The recent storms have signalled the start of summer and with that we also welcome the start of the festive season. The decorations are popping up and murmurs of the staff Christmas party are starting to be heard around the office water cooler. Christmas is about generosity and many businesses dip into their pockets to provide a staff party and gifts as a way to celebrate the end of another year, but without some planning, a business can inadvertently provide a gift to the tax office by…
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A recent full Federal Court GST case has created significant uncertainty regarding the GST implications for leasing commercial premises. In the MBI Properties case the Court held (amongst other things) that when a taxpayer purchases a commercial property with an existing tenant(s) and…
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he New WMS App While most of us use our smart phones and tablets primarily to access emails, browse the web / social media and play games, their potential is so much greater. With the convenience of having everything at your finger tips, smart devices are increasingly being used as…
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It’s the ultimate battle of brains versus brawn. But what if you could have both? Well it appears that our very own partner, Stephen Holmes can attest to having both…
Read MoreWhen borrowing to purchase a commercial property for your business to operate from, the loan term will generally be 15 years in which time the bank will expect the loan to be repaid in full….
Read MoreThe new company loss carry back provisions give a company (and entities taxed like a company) the choice to carry back all or part of the current or previous year tax loss. This carried back loss can offset the income tax liability from either or both of the two preceding tax years. The maximum refundable tax offset allowed in each tax return is…
Read MoreAfter weeks of campaigning, a weekend of polling, followed by the photo bombing of the new Prime Minister Elect, Mr Tony Abbott, we thought it appropriate to remind clients of what the new government has proposed with regard to significant tax reform to be delivered within the first term.
Read MoreWith the 2013 tax compliance season in full swing it appears the email scammers are out in force. In fact, as recent as today, we at WMS have been the target of such scams. Fortunately with the aid of our IT department, our staff know the signs of these scammers and were not fooled…
Read MoreThe latest Federal Budget handed down on Tuesday 14 May 2013 contains several new tax measures covering a broad range of areas including personal taxation, business taxation, Capital Gains Tax, Superannuation and more…
Read MoreEarlier this morning, the Treasurer, Mr Wayne Swan announced proposed changes to the taxation of superannuation funds earnings and estimates it will affect around 16,000 Australians which represents around 0.4% of the projected retiree market…
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