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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.

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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?

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$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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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).

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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.

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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.

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Budget 2024-25

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.

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The assault on professional services

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.

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How much is my business worth?

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.

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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.

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Revised stage 3 tax cuts confirmed for 1 July

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.

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The Fringe Benefit Tax traps

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.

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The ATO Debt Dilemma

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.

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How to take advantage of the 1 July super cap increase

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.

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Getting back what you put in: Loans to get a business started

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.

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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.

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Small business concessions

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.

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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).

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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.

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Penalties soon to apply for overdue TPARs

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.

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Super contribution caps to rise

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Claiming deductions in relation to a holiday home

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.

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ATO warning regarding prohibited SMSF loans

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.

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Don't forget the two further 'boosts'!

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.

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ATO's lodgment penalty amnesty is about to end

By WSCAdmin | Created on December 4, 2023

The ATO is remitting failure to lodge penalties for eligible small businesses.

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Notice of officeholder data-matching program

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.

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Reminder of December 2023 Quarter Superannuation Guarantee ('SG')

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.

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Fixed-term employment contracts limited to 2 years

By WSCAdmin | Created on November 8, 2023

From 6 December 2023, employers can no longer employ an employee on a fixed-term contract.

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When is food GST-free?

By WSCAdmin | Created on November 8, 2023

Chobani plain yoghurt is GST-free, but Chobani’s ‘flip’ range is taxable?

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30% tax on super earnings on balances above $3 million

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.

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Warning: Redrawing investment loans

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.

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When trust distributions to a company are left unpaid

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?

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Up to 10 years in prison for deliberate ‘wage theft’

By WSCAdmin | Created on November 8, 2023

Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”.

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Workers owed $3.6bn in super guarantee

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.

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Tax issues for businesses that have received a support payment

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.

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Losses in crypto investments for SMSFs

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.

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Care required in paying super benefits

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.

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ATO says: "Be cyber wise, don't compromise"

By WSC Group | Created on November 2, 2023

The ATO encourages taxpayers to implement the following four quick steps to protect themselves.

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Notice of visa data-matching program

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.

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Self-education, What can you claim?

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.

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The ‘Airbnb’ Tax

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.

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$20k deduction for ‘electrifying’ your business

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!

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30% tax on super earnings above $3m

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.

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Taxpayers need to get their 'rental right'

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.

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Choosing the right PAYG instalment method

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.

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Remember the unused concessional contributions cap concession

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.

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Deduction for contributions denied due to notice requirement problems

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.

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Mildura man jailed for seven years for GST fraud

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.

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Different meanings of 'dependant' for superannuation and tax purposes

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.

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