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ATO warns of common Division 7A errors

By WSC Group | Created on August 15, 2025

The ATO reminds shareholders of private companies that understanding how Division 7A of the tax legislation applies is crucial to avoiding costly tax consequences when accessing the company's money or other benefits.

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Superannuation rates and thresholds updates 

By WSC Group | Created on August 15, 2025

From 1 July 2025, the superannuation guarantee (SG) rate officially rose to 12% of ordinary time earnings (OTE). This is the final step in the gradual increase legislated under previous reforms.

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Paid parental leave changes have now commenced

By WSC Group | Created on August 15, 2025

As from 1 July 2025, the amount of Paid Parental Leave available to families increased to 24 weeks, and the amount of Paid Parental Leave that parents can take off at the same time has also increased from two weeks to four weeks.

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Taxpayers who need to lodge a TPAR

By WSC Group | Created on August 15, 2025

Taxpayers may need to lodge a Taxable payments annual report ('TPAR') online by 28 August if they have paid contractors to provide any of the following services on their behalf.

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ASIC warning about pushy sales tactics urging quick super switches

By WSC Group | Created on August 15, 2025

ASIC is warning Australians to be on 'red alert' for high-pressure sales tactics, click bait advertising and promises of unrealistic returns which encourage people to switch superannuation into risky investments.

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Interest deductions: risks and opportunities 

By WSC Group | Created on August 15, 2025

This tax season, we’ve seen a surge in questions about whether interest on a loan can be claimed as a tax deduction. It’s a great question as the way interest expenses are treated can significantly affect your overall tax position. However, the rules aren’t always straightforward. Here’s what you need to know.

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RBA Holds Rates at 3.85%: what this means for your business strategy

By WSC Group | Created on August 15, 2025

In a move that surprised many commentators, the Reserve Bank of Australia (RBA) held the cash rate steady at 3.85% in July. A show of caution over action, amid mixed economic signals.

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Luxury cars: the impact of the modified tax rules

By WSC Group | Created on August 15, 2025

With the purchasing of luxury vehicles on the rise it’s important to be aware of some specific features of the tax system that can impact on the real cost of purchase.

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Taxpayer's claim for travel expenses denied

By WSC Group | Created on August 15, 2025

In a recent decision, the Administrative Review Tribunal ('ART') denied an offshore worker's claim for work-related travel expenses, although it did allow his claim for home office expenses.

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Changes to tax return amendment period for business

By WSC Group | Created on August 15, 2025

Businesses with an annual aggregated turnover of less than $50 million now have up to four years from the date of their tax return assessment to request amendments (increased from two years).

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Trust funds: are they still worth the effort?

By WSC Group | Created on July 16, 2025

For decades, trust structures have been a cornerstone of the Australian tax and financial system, prized for their asset protection and flexibility when it comes to income distributions.

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Div 296 super tax and practical things to consider

By WSC Group | Created on July 16, 2025

Division 296 super tax is a controversial Federal Government proposal to impose an extra 15% tax on some superannuation earnings for individuals if their total superannuation balance (TSB) is over $3 million as at 30 June of the relevant income year.

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Reminder of June 2025 Quarter Superannuation Guarantee ('SG')

By WSC Group | Created on July 16, 2025

Employers are reminded that employee super contributions for the quarter ending 30 June 2025 must be received by the relevant super funds by Monday, 28 July 2025.

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Taking charge of upcoming employer obligations

By WSC Group | Created on July 16, 2025

As the end of the financial year has just past, the ATO is reminding employers that they should check what they need to do and take note of the following upcoming key dates.

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Taxpayer's claim for home office and car expenses successful

By WSC Group | Created on July 16, 2025

The Administrative Review Tribunal ('ART') recently held that a taxpayer was entitled to claim deductions for home office and car expenses incurred during the COVID-19 pandemic.

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