Accounting & Wealth Insights

The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which will remove tax concessions for transition to retirement pensions (TTRs) and bring them closer to their purpose of providing income to members as they transition to retirement.

The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst those changes was the introduction of a $1.6 million transfer balance cap which limits the tax exemption for assets funding superannuation pensions.

Businesses operating in the cash economy will be under increased scrutiny in the coming months. The ATO is looking to continue their fight against the cash economy by visiting various businesses in capital cities that are currently operating as a “cash only” business.

From all of us at North Advisory, we wish you and your family a Merry Christmas and a Happy New Year.

Please be advised that our office will be closed from midday Friday, 23rd December 2016 and reopen on Monday, 9th January 2017.

With many of the changes announced in the 2016 Federal Budget now passed by Parliament, there is an amount of certainty that you can have when approaching your SMSF planning and the contributions you might wish to make to your SMSF.

Since approximately 9.30am AEDT Monday, 12th December 2016, the entire Australian Taxation Office (ATO) website including the tax agent portal has shutdown due to a “world first” hardware issue.

The ATO has advised that it will be collecting data to identify individuals engaged in providing ride-sourcing services during the 2016/17 and 2017/18 financial years.