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!


Wise Accounting Podcast EP017

Discussing tax & accounting news and how it affects you. Hosted by Tyler Wise we will bring you interviews, news and information that you can apply to your own affairs to help you reach your goals.

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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.

Wise Accounting Podcast EP017

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