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Government announces changes to proposed 'Stage 3' tax cuts
By WSCAdmin | Created on February 2, 2024
Despite previous assurances, and after much speculation, the Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024.
Sale of land subject to GST
By WSCAdmin | Created on February 2, 2024
The AAT recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer.
New ATO guidance on "who is an employee?"
By WSCAdmin | Created on February 2, 2024
The ATO recently issued a ruling which explains when an individual is an 'employee' of an entity for pay as you go ('PAYG') withholding purposes.
Changes in reporting requirements for sporting clubs
By WSCAdmin | Created on February 2, 2024
Not-for-profits ('NFPs'), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption.
Deductions denied for work-related expenses
By WSCAdmin | Created on February 2, 2024
The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied.
Contractor or employee?
By WSCAdmin | Created on January 31, 2024
Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns.
Can my SMSF invest in property development?
By WSCAdmin | Created on January 31, 2024
Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development.
Stage 3 personal income tax cuts redesigned
By WSCAdmin | Created on January 31, 2024
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.
Tax on super balances above $3m hits Parliament
By WSCAdmin | Created on December 8, 2023
Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.
The key influences of 2024
By WSCAdmin | Created on December 8, 2023
Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.
Bah humbug: The Christmas tax dilemma
By WSCAdmin | Created on December 8, 2023
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.
The controversial case of the taxpayer who claimed a loss on their home
By WSCAdmin | Created on December 8, 2023
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.
Claiming deductions in relation to a holiday home
By WSCAdmin | Created on December 4, 2023
Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income.
Reminder of December 2023 Quarter Superannuation Guarantee ('SG')
By WSCAdmin | Created on December 4, 2023
Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date is 28 January 2024.
Don't forget the two further 'boosts'!
By WSCAdmin | Created on December 4, 2023
It is important to remember that there are two further 'boosts' providing bonus deductions for small businesses, and both apply to eligible expenditure incurred up until 30 June 2024.
