Wakefield Business Group

09/06/2026

Federal Budget 2026-27: Key Announcements

23/04/2026

𝗔𝗿𝗲 𝗬𝗼𝘂 𝗔𝘄𝗮𝗿𝗲 𝗼𝗳 𝗠𝗼𝗻𝗲𝘆 𝗟𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗥𝗶𝘀𝗸𝘀?

The way businesses are expected to identify and prevent money laundering is evolving rapidly. With stricter Anti-Money Laundering (AML) regulations and
increased scrutiny from regulators, staying compliant is no longer optional it’s essential. Authorities are placing greater emphasis on transparency, reporting, and
accountability across all industries.

These changes are already underway, so now is the time to review your processes and strengthen your controls.

𝗞𝗻𝗼𝘄 𝗬𝗼𝘂𝗿 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 (𝗞𝗬𝗖):
Businesses must properly verify customer identities and understand the nature of their transactions. This applies not only to new clients but also requires ongoing monitoring of existing relationships.

𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴:
Unusual or inconsistent financial activity must be identified and reviewed. Large cash movements, complex transaction chains, or payments that don’t align with a client’s profile can all be red flags.

𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗢𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻𝘀:
Suspicious matters must be reported promptly to the relevant authorities. Delays or failure to report can lead to significant penalties and reputational damage.

𝗦𝘁𝗿𝗼𝗻𝗴𝗲𝗿 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗠𝗲𝗮𝘀𝘂𝗿𝗲𝘀:
Regulators are increasing enforcement actions, with heavier fines and stricter penalties for non-compliance. Businesses are expected to maintain clear records
and demonstrate active risk management.

𝗪𝗵𝗮𝘁 𝘁𝗼 𝗱𝗼 𝗻𝗼𝘄?
Review your internal policies, train your staff to recognise warning signs, and ensure your systems are capable of detecting and reporting suspicious activity. Taking proactive steps today will help protect your business and keep you compliant in an increasingly regulated financial environment.

04/03/2026

𝐀𝐫𝐞 𝐘𝐨𝐮 𝐑𝐞𝐚𝐝𝐲 𝐟𝐨𝐫 𝐏𝐚𝐲𝐝𝐚𝐲 𝐒𝐮𝐩𝐞𝐫?

The manner in which we manage our superannuation is going to be altered. The change to Payday Super begins 1 July 2026. This is because the old quarterly cycle is being phased out of existence; you will be required to make super payments after paying wages.

This change is only 3 months away so take action now. You will need a complying software package.

The 7-Day Rule: Contributions must reach an employee’s fund within seven business days of paying "Qualifying Earnings." This rule applies to both standard employees and eligible contractors.
Infrastructure Changes: The ATO Small Business Super Clearing House will be shut down on 1 July. It is high time to identify alternative ways of paying and make sure your Single Touch Payroll (STP) software is prepared to meet new reporting requirements.
Stricter Compliance: The revised Superannuation Guarantee Charge (SGC) will be used on the late payments. Although the SGC will be tax-deductible, the extra administrative uplifts and interest payments ensure that payments are very timely.

What to do now? Check the existing cash flow plans and fix any error messages that keep occurrences in your super reporting. The reason is that a proactive preparation will put your business in the state of readiness to the new era of payroll.

28/01/2026

𝗔𝗧𝗢 𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 𝗳𝗼𝗿 𝗟𝗮𝘁𝗲 𝗕𝗔𝗦 𝗮𝗻𝗱 𝗧𝗮𝘅 𝗥𝗲𝘁𝘂𝗿𝗻 𝗟𝗼𝗱𝗴𝗲𝗺𝗲𝗻𝘁𝘀
Timely lodgement of Business Activity Statements (BAS) and income tax returns is a key compliance obligation for Australian businesses. However, late lodgements remain common due to cash-flow pressures, incomplete records, staffing changes, or simply being busy running the business. When lodgements are overdue, the Australian Taxation Office (ATO) may impose penalties and interest charges that can increase quickly if not addressed early.

𝗟𝗮𝘁𝗲 𝗕𝗔𝗦 𝗟𝗼𝗱𝗴𝗲𝗺𝗲𝗻𝘁𝘀
If a BAS is lodged after the due date, the ATO may apply an FTL penalty. In addition, if GST, PAYG withholding, or other amounts reported on the BAS remain unpaid, the ATO may charge the General Interest Charge (GIC) on the overdue balance. GIC compounds over time, increasing the total amount payable the longer the debt remains outstanding. Even where a BAS results in a refund or a nil amount payable, penalties may still apply if the lodgement is late. For this reason, lodging on time—or as soon as possible—is critical.

Late Tax Return Lodgements
Late income tax returns can also attract FTL penalties. This applies to:
individuals
companies
trusts
SMSFs
If a tax assessment results in an amount payable, interest may continue to accrue until the liability is paid or a payment arrangement is put in place.

12/01/2026

WBG is sad to announce the passing of Mr. Arthur Walters on 3/12/25. Arthur was a true gentleman and well respected in the profession.

We attach some thoughts from long-time colleague Mr. Bob Boucaut.

I first met Arthur Walters approximately 65 years ago, shortly after he and his family arrived in Adelaide, and Arthur commenced employment with Peat Marwick Mitchell & Co.

As work colleagues on the audit staff at Peats, we were in constant contact and enjoyed each other’s company.

After his, several years working at Peats, Arthur made a few different career moves, but fortunately we continued to cross paths and would frequently reminisce.

Arthur was a most accomplished chartered accountant, very professional and knowledgeable, and importantly always ready to provide advice when needed.

Arthur had many friends in the Adelaide business world, all of whom would be saddened by his passing.
Vale. Arthur Walters

26/09/2025

Read More:

Claiming GST Credits on Business Vehicles

11/07/2025

📢 Tax Season Is Here – Let us Simplify It for You!
Feeling overwhelmed by tax time?
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🌐 wbgsa.com.au
📍 Norwood, SA

We specialise in taxation and accounting services for small to medium businesses. Wakefield Business

03/04/2025

Read more: https://wbgsa.com.au/atos-new-monthly-gst-rules-is-your-business-ready/

05/03/2025

Navigating Fringe Benefits Tax (FBT) for Electric Vehicles in Australia: A Business Guide
Leverage Tax Savings While Driving Sustainability
Australia’s push toward net-zero emissions has made electric vehicles (EVs) a cornerstone of corporate sustainability strategies. For businesses, the federal government’s FBT exemption for eligible EVs offers significant financial incentives to transition to greener fleets. However, not all EVs qualify, and rules differ for plug-in hybrids (PHEVs). In this blog, we break down the key details using guidance from the ATO’s latest resources (Electric Cars Exemption and FBT on Plug-In Hybrids).

What is the FBT Exemption for EVs?
The FBT exemption allows employers to provide eligible EVs to employees tax-free, saving businesses thousands in fringe benefits tax. Here’s how it works:
Eligibility Criteria
To qualify for $0 FBT, the vehicle must meet all of the following:
Emission Threshold: Emits

24/12/2024

Read more: https://wbgsa.com.au/buying-a-car-above-the-car-limit-what-you-need-to-know/