×

Small business energy incentive available for the 2024 income year

By WSC Group | Created on August 2, 2024

Businesses with an aggregated annual turnover of less than $50 million that had upgraded or purchased a new asset that helps improve energy efficiency during the 2024 income year should consider the small business energy incentive.

Read More

SMSFs acquiring assets from related parties

By WSC Group | Created on August 2, 2024

SMSFs cannot acquire an asset from a 'related party' (such as a member or their spouse or relative) unless it is acquired at market value and is

Read More

Importance of good record keeping when claiming work-related expenses

By WSC Group | Created on August 2, 2024

The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed.

Read More

Federal Court overturns AAT's tax resident decision

By WSC Group | Created on August 2, 2024

The Federal Court has recently overturned an Administrative Appeals Tribunal ('AAT') decision that a taxpayer was a resident of Australia for tax purposes (even though he was mostly living and working overseas during the relevant period).

Read More

ATO's 'main residence exemption tips'

By WSC Group | Created on July 2, 2024

The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property, they have lived in.

Read More

Family trust elections and interposed entity elections

By WSC Group | Created on July 2, 2024

Family trust distribution tax ('FTDT') is a special, 47%, tax sometimes payable by a trustee, director or partner.

Read More

Taxpayers able to apply CGT small business concessions

By WSC Group | Created on July 2, 2024

The Administrative Appeals Tribunal ('AAT') recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil.

Read More

Notice of Medicare levy exemption data-matching program

By WSC Group | Created on July 2, 2024

The ATO will acquire Medicare Exemption Statement data from Services Australia for the 2024 to 2026 income years.

Read More

ATO may cancel inactive ABNs

By WSC Group | Created on July 2, 2024

The ATO regularly reviews, and sometimes cancels, inactive Australian Business Numbers ('ABNs').

Read More

New lodgement obligation for income tax exempt organisations

By WSC Group | Created on July 2, 2024

Non-charitable not-for-profits ('NFPs') with an active ABN, including community service organisations, need to lodge an annual NFP self-review return to notify their eligibility for income tax exemption.

Read More

Is your family home really tax free?

By WSC Group | Created on July 2, 2024

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.

Read More

Earned an income from the sharing economy?

By WSC Group | Created on July 2, 2024

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.

Read More

What’s ahead for 2024-25?

By WSC Group | Created on July 2, 2024

Will 2024-25 be another year of volatility or a return to stability?

Read More

$20k instant asset write-off passes Parliament

By WSC Group | Created on July 2, 2024

Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.

Read More

5 million+ struggle with mortgage payments

By WSC Group | Created on June 6, 2024

New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.

Read More

ATO fires warning shot on trust distributions

By WSC Group | Created on June 6, 2024

The ATO has warned that it is looking closely at how trusts distribute income and to who.

Read More

The essential 30 June guide

By WSC Group | Created on June 6, 2024

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.

Read More

What’s changing on 1 July 2024?

By WSC Group | Created on June 6, 2024

A summary of the key changes coming into effect on 1 July 2024

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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).

Read More

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.

Read More

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.

Read More

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.

Read More