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Bushfire support and assistance
By WSCAdmin | Created on February 10, 2020
Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We summarise the help available to those impacted by the bushfires.
Alerts to protect SMSfs from fraud
By WSCAdmin | Created on February 10, 2020
A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.
PAYG and deductions for payments to workers
By WSCAdmin | Created on December 3, 2019
The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019.
STP and superannuation guarantee
By WSCAdmin | Created on December 3, 2019
As a result, it has notified 2,500 employers that they have paid their SG contributions late during 2019. Due-date reminders were also sent to a further 4,000 employers.
Christmas Parties & Gifts 2019
By WSCAdmin | Created on December 3, 2019
With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event.
Bushfire relief from ATO obligations
By WSCAdmin | Created on December 3, 2019
The ATO has provided relief from lodgement compliance and payment obligations for those impacted by the bushfires.
No CGT main residence exemption for non-residents
By WSCAdmin | Created on December 3, 2019
The restrictions to this CGT exemption will apply to taxpayers who are a non-resident at the time of the relevant CGT event (i.e., generally as at the contract date).
The Super Guarantee timing trap for employers
By WSCAdmin | Created on December 3, 2019
How employers are being caught out by the timing of superannuation guarantee payments.
Super guarantee opt-out for employees with multiple employers
By WSCAdmin | Created on December 3, 2019
Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer.
Australia embraces Black Friday and Cyber Monday
By WSCAdmin | Created on December 2, 2019
The Black Friday and Cyber Monday sale concepts have well and truly arrived in Australia with retailers embracing this latest retail event to stimulate what has been an economically lack lustre year.
Vacant land deduction changes hit ‘Mum & Dad’ property developments
By WSCAdmin | Created on November 25, 2019
Previously, if you bought vacant land with the intent to build a rental property on it, you may have been able to claim tax deductions for expenses incurred in holding the land such as loan interest, council rates and other ongoing holding costs.
Can the tax office take money out of your account? Your right to know
By WSCAdmin | Created on November 25, 2019
The ATO is one of the most powerful institutions in Australia with very broad and encompassing powers. Over the last few years the approach has been to work with taxpayers to ensure that the tax they owe is paid.
Calculating Super Guarantee the new rules
By WSCAdmin | Created on November 25, 2019
From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.
CGT and the family home expats and foreigners targeted again
By WSCAdmin | Created on November 25, 2019
The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents.
Super guarantee opt-out for high income earners now law
By WSCAdmin | Created on November 25, 2019
From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee ('SG') from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
ATO recommends updating ABN details for disastrous reasons
By WSCAdmin | Created on November 25, 2019
The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season.
Are you paying your staff correctly? Woolworths $200m plus remediation
By WSCAdmin | Created on November 25, 2019
Woolworths is the latest company to facing a fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind, Woolworths have stated that they have underpaid 5,700 salaried team members with remediation expected to be in the range of $200m to $300m (before tax).
Super Guarantee Amnesty Ressurected
By WSCAdmin | Created on October 24, 2019
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self- correct.”
Federal Court provides clarification on the PSI rules
By WSCAdmin | Created on October 24, 2019
The Federal Court recently handed down two decisions relating to the personal services income ('PSI') rules.
Using the cents per kilometre method
By WSCAdmin | Created on October 24, 2019
Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they worked out the number of business kilometres they claimed on a reasonable basis.
ATO impersonation scam update
By WSCAdmin | Created on October 24, 2019
Unbelievably, scammers are still successfully bilking Australians out of tens of thousands of dollars, as a recent ATO scam report shows.
Deductions for a company or trust home-based business
By WSCAdmin | Created on October 24, 2019
The agreement will determine which expenses the business pays for and can claim as a deduction.
Measuring the integrity of the ABR
By WSCAdmin | Created on October 24, 2019
The ABR is trying to understand and improve the experience for clients applying for, maintaining and cancelling an ABN, and will use the information to measure ABR data quality.
Instant asset write-off
By WSCAdmin | Created on October 24, 2019
The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
Towards Zero Interest Rates
By WSCAdmin | Created on October 24, 2019
The ongoing trade war between the US and China has dominated financial market movements recently.
Distributions to non-resident beneficiaries
By WSCAdmin | Created on October 23, 2019
Two new determinations released by the ATO deal with the complex and technical issues that arise when a resident discretionary trust makes a distribution of capital gains to non-resident beneficiaries.
Rental property expenses - what you can and can’t claim
By WSCAdmin | Created on September 25, 2019
In general, deductions can only be claimed if they were incurred in the period that you rented the property or during the period the property was genuinely available for rent.
Are all your SMSF eggs in one basket?
By WSCAdmin | Created on September 25, 2019
This does not mean that you must have diversity in your fund. A lack of diversity might be a strategic decision by the trustees but you need to be able to prove that the strategy was an active decision.
FBT and Uber style ride sharing
By WSCAdmin | Created on September 25, 2019
Taxi travel by an employee is an exempt fringe benefit if the travel is in a single trip that begins or ends at the employee’s place of work.
Why the Government does not want your business accepting cash payments of $10,000 or more
By WSCAdmin | Created on September 25, 2019
We’ll, easy enough you say, just break it up into smaller amounts! But, the law has already thought of that.
