All News

Single Touch Payroll: what you need to know

By WSCAdmin | Created on February 2, 2020

Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1 July 2018. The head count for ‘20 employees’ includes full-time, part-time, casuals (who worked any time during March), employees based overseas, or on paid or unpaid leave.

Tax stats reveal the state of the Australian community

By WSCAdmin | Created on February 2, 2020

Every year, the Australian Taxation Office (ATO) compiles the tax data they collect. The recently released 2015-16 ‘tax stats’ encapsulate the data from 16 million income tax returns lodged for the 2016 income year for 13.5 million individuals, 940,000 companies, as well as superannuation funds, partnerships, and trusts.

Tax Deductions: the danger zones

By WSCAdmin | Created on February 2, 2020

In Australia, tax deductions are available for expenses incurred in producing assessable income. These are generally work-related deductions or investment related deductions. And, unlike some other countries, these expenses can be offset against taxable income including wages (other countries only allow deductions relating to capital income against capital gains).

Should you use the new super measures when you buy/sell your home?

By WSC GROUP | Created on February 2, 2020

From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions.

No need to actually downsize for downsizer contributions

By WSC GROUP | Created on February 2, 2020

From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to as ‘downsizer contributions’), up to a maximum of $300,000 per person (i.e., up to $600,000 per couple), without having to satisfy the age or gainful employment tests that usually apply.

Power And Influence

By WSC GROUP | Created on February 2, 2020

Did a Kardashian really just wipe US $1.3bn off the share price of Snapchat?

Taxpayer can't explain where she got the money to pay her expenses

By WSC GROUP | Created on February 2, 2020

The Administrative Appeals Tribunal has upheld amended assessments issued by the ATO to a beauty technician, based on the high volume of money passing through the taxpayer's various accounts when compared with the modest income she had included in her tax returns.