Franchisor Marketing Fund Audits
If you’re a franchisor managing a marketing fund, it’s important to understand your obligations under the Franchising Code of Conduct. These funds, contributed to by franchisees, must be handled with transparency and in strict accordance with the Code. In addition to referencing the fund in the Franchise Agreement, franchisors must: Financial Reporting Requirements Section 15 […]
Federal Budget 2025-26 Overview
The Government’s big moment in the 2025-26 Federal Budget was the personal income tax cuts. Income tax cuts are a dazzling headline but in reality, they deliver a tax saving of up to $268 in the 2026-27 year, with a tax saving of up to $536 from the 2027-28 year. At the same time, the […]
Sustainable Business Strategy and ESG Implementation
Are you ready to future-proof your business? Our half-day workshop equips professionals from businesses of all sizes with the skills and expertise to develop and implement a sustainable business strategy. Align your objectives with internationally recognised Environmental, Social and Governance (ESG) frameworks to drive long-term value. Learning Outcomes Who Should Attend? Business owners, managers and […]
Walker Wayland Australasia 2025 Conference
A High-Energy Event of Collaboration and Innovation Five of our team members – Tom Brandt, Dustin Fromm, Troy Green, Governor Muriya, and Larn Mulligan – attended the WWA 2025 Annual Conference in Perth held at the end of February. With this year’s theme of Energy, WWA set out to inspire, collaborate, and ignite new ideas. […]
FBT 2025
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Important FBT issues FBT exemption for electric cars Employers that provide employees with the use of eligible electric vehicles (EVs) can potentially qualify for an FBT exemption. This should normally be […]
How the Bendel Case Could Make Tax Easier for Your Small Business
On 19 February 2025, a landmark Full Federal Court decision in respect of trust law and Division 7A was handed down in favour of the taxpayer. How This Helps a Small Business Imagine Sarah, who runs a small marketing agency through a trust. Each year, her trust distributes profits to her bucket company to take […]
ASIC’s $187,800 Penalty: A Compliance Wake-Up Call for Foreign-Controlled Companies
ASIC recently fined a small proprietary company $187,800 for failing to lodge financial reports on time –highlighting the importance of financial compliance for small foreign-controlled companies. Under the Corporations Act 2001, such entities must submit financial reports unless they qualify for ASIC relief. To avoid penalties: At SRJ Walker Wayland, we provide expert guidance on […]
Mandatory Climate-Related Financial Disclosures: What You Need to Know
Big changes are here! Starting 1 January 2025, the Australian Government has rolled out new rules to make climate-related financial disclosures clearer and more useful. The goal? To give everyone a better idea of how businesses handle risks and opportunities related to climate change. Here’s the lowdown: Why the Change? The government wants to help […]
ESG and Sustainability Information Session
You may think that ESG and Sustainability are just the latest buzz words going around, and may not be relevant to your business, but have you looked at how it is affecting businesses right now with suppliers, finance and many other matters? We have seen instances where companies have lost contracts because they are not […]
Business Basics Grants Program – Round 6
Are you a small business with fewer than 5 employees, looking to enhance your operations, marketing, or online presence? This grant funding could be for you! Overview of the Program Administered by the Department of Employment, Small Business and Training (DESBT), Round 6 of the Program is focused on business enhancement and provides support to […]
Divorce, you, and your business
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company will need […]
When is a gift not a gift?
The Tax Commissioner has successfully argued that more than $1.6M deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6M in unexplained bank deposits, […]
SRJWW’s Carbon Management Journey to Neutrality
The feeling in the air around the push towards minimising greenhouse gas (GHG) emissions has a very similar feel to it to how it was more than a decade ago in the lead up to the introduction of a price on carbon or a “carbon tax” way back then. Of course, history tells us that […]
HR Support Grants for Small Business
The Department of Employment, Small Business and Training (DESBT) has announced that HR support grants of up to $5,000 (excl. GST) are now available for Queensland small businesses. These grants are designed to assist small businesses implement human resource (HR) measures that address workforce challenges. Who is eligible for the grant? Your small business must […]
Is your family home really tax free?
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “It’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of a main […]
$20k instant asset write-off passes Parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30 June 2024 can potentially […]
What’s ahead for 2024-25?
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannuation guarantee (SG) rate increased by […]
Business Boost Grants Program
Round 4 of the Business Boost Grants Program will ensure your business not only survives but thrives. Registration of Interest opens on Monday, 24 June 2024. Overview of the Program Administered by the Department of Employment, Small Business and Training (DESBT), the Program provides funding to assist small businesses to enhance efficiency and productivity by […]
Loans to get a business started
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications. A case before the Administrate Appeals […]
The ATO Debt Dilemma
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed. The ATO can only release a taxpayer from a tax debt in limited situations (e.g., where payment […]
FBT 2024
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Important FBT issues FBT exemption for electric cars To encourage the adoption of no or low emissions vehicles, the Government introduced a concession to make these vehicles FBT-free when provided to […]
How to take advantage of the 1 July super cap increase
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps […]
Revised Stage 3 Tax Cuts
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024. Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident Individuals Tax Rate 2023-24 2024-25 0% $0-$18,200 $0-$18,200 16% $18,201-$45,000 […]
The Fringe Benefits Tax traps
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) on private use. The […]
Can my SMSF invest in property development?
Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often occur. An SMSF can invest […]
The problem when the evidence doesn’t match what the taxpayer tells the ATO
A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale. In 2013, […]
Contractor or employee?
Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that an independent contracting relationship exists. The […]
Personal Income Tax Cuts
The personal income tax cuts legislated to commence on1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more Australian taxpayers […]
The key influences of 2024
Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences. Inflation and labour supply RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading in the right direction, but it is likely to return to […]
The Christmas Tax Dilemma
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result in a gift […]
The controversial case of the taxpayer who claimed a loss on their home
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In this case, the taxpayer successfully argued that the purchase […]
Navigating the Festive Landscape of Christmas and Tax Benefits
As the year draws to a close and Christmas festivities begin to ramp up, tax concerns should not dull employers’ willingness to give back to their employees and clients as a gesture of gratitude and goodwill. Here are some tips to consider when wanting to share the Christmas joy without incurring a tax bill in […]
The ‘AirBNB’ Tax
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators. The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected to generate $70 million […]
What can you claim?
The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim. If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – assuming your employer has […]
‘Electrifying’ your Business
Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction! The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and medium businesses, this time […]
Legislating the ‘objective’ of Super
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’ The significance of legislating the objective of super is that any future legislated changes to the superannuation system must be in line with this […]
The shape of Australia’s future
We look at the key takeaways from the Intergenerational Report. The 2023 Intergenerational Report (IGR) is a crystal ball insight into what we can expect Australian society to look like in 40 years and the needs of the community as we grow and evolve. It doesn’t map out our path to flying cars and Jetsons […]
The Billion Dollar TikTok Scandal
$1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control? It was promoted as a victimless hack that delivered tens of thousands of dollars into your bank account. Like any hack, taking […]
Thinking of subdividing?
You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications. Many small-scale developers often assume that their tax exposure is minimal – but this is not always the case […]
What does it take to hand your business to the next generation?
What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners. When it comes to generational succession of a family business, there are a few important aspects: For generational succession […]