WDF Professional in Wagga Wagga, New South Wales, Australia | Business consultant

WDF Professional

Locality: Wagga Wagga, New South Wales, Australia

Phone: +61 2 6921 5444

Address: 135-137 Peter Street 2650 Wagga Wagga, NSW, Australia

Website: http://www.wdf.com.au

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25.01.2022 NSW Small Business Month Festival By Lucy Suthern Are you a small business owner looking to reboot, recover or grow your business?... During the month of October, the NSW government is hosting the 4th annual NSW Small Business Month Festival. It aims to provide practical information, ideas and networking opportunities to help businesses start up and grow. You can partner with the NSW government to help reboot and recover in the wake of the devastating bushfires and the global COVID-19 pandemic. To read more, see link below to our latest Blog post below:

24.01.2022 According to ASIC there is around $1.1 billion in lost shares, bank accounts and life insurance in Australia. This unclaimed money can become lost when you forget to update your personal details with financial institutions and companies. Unclaimed money is received by ASIC and transferred to the Commonwealth of Australia Consolidated Revenue Fund, available to be claimed at any time by the rightful owner. There is no time limit on claims. Bank accounts become unclaimed after 7 years if the account is inactive. Life insurance policies become unclaimed 7 years after the policy matures and is not claimed. Visit link below to the Moneysmart website to see if you have unclaimed money owed to you and how to claim it.

22.01.2022 Are rental property owners able to depreciate second-hand assets? In relation to residential rental properties, only ‘new’ assets acquired are able to be depreciated (unless you are carrying on a business of letting rental properties). This includes residential rental properties held by individuals, discretionary trusts, SMSFs and most closely held partnerships and unit trusts. Deductions for depreciation in respect of a ‘previously used’ asset (i.e. a second-hand depreciatin...g asset) are not available. This means if a property is acquired which is not new residential premises but contains a number of depreciating assets (eg. carpets, oven, rangehood etc) that were purchased and installed by the previous owner, the subsequent owner is no longer entitled to claim deductions for the decline in value of the pre-existing depreciating assets. However, the rules surrounding capital works that may be written off remains unaffected capital works deductions may be claimed by the new owner of an existing residential premises. Further information can be found in the link below:

20.01.2022 Self-education expenses Are you a student looking to claim education expenses on your tax return? Well the good news is that you can, but the expenses must have a sufficient connection to your current job and must result in an increased in your knowledge, capabilities or skills you need for your role which will further result in an increased in your income from your current work activities. ... Allowable deductions can include: Course fees if paid upfront and directly paid by you (and have not been reimbursed for) Textbooks or trade, professional or academic journals Travel costs, including car expenses from your home to place of work and back, or from your work to your place of education and back. Please note however that you cannot claim the cost of the last stage of your travel. For example, if you travel from your home to your place of education and then to work, you cannot claim the travel from your place of education to your work. Expenses that cannot be claimed include: Repayment of loans received to assist with the completion of your study, such as HELP Home office occupancy expenses (such as rent, mortgage interest or rates) Accommodation and meals You may be required to reduce your self-education expenses by $250 in your tax return. However, the following expenses (although these are not deductible) can be used to offset this reduction: Childcare costs while attending self-education activities The last stage of the travel (as mentioned above) It is important that you keep neat records of your receipts and other documents in order to substantiate your claims. Further information can be found through ATO link below:

19.01.2022 Well done to the Wagga Wagga Business Chamber for adapting and successfully putting on the Golden Crow Awards 2.0 . We are proud sponsors of the awards and would like to congratulate the finalists and winners! Friday night was a wonderful opportunity to showcase what amazing things that local businesses have been doing over the past 12-24 months and in light of Covid. A few of our team got on board with the #throwacrow campaign ordering take out from local businesses and tuning in for the awards.

18.01.2022 Do you meet the GST threshold? You'll need to register for GST: When you have an annual turnover (gross income minus GST) of $75,000 or more, or $150,000 for non-profit organisations.... If you provide taxi travel for passengers (including ride-sourcing) regardless of your GST turnover this applies to both owner drivers and if you lease or rent a taxi. If you want to claim fuel tax credits for your business. You should check each month to see if you've reached the GST threshold. More information is available through ATO link below:

16.01.2022 Next up in our Mini Seminar Series! How to make invoicing as seamless as possible so that you can keep the cash flowing. Join WDF Professional's Charles Talbot and Steve Castelletto for 10 minutes worth of tips that will help improve your business.... If you have any questions or need some advice, please contact us! Send us a message or give our office a call on 6921 5444.

15.01.2022 Drought Transport Subsidy Ending Soon By Gillian Hayward Round three of the drought transport subsidy is due to end on the 31 December 2020 (subject to funds being available).... Invoices from 1 July 2020 to 31 December 2020 are now being accepted up to a cap of $25,000. This subsidy covers 50% of the costs of eligible freight and is also available if you do your own cartage. To read more, including about eligible transport costs, read our latest Blog post at the link below: https://www.wdf.com.au/blog-main

13.01.2022 Non compliance of SMSF - ignore the rules at your peril By Vicky Richards Check the rules before you act.... Running your own self-managed superannuation fund can deliver some extremely valuable benefits including control over how your super is invested. However, together with a long list of benefits comes a very strict set of rules the SMSF needs to comply with in order to receive concessional tax treatment. To read more, see link to our latest Blog post below:

13.01.2022 Should you be registered for GST? By Katy Isherwood When a new business commences, a common question that is asked is "Should I include GST on my invoices"?... The short answer is, if you are registered for GST then the goods or services you provide in Australia are subject to GST and GST should be included on your invoices, unless the goods or services provided are GST-free or input taxed. To read more, see our latest Blog post below:

13.01.2022 Safe Work NSW Small Business Rebate Are you eligible for a $500 rebate from SafeWork NSW? Small businesses who meet the eligibility criteria, including having fewer than 50 full-time equivalent employees, can participate in an eligible event and receive a rebate of up to $500 to cover the costs of safety items purchased for their workplace. If eligible, you will need to participate in an eligible SafeWork NSW safety activity such as a workshop or watching a pre-recorded webi...nar. Then you will need to identify, purchase and implement your eligible safety item. Eligible safety items may include hygiene items, items to assist with hazardous manual tasks, items to prevents slips or falls and items to prevent exposure to hazardous noise. After the item has been purchased you can submit your application to SafeWork NSW to apply for the rebate of up to $500. More information on the rebate is available here https://www.safework.nsw.gov.au//re/small-business-rebates.

12.01.2022 COVID-19 Early Release of Superannuation By Vicky Richards Who can apply... Individuals who are financially affected by COVID-19 can access up to $10,000 of their superannuation if they meet the eligibility criteria. Eligible individuals can apply online via myGov to access the superannuation and the application must be submitted before 31 December 2020. The early release measure has received much criticism with the level of withdrawals surpassing original forecasts. There are concerns about the long-term impact on retirement incomes. This measure should only be accessed by those who have an immediate need for financial assistance that outweighs the importance of saving for retirement. To read more, see link to our latest Blog post below:

11.01.2022 $100 in vouchers - Yes Please...let's enjoy this! The NSW Government has announced their Out & About Scheme to help stimulate the economy and assist those businesses in the hospitality, arts and tourism sectors that have been severely affected by COVID. NSW residents over the age of 18 will be eligible to receive a total of $100 in digital vouchers (four $25 vouchers) which can be used at participating COVID-safe NSW businesses.... The vouchers will be rolled out from late January 2021 and to participate in the scheme you will need to have a MyServiceNSW account. To learn more about the scheme and how to access and use your vouchers please visit https://www.nsw.gov.au/covid-19/out-about-vouchers

10.01.2022 JobKeeper Key Dates - September By Kimberley Butler JobKeeper Key Dates not to be missed for the month of September.... To read more, see link to our latest Blog post below:

06.01.2022 Are you working from home due to COVID-19? If you have been working from home between 1 March and 30 September 2020, the ATO has created a temporary shortcut method for you to claim all related expenses. All employees working from home during this period can use this method. The shortcut method covers all your expenses in relation to working from home and you are not able to claim these expenses separately. This includes:... phone expenses internet expenses electricity & gas for heating, cooling and lighting Under the shortcut method, you can claim 80 cents per hour for each hour you work from home during this period and you must keep a record of the hours that you have worked. Further information can be found at:

05.01.2022 Farm Household Allowance (FHA) By Gillian Hayward Are you aware of changes made to the Farm Household Allowance?... Changes to the FHA came into effect on 11 June 2020 which make it easier for farmers to access the allowance. The FHA is a fortnightly payment (amount is equivalent to Youth Allowance) to farming families in financial hardship, for a maximum of four years in each 10-year period. It also provides an option to claim an Activity Supplement up to $10,000, which you can use to pay for study, training or professional advice to help improve your financial position. To read more, see link to our latest Blog post below:

05.01.2022 Christmas Parties and Gifts that are FBT Free By D'Lene Browning Christmas is just around the corner. Make sure to consider tax implications as you plan your business end of year function and gifts for employees and valued clients. ... To read more, including about how to consider FBT in your business Christmas plans, read our latest Blog post at the link below: https://wdf.com.au/blog-main

04.01.2022 We're sorry our phones are temporarily down UPDATE - 1/9/2020: Thank you for your patience, our phones are now up and running again! We are working on getting them back to operational ASAP!... In the interim, please feel free to email [email protected] and we will get back to you immediately. Thank you for your patience and understanding.