Wise Accounting Podcast (WAP)

Welcome back the podcast! In this episode we cover off the latest JobKeeper developments, the SGC amnesty and that lodgement extensions ar enot really extensions at all. On Friday the 24th of April the treasurer carved out full time students aged 16 and 17 from the JobKeeper system. This was a moving forward approach and therefore any payment made in advance of this date will still qualify for the JobKeeper reimbursement. The JobKeeper alternative test has been announced. If you cannot satisfy the basic test, which is a reduction or expected reduction in GST turnover, then the alternative turnover test can be applied for: a. Entities that have newly commenced business such that there is no relevant comparison period in 2019 b. Entities that acquired or sold part of their business which affected turnover c. Where there was a restructure of the business that affected turnover d. Where a business experienced rapid growth in turnover such that its projected turnover is not comparable to the 2019 period e. The business was affected by drought or other natural disaster f. A business has an irregular turnover that is not cyclical g. A sole trader or partner in a small partnership who was unable to work due to illness. The superannuation guarantee amnesty is now law, and this is effective from 24 May 2018 to 7 September 2020. The amnesty seeks to encourage employers who have failed to comply with SGC obligations in the past to correct this. The act allows employers a one-time window to make up all outstanding SGC contributions that have been neglected previously. The benefit of this amnesty is that it allows employers to claim the payment as a deduction, when typically, late superannuation payments are not-deductible. If you are going to participate in this, then you need to advise the ATO in writng using the typical methods and forms. I encourage ALL employers, even diligent ones to review their superannuation payable accounts to see if there are any that have been inadvertently missed and correct this during the amnesty period. Furthermore, due to COVID-19 the ATO have advised they may be able to make flexible payment arrangements where applicable to assist in these catch ups; however, payment terms aside, this still needs to be declared to the ATO in writing prior to the date mentioned previously for the amnesty to apply.

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.

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. The benefit of a company is that the directors are protected by the corporate veil and generally are not personally liable for the liabilities of the company. This has changed in recent years, and the recently enacted Treasury Laws Amendment (combating Illegal Phoenixing) Act 2020 takes this further still. What is new in this is act, which is already in effect, is that there are new phoenix offences, which essentially serve to prohibit creditor-defeating actions. This essentially prohibits any transfer of company assets for less than market value that would delay or hinder a creditors access to company assets in a liquidation. In the past essentially, it was only employees via superannuation obligation,s and the ATO, via director penalty notices that were protected. Any unsecured creditor was hung out to dry, with no affordable and effective recourse. If a company officer is found guilty of these new offences, there are new criminal offences and civil provisions. There is also a denial and restriction of backdating resignations. Typically a form can be submitted to ASIC outside of the 28 day lodgement obligation period, but a fine applies. Now however, these forms will essentially be denied, especially in situations where the company would be abandoned, that being, have no director at all. The director would only be able to resign from the date the form is reported to ASIC. Furthermore, abandonment of a company by a resigning director which would leave the company without any directors, is now prevented. Furthermore, directors may become personally liable for the company’s GST liabilities. This is in addition to the existing director penalty regimes in respect of pay-as-you-go and superannuation liabilities. This is 100% a welcomed addition, as ensuring ALL liabilities can be met is part of the internal governance obligations of the company directors and officers. Finally, the ATO now have the authority to retain tax refunds in certain situations, which allows the ATO to ensure that companies satisfy their tax obligations and pay outstanding amounts of tax before being entitled to a tax refund. If you are a director of a company make sure you are compliant. I know it goes without saying, but the corporate veil is certainly thinner now than it was before February 18th. The ATO has commenced an inquiry in to the tax treatment of employee share schemes. Based on my Linkedin feed this has certainly been welcomed by the accounting profession and what the committee will inquire is: 1. How effective the changes in 2015 have been in their goal of bolstering entrepreneurship in Australia and start-up companies. 2. The costs and benefits of these concessional taxation treatments and deferred taxing points for options, to the broader community. 3. Whether the current tax treatment of ESS remains relevant to start-up companies and whether any changes are appropriate to ensure that the taxation treatment remains relevant 4. How companies currently structure their ESS arrangements and how taxation treatment effects these decisions, and 5. The challenges faced by companies in setting up an ESS arrangmenet and how the standard documents introduced by the ATO in 2015 assist this process and whether additional improvements should be made. Obviously very early days in this inquiry, but it is important nonetheless. Employee share schemes provide a great avenue for start up companies to attract talent and definitely something that the ATO are aware of, and this inquiry is evidence of themselves changing, accepting that the market place is a changing and dynamic one. As more information comes to hand we will of course be sharing it. Something with a bit more detail, is that we are now in March, and that will see Auskey retired this month. For most of us tax practitioners we will have fully migrated to the RAN and myGovID, which is a system that initially I was very skeptical of. In fact when I first installed it, I could not access my clients, and when I called the ATO, they literally said to just “try tomorrow”. Thankfully we were able to resolve the issue and get it all working, and I must say for the last 8 weeks it has worked pretty well. Certainly not without it’s teething issues, which are always frustrating, but safe to say this is now a working software solution. If you have not, make sure you are on this new system, as it will be your only option soon enough and you want to make sure you have everything in place.

Welcome to Episode 047 of the Wise Accounting Podcast. This week we discuss the latest developments including: - ATO lodgement and payment concessions to those affected by the bushfires in Australia. - The changes to Single Touch Payroll with the integration to the Child Support Agency - ATO increased data matching and how insurance companies may provide the key to the ATO taxing previously untaxed and unknown asset disposals. If you enjoy the podcast, please feel free to leave a review, as they help immensely; and subscribe to never miss an episode!

Being an accountant and business adviser, I am an extremely lucky person. Not only do I get to help clients achieve their business goals, but I get learn from their successes, and mistakes. With a new year, and a new decade, I wanted to share the 10 biggest lessons I have learned from the past 10 years, drawing on my professional experiences over that time. These are not in any order, and I’d argue all are as important as each other. I have seen many people improve their professional and personal well being by improving on only one or two of these lessons, but if you can apply all 10 then you will well and truly be on the upward trajectory. The top ten lessons of the last 10 years are:  Priority not Priorities – It is important to have only one priority. If you have more than one then it is a source of confusion, and your ultimate driving purpose changes, depending on what your priority is each day. Have only one and be laser focused on it. It doesn’t matter what your priority is, as every person is different, but make sure it is true to you, and you are true to it.  Do not do a job you hate. Plain and simple. It will impact everything, and impact everything negatively. Both myself and my wife quit jobs we hated, without having anything else to turn to…but we backed ourselves, and it all worked out (It was how Wise Accounting was born!). Being happy is an important life decision, and being happy at work has a direct correlation to achieving that.  Do not work silly hours. I know people talk about ‘grinding’ and ‘hustling’, but people also lose sight of what that means. Working hard is not the same as working lots. As always, you need to be effective, and working 12 to 14 hours a day is a recipe for disaster. What it may deliver you in one hand, it will take just as much out of the other. Every action has an equal and opposite reaction.  Do not be connected all the time. Being on all the time, much like above just leads to burnout, and you need a time when no one can reach you, so you can replenish mentally. You have no chance of solving some of your larger problems if you are constantly being barraged with requests, regardless the medium.  Your business must have formal direction, or else you will be at the mercy of the economy and customers and other factors that will impact your business. If you have a business plan, and refer to it regularly, you maintain control. Do not be at the mercy of external factors, it is your business, it is your life. It’s needs to under control, and you need to be accountable to yourself.  Surround yourself with good people be that professionally and personally. I always try to be the ‘dumbest person in the room’ at any networking or social event, so I can always improve. On that matter, do not forget that you are the average of the 5 people you surround yourself with most, so ensure these people are raising your average!  Have a mentor. Have more than one. Even if you have a brilliant business mind you need someone to bounce ideas off of. I am fortunate enough to have an old boss as my mentor and I listen to their advice intently. You need to make sure your mentor has your best interests at heart, and is not just enjoying the sound of their own voice. My mentor is one of the brightest business brains I have ever met…actually, he is just one of the smartest people in any field, full stop. However, you must remember having a mentor is a two way street and you need to give as much to the relationship as you take.  Have a life. I know I kind of mentioned it earlier with the ‘silly hours’ reference but this whole permanent hustle state or “I’ll sleep when I’m dead” mantra thing is stupid. I’ve been there, thinking busy was the best place to be. It’s not. It sux. I went 6 years without a holiday and that is stupid too. I have since worked very hard to have a better balance and every aspect of my life is better, including my professional one. Make sure you have downtime…you just never know when an idea will strike you. More often than not it will be when you are not at work!!  Focus on others, not yourself. Focus outwards and not inwards. If you are thinking of others, and what they need rather than what you want, good things will happen. We are arguably more selfish than ever, and trying to profit at every opportunity. I have seen it time and time again, when someone looks away from themselves, to solve another’s problem the impacts are always good. Personally, I have found this mindset to be of greatest benefit during tough times, busy times, when focussing on others seems hardest of all, however, the net impact is certainly a positive one.  Be grateful. It is so easy to be all the opposite feelings, frustrated, envious, angry – basically any negative feeling. But if you can start and end the day thinking about the good things in your life and day it will help you succeed. I have tools to help me achieve this, as it can be hard after a rough day hard, but certainly helps re-centre you first thing in the morning and at the end of the night. To help, keep a journal, you will be amazed at the positive impact something like this can have. These are the 10 lessons I have learned over the last 10 years. I have attempted to apply as many of these to my own personal and professional life as I can, and hopefully you will too! A balance is important, but of even more importance is a plan. Have a plan about how you will tackle each decade, each year, each day, do that, follow the lessons above and hopefully the next 10 years are the best of your personal and professional life.  

Defeating email is a challenge, but this time of year it is the easiest it will be. Use the momentum of this time of year, a quieter inbox, and my tips below to ensure that your 2020 email pain is kept to a minimum. I have previously dealt with a swelling inbox, one that caused an immense amount of stress, but I have employed the following tips to help me ensure I not only manage my inbox from a physical point of view, but also mentally. 1. Schedule your inbox vists. Do not live in your inbox all day and night. If you need help to develop this discipline, I personally recommend tools, such as Mixmax and Bommerang. 2. No silly hours. That being do not make email the first thing you do, and also, do not make it that last thing you do. 3. Email is not your schedule. Just because an email is at the top of your inbox, does not automatically make it the first thing you need to do next. Ultimately email is a tool, and it is critical to treat it that way. It works for you, not the other way around. I hope your inbox is already under control, and this is ultimately a moot point, but if not, I hope this is helpful. Please feel free to let me know how you deal with your inbox, in case you have any other tips and tricks to share.

Welcome back to the Wise Accounting Podcast, the first since the election! With the results still so fresh, there have not been too many changes yet, with parliament still not sitting. However that does not mean there aren't things to cover. With the coalition retaining power that means we can expect to see the $30,000 immediate asset write off pushed through without issue. This was announced on the budget night, and replaces the $25,000 amount that became effective on January 29 2019 (up from $20,000). While this is not legislation yet, this should be successful in clearing both houses of parliament. Secondly, if you operate in the cash economy (or black economy as the ATO call it) or the sharing economy then you need to very much be up to speed on your reporting requirements and the taxes that apply to you. The ATO have extensive data matching capabilties, and with the Multinational Anti-Avoidance Law (MAAL), the Diverted Profits Tax (DPT) and the GST on Inbound Digital Sales and Low Value Goods being in place, the reach of the ATO data matching is only increased. Learn more to all of this in Wise Accounting Podcast Episode 44, and if you have any questions simply reach out to podcast@wiseaccounting.com.au and one of our happy team will assist your query. Until next time, thanks for listening

We're back! And the reason being is that we have only 4 more days left (apparently) of Parliament sitting days, until the election. Exciting, nervous, lots of things in between, but it does have a tax implication too. What this means is that the $25,000 immediate asset write-off that was announced on 29th January will face an uphill battle to become legislation before parliament breaks. While Labor have supported this, I am unsure how much of a priority it will be. It is very much a watch this space and something we will continue to advise you as updates come to hand. Tax Residency Reform The incumbent Australia tax residency law, that has been unchanged since 1930 is being reviewed with the aim to modernise and simplify it. There have been several cases recently that have highlighted the absurdity of the old rules, and we can expect updates at some point in the future. Updated Superannuation Rates The ATO has published the key superannuation rates and thresholds for the 2019/20 year. Some of these rates and thresholds have been indexed in accordance with the average weekly ordinary time earnings figures released by the Australian Bureau of Statistics. The key superannuation rates and thresholds include the following: • concessional contributions cap — the concessional contributions cap is $25,000 for the 2019/20 year • non-concessional contributions cap — the non-concessional contributions cap is $100,000 for the 2019/20 year • CGT cap amount — the CGT cap amount for non-concessional contributions for 2019/20 is $1.515m • Division 293 tax — the Div 293 tax threshold amount for 2019/20 is $250,000 • superannuation guarantee — the maximum super contribution base for 2019/20 is $55,270 per quarter • superannuation co-contribution — the maximum superannuation co-contribution entitlement for the 2019/20 year remains at $500. The lower-income threshold increases to $38,564 and the higher-income threshold increases to $53,564 for the 2019/20 year • superannuation benefit caps — the low-rate cap amount for 2019/20 is $210,000. The untaxed plan cap amount for 2019/20 is $1.515m • general transfer balance cap — the general transfer balance cap for 2019/20 is $1.6m • defined benefit income cap — the defined benefit income cap for 2019/20 is $100,000 • employment termination payments (ETP) — the ETP cap amount for life benefit termination payments and death benefit termination payments for 2019/20 is $210,000, and • tax-free part of genuine redundancy payments and early retirement scheme payments — for genuine redundancy and early retirement scheme payments for 2019/20, the base limit is $10,638 and for each complete year of service is $5,320. We hope you have found this beneficial, and as always, if you have any queries, or feedback, please do not hesitate to reach out to the team at podcast@wiseaccounting.com.au

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 a detailed review of the guideline released and the Banking Commission report.   As always, if you have any queries, please do not hesitate to reach out to the team podcast@wiseaccounting.com.au and we'll gladly reply to your queries or suggestions.

As we anticipated, with a short week, and it being January, there is not a huge amount to discuss on the tax news front. However, having said that, it is worth noting that the sharing economy is still in the ATO sights, with the data matching consultation paper open until February 22nd. If you operate your business as an Uber driver, Airbnb host, or anything that derives income from a private asset, you should listen in to understand just what the ATO are up to.   As an added bonus this week Tyler discusses some of the 'common mistakes' he sees from clients in January, which follows on from the Post Christmas Guilts article he wrote earlier this month. Do not overreact to a downturn that occurs in December and January, if it is reflective of years past.   Listen in and enjoy. As always, any queries, comments or suggestions can be emailed direct to podcast@wiseaccounting.com.au and one of our team will be in touch.

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-related home office running expenses may either claim a deduction for the actual expenses incurred or a deduction calculated at the rate of 52 cents per hour. Taxpayers who use the rate per hour method to claim a deduction for home office running expenses only need to keep a record to show how many hours they work from home. They can do this over the course of the year, or if their work from home hours are regular and constant, by keeping a record for a representative four-week period.   Goods and Services Tax   In a recent case of Qian v FC of T, it was determined that a taxpayer who was a courier, but using his own van, was deemed to be carrying on a business for GST purposes and was entitled to tax credits in relation to their inputs. Initially, the taxpayer had been denied these credits, and was originally deemed an employee, however, on objective review of the facts, primarily that the contractor was required to provide and upkeep the van, and could derive further income through efficiencies they introduced, they were deemed not to be an employee but rather conducting a business.   This has a potential impact on the SGC requirement of the party that engaged the contractor, should they have been deemed an employee, and it is worth watching this space to see if this is an avenue the Commissioner pursues/   Due Dates (In January)   21st January - due date for any entity that reports on the monthly cycle for GST, WET, PAYGW. 28th January - is the due date for superannuation guarantee contributions for the October to December 2018 quarter. 29th January - Due date for reporting (via TBAR) any transfer account events that occurred between 1st October 2018 and 31st December 2018 (where any member has a an account balance greater than $1m)   As always we hope you found this beneficial, and if you have any queries, comments or thoughts feel free to reach out me at podcast@wiseaccounting.com.au and I will reply personally. Thanks for listening, and until next week, see you later.

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 the measures that re set to improve this position include:   Tax debt information disclosure — a 2016/17 MYEFO measure proposed to allow the ATO to disclose to Credit Reporting Bureaus the tax debt information of businesses with tax debt of more than $10,000 and who have not effectively engaged with the ATO to manage these debts. The measure will be amended to limit the disclosure to businesses with a tax debt of more than $100,000. The start date of the measure will also be changed from 1 July 2017 to the day after assent of amending legislation.   Tax measures not proceeding The government confirmed that it will not proceed with the following measures: • self-assessment of the effective life of acquired intangible assets that are depreciating assets, and • income tax rate cuts for companies with an aggregated annual turnover of $50m or more.   Superannuation   Superannuation guarantee obligations — employers who fail to come forward during the 12-month superannuation guarantee amnesty and are subsequently caught will face an increased minimum penalty of 100% of the superannuation guarantee charge (increased from 50%). The amnesty period began on 24 May 2018 although the legislative amendments to enact the amnesty are yet to become law.   Cash payment limit — the 1 July 2019 start date for the proposed 2018 Budget measure to introduce an economy-wide cash payment limit of $10,000 will be revised to 1 July 2020   The government has invited individuals, businesses and community groups to submit their views regarding priorities for the 2019/20 Budget. The closing date for submissions is Friday, 1 February 2019.   There has also been (long overdue) significant reviews undertaken to the superannuation system, undertaken by the Producitvity Commission.  The Commission identified a number of issues to be addressed, including prevalent high fees, unintended multiple accounts, chronic underperformance of certain funds and lack of competition in the default fund system. The final report makes 31 recommendations to the government to address these issues by modernising the system (increased from the 22 recommendations made in a draft report released in May 2018).   While there have obviously been significant developments in the tax system since our last broadcast, these latest developments are certainly encouraging with a bright economic outlook, and employees set to gain increased protection from ASIC / APRA / ATO, while the trustees will have increased scrutiny and responsibilities.   Until next week, thanks for tuning in to the Wise Accounting Podcast.

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 time to share this podcast. So, just how popular are SMSF’s? Direct from the ATO. the number of SMSFs increased to 596,516 the number of SMSF members is 1,124,453 the estimated value of SMSF assets is $696.7 billion the top five asset types held by SMSFs by value are listed shares 30% cash and term deposits 23% non-residential real property 11% unlisted trusts 10% other managed investments 5%. To ensure you comply with the ATO, and ensure a smooth audit process, take the time to familiarise yourself with these ATO guideline in deductible expenses within a SMSF. https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/SMSF-resources/SMSF-technical/SMSF-deductibility-of-expenses/

This week we saw the release of the WA budget, and while there are points that will impact some listeners, however we typically do not discuss the state taxes as they have too fine an impact. If you are a current payroll tax employer in WA you should note these changes and how they may affect you.   The ATO are currently highlighting the tax consequences of activities in the sharing economy, better known as eBay, Uber, Airbnb, FaceBook, Amazon and Airtasker. The sharing economy can be defined very broadly as new kinds of economic and social interactions facilitated by the internet. The ATO provide guidelines on records keeping, deductions allowed, and registrations required. You can find all necessary details here: https://www.ato.gov.au/General/The-sharing-economy-and-tax/Working-in-the-sharing-economy/   The government has introduced the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 and the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017 into parliament to implement tax measures on housing affordability that were announced in the 2017/18 Budget on 9 May 2017. These bills have impacts on matters previously discussed, but specifically Schedule 1 to Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 will deny tax deductions for travel expenditure incurred in gaining or producing assessable income from residential properties and it will ensure that the expenditure is not recognised in the cost base of the property for capital gains tax (CGT) purposes. The amendments will apply to losses or outgoings incurred on or after 1 July 2017. 
 Schedule 2 to the Bill proposes to deny income tax deductions for depreciation of previously used depreciating assets used in gaining or producing assessable income from the use of residential premises for residential accommodation. 
   Schedule 2 of the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 1) Bill 2017
will allow older Australians to contribute some of the proceeds of the sale of their family home to superannuation. The government believes this will encourage people who may have been put off by existing superannuation restrictions and caps to move house and free up homes for growing families. From 1 July 2017, people aged over 65 will be able to make an additional non-concessional contribution of up to $300,000 into superannuation when they sell their home which they have held for at least 10 years. Both members of a couple can take advantage of this measure, meaning up to $600,000 of contributions may be made by a couple from the proceeds of selling their home. The amendments apply to proceeds from contracts for the sale of a main residence entered into (exchanged) on or after 1 July 2018.              

WAP036 – Tax News 28th August 2017   This week represented a fairly quiet week on the tax legislation front, however, as always, we have found matters to discuss that could impact you. Following on from the previous podcast, we note that the ATO are currently paying attention to work related car expenses. In 2015/16 over 3 million people made a work related car expense claim, totalling around $8.5b. Many of these claims were at the (5,000km) limit and as a result this is an area the ATO are investigating. As with any deduction, you must ensure that the claim can be substantiated and evidenced (diary evidence suffices in this instance) and is certainly not a free pass from the ATO. The Tax Commissioner Chris Jordan has delivered a speech that the ATO is dedicated to assisting small business, contrary to how it may look, and have several key metrics to ensure this is occurring. The ATO are equally dedicated to eliminating the Black (cash) economy and the aggressive stance is focused towards this; not compliant tax payers. Finally, The Treasury Laws Amendment (2017 Measures No 4) Bill 2017 received assent on 23 August 2017 as Act No 94 of 2017. It contains amendments to improve the integrity of the wine equalisation tax (WET) producer rebate, as discussed in Episode 34.    

This week we discuss the latest tax updates, that were directed more to the individual tax system, more so than corporate. As legislation is set to pass this will change, and rest assured we will dis cuss here. In the meantime, the points discussed today are: The government has issued new Approved Occupational Clothing Guidelines which commence on 1 October 2017 (with previous guidelines repealing from the same date). These guidelines set out the conditions for entitlement to a tax deduction for non-compulsory uniforms and wardrobes where the design of the clothing is entered on the Register of Approved Occupational Clothing (the Register). The Register is kept by AusIndustry. An employee may claim a deduction for expenditure on uniforms or wardrobes (Div 34 of ITAA 1997) where: the clothing is occupation-specific or protective in nature wearing the clothing is a compulsory condition of employment and the clothing is not conventional, or if wearing the clothing is not compulsory, the clothing design is entered on the Register of Approved Occupational Clothing. The new guidelines cover: the tax law relating to occupational clothing steps employers must take to have clothing designs registered, and factors for determining eligibility for registration. ________________________________________________________ The Medicare Levy is set to increase to 2.5% (from 2%) for the 2019/20 (and subsequent) income years. ________________________________________________________ The Wine Equalisation Tax (WET) has been amended via the Treasury Laws Amendment (2017 Measure No 4) Bill 2017 to improve the integrity of the WET Producer Reabte. Currently, a WET producer rebate (in the form of a WET credit) is available for producers of eligible wine. The amendments in the Bill are intended to address concerns in the Australian wine industry that the WET producer rebate has created distortions in the market through misuse and exploitation of the rebate, contributing to excessive wine grape production. The amendments are intended to ensure that wine producers that invest in regional communities benefit from the WET producer rebate rather than wine traders and suppliers. Schedule 1 of the Bill amends the A New Tax System (Wine Equalisation Tax) Act 1999 (WET Act) to: make integrity changes to the WET producer rebate 
 create a stronger link between the entitlement to the WET producer rebate and the payment of WET 
 reduce the WET rebate cap from $500,000 to $350,000 
 tighten the associated producers rule, and 
 repeal the earlier producer rebate rule. 
 The WET producer rebate amendments take effect generally from 1 July 2018. 
 ________________________________________________________ The ATO has issued Goods and Services Tax: Waiver of Tax Invoice Requirement (Corporate Card Statements) Legislative Instrument 2017 which sets out the circumstances in which an entity can claim GST input tax credits on the basis of credit or charge card statements, even though no formal tax invoice has been issued. The determination took effect for tax periods commencing after 14 August 2017.  The new determination is substantially the same as the previous determinations. An entity that satisfied the requirements of the previous determinations will satisfy the requirements of this determination. 
If the requirements are met, for the purposes of attributing an input tax credit for a creditable acquisition to a tax period, a cardholder is not required to hold a tax invoice for the creditable. In summary, the corporate card statement may be used to claim input tax credits where: 
 the card holder holds a corporate card statement for the creditable acquisition that contains the information set out in section 9 of the determination 
 the GST related information on the statement meets the accuracy requirements in section 12 
 the cardholder meets the requirements of section 13 that ensure that the statement is used accurately to claim input tax credits 
        

In this week's podcast we discuss some of the tax changes and how they impact you. Despite the low volume of changes since the commencement of the financial year there are still several factors that are impacting tax payers: From July 1st (2017) the annual concessional contributions cap has been reduced to $25,000 and the non-concessional contributions cap to $100,000. Furthermore, where a member's total superannuation balance is greater than $1.6m the non-concessional cap is nil. The ATO are well and truly cracking fown on multinational tax avoidance. Due to the flow on effect of these restructures the ATO are anticipating an additional $100m in income tax (in the first year, & $300m in the first 4 years) with a potential GST revenue impact of $240m. Four million income tax returns have already been lodged to the ATO, with 1.6m of them being lodged individually through my Tax. There have been 2.96 million refunds issued for $6.8b. The draft determinaton for food retailers and the simplified accounting methods (SAM) has been released. The changes to the previous determinatopn are minimal, but if you are a food retailer and:  is a retailer which sells GST-free food its SAM turnover is less than $2m, and it does not have adequate point-of-sale equipment You will qualify for the simplified accounting method for GST calculating and reporting. How these methods can be utilised and applied is complicated and a tax professional should be consulted ton ensure compliance. 5. The Deputy Commissioner has obtained judgement for almost $1.9m against a director for unpaid PAYG withholding and superannuation guarantee charges. If you are a director of a company you are personally responsible for PAYGW and SGC obligations. As always, if you have any questions, comments or suggestions to just reach out to us, but we hope you find this beneficial. Until next time, thanks for listening.

Those that know us, know that we are big tech fans, be that hardware or software. One of our favourite Software as a Service providers are Class | Super who allow us to prepare our SMSF fund compliance matters at a level of efficiency we simply have not experienced before. Further to this Class Limited have gone from a private company to a listed company, and their CEO, Kevin Bungard was kind enough to come on to our podcast and answer some of our questions. We get in to how Kevin and Class stay focussed and achieve their goals in a turbulent environment, what the challenges are of running a listed company (compared to a private one), what is in store for Class, and of course, any tips that Kevin has for business owners. It is full of gems throughout, so please enjoy. As I say in the intro, there are some audio drop out issues, however these do not take away from the experience and Kevin's advice and tips still resonate throughout. If you find this podcast, or any of our others beneficial we would really love it if you could please leave a review in iTunes. It helps keep these podcasts going and aid the direction of these.

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 they pass the "sense test" and are in line with these known percentages. The benchmarks can provide you an insight in to your business that you may not be able to get otherwise. Competitors are not going to share this information with you, and this is the next best thing. The benchmarking data will provide you a handful of key performance indicators to evaluate the performance of your business at any time. Familiarise yourself with these ATO benchmarks and evaluate your business against industry peers: https://www.ato.gov.au/business/small-business-benchmarks/

U R OK - Wise Accounting Podcast Episode 30 As a caveat we are not in the business of motivation, but we are in the business of ensuring business success and sometimes that means reassuring people. So let us reassure you too, things will be ok. You just need to stay true to what made your business successful previously, monitor your cash and heed the key performance indicators below and discussed: Debtor days - get these down as low as possible. If you are not decreasing debtor days then you are bank rolling your customers and clients. Personal Business Withdrawals - ensure these are not more than the business can afford and maintain. This may mean a (dreaded) pay cut, but could be for the long term survival. Decrease illiquid assets - keep assets that can be easily converted to cash to allow your business to "survive" challenging times. Assets that can be readily converted to cash are worth a premium during tough times. Monitor overhead expenditure - especially labour costs. These need to be at least representing the same % of sales as they have previously; however decreasing will allow you to increase cash flow further. No replacement for hard work - this may mean more hours, more work, and less free time...for now. Cash flow, cash flow, cash flow - these are needed and should be referenced frequently; to compare your business to how it is going and how you thought it would be going. This could be the most important aspect of your business and should be maintained regularly. Above all else, do not get disheartened, you are not alone, and if you stay true to the business foundations you can adapt, survive, and then in happier times your business will be designed to flourish. If you need help, guidance or anything else, do just get in touch with us and we will be happy to assist.

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 measure assists primary producers as averaging only recommences when it is to their benefit (they receive a tax offset) and they can still opt out if averaging no longer suits their circumstances. The ATO is seeking the views of small business and individuals on the ATO’s approach to penalties for failing to lodge a return or statement on time, or for failure to take reasonable care. In a consultation paper on its Let’s Talk hub, the ATO proposes to give clients one chance before applying a penalty in certain circumstances:  for certain small business and individual clients where false or misleading statements are made, for failure to take reasonable care for errors made in income tax returns and activity statements, and failure to lodge on time for late lodgement of income tax returns and activity statements.   Plenty more coming in the future weeks with more legislation set to be passed, so be sure and check back regularly, or even better, head to your podcatcher and hit that subscribe button!   If you are already a subscriber, a review sure would be appreciated!  Good or bad, any feedback will help the direction and improvement of this show.

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 deduction sources are at hand. The Treasure has announced that the $1.6 million cap on retirement benefits is not going anywhere!  The Government still intends to introduce this in to parliament.  If this affects you, then you may eant to watch how this develops closely. ASIC has slugged a practice $10,800 in fines for advertising misleading the consumer in regards to the establishment of a Self Managed Super Fund.  Again, just letting accountants know they are out there and keeping a close eye on everything to do with SMSF.

While it was a slow tax week, on the news front, there were some pieces of news that were worth of being shared.  This week we discuss when do you need to remit the GST on Bartercard receipts (yes, Bartercard is still a thing); remind you that if you are in the construction industry your Annual Taxable Payments Report is nearly due; and finish off on more GST - this time simplified GST.  You ca hear it all: The AAT has held that a taxpayer must attribute the GST payable on taxable supplies it made under a barter scheme to the tax period when its trade account was credited for those supplies. see Taxology Pty Ltd v FC of T 2016 The ATO has reminded tax agentsthat if they have clients in the building and construction industry who paid contractors during 2015-16, their Taxable payments annual report is due by the 28th August 2016. Reporting to the ATO is required if all of the following apply:  * a business is primarily in the building and construction industry  * it makes payments to contractors for building and construction services  * the business has an ABN.  The ATO considers a business to be a business that is primarily in the building and construction industry if any of the following apply:  * in the current financial year, 50% or more of its business income is derived from providing building and construction services  * in the current financial year, 50% or more of its business activity relates to building and construction services  * in the financial year immediately before the current financial year, 50% or more of its business income was derived from providing building and construction services.  The information reported about payments made to building and construction contractors is used by the ATO in its data matching program to detect contractors who have not either lodged tax returns, or included all their income on tax returns that have been lodged.  The ATO have released Draft SAM 2016/D38- GST: Simplified Accounting Method Determination (No 38) 2016 for Restaurants, Cafes and Caterers - purchases snapshot method.  The Draft SAM notes that an entity may choose to use the simplified accounting method (SAM) stated in Clause 5 of the Draft to work out its input tax credits for acquisitions of trading stock for a tax period if:  * it is registered for GST throughout the tax period  * during the tax period, it operated a restaurant, café or catering business, and  * its GST turnover does not exceed the small enterprise turnover threshold.  The steps for this SAM are:  * Choose a sample period  * Work out the amount of trading stock purchased during each sample period  * Work out the percentage of GST-free trading stock purchases for the sample period  * Work out the input tax credits the entity can claim for each tax period using the GST-free trading stock purchases percentage.  General information about use of SAMs is on the ATO website. 

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 company title interests. The clearance certificate, which will be valid for 12 months, must be provided to the purchaser prior to settlement. Where a vendor is disposing of an indirect real property interest (but not a company title interest), the purchaser may rely on the knowledge condition, or a residency declaration, to exclude the withholding requirement.  We will look to discuss this in further detail in another blog post or video. Deductibility of gifts to clients This determination provides that a taxpayer who carries on a business is entitled to a deduction under s 8-1 of ITAA 1997 for an outgoing incurred on a gift made to a former or current client if the gift is characterised as being made for the purpose of producing future assessable income.  The outgoing is not deductible where it is of a capital nature, relates to the gaining of exempt or non-assessable non-exempt income, or some other provision of the income tax law prevents it from being deductible. Example Sally is carrying on a renovation business. Sally gifts a bottle of champagne to a client who had a renovation completed within the preceding 12 months. Sally expects the gift will either generate future business from the client or make them more inclined to refer others to her business. Although Sally got on well with her client, the gift was not made for personal reasons and is not of a private or domestic character.  Deduction for Airport Lounge Membership Fee This determination provides that an employer is entitled to a deduction under s 8-1 of ITAA 1997 for annual fees incurred on an airport lounge membership for use by its employees where that membership is provided because of the employment relationship. The ATO notes that the annual fees will be deductible in full even if there is substantial private use of the lounge membership by employees.  - See more at: http://www.wiseaccounting.com.au/media/wap027-tax-news-4th-august-2016#sthash.iXqes4a1.dpuf

Exciting tax times this week, as they are every week (sarcasm intended) however, there Episode 26 is very much a listen as in this podcast Tyler discusses several of the weeks changes in detail.  It may even pique your interest as to whether or not the small business restructure is something you should be considering.  Specific items discussed in the podcast are: Companies who provide their Australian-based employees the opportunity to participate in an employee share scheme (ESS) have to meet mandatory reporting obligations to both those employees and to the Australian Taxation Office (ATO) and they are 14th of July 2016 and 14th of August 2016 respectively. The ATO has simplified the process of claiming fuel tax credits for those claiming less than $10,000 in fuel tax credits a year. From the Business Activity Statement (BAS) period ending 31 March 2016 onwards, where there is a change in the rate during a BAS period, the claim may be calculated by using the rate applicable at the end of the period. Also, to calculate the quantity of fuel purchased in a tax period, the total cost of fuel purchased may be divided by the average price per litre for the BAS period. The ATO has updated information on fuel tax credit rates that will apply from 1 July 2016.  For heavy vehicles using taxable fuel such as diesel or petrol, and travel on public roads, the fuel tax credit rate has increased to 13.6 cents per litre from 1 July 2016. For such users, as the road user charge exceeds the rate of duty paid for biodiesel (B100), there is no fuel tax credit entitlement for B100.  The fuel tax credit rate for biodiesel is 1.3 cents per litre from 1 July 2016. The ATO has released the following Law Compliance Guidelines relating to small business restructure roll-overs introduced by Tax Laws Amendment (Small Business Restructure Roll-over) Act 2016: ​LCG 2016/2 Small Business Restructure Roll-over: consequences of a roll-over LCG 2016/3 Small Business Restructure Roll-over: genuine restructure of an ongoing business and related matters. ​The ATO has reminded tax practitioners that overseas business clients may no longer be subject to GST from 1 October

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. 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.

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 favour please? If you have found this podcast, or any other episodes useful it would greatly appreciated if you could please a review in the iTunes store " they help with our ranking and I read them all"good or bad!

Welcome back to the Wise Accounting Podcast! Jeff White, the CEO of White Echo, a social media management company, joins us to discuss social media. Where your efforts should be focussed, what the future holds for this medium. If you want to survive in the modern market place you must have a social media presence. It can be daunting understanding the ever changing social media environment, but Jeff shares his pearls of wisdom on how to maximise your online social media presence.

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

Goods and Services Tax. It's been around for a long time now, but there still exists much confusion around the subject. When is GST not applicable, how often am I required to lodge a Business Activity Statement, and the all important, "what if I make a mistake". In this podcast, Tyler will discuss all of this and more!

There is no denying it, new taxes are rare, and when they are introduced they are often met with considerable resistance, and just as much media fanfare. So why has the new tax, otherwise known as Division 293 had a relatively silent upbringing? Well, because it affects the vast minority, in fact for it to impact you your income, including superannuation must be over $300,000. If you earn over this then this podcast is for you.

When you lodge your activity statements and income tax returns you are not just reporting your GST and income tax details, you are giving the ATO important statistical information. If you run a small business you may have already heard of the ATO Small Business Benchmarks - and that is this is the result of your lodgement data. They have compiled it determine how you are expected to perform in your industry (based on particular assumptions). This has two impacts, it can be a means for additional tax, or it can provide you the efficiencies to grow your business. Listen in to find out more about the double-edged sword that is the ATO Small Business Benchmarks. To access your industry benchmark data simply follow the link: http://bit.ly/atobenchmarking

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!

It is the start of the new financial year, and we have a new podcast ready for your listening pleasure. There have been several developments, both in the tax world and at Wise Accounting. This week Tyler discusses them all: Tax Bills receiving assent that will impact the medicare exemption thresholds; and the formerly popular "dividend washing" schemes Discussion of the ATO's Project DO IT, and why it is important to disclose your foreign bank accounts and movements The launch of our very own tools and calculators

Only two weeks to go until the end of the financial year? Are you ready? You should be! If not, do not worry, Tyler Wise discusses what Wise Accounting is currently undertaking for clients, of which will likely apply to you. Also discussed this week: Debt levy passes both houses of parliament MyTax is introduced! (spoiler: lodge tax returns on your tablet)  

What was originally set to be a quiet week on the tax front, quickly changed.There have been several developments over the past week.We'll cover off some of the significant ones in this weeks podcast. The ATO general interest rate and shortfall interest charges have been announced for the September 2014 quarter. The success of Project Wickenby and shutting down the "success" of overseas tax havens.We are talking billions! Discuss how a taxpayer was successful in being classed a non-resident for tax purposes, despite continuing to own a property in Australia. From 1 July consumers and taxpayers will be further protected when obtaining tax advice from financial advisors.Find out what is required. SMSF's still in the spotlight,with penalties set to be the responsibility of the trustee,and from their own funds,not the super funds. Why obtaining a valid tax invoice and documenting acquisitions is extremely important, from a GST and tax deduction perspective.

Continuing on with our revised format of discussing the latest developments in the Australian Tax and Accounting system, Tyler this week discusses: The latest efforts to maintain integrity and honesty amongst tax agents, and what can cause a tax agent to lose their registration. A taxpayer who was successful in arguing that their contractors were in fact just that, and not employees. Why the fuss? Superannuation Guarantee contributions liabilities if nothing else. If you would like to know if you, or those you use are contractors or employees click here. Qantas unsuccessful in their appeal against the Commissioner regarding the provision of parking benefits to employees. How might this Fringe Benefit impact other industries?

This week saw the Coalition release their first Federal Budget. It was in depth and far reaching. If you would like to know how it may affect you, listen in to this weeks podcast as Tyler will elaborate on the tax implications of the budget. In particular: The Temporary Budget Repair Levy (aka the debt levy) which will be imposed on taxpayers who have taxable income greater than $180,000. 2% of earnings over and above this amount are set to be taxed. Also discussed is how this levy may affect salary packaging arrangements you may have. Removal of the Dependent Spouse Tax Offset and the Mature Age Workers Tax Offset. Removal of the First Home Savers Account scheme and the ceasing of the National Rental Affordability Scheme. Tweaking of the compulsory superannuation guarantee rate to 12%. Income tests for the proposed age pension increase to 70.  

They say they are the only two things in life that are certain - death and taxes. I hate to talk about such a grim topic, but it is certainly a topic that I get asked a lot about. Is my inheritance taxable? What happens if I sell my inheritance asset? Listen in to this weeks podcast as Tyler will elaborate on what is taxable, what isn't and the taxation responsibilities of the executor.

Who wants to experience a tax audit? What? No one. Exactly! They are not fun, and everyone knows this. However, there are things you can do to make the process as smooth and painless as possible, or even avoid them altogether. Listen in to this weeks podcast as Tyler share's some tips and experiences to surviving an audit, or as they are called now, an investigation.

June 30. It seems so far away, but believe me, now is the time to start thinking about this date. Plan for June 30, forecast your business results and get your tax planning underway. In this podcast Tyler discusses the ways in which you can quickly analyse your financial statements to find out where your cash-flow has gone, where your business is leaking and what you can do to arrest it; or hopefully help you undertake some tax planing scenarios to lower your potential tax liability.

Everyone has to live somewhere. Why not get a tax benefit from it. Well beware the pitfalls that exist if you are thinking you are going to own your home through your business or work. You might not even come out in front. Even more so, it might not be even an allowable situation. Listen in to get the inside track on why you simply may be better to keep it simple when it comes your home.  

If you want to claim your home as a tax deduction beware of the hidden capital gain tax consequences. In this episode Tyler discusses how you can claim your own home, and what to consider to ensure the long term benefits upon disposal remain. Before you run a business or work from home, you should have a sound understanding of what you can claim, what you need to do to ensure your claims are accurate and allowable; and certainly consider the long term issues that may arise.

Claiming company losses is not an easy matter, certainly when compared with individual revenue and capital losses. This week Tyler answers a listener question who wants to know, how a new director can affect losses being claimed, what if the business diversifies their operations, and how long can the losses be available for. Some great, albeit complex questions presented. This is a very relevant podcast if you run your business through a company or you intend to. Learn and understand how you can access your losses.  

Acquiring an investment property is often an exciting time. Like anything, tax and accountants can ruin fun times. It is very important you understand the benefits and consequences of owning and acquiring investment properties in the different entities. In this podcast Tyler discusses what you need to know about owning an investment property as: An Individual Through a Trust In a Company The information covered off in Podcast 4 is also relevant, and you may wish to listen to this one too, if you have not already.

If you are starting a business, or even currently run a business, it is very important you understand the different tax entity types and structures that are available to you. More importantly, you should have an understanding of the benefits of each type of entity available, and also the potential problems and issues of each entity. In this podcast Tyler discusses the four most common entities used to operate a business: Sole Trader Partnership Trusts Companies (Pty Ltd's) And the pros and cons of each type.

In episode 3 I discuss the capital gains taxation implications on various property investments. Whether it has always been an investment property, or you formerly lived there, or whether you currently live there, or intend to live in the investment property. Each instance has different taxation consequences and through this podcast I discuss the different circumstances that apply, to give you an understanding of your potential taxation liability...if one exists at all.

Episode two is all about the non commercial loss provisions, which are important if you operate a business.  Understanding when, and how to claim any business losses you have can have significant tax implications. Listen to understand when your losses can be claimed against any other source of income, and the tests to be passed.

In this podcast, our first podcast, Tyler Wise discusses the requirements to contribute funds to a super fund, in a tax friendly manner, and also the hidden traps to be aware of. Flowing on from this are certain items that you should consider when acquiring an investment property. Not all deductions, are deductions and having a thorough understanding of this is important. Resources of use, relevant to the podcast: Are you eligible for a deduction? ATO - http://bit.ly/1gxbsew ATO rental properties guide: http://bit.ly/1jp81tx