Accounting & Wealth Insights

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.

Two of the three Bills that formed the superannuation reform package first announced by the government in the 2016 Federal Budget have received assent.

The ATO has updated its instructions to vendors seeking a reduction in the withholding rate that will apply to the sale of certain taxable Australian property. The relevant foreign resident capital gains withholding variation application form provides the details of the vendor, the asset and the reason for a variation. The variation may reduce the withholding rate to nil.