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ATO'S NEW REQUIREMENTS FOR NFPS
By WSC Group | Created on June 9, 2025
If you are involved with running a not for profit (NFP) organisation it is important to be aware of key obligations and requirements.
$20,000 instant asset write-off for 2024/25
By WSC Group | Created on June 9, 2025
Taxpayers who have purchased or are purchasing a business asset this financial year should remember that the instant asset write-off limit is $20,000 for the 2025 income year.
Taxi service and ride-sourcing providers must be registered
By WSC Group | Created on June 9, 2025
Taxpayers that provide taxi, limousine or ride-sourcing services must register for GST regardless of their turnover.
Partial release from tax debt on serious hardship grounds
By WSC Group | Created on June 9, 2025
The Administrative Review Tribunal ('ART') held that a taxpayer should be released from payment of part of his tax debt on the grounds of serious hardship.
ECONOMIC CROSSROADS: US SHRINKS, CHINA STIMULATES, AUSTRALIA HOLDS STEADY
By WSC Group | Created on June 9, 2025
The US economy experienced a notable slowdown in the first quarter of 2025. The latest GDP data showed the economy contracted at an annual rate of -0.3%.
LABOR'S VICTORY: UNPACKING THE PROMISES AND PRIORITIES
By WSC Group | Created on June 9, 2025
As the Labor party settle back into their seats having secured a majority in the House of Representatives, we look at the campaign promises and the unfinished business from the last term.
FROM AIR FRYERS TO SWIMWEAR: TAX DEDUCTIONS TO AVOID
By WSC Group | Created on June 9, 2025
With the 2025 tax season fast approaching the Australian Taxation Office (ATO) is reminding taxpayers to be careful when claiming work related expenses.
'Wild' tax deduction attempts
By WSC Group | Created on June 9, 2025
The ATO recently revealed some of the 'wild' work related expense tax claims people have tried to 'put past' the ATO.
Getting ready for business
By WSC Group | Created on June 9, 2025
The ATO advises new business owners that they need to understand their obligations to ensure they are 'getting it right from the start.'
Beware websites sharing fake news on super preservation age
By WSC Group | Created on June 9, 2025
The ATO is warning the community about a 'proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June.'
