Windfall Gains Tax to be introduced
What is Windfall Gains Tax? Victorian Landowners whose land is rezoned from 1 July 2023 may be liable for a new Windfall Gains Tax (WGT). What land will be included...
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Automated ATO communications
We now have a new process for managing your correspondence from the Australian Tax Office (ATO). This means that all communication from the ATO will be sent to you...
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Director ID numbers now required
The Federal Government recently announced the new requirement of director identification numbers (DIN). This means that if you are a company director you will now need to obtain a director...
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Stapled Superannuation for new employees
As of Monday 1 November, “Stapled Superannuation” rules will commence for all new employees. Stapled Superannuation simply means that existing superannuation accounts will become linked/stapled to individual employees so their...
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Cryptocurrency and tax
We are noticing an increase in clients who have purchased and/or sold cryptocurrency in the past 12 months. Often these clients do not realise there are tax implications when dealing...
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FuseSign - for online document signing
What is it? FuseSign is our online platform to make signing and sending documents easier for you. All communication requiring a signature (such as tax returns, financial statements, corporate compliance, engagement letters...
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Professional services firms: structures and profits
The ATO has released new draft guidance around its examination of structures and profits for professional services firms. Specifically this applies to lawyers, architects, medical practices and engineers who are...
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Audit Shield – do I need it?
In the past you may have received information about our Audit Shield service. This information is provided to you in order to allow you the option to consider taking up...
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Superannuation Guarantee update
As of 1 July 2021, the “Superannuation Guarantee” will be increasing from the current 9.5% to 10%. This means that by law, all employers will need to be paying 10% ...
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Victorian State Budget - Other
Increased wagering and betting tax The Government announced that wagering and betting tax will increase from 8 per cent to 10 per cent of net wagering revenue from 1 July...
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Victorian State Budget - Employers
Increase in the payroll tax-free threshold The Government announced it will bring forward increases in the payroll tax free threshold, which will increase from $650,000 to $700,000 from 1 July...
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Victorian State Budget - Land transfer duty
Increased rate on land transfer duty for high-value properties The Government announced an increased rate of land transfer duty with a new threshold high-value property transactions to be introduced. For...
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Victorian State Budget - Land tax and land owners
Increased land tax rates for high-value landholdings The land tax rate for taxpayers with larger property holdings will increase from 1 January 2022 by: 25 percentage points for taxable...
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Federal Budget 2021 - Other areas
Income tax exemption regime for not-for-profits From 1 July 2023, the ATO will require income tax exempt Not-for-profits (NFPs) with an active Australian Business Number to submit online annual...
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Federal Budget 2021 - Superannuation
Work test for voluntary superannuation contributions From 1 July 2022, individuals aged 67 to 74 will no longer be required to meet the work test in order to make superannuation...
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Federal Budget 2021 - Individuals
Low and middle income tax offset extension The Government has announced that the low middle income tax offset (LMITO) will be extended for the 2021-22 income year. The LMITO provides...
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Federal Budget 2021 - Businesses
Temporary full expensing extension Temporary full expensing measures will be extended to 30 June 2023. The measures allow eligible businesses with aggregated annual turnover of less than $5 billion to...
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Strength in the Greater Geelong business community
As some of us tiptoe with tentative optimism into 2021, we can be reassured by the growing confidence within our region that there are better times ahead. The message that...
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Government online services explained
The Federal Government (including the ATO) has several online applications, platforms and services which have been developed for those who wish to login and access their personal and business information...
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Getting it right with myGov
It’s the dawning of a new age, and just like QR codes, MyGov has become a firm part of our lives. The ATO is now communicating to you via myGov...
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Federal Budget 2020 - Other areas
Superannuation reform The Government announced that it will provide $159.6 million over four years from 2020-21 to implement reforms to superannuation. The reforms, which will reduce the number of duplicate...
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Federal Budget 2020 - Individuals
Accelerated personal tax cuts The Government announced it will bring forward Stage 2 of its Personal Income Tax Plan by two years to 1 July 2020, while retaining the low...
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Federal Budget 2020 - Businesses
Extended instant asset write-off The instant asset write-off is being temporarily extended. From 7:30pm (AEDT) on 6 October 2020 until 30 June 2022, businesses with turnover of up to $5...
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Taxable Payments Annual Report – TPAR
If your business pays contractors or subcontractors you may need to lodge a Taxable Payments Report (TPAR) by 28 August 2020. The report requires you to provide details of payments...
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FuseSign – our new document signing platform
We have recently introduced an online platform to make signing and sending documents much easier for you. From now on, when you receive communication from us which is required to...
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End of financial year payroll finalisation declarations
We've reached the end of another financial year. If you are an employer, the new financial year means your finalisation declarations are due very soon. This is done as part...
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WorkCover declarations guide
Each year, all employers are required to pay a WorkCover premium. This insurance provides cover for the costs of benefits if your workers are injured or ill because of...
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Financial stress management
Even at the best of times, managing finances can be one of the biggest stress triggers in our lives. Add owning a small to medium business and a global pandemic...
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Tegan Gray explores new frontiers!
Tegan Gray, left and fellow pilot Jane O’Brien (photo credit, Geelong Advertiser) Our client, Tegan Gray, recently flew unchartered territory as one of the first pilots to fly direct from...
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Downsizing your home and gaining tax free Super
Turning 65 is an important milestone in most people’s lives. Hopefully your children have left home by now, you’re retired or planning for retirement in the not too distant future...
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Waving goodbye to AUSkey and setting up your MyGovID
What’s changing? As of 27 March 2020, AUSkey will no longer be available to login to the ATO Business Portal. What do I need to do? To login to the...
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Fringe Benefits Tax (FBT) important update
The current Fringe Benefits Tax year ends on 31 March 2020. With less than a month to go, now is the time to review the fringe benefits you are providing...
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Cedric Carr awarded Order of Australia
Cedric Carr was awarded the prestigious honour of the Order of Australia on Sunday 26 January for service to the community of Geelong, and to accountancy. As a founder of...
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Community news - Norlane West Scout Group
In late 2016, a group of local parents established the Norlane West Scout Group. They are committed to their scouting mission by educating and providing opportunities to the youth in...
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Client news - Flagship Farmers
The McDonald’s Flagship Farmers Program provides an opportunity for farmers within McDonald’s supply chain to be recognised for their commitment to agricultural sustainability. The platform allows them to share their...
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Client news - A+ Steel Fabrication's new robot!
A+ Steel Fabrication is going from strength to strength with the recent introduction of a newly installed robot to assist them their growing need for drilling, cutting and preparation of...
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Thinking of renovating a rental property? Here's our top 5 tax tips.
Whether you watch “The Block” or have experienced it first hand, being involved in renovating a property can be an exciting and rewarding endeavour. Hopefully it will not only improve...
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Airbnb and things you may not know
Living in a “destination location” such as the Geelong region can provide a unique opportunity to rent out your home as a holiday house for visitors. This has become...
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Superannuation contributions
We are seeing increased action from the ATO regarding late and unpaid Superannuation Guarantee Contributions. In one instance, a late payment resulted in a penalty which incurred a 70% additional...
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K.Booch - Kombucha with a twist!
By now you will probably have heard of the popular health drink Kombucha which has become a drink of choice in many cafes and restaurants. Kombucha is a sparkling drink...
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Heart Mind Project – a new way of managing stress in the workplace
Life is busy and let’s be honest, taking the time for self-care can be last on our to-do list. Often the impact of workplace stress can go unnoticed until it’s...
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Financial leaks!
Often feeling broke and wondering why? It’s not always about your wage or income – often it’s about a pesky thing we call “financial leaks.” Yes, that constant little drip...
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Real Estate and Family - the top five things to know
Whether it’s the family home or an investment property, real estate is typically a significant asset of your family and should be given careful consideration – especially when transferring, gifting...
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Why trust is so important in business
“To earn trust, money and power aren’t enough; you have to show some concern for others. You can’t buy trust in the supermarket.” His Holiness the Dalai Lama. Trust is...
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How well do you know your accountant?
When you think about your relationship with your accountant what thoughts immediately come to mind? Sharp haircuts? Your tax? An abacus? How to best manage your finances? Well yes, that...
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Buy now, pay later?
Australian online shopping has increased by 24% in the last year and this is partly due to buy-now, pay later providers. The temptation to make use of these services is...
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Common mistakes of a first time property developer
Building property for a profit may seem like a ‘sure way’ to make a small fortune and it can be quite successful. But in reality it involves...
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Are you Single Touch Payroll compliant?
All small businesses should now be Single Touch Payroll (STP) compliant (start date was Monday 1 July 2019 for those with under 20 employees and the start date was Sunday 1 July 2018 for...
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How to get STP ready - MYOB Essentials
Wondering how to get STP ready? If you are using MYOB Essentials: Setting up STP reporting Help at MYOB – Ready to get started? Step 1 - Check payroll details...
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How to get STP Ready - MYOB Accountright LIVE 2018.2 or later
Wondering how to get STP ready? If you are using MYOB Accountright Live 2018.2 or later: Setting up STP reporting Help at MYOB – Ready to get started? Step 1...
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How to get STP Ready - Xero
Wondering how to get STP ready? If you are using Xero: In the Payroll menu, select Single Touch Payroll. If you don’t want to opt in right now, close the message...
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Federal Budget - Businesses
Instant asset write-off threshold increased and extended to medium sized businesses Small Businesses Small business entities (aggregated annual turnover of less than $10 million) will be able to immediately deduct...
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Federal Budget - Update on previous budget announcements
There are a number of Bills, draft legislation and similar that have not passed through parliament as at the time of the Budget announcement. With a Federal election imminent, it...
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Federal Budget - Individuals
Personal tax rates - immediate low and middle income tax offset increase The Government announced it will provide a further reduction in tax through the non-refundable low and middle...
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Federal budget 2019 - Superannuation
Super contributions work test exemption extended to age 66 The Budget confirmed the Treasurer's announcement that individuals aged 65 and 66 will be able to make voluntary superannuation contributions from...
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Federal Budget 2019 - Other areas
ATO funding to recover unpaid tax and super by larger businesses The Government announced it will provide $42.1 million over 4 years to the ATO to increase activities...
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Single Touch Payroll - it's time!
What is it? Single Touch Payroll (STP) is a reporting process set up by the Australian Tax Office (ATO) to ensure the accuracy and timeliness of organisations' payroll...
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Top Beef Honours
Congratulations to our client, Jock Richmond, who took out top beef honours at JBS Australia’s Great Southern Producer of the Year dinner in Melbourne last year. The Producer of the Year...
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Key Tax Dates
21 November October 2019 monthly BAS due 25 November Quarter 1, 2019-2020 electronic BAS due 21 December November 2019 monthly BAS due 28 January Superannuation Guarantee Contributions due...
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Giddy Up! Congratulations Ben Mason
Congratulations to client Ben Mason from Crowne Equine Veterinary Services for playing a part in Melbourne Cup's racing history with Godolphin's big win!
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Are you Single Touch Payroll compliant?
Single Touch Payroll (STP) is an initiative by the Australian Tax Office (ATO) to provide real time visibility over the accuracy and timeliness of organisations' payroll processes. STP streamlines the administration of employee payroll, tax and...
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Congratulations PropSet!
A huge 'Congratulations' to one of our successful start-up clients, PropSet, who won Startcon's 'Pitch for $1 Million' Regional Victoria Final recently! The win takes CEO Paul Ebbels and COO Dani Tutorov...
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Teeing Off at Anglesea
West Carr & Harvey (WCH) was proud to be a part of the Anglesea Golf Club Open Week held on Wednesday, 24 October. WCH Director, Justin O’Brien presented the...
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Reverse Mortgage or Pension Loans Scheme?
WCH Investor Services Financial Planner, Craig McKenzie, gives further insight into the effective planning for your later years and some schemes that may assist you. In the last newsletter we...
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We're moving!
We are excited to announce our official move date! From Monday 15 April 2019 our new address will be: East 13, Federal Mills Park 33 Mackey Street North Geelong, VIC 3215 ...
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Do you know about the First Home Super Saver Scheme?
The First Home Super Saver Scheme helps Australians boost their savings for a first home by allowing them to build a deposit inside their superannuation, giving them a tax...
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We are Geelong
Many of us are Geelong born and bred... We remember when the one horse town got two horses; when the ‘Waterfront’ was nothing more than an old pier and...
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What it takes to be a winner!
We sat down recently with our Geelong Business Excellence Award winning client, Christine Smith from Great Ocean Stays, to talk about what makes a small business truly successful. Chris...
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Find your Superpower
We asked customer service expert, Cate Schreck, to tell us what she believes makes all the difference in ensuring a customer’s experience is positive. What appears an easy suggestion...
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Key Tax Dates
1 December 2018 Income tax for taxable large/medium taxpayers, companies and super funds due Income tax for the taxable head company of a consolidated group with a member deemed to be...
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ATO Targets Taxpayers with Short-Term Rentals
The superior data-matching program used by the ATO over recent years has given them the ability to identify components of a taxpayer’s undeclared income that may have previously been hidden...
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Downsizer super contributions
We asked WCH Investor Services Financial Planner, Craig McKenzie, to give some insight into the effective management of downsizer super contributions. To benefit from Craig’s advice, please read on: By...
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What's New in Business and Tax
Important decision affecting casual employment From 1st October 2018, ensure your business is prepared for the important change to the definition of ‘casual employment’. Recently, the Full Federal Court...
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RSPCA Cupcake Day – the Sweetest Way to Fight against Animal Cruelty
Last year, the RSPCA rescued 33,535 animals who were suffering mistreatment, neglect or abuse. This sickening statistic makes animal advocates everywhere fight all the harder to support the RSPCA...
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Key Tax Dates
21 September August 2018 monthly BAS / IAS due 30 September PAYG withholding payment summary due 21 October Annual PAYG instalment notice (Form N), due September 2018 monthly activity statement...
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Are you helping Australia but not claiming the benefits?
Your business could qualify for Research and Development (R&D) tax incentives and you may not be taking advantage! The Government continues to implement its R&D tax incentive scheme to encourage...
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Geelong Business Excellence Awards
We're proud to have as our clients some of the most talented people and businesses in Geelong. We are thrilled that several of them were announced as winners and finalists...
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Are you prepared for the Tax Man?
Due to a rise in unpaid taxes in recent years, ATO audits have increased across Australia. Audits occur at random and can be a costly exercise. It can take...
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Dream Big at Deakin
On Tuesday, 31 July, we enjoyed attending the second Deakin University TALENT Experience and Employment Expo for the year held down at the Geelong Waterfront campus. Manager, Liam Drady, and...
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Are you aware trading names will soon be removed from ABN lookup?
If you’re a business owner, it’s important to take note that from November 2018, all trading names, including the trading name listed against your Australian Business Number (ABN), will...
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Tax planning strategies to be implemented before 30 June 2018
Now is a good time to consider the recent legislative changes, especially those to personal tax rates in 2017/2018 and how they may relate to you. This year’s Federal Budget...
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Healthy staff, healthy workplace!
West Carr & Harvey (WCH) promotes a healthy workplace, implementing a variety of initiatives to improve the fitness and nutritional level of its staff members. WCH is a partner of...
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Superannuation Guarantee Amnesty
The government has announced the commencement of a 12-month Superannuation Guarantee Amnesty (the Amnesty). The legislation is yet to be passed, however details of the proposed Amnesty are below. ...
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Key Tax Dates
21 June Lodge and pay May 2018 monthly activity statement 25 June Lodge 2018 Fringe benefits tax annual return for tax agents (if lodging electronically). Payment...
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Australia's Biggest Morning Tea
We threw our diets out the window this morning and indulged in a delectable feast, supporting The Cancer Council’s Australia’s Biggest Morning Tea. This is the Cancer Council’s most...
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New Residential Land GST Obligation for Purchasers
The Government is fulfilling its Budget commitment to stamp out tax evasion in the property development industry by implementing The Treasury Laws Amendment (2018 Measures No.1) Bill . From 1...
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Beware of the ‘Other’ Risks
In February, the Australian Taxation Office (ATO) issued a warning to anyone trying to falsely claim personal expenses by passing them off as work-related. Tax deductions claimed as “Other” ...
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West Carr & Harvey Finds Tomorrow’s Talent at Deakin
Celebrating 70 years as a leading financial services provider recently, West Carr & Harvey (WCH) remains committed to finding the best professional talent in the region. Deakin University has played...
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Federal Budget: Other
Measures for older Australians The Government will introduce a range of measures from 1 July 2019 to enhance the standard of living of older Australians: increase the Pension Work Bonus...
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Federal Budget: Superannuation
Work test exemption for contributions by recent retirees From 1 July 2019, the Government will introduce an exemption from the work test for voluntary superannuation contributions by individuals aged 65-74...
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Federal Budget: Businesses
Taxable payments reporting system to be extended The Government will extend the taxable payments reporting system (TPRS) to the following industries from 1 July 2019: security providers and investigation services; ...
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Federal Budget: Individuals
Personal tax rates – 7 year reform plan starting from 2018-19 The Government announced staged tax relief for low and middle income earners as part of a 7year, 3-step plan...
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What’s new in business and tax?
Single touch payroll – what you need to know. What is it? Single Touch Payroll is a new reporting method for payments such as salaries, wages, pay as you go...
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Entrepreneurs set to take off
Runway Geelong is an organisation making big things happen for startups in Geelong. This innovative client of ours runs regular six month programs to help entrepreneurs along the “runway” to...
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Maintaining your records and making life easier
We know this can feel like the boring part and the “must do” of your business management, however it is vital to running a successful business. Also, if you put...
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Are you protected from the risk of exposure?
On 22 February, the Office of the Australian Information Commissioner (OAIC) introduced the Notifiable Data Breaches Scheme (NDBS) to combat the growing threat to data privacy and security, which is...
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Our Clients
Reed Graduation Services has recently launched a new business, EventBookings. EventBookings online software allows you to create, sell, host and track bookings for your events. Check it out at https://eventbookings.com/ ...
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Key Tax Dates
21 March February 2018 monthly BAS due 31 March Tax return for companies and super funds with total income in excess of $2 million in the latest...
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What’s new in business and tax
Residential property purchasers to pay GST directly to ATO Draft legislation has been announced to propose new GST rules requiring purchasers of newly constructed residential properties or new subdivisions to...
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Managing cashflow cycles
‘Tis the season to be jolly and for some of us, ‘tis also the season to reap the reward of the busiest time of year. We work with many...
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Business partnerships – how do they work and what things should you consider?
Going into business together can be awesome. You get to have the benefit of shared control and management of the business with your partners. We have seen first-hand how like-minded...
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How much are you willing to risk for your business dream?
There are some who have re-mortgaged their houses and piled all of their assets into their business to establish the start-up capital needed to get established. Some we have even...
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Planning for selling a business or closing down
Planning to close down your business can provide great short term cash flow, however you may also have to: pay out staff entitlements, where applicable clear leases or, if you...
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Our clients
Andre Heimgartner finished second overall for the year in the Carrera Cup. We have had some great news from our clients over the last quarter and would love to share their...
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Our community
Run Geelong On Sunday 19 November the annual Run Geelong was held by Cotton On with proceeds of all registrations going to Barwon Health’s Paediatric Rehabilitation Services. As part of...
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Key tax dates - December 2017
1 December Income tax for taxable large/medium tax payers, companies and super funds due 21 December November 2017 monthly BAS / IAS due 15 January Tax return for taxable large/medium...
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What’s new in business and tax - Sept 2017
Sharing is caring but what does it mean for tax? Sharing is the new fad. Whether it’s ride sharing (Uber), house sharing (Airbnb) or odd job sharing (Airtasker) our...
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Good news for Geelong
Recently, several of the West Carr & Harvey team had the opportunity to attend a presentation by highly regarded Westpac economist, Bill Evans at the Pier in Geelong. Director, David...
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What NOT to do when you get a text message from “your bank”
A friend of mine recently did the unthinkable. Yes, she responded to a text message from “the commonwealth bank” asking her to “update her details.” She’s still kicking herself. But...
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Property: renting vs selling
So, you’ve just bought a new house and you’re wrapped and excited to move in. It’s no doubt bigger or better than your previous home and you’re looking forward to...
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What’s new in Super – annual concessional contributions cap reduced to $25,000
As of 1 July 2017, the amount of concessional contributions you can make to your super each year has been reduced to $25,000. This is the new concessional contributions cap. ...
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Applications making it easier for you to do business
We are continuously striving to find ways to make it easier for you to conduct your business. You may already be aware that we can provide high level assistance and...
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Client news
Ronnie and Georgia from "The Block" celebrating their winning guest bedroom. Photo credit: Channel 9 We have had some great news from our clients over the last quarter and would...
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Community news – Geelong Mums fundraiser
Geelong Mums are excited to be running a charity fundraiser with a view to expanding their premises. These new premises will allow Geelong Mums to continue their great work...
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Key tax dates Sept - Dec 2017
21 September August 2017 monthly BAS / IAS due 30 September PAYG withholding payment summary due 21 October Annual PAYG instalment notice (Form N), due September 2017 monthly activity statement...
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Three pieces of good news for small businesses!
1. Grant program available for local Geelong businesses The State Government of Victoria has recently announced a grant program to help grow local businesses in Geelong. Up to $2...
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Planning for your community – taking charge of the change you want to see
As we approach the new financial year you will no doubt be reforecasting your budgets for 2017-2018. While we often talk about sales, expenses and wages, one thing that you...
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Celebrating your achievements
While we do love talking tax with you, we also love hearing about other aspects of your business! Every so often we will hear of a recent award win, a...
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Four ingredients for a great partnership
Great partnerships often start with a realisation of shared interests, some good company, a passion for the local community, and of course, a glass of wine… We are proud to...
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Superannuation and housing affordability
The Government will allow a person aged 65 or over to make a non-concessional contribution of up to $300,000 from the proceeds of selling their home from 1 July 2018. ...
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