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NFPs need to get ready for new return
By WSC Group | Created on May 3, 2024
From 1 July 2024, non-charitable not-for-profits ('NFPs') with an active Australian Business Number ('ABN') will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status.
Government warns of 'malicious' myGov scammers
By WSC Group | Created on May 3, 2024
The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.
ATO issues warning about false invoicing arrangements
By WSC Group | Created on May 3, 2024
The Serious Financial Crime Taskforce ('SFCT') is warning businesses about using illegal financial arrangements such as 'false invoicing' to cheat the tax and super systems.
What to know about disaster relief payments
By WSC Group | Created on May 3, 2024
Taxpayers should be aware that some natural disaster relief payments are not taxable.
Taxpayer unsuccessful in having excess contributions reallocated
By WSC Group | Created on May 3, 2024
The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer.
Illegal early access to super
By WSC Group | Created on May 3, 2024
Faced with tough times, some people may be thinking about accessing their super early.
Accessing money in your SMSF
By WSC Group | Created on May 1, 2024
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs).
Should you be the ‘bank of Mum & Dad’?
By WSC Group | Created on May 1, 2024
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.
Company money crackdown
By WSC Group | Created on May 1, 2024
The ATO is cracking down on business owners who take money or use company resources for themselves.
Do your kids really want to take over your business?
By WSC Group | Created on May 1, 2024
Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.
Budget 2024-25
By WSC Group | Created on April 10, 2024
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.
The assault on professional services
By WSC Group | Created on April 10, 2024
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.
Non-compete clauses and worker restraints under review
By WSC Group | Created on April 10, 2024
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.
Warning on SMSF asset valuations
By WSC Group | Created on April 10, 2024
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
How much is my business worth?
By WSC Group | Created on April 10, 2024
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.
The Fringe Benefit Tax traps
By WSCAdmin | Created on March 8, 2024
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
Revised stage 3 tax cuts confirmed for 1 July
By WSCAdmin | Created on March 8, 2024
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
The ATO Debt Dilemma
By WSCAdmin | Created on March 8, 2024
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt.
Getting back what you put in: Loans to get a business started
By WSCAdmin | Created on March 8, 2024
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own.
How to take advantage of the 1 July super cap increase
By WSCAdmin | Created on March 8, 2024
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
Super contribution caps to rise
By WSCAdmin | Created on March 5, 2024
The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year.
FBT time is fast approaching!
By WSCAdmin | Created on March 5, 2024
The ATO has advised employers that 'FBT time' is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations.
Penalties soon to apply for overdue TPARs
By WSCAdmin | Created on March 5, 2024
Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year.
Small business concessions
By WSCAdmin | Created on March 5, 2024
The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay.
Avoiding common Division 7A errors
By WSCAdmin | Created on March 5, 2024
Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their 'Division 7A' obligations).
Jail sentence for fraudulent developer
By WSCAdmin | Created on March 5, 2024
A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail with a non-parole period of six years and eight months.
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.
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.
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.
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.
