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.Â 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. 

WAP025 Tax News July 12 2016

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Welcome back the podcast! In this episode we cover off the latest JobKeeper developments, the SGC amnesty and that lodgement extensions are not really extensions at all. 

- See more at: https://www.wiseaccounting.com.au/media/wap052-jobkeeper-updates-sgc-amnesty-and-extensions-are-not-extensions

WAP052 - JobKeeper Updates, SGC Amnesty and Extensions

The third tranche of the government stimulus package has just been announced, and this is centred around a $130 billion stimulus payment, with indications the Government are not done yet. The Government has now contributed $320 billion to the Coronavirus fight, which accounts for 16.4% of GDP. 

This latest stimulus package is built around a $1,500 per fortnight gross payment to employees.

$1,500 Wage Subsidy - Government Stimulus Package (WAP051)

On March 23rd parliament passed legislation that would see the updated COVID-19 Stimulus Package introduced by the Government become law. This carries with it changes to the cashflow assistance as well as the widening of other assistance payments. The changes are vast, and the impacts will hopefully be positive for you, and the economy at large.

Updated Stimulus Package (WAP050)

The Government's $17.6 billion stimulus package is set to have far reaching impacts on the economy, without, apparently, impacting Australia's national credit rating. How? By breaking it down in to 4 manageable components. Specifically, the stimulus package was basically broken in to the following  aspects:

1. Delivering support for business investment
2. Cashflow assistance
3. Stimulus payments to households
4. Assistance for the severely affected areas

Government Stimulus Package (WAP049)

I wanted to start with something I am passionate about, and glad to see the ATO cracking down on, and that is essentially widening the net in regards to illegal phoenix activities. For those of you that do not know, Phoenixing is essentially abandoning a company and then recommencing a similar company with similar stakeholders, but essentially your tax liabilities from the former company are neglected, and abandoned. Hence the term Phoenix, it is essentially a company that rises form the ashes of another.

WAP025 Tax News July 12 2016

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