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Government announces major FoFA reforms
The Assistant Treasurer today (20 Dec 2013) announced reforms to the Future of Financial Advice (FOFA) legislation.
Proposed removal of the small business instant asset write-off of $6,500 with effect from 1 January 2014
At the conclusion of the parliamentary sittings for the week ending 13 December 2013, the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 had not been passed by the Senate.
Changes to how super excess concessional contributions are taxed
Excess superannuation concessional contributions made from 1 July 2013 are included in an individual’s assessable income and taxed at their marginal tax rate. As part of the assessment process taxpayers will receive a non-refundable tax offset of 15% of their excess concessional contributions along with an additional excess concessional contribution (“ECC”) charge.
Walker Wayland breaks into top tier
Walker Wayland NSW is celebrating news that the Walker Wayland Australasia accounting network continues to expand, breaking into the Top 25 firms in Australia ranked by influential business magazine BRW.
Walker Wayland NSW is one of the founding members of the organisation, dating back to 1991.
Walker Wayland Sydney Office – Gutsy Challenge
In November, the Walker Wayland Sydney Office are getting gutsy for GI cancer and taking a Gutsy Challenge. We are raising much needed funds to improve the lives of people suffering with gastro-intestinal (GI) cancer.
Timetable for small business asset write-off changes announced
If you are contemplating low cost equipment or vehicle purchases, you may wish to bring forward your purchase.
During the recent Federal Election campaign, the Coalition announced that if elected it would make the small business asset write-off rules less generous as follows:
ATO activity: further crack-down on the use of trusts in the 2013/14 financial year announced
With very little fanfare the 2013/14 federal budget allocated an additional $67.9 million to the ATO over the next four years to target the misuse of trusts.
These funds are intended to enable to ATO to further increase its audit capacity in this area, something of a windfall for an ATO under increasing pressure to maximise tax receipts given the size of the federal deficit in recent years, After considerable ATO activity in this area in the past few years, and while the ATO acknowledges that trusts are still often legitimately used for managing business and family affairs, the ATO also claims that its “recent compliance operations have uncovered evidence of increased manipulation of trusts as vehicles that can be at the centre of tax avoidance or evasion arrangements”.
Federal Opposition announces a series of measures for the small business sector
With the Federal Election just weeks away, the Federal Opposition announced a series of measures for the small business sector on 20 August 2013, including:
Superannuation funds: Retain pension exemption after death
Recent legislation amendments introduced by the government are intended to provide deceased estates with ‘tax certainty” in the situation where a person has died while in receipt of a superannuation income stream.
Government defers $2,000 cap on self-education tax deductions for one year
The Commonwealth Government has decided to defer the introduction of the $2,000 cap on self-education tax deductions for a year (as announced on page34 of its Economic Statement).