Client Portal 
Free Consultation
LOGIN
Legislation in limbo
By WSCAdmin | Created on February 2, 2020
The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation.
No tax deductions if you don’t meet your tax obligations
By WSCAdmin | Created on February 2, 2020
If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments.
Tax on shares ATO extends data matching program
By WSCAdmin | Created on February 2, 2020
The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.
Scammers impersonating tax agents
By WSCAdmin | Created on February 2, 2020
The fraudsters do this by coercing the victim into revealing their agent’s name and then initiating a three-way phone conversation between the scammer, the victim, and another scammer impersonating the victim’s registered tax agent or someone from the agent’s practice.
Proposed expansion of STP to smaller employers
By WSCAdmin | Created on February 2, 2020
There is currently legislation before Parliament to expand STP to all employers from 1 July 2019 and it is estimated that there will be more than 700,000 employers who will enter STP as a result.
Tax ‘safe harbour’ for inherited property
By WSCAdmin | Created on February 2, 2020
When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune.
SG Amnesty still pending
By WSC GROUP | Created on February 2, 2020
The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019).
Suburban scammers pushing illegal early access to super
By WSC GROUP | Created on February 2, 2020
The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to purchase a car, to pay debts, to take a holiday, or to provide money to family overseas in need.
Single Touch Payroll Update
By WSCAdmin | Created on February 2, 2020
The ATO is writing to employers who started reporting through STP before 1 July 2018, providing them with information about how their employees' payment summary for 2017/18 may change with STP, including the following:
One-off Super Guarantee Amnesty
By WSCAdmin | Created on February 2, 2020
The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running from 24 May 2018 for 12 months, the amnesty encourages employers to reduce this SG gap by providing relief from the punitive penalties that normally apply to late payments.
