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