Category Archives: News

The Australian Federal government released its mid-year economic fiscal outlook (MYEFO) on 22 October 2012, somewhat earlier that would be expected.

The MYEFO contained a number of key tax-related announcements, including the following:

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International accounting group expands in Australia

MONDAY, SEPTEMBER 24, 2012 – International accountancy network Walker Wayland Australasia has announced further expansion as two independent firms joined the community in September.

The network has grown by more than 50 percent in the past year and now includes 13 mid-tier accounting firms across Australia and New Zealand.

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Accounting firm sees better service by networking

Kothes Chartered Accountants has moved to bolster services and resources for its clients throughout south-east New South Wales with a tie-in to an international business network.

The network, Walker Wayland Australasia, is a fast-growing community of mid-tier accounting firms across all mainland states of Australia and New Zealand.

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Walker Wayland Australasia provides international boost for Toowoomba businesses

MONDAY, SEPTEMBER 3, 2012 – Many businesses in the Toowoomba region of south-east Queensland are gaining an international boost in their financial support following a move by local accounting firm Power Tynan.

Business owners and managers in the region can now draw on the extensive resources and experience of the expanding Walker Wayland Australasia accounting and business services network following the announcement that Power Tynan is now a part of the group.

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New contractor tax reporting requirements

A Change to the reporting requirements for businesses in the building and construction sector is about to become a reality from June 1, 2012. The new ‘Taxable Payments Report’ will require operators to report on certain payments made to contractors. The Tax Office says data from the Taxable Payments Report will improve compliance and detect contractors who have either not lodged returns or not included all of their income.

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WEDNESDAY, MAY 16, 2012

Accountancy group Walker Wayland Australasia has completed a restructure to prepare for an aggressive growth phase in the region.

According to Walker Wayland Australasia chairman Grant Allsopp, “Our focus is to become the pre-eminent mid-tier accountancy network in the region.”

He said the network now includes 11 mid-tier accounting firms across Australia and New Zealand. Three have joined since the restructure.

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The Federal Government is set to introduce the draft legislation in respect of the Living Away From Home Allowance (LAFHA) changes in the upcoming sitting of the Parliament. Advice from Treasury indicates they propose to issue a LAFHA Exposure Draft in May 2012.

The proposed Tax Laws Amendment (2012 Measures No 3) Bill 2012, which includes the provisions first proposed by the Consultative Paper released in November 2011 will be introduced into the Parliament after the 2012 Federal Budget, which is to be handed down on 8 May 2012.

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On 8 May 2012 the Treasurer, Mr Wayne Swan handed down his fifth Federal Budget. A fiscally tight Budget designed aiming to give rise to that oft-mentioned surplus for 2012-13 it contained anticipated tax changes, but also had a raft of other tax measures including changes to previously announced measures and significant changes to the tax loss measures. Previously announced measures the government decided not to proceed with included the standard tax deduction and the interest discount.

Treasurer Wayne Swan said the budget would deliver a small ($1.5bn) surplus in the year to 30 June 2013, thanks largely to cuts in spending on defence and foreign aid and abandoning planned tax cuts for companies and savers.

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The Personal Property Securities Register (PPSR) commenced on Monday, 30 January 2012.

If you provide credit terms to your customers or you have other commercial arrangements under which your goods or equipment are in the possession of a third party or related entity (for example consignments, leases) then you will probably need to register your rights on the PPSR, or risk losing any interest in your goods and equipment.

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The Federal Government has recently outlined changes to the taxing arrangements of Living Away From Home Allowances(LAFHA) from 1 July 2012. Under the current…

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