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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.
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.
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.
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).
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.
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.
Finfluencers: bad tax advice could cost you thousands
By WSC Group | Created on July 16, 2025
They’re advising from your insta and TikTok feeds, they’ve got huge followings, they speak with conviction - financial influencers or ‘finfluencers’.
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.
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.
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.
The one big, beautiful bill that may not be so beautiful for Aussies
By WSC Group | Created on July 16, 2025
You may have seen the viral headline about a new U.S. tax bill called the One Big Beautiful Bill, but what does it mean for Australian investors, especially super funds and small businesses with US exposure? Turns out, it could mean a hit to investment returns.
TBAR for June quarter due 28 July
By WSC Group | Created on July 16, 2025
All SMSFs must report relevant transfer balance account ('TBA') events using transfer balance account reporting ('TBAR').
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.
Important tax update: deductions for ATO interest charges scrapped
By WSC Group | Created on July 16, 2025
If you're carrying an Australian Taxation Office (ATO) debt there is a good chance that it will cost you even more from 1 July 2025 onwards.
Changes to car thresholds from 1 July
By WSC Group | Created on July 16, 2025
The car limit for the 2026 income year is $69,674. This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes and they first use or lease the car in the 2026 income year.
Notice of data exchange for skilled visa program compliance
By WSC Group | Created on July 16, 2025
The Department of Home Affairs will obtain data from the ATO to identify whether business sponsors are complying with their sponsorship obligations (e.g., paying visa holders correctly) and whether temporary skilled visa holders are complying with their visa conditions (e.g., to work only for an approved employer).
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%.
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.'
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.
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.
'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.
$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.
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.
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.'
How to avoid common CGT errors
By WSC Group | Created on May 1, 2025
Important information about CGT obligations when selling property, even with a foreign resident capital gains withholding clearance certificate.
How to manage business day-to-day transactions
By WSC Group | Created on May 1, 2025
The ATO has tips for small business owners that can make their tax life easier.
Truck driver entitled to claim meal expenses
By WSC Group | Created on May 1, 2025
The Administrative Review Tribunal upheld a truck driver's claim for meal expenses, notwithstanding that those expenses had not been fully substantiated.
Keeping not-for-profit records up to date
By WSC Group | Created on May 1, 2025
Important information about record keeping requirements for not-for-profit organizations.
