Editor: In a recent case, a taxpayer undertook significant trades on the stock exchange and made losses, but was still found to be a 'share investor', rather than a share trader, meaning she could not deduct her losses against her other income (i.e., her losses were 'capital losses' that can only be offset against capital gains).

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The ATO has also advised that it is continuing its ongoing "Real property transactions 1985–2017 data matching program protocol".

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The ATO has advised that, for people affected by the recent Victorian and Western Australian bushfires, refunds will be fast-tracked and they will have additional time to lodge income tax returns and activity statements.

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A taxpayer's claim that a related trust was entitled to the small business 15-year exemption* was rejected because a loan from his trust had to be included in the net value of his CGT assets.

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The ATO has reminded taxpayers that, from 1 July 2015, a new two-tier company tax system took effect and applies to all companies.

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Editor: There are laws protecting consumers from unfair terms in 'standard form contracts' where the person has little or no opportunity to negotiate with the business concerned.

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Editor: In a similar fashion, the New Zealand government has issued a discussion paper, entitled "GST: Cross border services, intangibles and goods", the upshot of which is to levy GST on imports under the current threshold of NZ$400.

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Editor: The ATO has advised that practitioners and their clients can opt to pay GST quarterly, and only report annually.

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The ATO has issued an information sheet to help taxpayers get their property valuations right. The ATO has issued an information sheet to help taxpayers get their property valuations right.

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Editor: The ATO has provided the following advice regarding self-managed superannuation funds (SMSFs) applying for an ABN.

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The reasonable amount for overtime meal allowance expenses for 2015/16, where an allowance is paid under an award, order, determination, industrial agreement or a Commonwealth, State or Territory law, is as follows:

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The government has announced a new service to help drought affected communities manage their tax affairs when times are tough, and has set up a dedicated hotline on 13 11 42. The government has announced a new service to help drought affected communities manage their tax affairs when times are tough, and has set up a dedicated hotline on 13 11 42.

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A recent case before the Administrative Appeals Tribunal (AAT) involved a taxpayer who tried to argue that profit from the sale of two properties should be treated as a capital gain (meaning they would get the 50% CGT discount), even though they had originally acquired the land for the purpose of developing it and reselling it at a profit. "No way" said the taxman!

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There is a lot being written about employee share schemes (ESS) right now. And rightly so. Reforms before Parliament will make these schemes more attractive with a common sense approach to how they are taxed and special incentives for start up companies to share the rewards of growth with the people who help create that growth.

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The ATO has advised that, if taxpayers have been affected by the recent severe weather throughout NSW, the ATO understands that dealing with their tax affairs is probably the last thing on their mind.

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Although all large and medium-sized employers were meant to be ready for SuperStream by 30 June this year, the ATO has advised that, for those who are not yet ready, it will extend that date by four months until 31 October 2015.

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The Prime Minister announced that the government is currently working on a small business and jobs package, and that at the heart of this package was a small business company tax cut from 1 July 2015 which was “at least as big as the 1.5% already flagged”.

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Editor: The government announced on 28 December 2014 that they intended to simplify tax and superannuation reporting obligations through 'Single Touch Payroll'.

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The social security deeming rates* will be lowered from 20 March 2015 as follows:

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You should review your SMSF at least twice a year, and the beginning of a calendar year is a good time for a biannual once-over.

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Message from David Shaw CEO WSC GROUP EVENTS I am excited to announce that we have a number of events planned for the upcoming months on special interest topics at the request of our clients.

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**Message from David Shaw, CEO** The start of a New Year often brings with it the setting of new goals for the year ahead. These might be goals for your career, your family, your education or your financial security. When setting goals it is important to ensure that they are SMART goals. Message from David Shaw, CEO The start of a New Year often brings with it the setting of new goals for the year ahead. These might be goals for your career, your family, your education or your financial security. When setting goals it is important to ensure that they are SMART goals.

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In this month’s newsletter, I want to make a few observations from the many conversations that I have had with clients so far this tax season: Clients do not know how much they will need in retirement Clients feel they need more clarity in those 10 -15 years before retirement Clients who have properties are finding it difficult with cash flow even though they have owned some of their properties for up to 10 years In response to these concerns I have asked Matthew Laird, our financial planner, to put together a presentation on planning for retirement entitled The 10 Years Before Retirement.

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**Message from David Shaw, CEO** _**WSC Group would like to wish all of you a very Merry Christmas and a Safe and Prosperous New Year. All WSC Group offices will be closed from 5pm, Tuesday, 23 December 2014 and will re-open 9am, Monday, 12 January 2015.**_ As 2014 comes to a close, it is a great time to reflect on your achievements during the year before setting goals for the New Year. While it is easy to focus on the usual set of goals, save more money, get promoted at work, lose weight, it is also important to reflect on what events or memories that really stood out to you. Message from David Shaw, CEO WSC Group would like to wish all of you a very Merry Christmas and a Safe and Prosperous New Year. All WSC Group offices will be closed from 5pm, Tuesday, 23 December 2014 and will re-open 9am, Monday, 12 January 2015. As 2014 comes to a close, it is a great time to reflect on your achievements during the year before setting goals for the New Year. While it is easy to focus on the usual set of goals, save more money, get promoted at work, lose weight, it is also important to reflect on what events or memories that really stood out to you.

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**Message from David Shaw, CEO** We are now well into the tax season and as August through to November are typically our busiest months it can take up to 4 or 5 weeks to process your returns during this time of year. If you have sent your return in and you need it processed quickly to obtain finance or if you are going to be away from home for an extended period of time please contact your client manager to discuss. If you have not yet compiled your year-end tax information, we would encourage you to submit this to us prior to 31 December to ensure we have ample time to complete your return before lodgement deadline.

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Message from David Shaw, CEO The Tax Season has come around again quickly in this very fast-paced World. Upon recently meeting with some clients I have realised, that in some cases, that not only 12 months has elapsed but in some cases it has been two or three years since we have met face to face. I know that we have become very efficient in this day and age with information now being emailed but I would encourage all our clients to have a face to face appointment to discuss their financial future moving forward into the next three to five years.

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**Message from David Shaw, CEO** Firstly, I would like to thank everyone for their interest shown in our recent seminars that focused on key property market trends and key indicators to consider when purchasing your next property, tax effective strategies to structure your property portfolio and dual income properties. If anyone would like to take advantage of a complimentary initial meeting with a dual income property specialist, please contact your local WSC Group office. Message from David Shaw, CEO Firstly, I would like to thank everyone for their interest shown in our recent seminars that focused on key property market trends and key indicators to consider when purchasing your next property, tax effective strategies to structure your property portfolio and dual income properties. If anyone would like to take advantage of a complimentary initial meeting with a dual income property specialist, please contact your local WSC Group office.

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Message from David Shaw, CEO My message to you this month is that I firmly believe that during 2014 we can all still prosper through the difficult times ahead if we make wise decisions now – even if we do regret some of the decisions we have made in the past. During March and April, WSC Group will be holding seminars in Brisbane, Sydney and Melbourne where I will share with you some of the hard and important lessons I have learnt over the past 5 years as a property investor. I will also be examining the tax benefits of alternative types of propertyavailable in the market which can have superior cash flow compared to more traditional models. In addition, I have invited along an independent guest speaker, from M3 Property, to update us on the current property market, property valuations and key issues important to us as property investors.

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Message from David Shaw First of all let me say Happy New Year to all of you! I personally hope that financially this year will be one of the best you have ever had. I know I am hoping that 2014 will be the end of the hard times considering the lows we have all experienced in the past 5 years in business as well as property and share markets.

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Message from David Shaw Recently the new Government has announced that after undertaking a review of the previous Government’s proposed changes from the last Federal Budget that only 18 of the 92 changes previously announced will be adopted.

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