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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.