Accounting Insights

Foreign resident capital gain withholding and the tax return

A credit may be refunded in the relevant tax return if they don't have to pay capital gains tax...

ATO Benchmark Interest Rate for Division 7A loans for Year Ending 30 June 2019

The ATO has advised that it intends to issue the following guidance on 25 July 2018: Taxation Determination TD 2018/14...

Deceased Estates – Full capital gains tax exemption if dispose of the pre-CGT property within 2 years from date of death

Did you know of the capital gains tax exemption available for the disposal of pre-CGT properties (originally acquired by...

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Reasonable travel and meal allowances for 2018/19

Posted July 6, 2018 by North Advisory

The Commissioner has set out the amounts considered to be reasonable in relation to claims made by employees for the 2018/19 income year for.

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Tax and residency – arrivals and departures

Posted May 28, 2018 by North Advisory

The law treats residents and non-residents differently, where residents are taxed on all worldwide income but non-residents are taxed only on Australian sourced income.

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Transfer Balance Cap reporting – what does it mean for you?

Posted May 25, 2018 by North Advisory

From 1 July 2017, superannuation fund members are subject to a $1.6 million transfer balance cap (TBC) which limits the tax exemption for assets funding superannuation pensions. The TBC encompasses a significant amount of monitoring for an individual.  This monitoring is to be facilitated by the Australian Taxation Office’s (ATO) event-based reporting framework.

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Car claims to be closely examined by ATO in 2017-18

Posted May 21, 2018 by North Advisory

Recently, the ATO has issued a point of emphasis for the upcoming tax lodgement season. They will be employing additional audit resources along with updated data analytics to scrutinise large car expense claims.

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2018-19 Federal Budget highlights

Posted May 9, 2018 by North Advisory

Mr Scott Morrison, the Federal Treasurer, handed down his third Budget at 7.30 pm (AEST) on 8 May 2018. Mr Morrison said the Budget is focused on further strengthening the economy to “guarantee the essentials Australians rely on” and “responsibly repair the budget”.

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Lump sum payments for healthcare practitioners – income not capital gains

Posted April 17, 2018 by North Advisory

In the healthcare services industry, it is now common for some practitioners to operate from healthcare centres run by third parties. This frequently occurs without any stated partnership or employment relationship between the third party and the practitioner.

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Simplified transfer pricing — ATO guidance updated

Posted April 9, 2018 by North Advisory

The ATO has updated its guidance on simplified transfer pricing record keeping options to include the minimum interest rate of 3.79% for small related party outbound loans for the 2018 year. Paragraph 75 of Practical Compliance Guideline PCG 2017/2 has been updated to reflect the new rate.

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