Latest News

We all get bombarded with information from every source possible and frankly, it's too much. Even if you haven't already flicked it into spam you probably don't have time to read it. We call it Information Overload. So, on this page we've selected big picture news items we think are relevant and of interest to our clients.

Thursday, April 18, 2019

With the introduction of Single Touch Payroll (STP) for ALL employers, the importance of tax planning each quarter for all Directors will be imperative.

Thursday, April 18, 2019

Life does not always go to plan. While we logically know that, most of us don’t plan for the worst - it’s all a bit morbid and time consuming.

The downside of not planning is the potential for hard earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed in accord with your wishes. If you are a business owner, then the stakes are even higher.

Thursday, April 18, 2019

Do you earn income overseas? A recent case highlights why you might pay more tax than you thought on foreign income.

If you are an Australian resident and earn income from overseas, such as income from investments, sale of assets such as property, distributions from foreign trusts, etc., you will generally need to declare that income in your Australian tax return. If you have paid tax in a foreign country on that income, you might be able to claim a foreign tax offset to reduce your Australian tax liability.

Thursday, April 18, 2019
  • Tampon tax (GST on sanitary products) scrapped.
  • Voluntary crackdown begins on credit card providers to protect consumers who cannot pay-off their credit card debt or who cannot afford an increased limit.
  • Higher Education Loan Program:
    • New lifetime caps prevent students repeating courses or continually enrolling in new courses.
    • New loan limits: Increase in fee assistance for students studying medicine, dentistry and veterinary science courses with increases in their loan limit from an estimated $130,552 in 2019 to a new limit of $150,000. $104,440 for all other students.
Thursday, April 18, 2019

Another year, another scam. While data driven crime is more sophisticated and difficult to address than ever, human error and judgement remains one of the major problems.

The latest data breach report from the Office of the Australian Information Commissioner (OAIC) is surprising for the simplicity of the problems - 37% of data breaches resulted from human error not malicious attack. In over 20% of reported cases, personal information was simply sent to the wrong recipient. Another 6% of complaints were attributed to system faults.

Thursday, April 18, 2019

On 29 January 2019, the Prime Minister announced that the government will introduce legislation to increase the $20,000 instant asset write-off threshold to $30,000 from 29 January 2019 until 30 June 2020. This proposal is not yet law.

Contact your accountant at WLM if you are looking to use this concession.

Thursday, April 18, 2019

Please note WLM has updated its Financial Services Guide, wihch can be viewed here or on our website at http://wlm.com.au/legal-notice.

Wednesday, April 03, 2019

OVERVIEW

As widely anticipated, the Treasurer has announced an accelerated program of tax cuts, which can be seen as an unofficial start of the Coalition’s election campaign.

An increase to the Low and Middle Income Tax Offset will be available for most taxpayers for 2018-19, provided the Government can secure passage of the required legislation through the Parliament. Proposed major reform of income tax rates and thresholds would see most Australians facing a marginal tax rate of 30 per cent from 1 July 2024.

Some other major announcements in the 2019-20 Budget include:

  • A one-off Energy Assistance Payment for recipients of income support
  • An increase to the value and eligibility for the instant asset write off for small and medium sized business up to $50M turnover
  • Changes to voluntary superannuation contribution rules for people aged 65 and over.
  • Significant funding to implement the Government’s response to the Financial Services Royal Commission.

Friday, October 19, 2018

The key lessons for investors from the GFC are:

1. There is always a cycle. Talk of a ‘great moderation’ was all the rage prior to the GFC but the GFC reminded us that long periods of good growth, low inflation and great returns are invariably followed by something going wrong. If returns are too good to be sustainable they probably are.

Friday, October 19, 2018

A surge in commercial rental property increases during 2017/2018 has caused business owners and employers to look at various space saving options like relocating the office to home or giving employees “work from home” days.

The advantages of a home based office include reduced costs, tax savings, being able to work in your slippers, be home for sick kids and no commuting to the office.