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Practice Update

By WSC Group | Created on May 3, 2024

The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud. The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.

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Should you be the ‘bank of Mum & Dad’?

By WSC Group | Created on May 1, 2024

The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.

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Company money crackdown

By WSC Group | Created on May 1, 2024

The ATO is cracking down on business owners who take money or use company resources for themselves.

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Accessing money in your SMSF

By WSC Group | Created on May 1, 2024

The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs).

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Do your kids really want to take over your business?

By WSC Group | Created on May 1, 2024

Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.

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How much is my business worth?

By WSC Group | Created on April 10, 2024

For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.

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Warning on SMSF asset valuations

By WSC Group | Created on April 10, 2024

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.

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Budget 2024-25

By WSC Group | Created on April 10, 2024

The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.

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The assault on professional services

By WSC Group | Created on April 10, 2024

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.

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Non-compete clauses and worker restraints under review

By WSC Group | Created on April 10, 2024

A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.

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