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North Advisory Accountancy Blog

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Labor proposes change to taxing discretionary trusts

Posted August 7, 2017 by North Advisory

The Leader of the Opposition, Mr Bill Shorten, has announced that a Labor Government would introduce a standard minimum 30% tax rate for discretionary trust…

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Summary of SMSF establishment issues and steps

Posted August 7, 2017 by North Advisory

Step 1: Decide whether to use the constitutional corporation route (ie have a corporate trustee) or old age pensions route (ie have individual trustees). Note…

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ATO warns against incorrect claims for work-related expenses

Posted June 27, 2017 by North Advisory

The ATO is warning taxpayers to avoid incorrect claims for work-related expenses. Assistant Commissioner Kath Anderson noted that the ATO is using real-time data comparing…

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2016/17 tax year – tax changes for small business

Posted June 7, 2017 by North Advisory

As 30 June 2017 is fast approaching, we would like to advise of some key tax changes that your business may be in a position…

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2016/17 year end – tax changes for individuals

Posted June 7, 2017 by North Advisory

As 30 June 2017 is fast approaching, we have briefly summarised the important tax changes to remember when collating your tax information. Travel deduction for…

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Cleaners Tax Deduction Guide

Posted June 7, 2017 by North Advisory

With 30 June fast approaching, we revisit our series on tax deductions for employees in specific industries. We explore the common tax deductions for employees…

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Simpler BAS reporting from 1 July 2017

Posted May 30, 2017 by North Advisory

From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million….

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Tax Time 2017 ATO Service Commitments

Posted May 30, 2017 by North Advisory

The ATO have announced their service standard commitments for the upcoming 2017 tax year. Tax returns The ATO will aim to finalise the majority of…

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Extension of instant asset write-off Bill introduced

Posted May 26, 2017 by North Advisory

The Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Bill 2017 has been introduced into parliament. The Bill amends the accelerated depreciation rules for…

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Superannuation year end planning for the 2016/17 financial year

Posted May 25, 2017 by North Advisory

The end of the financial year always seems to crop up faster than it should. Given the impending July 2017 superannuation changes, being on top…

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