Not to rehash podcasts 32 episodes in but in this episode I discuss the ATO benchmarks. While these have not been met with the warmest regards, it is about finding how to put them to work for you. The benchmarking process is a staple of the Wise Accounting service, and you can utilise them in the same way we do. We employ them for 3 reasons: To determine if a business is operating outside of the industry benchmarks and if they are an audit risk. To track how a taxpayer is performing in relation to their industry peers. Test assumptions on new business ventures and forecasted results to see if ..read more

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 unde ..read more

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 de ..read more

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 b ..read more

This episode is a bit of a 'mini-sode' due to the current tax news being significant in nature, specifically the release of the (503 page) Banking Commission Report; of which the Government has agreed to action all 76 recommendations.   Adding to this is the finalisation of the ATO guideline on tax residency of foreign companies. While this may seem extremely niche driven, due to the opening of Australia to some larger companies and simplification due to the "Amazon" tax, the implications will be wider than previously.   Ultimately this episode is a preceding episode to what will be ..read more

As is often the way at this time of year, there are not too many exciting tax development, however, it also the time when certain matters have a habit of flying under the radar. In this weeks podcast we endeavour to make sure no such things occur.   New Home Office Rate   The hourly rate determined by the ATO for deducting home office expenses has been increased from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018. According to the updated Practice Statement PS LA 2001/6, individual taxpayers who claim deductions for work- or business-rela ..read more

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 fav ..read more

Hello and welcome back to the Wise Accounting Podcast. I cannot believe how many people have requested we re-introduce this over the past year, so, yes, after popular demand, we are back! Rather than catch up on the tax news that has occurred over the past year, we will just kick it off with the latest news, which for January is a surprisingly good dose.   MYEFO   There is good news afoot for the government (albeit potentially a little too late) with the mid-year economic and fiscal outlook improving from a deficit of $5.2b in 2018/19 to a surplus of $4.1b in 2019/20.   Some of ..read more

Welcome to Episode 38 of the Wise Accounting Podcast, where this week we guide you through the allowable deductions that can be incurred inside of a Self Managed Superannuation Fund (SMSF). These structures are not tax unicorns and are heavily monitored from a compliance point of view. It is imperative that you have a thorough understanding of that you can and cannot do incised of a SMSF as if you get it wrong, and the fund is deemed non-compliant it can be costly, with the fund being taxed on asset positions as opposed to income ones. With SMSF’s continuing their popularity it seemed an ideal ..read more

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