×
News

What’s changing on 1 July 2022?

By WSC Group | Created on May 11, 2022

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up

Read More

News

ATO ramps up heat on directors

By WSC Group | Created on May 11, 2022

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored.

Read More

News

Fuel tax credit changes

By WSC Group | Created on May 11, 2022

The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel, and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.

Read More

News

The 120% deduction for skills training and technology costs

By WSC Group | Created on May 11, 2022

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

Read More

News

Can I claim a tax deduction for my gym membership?

By WSC Group | Created on May 11, 2022

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people.

Read More

No reduction in the Private Health Insurance rebate as of 1 April 2022

By WSC Group | Created on May 3, 2022

An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases.

Read More

High Court rejects attempt to disclaim interest in trust distribution

By WSC Group | Created on May 3, 2022

The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.

Read More

Disclosure of business tax debts

By WSC Group | Created on May 3, 2022

The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’).

Read More

Don’t Rock The Boat’ Budget 2022-23

By WSC Group | Created on April 6, 2022

This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.

Read More

Penalties for overdue TPAR

By WSC Group | Created on April 5, 2022

The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.

Read More