust, or an interposed entity election ('IEE') for a trust or other entity.

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Can staff celebrations attract FBT?

By WSC Group | Created on December 5, 2024

With the holiday season coming up, employers may be planning to celebrate with their employees.

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SMSFs cannot be used for Christmas presents!

By WSC Group | Created on December 5, 2024

There are very limited circumstances where taxpayers can legally access their super early, and the ATO is reminding taxpayers that 'paying bills and buying Christmas presents doesn't make the list.'

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