Gillian Bowen, Host: Hello, my name is Gillian Bowen and this is Small Firm,
Gillian Bowen, Host: Big Impact.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Payday super I think is a big deal and I encourage everyone,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: all our members in public practice to talk to their
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: clients about it.
Susan Franks CA, Senior Tax Advocate CA ANZ: Our members should be very aware that the ATO as
Susan Franks CA, Senior Tax Advocate CA ANZ: part of this crackdown on fraud has been given the
Susan Franks CA, Senior Tax Advocate CA ANZ: ability to extend the time it can retain activity statement refunds.
Gillian Bowen, Host: It's the podcast giving Chartered Accountants the up to date
Gillian Bowen, Host: information they need to do their jobs. Each episode, I
Gillian Bowen, Host: share resources, tools and expert advice provided by Chartered Accountants
Gillian Bowen, Host: Australia and New Zealand and a range of people across
Gillian Bowen, Host: our profession. So get following the pod in your favourite
Gillian Bowen, Host: podcast app. Let's start a conversation.
Gillian Bowen, Host: Today we have Susan Franks, our Senior Tax Advocate, and
Gillian Bowen, Host: Tony Negline, our Superannuation and Financial Services Leader. The topic,
Gillian Bowen, Host: the Federal Budget and how it impacts you, your clients
Gillian Bowen, Host: and the community. Susan and Tony, welcome to Small Firm,
Gillian Bowen, Host: Big Impact.
Susan Franks CA, Senior Tax Advocate CA ANZ: Thank you. Gill.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Hi, Gill.
Gillian Bowen, Host: Okay, so Susan, Tony and Michael Croker, who's not joining
Gillian Bowen, Host: us on this podcast, but many of you will know
Gillian Bowen, Host: him well, myself as well as Lisa Lintern, our Group
Gillian Bowen, Host: Executive for Public Affairs, recently joined the CA ANZ team
Gillian Bowen, Host: in Canberra for Federal Budget Night. Now, Tony and Susan
Gillian Bowen, Host: headed into the budget lockup, where journalists and interest groups
Gillian Bowen, Host: such as CA ANZ get to have a look at
Gillian Bowen, Host: the budget under embargo. So they have it, uh, um,
Gillian Bowen, Host: ready for them to read. But they're only allowed to
Gillian Bowen, Host: do that if they hand in all their internet connected devices.
Gillian Bowen, Host: So their phones, etc. and only then can they read
Gillian Bowen, Host: through everything. And then as the Treasurer takes to his
Gillian Bowen, Host: feet at 7:30 p.m. in the House of Representatives, Susan
Gillian Bowen, Host: and Tony and everyone else is let free and can
Gillian Bowen, Host: finally talk about the content. So the two of you
Gillian Bowen, Host: have now had a few days to digest the material.
Gillian Bowen, Host: Let's start with a bit of an overall reaction from
Gillian Bowen, Host: both of you before drilling down into specific areas. Susan,
Gillian Bowen, Host: why don't you go first?
Susan Franks CA, Senior Tax Advocate CA ANZ: This is a strange budget. In some ways it's a
Susan Franks CA, Senior Tax Advocate CA ANZ: nothing budget. We had a few announcements about announced, but
Susan Franks CA, Senior Tax Advocate CA ANZ: unenacted measures. We had another extension of the instant asset
Susan Franks CA, Senior Tax Advocate CA ANZ: write off and more money for the ATO to combat fraud.
Susan Franks CA, Senior Tax Advocate CA ANZ: And more talk about the stage three tax cuts, which
Susan Franks CA, Senior Tax Advocate CA ANZ: were made a while ago. Yet we've also seen an
Susan Franks CA, Senior Tax Advocate CA ANZ: announcement of over $13 billion for production tax incentives for
Susan Franks CA, Senior Tax Advocate CA ANZ: critical minerals and hydrogen, which will kick in between 2027
Susan Franks CA, Senior Tax Advocate CA ANZ: and 2041. And this this is a measure that the
Susan Franks CA, Senior Tax Advocate CA ANZ: opposition has already indicated it will oppose and will be
Susan Franks CA, Senior Tax Advocate CA ANZ: a hot election topic. So it's a mixture of sort
Susan Franks CA, Senior Tax Advocate CA ANZ: of clearing the decks for the upcoming election, but also
Susan Franks CA, Senior Tax Advocate CA ANZ: making a stance on one policy issue that will be
Susan Franks CA, Senior Tax Advocate CA ANZ: highly contested in the upcoming election.
Gillian Bowen, Host: Um, Tony, what do you think?
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Um, well, I think it's no secret, Gil, that, um,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: on a superannuation and financial advice aspect, it was, uh,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: reasonably thin on the ground. Um, uh, and so it was,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: it was, it was a relatively quiet lock up. And
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: it was also a quiet time, relatively quiet time after that. Um,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: they're obviously, uh, one thing the government obviously, uh, wanted
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: to do was to, uh, send more money in ASIC's direction, uh, and, uh, with,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: with an idea that some of those additional, uh, money
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: that will be allocated to, uh, ASIC will be coming
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: via increased ASIC levies. So, um, that's going to be
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: shared across the various, uh, levy areas such as financial
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: advice and insolvency and so on and so forth. So
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: that's one thing. But there was a lot of things left,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: left on the cutting room floor that we kind of
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: thought may have been in the budget. Um, maybe they're
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: going to get special announcements in their own right or,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: or be left until, um, in the government, you know,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the government's obviously hoping for a second term, so maybe
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: they might leave some of the things that we expected
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: to see until, uh, until after the election.
Gillian Bowen, Host: Um, okay. All right. So let's, um, then get a
Gillian Bowen, Host: little bit further into the detail. Susan, let's get, um,
Gillian Bowen, Host: into your space. Now, uh, look, there's lots to cover off,
Gillian Bowen, Host: and we're not going to be able to get through
Gillian Bowen, Host: it all, but how about we just go with three things?
Gillian Bowen, Host: You want our members to know what might be point one.
Susan Franks CA, Senior Tax Advocate CA ANZ: Point one is combating fraud. It was been the centre
Susan Franks CA, Senior Tax Advocate CA ANZ: point of the Federal Budget from a tax perspective. The
Susan Franks CA, Senior Tax Advocate CA ANZ: Australian Tax Office is once again the big winner. It
Susan Franks CA, Senior Tax Advocate CA ANZ: has received over $2 billion to revamp its IT systems
Susan Franks CA, Senior Tax Advocate CA ANZ: and to combat fraud. And this comes on the back
Susan Franks CA, Senior Tax Advocate CA ANZ: of its losing billions of dollars through Operation Protego and
Susan Franks CA, Senior Tax Advocate CA ANZ: a scathing report by the Inspector General of Taxation. So
Susan Franks CA, Senior Tax Advocate CA ANZ: as part of um, this extra funding, there is some
Susan Franks CA, Senior Tax Advocate CA ANZ: funding going to um, digital ID, myGov ID and authorization
Susan Franks CA, Senior Tax Advocate CA ANZ: of government business services. And our members are just being
Susan Franks CA, Senior Tax Advocate CA ANZ: crying out about how hard client agent linking is so
Susan Franks CA, Senior Tax Advocate CA ANZ: we don't know for certain, but we're really hoping that, um,
Susan Franks CA, Senior Tax Advocate CA ANZ: that funding is actually going to go towards fixing up
Susan Franks CA, Senior Tax Advocate CA ANZ: client agent linking, which will be of a huge benefit
Susan Franks CA, Senior Tax Advocate CA ANZ: for our members.
Gillian Bowen, Host: That'll be something you'll be keeping an eye on to
Gillian Bowen, Host: see where and how that is going to be spent.
Gillian Bowen, Host: When do you usually get all those details?
Susan Franks CA, Senior Tax Advocate CA ANZ: They'll usually be coming out, um, from the ATO during
Susan Franks CA, Senior Tax Advocate CA ANZ: stakeholder meetings over the next couple of weeks as we
Susan Franks CA, Senior Tax Advocate CA ANZ: go and meet with them and ask them questions about
Susan Franks CA, Senior Tax Advocate CA ANZ: the funding and how it's actually going to be applied. Um,
Susan Franks CA, Senior Tax Advocate CA ANZ: but of course, when the ATO gets funding, the government
Susan Franks CA, Senior Tax Advocate CA ANZ: actually expects a return on that funding as well. So
Susan Franks CA, Senior Tax Advocate CA ANZ: there is an expectation that the ATO will deliver $4.7
Susan Franks CA, Senior Tax Advocate CA ANZ: billion after getting $2 billion given to it. But most
Susan Franks CA, Senior Tax Advocate CA ANZ: of that, um, seems to be coming from the extension
Susan Franks CA, Senior Tax Advocate CA ANZ: of the Tax Avoidance Taskforce and the Shadow Economy Compliance Program.
Susan Franks CA, Senior Tax Advocate CA ANZ: But so that's where most of the money is going
Susan Franks CA, Senior Tax Advocate CA ANZ: to be coming from. But if you've got, um, individual taxpayers, um,
Susan Franks CA, Senior Tax Advocate CA ANZ: there's the budget papers have actually called out that, um,
Susan Franks CA, Senior Tax Advocate CA ANZ: deductions relating to short term rental properties will be a
Susan Franks CA, Senior Tax Advocate CA ANZ: particular area of focus, um, when it comes to the
Susan Franks CA, Senior Tax Advocate CA ANZ: personal income tax compliance program.
Gillian Bowen, Host: Um hum, um hum.
Gillian Bowen, Host: What's on your mind in regards to point two and
Gillian Bowen, Host: what our members should know about?
Susan Franks CA, Senior Tax Advocate CA ANZ: Our members should be very aware that the ATO, as
Susan Franks CA, Senior Tax Advocate CA ANZ: part of this crackdown on fraud, has been given the
Susan Franks CA, Senior Tax Advocate CA ANZ: ability to extend the time it can retain an activity
Susan Franks CA, Senior Tax Advocate CA ANZ: statement refund. So currently, the ATO can hang on to
Susan Franks CA, Senior Tax Advocate CA ANZ: a BAS refund for 14 days. The budget proposes that the
Susan Franks CA, Senior Tax Advocate CA ANZ: ATO will be able to withhold or retain that refund
Susan Franks CA, Senior Tax Advocate CA ANZ: for 30 days, so businesses who are struggling with cash
Susan Franks CA, Senior Tax Advocate CA ANZ: flow at the moment may find this a challenge. But
Susan Franks CA, Senior Tax Advocate CA ANZ: the upside is that if it is a legitimate refund
Susan Franks CA, Senior Tax Advocate CA ANZ: and the ATO has held onto this refund for more
Susan Franks CA, Senior Tax Advocate CA ANZ: than 14 days, they will be entitled to interest.
Gillian Bowen, Host: Well, that is that that is good news. Yes, indeed.
Gillian Bowen, Host: All right. Um, point three, before we, um, flip over
Gillian Bowen, Host: to Tony.
Susan Franks CA, Senior Tax Advocate CA ANZ: Well, international tax base is once again a focus of
Susan Franks CA, Senior Tax Advocate CA ANZ: the government. This time, they're trying to target foreign residents
Susan Franks CA, Senior Tax Advocate CA ANZ: in relation to capital gains tax. The details on this
Susan Franks CA, Senior Tax Advocate CA ANZ: are pretty sketchy at the moment. We know that, um,
Susan Franks CA, Senior Tax Advocate CA ANZ: they're probably trying to, um, ensure that capital gains tax
Susan Franks CA, Senior Tax Advocate CA ANZ: is paid on economic connections with Australian land. The details
Susan Franks CA, Senior Tax Advocate CA ANZ: are very vague, but we do know that, um, they're
Susan Franks CA, Senior Tax Advocate CA ANZ: going to clarify and broaden the type of assets that
Susan Franks CA, Senior Tax Advocate CA ANZ: foreign residents are subject to CGT, um, they're going to
Susan Franks CA, Senior Tax Advocate CA ANZ: amend the point in time principles test to a 365
Susan Franks CA, Senior Tax Advocate CA ANZ: day testing period, and they're going to require foreign residents
Susan Franks CA, Senior Tax Advocate CA ANZ: disposing of shares and membership interests with more than $20
Susan Franks CA, Senior Tax Advocate CA ANZ: million to notify the ATO before the disposal occurs. And
Susan Franks CA, Senior Tax Advocate CA ANZ: I think it's probably that latter point, which is going
Susan Franks CA, Senior Tax Advocate CA ANZ: to make the most impact, um, for the ATO to
Susan Franks CA, Senior Tax Advocate CA ANZ: be able to collect the capital gains tax.
Gillian Bowen, Host: Mhm. Mhm.
Gillian Bowen, Host: Okay. So there's a bit there. And obviously we've got
Gillian Bowen, Host: articles and information on our website in regards to these
Gillian Bowen, Host: measures that have been announced in the Budget that impact
Gillian Bowen, Host: our members. And as the time goes on and we
Gillian Bowen, Host: get more information, we'll continue to update you through our
Gillian Bowen, Host: usual processes. Tony, now, do you, uh, either what was
Gillian Bowen, Host: announced or even potentially what wasn't announced, touching on what
Gillian Bowen, Host: you already, uh, um, mentioned that you were expecting some
Gillian Bowen, Host: things that didn't happen, um, on Tuesday night. What are some,
Gillian Bowen, Host: some things that you want our members to know about?
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Well, I think, Gill, um, just very quickly, um, obviously
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: in the Budget, one of the things that was, uh,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: paid parental leave or superannuation on paid parental leave. So
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the Government's going to fund that. So that'll be for
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: any child born or adopted, uh, from July 2025 onwards.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: It's going to cost the Budget around about $1 billion
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: until for about five years, and then around about $600
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: million after that. So on one July 25th, that's when, um,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the super guarantee rate will tip into the maximum rate
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: of 12%. So that's why I think the Government have
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: selected that date, uh, as a good date to start
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: small business. They're going to get a small allocation to
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: help them administer that payment. Um, because the way paid
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: parental leave works is that the Government sends that money in,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: in an employer's direction, uh, payroll, that payroll provider for
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the or payroll people at the employer then deal with
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: that paid parental leave through the payroll system, including obviously
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: super payments and then they they forward that on. Um,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: so that's the that's the first item I think. Yes. Really.
Gillian Bowen, Host: Yep yep.
Gillian Bowen, Host: Yep. It's a good one. Yep.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Indeed it is indeed. Okay. So, um, I suppose one
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: thing that was not in the Budget was was any
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: further detail about payday Super.
Gillian Bowen, Host: Yeah.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: And that's aligned with, with uh, with with paid parental leave.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: So if you've got to pay super every time you do payday, um,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: then that's obviously something that's going to have to, you know,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the ducks are going to have to line up in
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: relation to that. Now, there's a lot of detail in
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: relation to payday Super that, uh, Treasury is trying to, uh,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: sift through. And we expected some announcements about that in
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the Budget. Now, at the moment the Government's played a silent, silent, uh,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: hand in relation to that. So we'll have to wait
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: for that for another day. Time is ticking very quickly
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: on the start date of that from 1st July 2026.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: And I think any member who is, um, working in
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the finance area or whatever in a corporation or is working, uh,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: in public practice, will need to help their employer clients
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: deal with this particular matter and, and should be trying
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: to help them understand what it actually means, because it's
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: going to be a big change. Um, uh, based on
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: compared to current practice. And it's going to take employers,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: you're not going to be able to move from current
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: practice to the new setup. Um, you're not going to
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: have a lot of time to, to adjust. So the
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: sooner you start working, working through all of the issues,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the sooner you'll be able to work that, fix that up.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: So Payday super I think is a big deal. And
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: I encourage everyone, all clients in all our members in
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: public practice to talk to their clients about it.
Gillian Bowen, Host: Um, that is a very good call out. Um, and
Gillian Bowen, Host: what about point three?
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: So point three, I think, um, is is probably two
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: items in one. And that's probably sort of legislation that
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: is currently before the before Parliament. And one of them
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: is obviously non-arm's length income, which impacts self-managed super funds
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: more so than anywhere else. There were developments, uh, in
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the House and also in the Senate during this recent
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: sitting period for the budget. The, the the Senate wanted
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: some amendments about unrelated measures. The House said, no, you
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: can't have those amendments. It then went back to the Senate,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: and all the other senators ganged up, ganged up on
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the current government and said, no, we actually we actually
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: like the amendments that are in the bill. So they're basically,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: you know, um, uh, poked their tongue out at the,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: at the house and said, no, no, you've got to
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: accept our accept our amendments. So there is a danger
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: that Nali won't actually come in. Um, right on the
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the changes that are, that are before the parliament won't
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: come in in uh, July 2024 and that's a, that's a,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: that's a real problem. Um, especially for self-managed super funds.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: It's actually a problem for APRA funds as well. Um,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: if it doesn't come in, but that's uh, you know,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: that's uh, that's a separate issue. I think. Now the
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: other issue is, is what is known as Division 296.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Now that's a section of the income tax, the 1997
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Income Tax Assessment Act. Now, um, that is currently before
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the House. And that's obviously the, you know, the tax
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: that the high tax you pay on $3 million super
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: account balances or above. Uh, and so we're just waiting
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: for all of that to be finalized. Um, and so
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: that's still a very controversial measure. We're not entirely sure
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: how the Senate will deal with that. So that's probably
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the that's probably the I know it's two items in one.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: So no.
Gillian Bowen, Host: But that's it. Look there's a bit on there. There's
Gillian Bowen, Host: a few things that are up in the air.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: They are, they are. And it's um, you know, it's
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: a constant. No one really knows where all of this
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: is going to land. So, um, uh, many years ago,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: there was an item that was stuck in the legislation,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: stuck in Parliament for a long time called Craft beer.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: And Nali might be joining that, joining that infamous list
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: of items that, uh, never seem to be able to
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: get through the Parliament for one reason or another. So
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: who would have put Nali and craft beer in the same sentence?
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: But there you go.
Gillian Bowen, Host: Uh, look, Susan, um, a final thought then, before we go.
Susan Franks CA, Senior Tax Advocate CA ANZ: It's going to be an interesting year. The government has
Susan Franks CA, Senior Tax Advocate CA ANZ: got a lot of, um, legislation to clear up, a
Susan Franks CA, Senior Tax Advocate CA ANZ: lot of announced and unenacted measures which need clarification before
Susan Franks CA, Senior Tax Advocate CA ANZ: they roll into an election. And then an election campaign
Susan Franks CA, Senior Tax Advocate CA ANZ: is likely to be, um, part of the next budget.
Susan Franks CA, Senior Tax Advocate CA ANZ: So we're in for an interesting ride.
Gillian Bowen, Host: Um, Tony.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Well, I reckon, uh, Susan has hit the nail on
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: the head, to be honest with you. You know, both
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: in both in tax and also in super and financial advice.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: There's the, um, the floor is littered with things that,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: you know, are unannounced, but but we're still waiting for
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: or even things that are in the pipeline. We're still
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: waiting for them. So. It is going to be a
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: very interesting ride over the next 12 months as the government,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: you know, the timing of the election and, you know,
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: you know what the focus of that is, is going
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: to be. So, you know, we are in for a
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: bit of a wild ride. Um, over the next, I
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: think over the next 12 months.
Gillian Bowen, Host: Um.
Gillian Bowen, Host: And we will be there helping our members understand and
Gillian Bowen, Host: interpret it all. That is all we have time for
Gillian Bowen, Host: the advocacy team here at CA ANZ has written up
Gillian Bowen, Host: many useful articles for you on topics relevant to the
Gillian Bowen, Host: profession and ones that are beyond what we've discussed here today,
Gillian Bowen, Host: which has just been a little bit of a taste
Gillian Bowen, Host: in regards to tax and superannuation and financial services. I
Gillian Bowen, Host: will put a link to the Federal Budget landing page
Gillian Bowen, Host: on our website, as everything you need is accessible there.
Gillian Bowen, Host: And you'll also be able to watch the post-Budget webinar,
Gillian Bowen, Host: which involves Susan, Tony and Michael Croker. If you missed
Gillian Bowen, Host: it on the day after the Budget, I highly recommend that,
Gillian Bowen, Host: it was a very good session. I'll put a link
Gillian Bowen, Host: to it in the show notes so it's easy to find.
Gillian Bowen, Host: And of course you'll see a link to the podcast
Gillian Bowen, Host: in the newsletters you receive from CA ANZ, and you can
Gillian Bowen, Host: get in touch with the podcast team. Email us at
Gillian Bowen, Host: podcast@charteredaccountantsanz.com and follow the pod in your favourite podcast app.
Gillian Bowen, Host: Let's start a conversation! Thank you Susan and Tony for
Gillian Bowen, Host: being my guests on Small Firm, Big Impact.
Susan Franks CA, Senior Tax Advocate CA ANZ: Thanks, Gill.
Tony Negline CA, Superannuation and Financial Services Leader CA ANZ: Um, pleasure, Gill. Thank you very much.
Gillian Bowen, Host: Bye bye.