Wise Accounting Podcast (wap)

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.