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.
By WSC Group | Created on July 2, 2024
Will 2024-25 be another year of volatility or a return to stability?
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.
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.
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.
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.
By WSC Group | Created on June 6, 2024
A summary of the key changes coming into effect on 1 July 2024
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.
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.
By WSC Group | Created on May 3, 2024
Taxpayers should be aware that some natural disaster relief payments are not taxable.
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.
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.
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.
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.
By WSC Group | Created on May 3, 2024
Faced with tough times, some people may be thinking about accessing their super early.
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.
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.
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).
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.
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.
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.
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.
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.
By WSC Group | Created on April 10, 2024
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
By WSCAdmin | Created on December 8, 2023
Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.
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.
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.
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.
By WSCAdmin | Created on December 4, 2023
Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income.
By WSCAdmin | Created on December 4, 2023
Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports.
By WSCAdmin | Created on December 4, 2023
It is important to remember that there are two further 'boosts' providing bonus deductions for small businesses, and both apply to eligible expenditure incurred up until 30 June 2024.
By WSCAdmin | Created on December 4, 2023
The ATO is remitting failure to lodge penalties for eligible small businesses.
By WSCAdmin | Created on December 4, 2023
The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years.
By WSCAdmin | Created on December 4, 2023
Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date is 28 January 2024.
By WSCAdmin | Created on November 8, 2023
From 6 December 2023, employers can no longer employ an employee on a fixed-term contract.
By WSCAdmin | Created on November 8, 2023
Chobani plain yoghurt is GST-free, but Chobani’s ‘flip’ range is taxable?
By WSCAdmin | Created on November 8, 2023
Treasury has released draft legislation for consultation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025.
By WSCAdmin | Created on November 8, 2023
The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue.
By WSCAdmin | Created on November 8, 2023
What happens when a trust appoints income to a private company beneficiary but does not actually make the payment?
By WSCAdmin | Created on November 8, 2023
Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”.
By WSCAdmin | Created on November 8, 2023
Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change.
By WSC Group | Created on November 2, 2023
Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income.
By WSC Group | Created on November 2, 2023
Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments.
By WSC Group | Created on November 2, 2023
Benefit payments to members who have not met a condition of release are not treated as super benefits.
By WSC Group | Created on November 2, 2023
The ATO encourages taxpayers to implement the following four quick steps to protect themselves.
By WSC Group | Created on November 2, 2023
The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years.
By WSCAdmin | Created on October 5, 2023
The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim.
By WSCAdmin | Created on October 5, 2023
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.
By WSCAdmin | Created on October 5, 2023
Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction!
By WSCAdmin | Created on October 5, 2023
Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality.
By WSC Group | Created on September 30, 2023
The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.
By WSC Group | Created on September 30, 2023
The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the instalment rate method.
By WSC Group | Created on September 30, 2023
As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of the previous income year may be entitled to contribute more than the general concessional contributions cap.
By WSC Group | Created on September 30, 2023
The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant 'notice requirements' were not satisfied.
By WSC Group | Created on September 30, 2023
A Mildura man was recently sentenced in the County Court of Victoria to seven-and-a-half years in prison after obtaining more than $830,000 in fraudulent GST refunds.
By WSC Group | Created on September 6, 2023
On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will.