Wise Accounting Podcast (wap)

Hello and welcome to episode 30 of the Wise Accounting Podcast! Well this week we saw some changes to the Government’s Omnibus Bill, and it has far reaching impacts.  Perhaps not as dire as previously, but far reaching nonetheless.  We also speak primary production income averaging, and what the ATO is doing about small business penalties and interest.  Get it all below:   The new Omnibus proposal involves retaining the existing framework but lowering the non- concessional contribution limit from 1 July 2017 to $100,000 a year (or $300,000 over three years if they are under age 65). However, a new eligibility condition will be imposed which precludes any person who holds a balance of more than $1.6m at the start of the financial year (ie 1 July) from making any further contributions in that financial year. The Tax and Super Laws No 2 Bill contains amendments to allow primary producers to access income tax averaging 10 income years after choosing to opt out, instead of that choice being permanent. The measu

The mini return!  It has been quiet, but it is not our fault!  Thankfully there has not been much to report, and even this week it is debatable.  However, with the sharing economy getting more and more ATO attention it seemed fitting to record one and share some "hot spots".  This week: The ATO "fix it squad" gets it teeth stuck in to the sharing economy.  Reminding us to remind you, that if you earn income from these methods, eg Uber, Air BnB, Task Rabbit that it is still assessable income and needs to be declared.  Keep your records and ensure all income and deduction sources are at hand. The Treasure has announced that the $1.6 million cap on retirement benefits is not going anywhere!  The Government still intends to introduce this in to parliament.  If this affects you, then you may eant to watch how this develops closely. ASIC has slugged a practice $10,800 in fines for advertising misleading the consumer in regards to the establishment of a Self Managed Super Fund.  Again, just letting accountants know

While it was a slow tax week, on the news front, there were some pieces of news that were worth of being shared.  This week we discuss when do you need to remit the GST on Bartercard receipts (yes, Bartercard is still a thing); remind you that if you are in the construction industry your Annual Taxable Payments Report is nearly due; and finish off on more GST - this time simplified GST.  You ca hear it all: The AAT has held that a taxpayer must attribute the GST payable on taxable supplies it made under a barter scheme to the tax period when its trade account was credited for those supplies. see Taxology Pty Ltd v FC of T 2016 The ATO has reminded tax agentsthat if they have clients in the building and construction industry who paid contractors during 2015-16, their Taxable payments annual report is due by the 28th August 2016. Reporting to the ATO is required if all of the following apply:  * a business is primarily in the building and construction industry  * it makes payments to contractors for buildin

Welcome back! This week was very much a mixed bag of offerings on the tax news front with some good, and some bad news delivered.  The first part of the podcast we discuss the foreign residen 10% withholding regime, in some detail (but not nealry enough), and then finish on, surprise surprise, SMSF warnings form the ATO.  You can hear it all below:   Foreign Resident 10% Withholding Regime From 1 July 2016, purchasers who acquire interests in Australian land valued at $2m or more from foreign resident vendors will be required to pay 10% of the first element of the asset’s cost base (usually, the purchase price) to the Commissioner of Taxation (Commissioner). If the purchaser fails to pay this amount on or before settlement, they may be liable to an administrative penalty equal to the 10% they failed to withhold.  The purchaser will not be subject to the withholding requirement where the vendor obtains and produces a clearance certificate from the Commissioner in respect of transactions involving TARP or co

Exciting tax times this week, as they are every week (sarcasm intended) however, there Episode 26 is very much a listen as in this podcast Tyler discusses several of the weeks changes in detail.  It may even pique your interest as to whether or not the small business restructure is something you should be considering.  Specific items discussed in the podcast are: Companies who provide their Australian-based employees the opportunity to participate in an employee share scheme (ESS) have to meet mandatory reporting obligations to both those employees and to the Australian Taxation Office (ATO) and they are 14th of July 2016 and 14th of August 2016 respectively. The ATO has simplified the process of claiming fuel tax credits for those claiming less than $10,000 in fuel tax credits a year. From the Business Activity Statement (BAS) period ending 31 March 2016 onwards, where there is a change in the rate during a BAS period, the claim may be calculated by using the rate applicable at the end of the period. Als

Welcome back to the Wise Accounting Podcast…it has been a while! This week, Tyler discusses the tax changes that have occurred and will potentially impact your end of year positions. Below are the specifics of information discussed in the podcast: The ATO cents per kilometre for vehicle travel, up to 5,000km has been clawed back significantly to $0.66 per kilometres regardless of the vehicle type. This is down from as high as $0.78 previously: http://bit.ly/centsperkm Transitional period over for accountants offering SMSF advice. Effective July 1st accountants need to registered in some form with an Australian Financial Services Licence to offer SMSF advice as it stands here is what is permissible and what is not: see website. 4. The supervisory levy for SMSF’s will increased to $590 for all funds for the 2016/17 financial year.

Negative gearing. It's such a trendy term we've all heard of it, but is it everything it's cracked up to be? In this podcast I discuss the benefits of having a negatively geared property, and share some of the tips and traps that can be waiting for investors who want such a property. Understanding the cashflow consequences that go along with the taxation ones is something that many people forget, however, thanks to our developed calculators I'll show you how to go in to such an investment with eyes wide open. Below is a tutorial to see how to access the calculator and how to best use it: A favour please? If you have found this podcast, or any other episodes useful it would greatly appreciated if you could please a review in the iTunes store " they help with our ranking and I read them all"good or bad!

Welcome back to the Wise Accounting Podcast! Jeff White, the CEO of White Echo, a social media management company, joins us to discuss social media. Where your efforts should be focussed, what the future holds for this medium. If you want to survive in the modern market place you must have a social media presence. It can be daunting understanding the ever changing social media environment, but Jeff shares his pearls of wisdom on how to maximise your online social media presence.

Welcome back to the Wise Accounting Podcast! This week we interview our first (of many) guests, Paul Sokol, the "mad scientist" of Infusionsoft campaigns.

Goods and Services Tax. It's been around for a long time now, but there still exists much confusion around the subject. When is GST not applicable, how often am I required to lodge a Business Activity Statement, and the all important, "what if I make a mistake". In this podcast, Tyler will discuss all of this and more!

There is no denying it, new taxes are rare, and when they are introduced they are often met with considerable resistance, and just as much media fanfare. So why has the new tax, otherwise known as Division 293 had a relatively silent upbringing? Well, because it affects the vast minority, in fact for it to impact you your income, including superannuation must be over $300,000. If you earn over this then this podcast is for you.

When you lodge your activity statements and income tax returns you are not just reporting your GST and income tax details, you are giving the ATO important statistical information. If you run a small business you may have already heard of the ATO Small Business Benchmarks - and that is this is the result of your lodgement data. They have compiled it determine how you are expected to perform in your industry (based on particular assumptions). This has two impacts, it can be a means for additional tax, or it can provide you the efficiencies to grow your business. Listen in to find out more about the double-edged sword that is the ATO Small Business Benchmarks. To access your industry benchmark data simply follow the link: http://bit.ly/atobenchmarking

One week in, and not much is happening! Well not entirely true, over one hundred and twenty one thousand tax returns have been lodged. Thankfully though, not too many legislative changes! Still, we'll discuss the ones that have occurred: ATO Data Matching increases even further, with senior health card holders in the spotlight this time. The supervisory levy, which affects any of you self managed superannuation fund trustees out there, is set to increase again And, don't forget, you don't have long to get your payment summaries out to employees...and the ATO!

It is the start of the new financial year, and we have a new podcast ready for your listening pleasure. There have been several developments, both in the tax world and at Wise Accounting. This week Tyler discusses them all: Tax Bills receiving assent that will impact the medicare exemption thresholds; and the formerly popular "dividend washing" schemes Discussion of the ATO's Project DO IT, and why it is important to disclose your foreign bank accounts and movements The launch of our very own tools and calculators

Only two weeks to go until the end of the financial year? Are you ready? You should be! If not, do not worry, Tyler Wise discusses what Wise Accounting is currently undertaking for clients, of which will likely apply to you. Also discussed this week: Debt levy passes both houses of parliament MyTax is introduced! (spoiler: lodge tax returns on your tablet)  

What was originally set to be a quiet week on the tax front, quickly changed.There have been several developments over the past week.We'll cover off some of the significant ones in this weeks podcast. The ATO general interest rate and shortfall interest charges have been announced for the September 2014 quarter. The success of Project Wickenby and shutting down the "success" of overseas tax havens.We are talking billions! Discuss how a taxpayer was successful in being classed a non-resident for tax purposes, despite continuing to own a property in Australia. From 1 July consumers and taxpayers will be further protected when obtaining tax advice from financial advisors.Find out what is required. SMSF's still in the spotlight,with penalties set to be the responsibility of the trustee,and from their own funds,not the super funds. Why obtaining a valid tax invoice and documenting acquisitions is extremely important, from a GST and tax deduction perspective.

Continuing on with our revised format of discussing the latest developments in the Australian Tax and Accounting system, Tyler this week discusses: The latest efforts to maintain integrity and honesty amongst tax agents, and what can cause a tax agent to lose their registration. A taxpayer who was successful in arguing that their contractors were in fact just that, and not employees. Why the fuss? Superannuation Guarantee contributions liabilities if nothing else. If you would like to know if you, or those you use are contractors or employees click here. Qantas unsuccessful in their appeal against the Commissioner regarding the provision of parking benefits to employees. How might this Fringe Benefit impact other industries?

This week saw the Coalition release their first Federal Budget. It was in depth and far reaching. If you would like to know how it may affect you, listen in to this weeks podcast as Tyler will elaborate on the tax implications of the budget. In particular: The Temporary Budget Repair Levy (aka the debt levy) which will be imposed on taxpayers who have taxable income greater than $180,000. 2% of earnings over and above this amount are set to be taxed. Also discussed is how this levy may affect salary packaging arrangements you may have. Removal of the Dependent Spouse Tax Offset and the Mature Age Workers Tax Offset. Removal of the First Home Savers Account scheme and the ceasing of the National Rental Affordability Scheme. Tweaking of the compulsory superannuation guarantee rate to 12%. Income tests for the proposed age pension increase to 70.  

They say they are the only two things in life that are certain - death and taxes. I hate to talk about such a grim topic, but it is certainly a topic that I get asked a lot about. Is my inheritance taxable? What happens if I sell my inheritance asset? Listen in to this weeks podcast as Tyler will elaborate on what is taxable, what isn't and the taxation responsibilities of the executor.

Who wants to experience a tax audit? What? No one. Exactly! They are not fun, and everyone knows this. However, there are things you can do to make the process as smooth and painless as possible, or even avoid them altogether. Listen in to this weeks podcast as Tyler share's some tips and experiences to surviving an audit, or as they are called now, an investigation.