Wise Accounting Podcast (wap)

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