WLF Accounting & Advisory

Government offers draft concessions on the new 30% trust tax

Swipe through for what's changed and what trustees should be considering.

The Federal Government has released draft legislation that may allow existing discretionary trusts to fall outside the proposed 30% minimum trust tax due to commence from 1 July 2028.

While the legislation remains in draft form, the proposed concession could provide relief for many family groups and business owners currently operating through discretionary trusts.

The team at WLF was delighted to make a donation to Kamara's Heart Foundation through our Workplace Giving program.

Kamara's Heart Foundation works with communities in Sierra Leone and Ghana to improve access to education, healthcare and opportunities that help create lasting change for children and families. Every donation plays a part in supporting that work on the ground.

This contribution will help fund a laptop for the Foundation's new Charity Coordinator. While it might seem like a simple piece of equipment, having the right technology is a practical investment that will help the organisation coordinate programs, stay connected with partners and supporters, and maximise its impact.

It was a pleasure to welcome founder John Kamara to our office to accept the donation and share more about the Foundation's work. We're proud that our team's generosity can help support an organisation making a real difference in the lives of people across Sierra Leone and Ghana.

Private Ancillary Funds may soon see some significant changes. Proposed reforms include a higher minimum distribution rate and a new three-year smoothing mechanism, providing trustees with greater flexibility when planning charitable giving.

Learn more:

Private Ancillary Funds: Proposed Changes Every Trustee Should Know The Federal Government has announced reforms to Australia's Private Ancillary Fund (PAF) framework as part of its broader philanthropy agenda. While the reforms are not yet fully operational, trustees should be aware of the proposed changes and begin considering how they may affect their fund's long...

Over the past four weeks, we've had the pleasure of hosting Dany through the CA ANZ Winter Achiever Program, spending time across both our Audit, Assurance & Advisory and Business & Personal Advisory divisions.

Dany embraced every opportunity to learn, contribute and gain practical experience across our two divisions. Her enthusiasm, professionalism and willingness to get involved made a positive impression on our teams.

Thank you, Dany, for your hard work and dedication throughout the program. We wish you every success as you continue your Chartered Accountant journey and look forward to following your future achievements.

A fantastic evening at the TSBE Career Conversations event. Thank you to the University of Tasmania Alumni team for the opportunity to connect with students and alumni, share insights into the accounting and advisory profession, and discuss the many career pathways available in our industry. It was wonderful to be part of such an engaging event, and we thoroughly enjoyed the conversations and connections made throughout the evening.

A special thank you to our WLF team members who generously gave their time, shared their experiences, and contributed to the discussions throughout the night. Your willingness to support and inspire the next generation of professionals is greatly appreciated.

We are proud to support initiatives that strengthen connections between education and industry and help students explore the many opportunities available within our profession.

Directors, are your superannuation obligations putting you at risk?

Recent legal developments including the Ostwald case are a timely reminder that directors can be held personally liable for unpaid superannuation.

As compliance expectations continue to tighten, understanding your responsibilities has never been more important.

Learn more:

Superannuation, Directors’ Liability, and the Ostwald Case The recent Federal Court decision in Ostwald v Commissioner of Taxation shows how important it is that employee super contributions don’t just leave the company’s bank account by the due date — they must actually be received by the super fund on time. Missing these strict deadlines can create ...

30 June has passed - have you completed your stocktake?

For many businesses, the end of the financial year means taking stock of what's on hand. While stocktakes can feel like a time-consuming task, they're an important part of ensuring your financial records, profit position and understanding how your business has truly performed.

Learn more https://wlf.com.au/stocktakes-for-30-june-2026-why-they-matter/

The WLF Partners are proud to announce the promotion of James Day and Nathan Percey to Director within our Business & Personal Advisory Group.

Both have made a significant contribution to WLF through their expertise, strong client relationships, and commitment to delivering high-quality outcomes. Their collaborative approach and dedication to our clients and team have made them invaluable members of the firm.

This promotion is a well-deserved recognition of their hard work and leadership, congratulations!

After more than four decades with WLF, today we celebrate the retirement of Douglas Thomson.

Since joining in 1979, Douglas has been a highly respected leader in Superannuation and SMSFs, and a trusted advisor to both clients and colleagues. His impact extends well beyond his work, through the many people he has mentored and supported over the years.

Wishing you all the very best for a well-earned retirement, Douglas thank you for everything you’ve contributed to WLF.