Wise Accounting Podcast (wap)

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