Accounting Insights

Cabinet makers – ATO benchmarks

Continuing our review of ATO benchmarks, we review the performance benchmark rates for businesses in the cabinet makers industry....

Electrical services – ATO benchmarks

Benchmarks are one of the indicators that the ATO uses to identify businesses for review or audit. The ATO...

Airport lounge memberships deductible

A recent tax determination has confirmed that the annual membership fee for airport lounges is deductible if the membership...

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Superannuation tax lodgement and payment dates

Posted July 27, 2016 by North Advisory

The following dates highlight key superannuation related tax lodgement deadlines approaching in the next few months. The list of key dates is not comprehensive and is a guide only. Events or timelines may change. Unless otherwise stated, the due dates provided are for 30 June balancers only.

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Teachers’ tax deduction guide

Posted July 18, 2016 by North Advisory

Continuing our series on tax deductions for employees in specific industries, the following are common deductions for teachers.

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Nurses, midwives and direct carers – tax deduction guide

Posted July 18, 2016 by North Advisory

It’s the start of the new financial year, which means that it’s a good time to review the common tax deductions for employees in specific industries and occupations in order to maximise tax deductions and get into good record-keeping habits at the beginning of the new financial year.

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Small business CGT concessions

Posted June 17, 2016 by North Advisory

If you are running a small business, pass the aggregated $2 million turnover test or pass the $6 million net asset value test, you may be entitled to the Small Business CGT Concessions when you sell active business assets.

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Selling property over $2 million – new rules apply from 1 July 2016

Posted June 15, 2016 by North Advisory

As part of the governments focus on strengthening our foreign resident capital gains tax (CGT) regime, new rules will soon apply to sales of Australian real property with a market value of $2 million or more.

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ASIC issues warning to accountants

Posted June 8, 2016 by North Advisory

The accountants exemption expires on the 1st July 2016 and accountants will be breaking the law if they provide advice on SMSF’s without an AFSL.

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Extension given to comply with the LRBA safe harbour provisions

Posted June 6, 2016 by North Advisory

The ATO has announced that the date for making sure LRBA related party loans comply with the new safe…

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