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WAP044 - Tax News June 7th 2019

By Tyler J. Wise|June 07th, 2019|Podcast|

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

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