Latest News

We all get bombarded with information from every source possible and frankly, it's too much. Even if you haven't already flicked it into spam you probably don't have time to read it. We call it Information Overload. So, on this page we've selected big picture news items we think are relevant and of interest to our clients.

Monday, July 11, 2016

Small Business threshold to increase to $10 million

The small business entity threshold will increase from $2 million to $10 million from 1 July 2016.

Monday, July 11, 2016

Minimum Wage

Australia’s lowest-paid workers will get an extra $15.80 a week from July 1 after the Fair Work Commission handed down its annual minimum wage decision. This translates to $672.70 per week or $17.70 per hour.

Monday, July 11, 2016

GST and importation of low-value goods

From 1 July 2017, GST will be imposed on goods imported by consumers, regardless of the goods’ value. The GST liability will be imposed on overseas suppliers, using a vendor registration model. This means suppliers with Australian turnover of $75,000 or more will be required to register for, collect and remit GST for all goods supplied to consumers in Australia.

Monday, July 11, 2016

In the 1500s the English floor was dirt. Only the wealthy had something other than dirt. Hence the saying, "dirt poor."

Wednesday, May 04, 2016

The Federal Treasurer, the Hon. Scott Morrison MP, delivered his first Federal Budget last night.  Significant budget initiatives were announced in regards to Superannuation Contributions and Superannuation Pensions. Also Small Business turnover threshold will increase to $10 million from 1 July 2016.

Wednesday, April 06, 2016

 As year end is rapidly approaching, we encourage you to contact our office to arrange a meeting to discuss tax planning matters.   

Sunday, April 03, 2016

Do you need a speaker for your club or group event?

The Directors of WLM are experienced speakers who can provide specialist information on a number of different topics including:

  • The right structures for establishing and growing your business
  • Wealth accumulation and/or wealth preservation – what you need to consider for each strategy
  • It’s never too early to plan for your retirement
  • Personal insurance and risk planning for growing families
  • Cloud accounting for small businesses – what the future holds
  • Business Planning and Balanced Scorecard
  • Self-managed super funds – everything you wanted to know
  • Your journey through an 8-step financial planning program

Please contact Geoff Walker, Laura Menschik, Matthew Walker, Sean McGowan, Dan McGrath or Amanda Rogers on 02 9221 7777 for more information or to book a speaker for your next event or meeting.

Friday, February 26, 2016

The ASX has advised that the settlement period for Australian Share market trades will be shortened by one day. Settlements of trade will be required to occur two business days after the day a trade takes place (currently three days). This settlement period will be called T+2 (trade date plus 2 business days). The change to T+2 settlement is proposed to take place for trades conducted on or after Monday, 7 March 2016.

Friday, February 26, 2016

There is an old Hotel/Pub in Marble Arch, London, which used to have a gallows adjacent to it. Prisoners  were taken to the gallows (after a fair trial of course) to be hanged. 

The horse-drawn dray, carting the prisoner, was accompanied by an armed guard. The guard would stop the dray outside the pub and ask the prisoner if he would like ''ONE LAST DRINK''. 

If the prisoner said YES, it was referred to as ONE FOR THE ROAD.

If the prisoner declined, he/she was ON THE WAGON.

Friday, February 26, 2016

From 1 April 2016 all salary packaged meal entertainment and entertainment facility leasing expenses (EFLE) benefits: 

  • will be reportable and must be included on an employee’s payment summary;
  • cannot have their taxable value calculated using the elective valuation rules such as 50-50 split and 12 week register methods;
  • are subject to a separate single grossed up cap of $5,000;
  • exceeding the $5,000 grossed-up cap will be counted towards an employee’s existing FBT exemption or rebate cap.