North Advisory Accountancy Blog | North Advisory - Part 10
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    North Advisory Accountancy Blog

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    Helping you get rid of your paper clutter once and for all

    Posted April 4, 2018 by North Advisory

    Are you drowning with paperwork and dream of a paperless office or home? Do you wish your accountant will stop harassing you for documents? This is a possible dream right now!

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    FBT exemptions and concessions

    Posted March 26, 2018 by North Advisory

    It sounds strange, but the FBT law is full of exemptions and concessions. The FBT law was introduced way back in 1986 with the intention to tax non-cash fringe benefits. But in doing so, the law has allowed for exclusions, concessions, reductions and exemptions.

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    Franking credits and your SMSF

    Posted March 22, 2018 by North Advisory

    You may have noticed significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own.

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    GST changes for Australian retailers who use drop shipping

    Posted March 19, 2018 by North Advisory

    From 1 July 2018, GST will apply to sales of low value imported goods (valued at A$1,000 or less) to consumers in Australia. These GST changes will also affect Australian GST-registered suppliers including Australian retailers who ‘drop ship’.

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    Foreign Resident Capital Gains Withholding Tax

    Posted March 8, 2018 by North Advisory

    From 1 July 2017, those who purchase Australian real property or interests in such property valued at $750,000 or more from a non-resident vendor would be obliged to withhold a 12.5% non-final withholding tax from the purchase price and pay this to the ATO.

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    Property and your SMSF

    Posted March 6, 2018 by North Advisory

    Directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider it’s an important and significant part of a diversified portfolio.  There are numerous strategies and ways for property to form part of an SMSF’s investments and each must be carefully considered.

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    Meals when travelling not work-related expenses

    Posted March 5, 2018 by North Advisory

    Recent media releases from the Australian Taxation Office (ATO) have stated that they intend to audit more people this coming year over work-related expenses.

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    Fundamental year end tax planning issues

    Posted February 26, 2018 by North Advisory

    It is best practice to review clients’ taxation affairs in advance of the year end to identify any tax planning opportunities that may exist. Good planning opportunities do not necessarily have to be most complex / innovative, simple strategies are often the most effective.

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    Warning for hobbies claiming GST credits

    Posted February 8, 2018 by North Advisory

    An entity cannot be registered for GST unless it is carrying on an enterprise (GST Act s 23-5; 23-10). The term “carrying on an enterprise” is defined in s 9-20 as an activity, or series of activities done in the form of a business.

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    How will downsizer contributions work for SMSFs?

    Posted February 7, 2018 by North Advisory

    To reduce pressure on housing affordability, downsizer contributions provide an incentive for super fund members aged 65 years or older to sell a main residence. The Treasury Laws Amendment (Reducing Pressure On Housing Affordability Measures No 1) Act 2017, which introduces downsizer contributions, received assent on 13 December 2017.

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