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

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    Consultancy fees not deductible as rental property expenses

    Posted November 9, 2018 by North Advisory

    As a general rule, expenses incurred by a taxpayer for the purpose of earning assessable rental income will be deductible, provided they are not private or capital in nature, and that they are not explicitly excluded from deduction.

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    Payroll Tax Rebate Scheme

    Posted October 22, 2018 by North Advisory

    If you are a NSW business owner, you may be eligible for a payroll tax rebate. Businesses that create and fill new jobs on or after 31 July 2016 will receive payroll rebates worth A$6,000. New jobs commencing on or after 31 July 2016 will receive a rebate of up to $2,000 payable on the first anniversary and up to $4,000 on the second anniversary.

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    Setting up an SMSF – What do you need to consider?

    Posted October 5, 2018 by North Advisory

    Setting up an SMSF can be complicated.  Not getting it right can materially affect your financial situation and retirement plans. The first question you need to be sure about is whether an SMSF is the right fit.  Seeking specialised financial advice can help you determine this answer.

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    Self-education expenses allowed for ‘part’ of course

    Posted September 14, 2018 by North Advisory

    Self-education expenses generally are deductible under ITAA 1997 s 8-1 when two elements are met. The first of which is that the expense is from a “prescribed course of education”.

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    CGT exemption for main residence from deceased estate

    Posted August 28, 2018 by North Advisory

    The ATO has released a draft practical compliance guideline providing a safe harbour approach for beneficiaries or trustees of deceased estates seeking to claim the CGT exemption for disposal of a deceased persons’s main residence within two years of their death.

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    Data matching program – rental bond data

    Posted August 20, 2018 by North Advisory

    The ATO has given notice, in Commonwealth Government Gazette notice C2018G00633, 10 August 2018, of its intention to collect real property rental bond data dating back to 20 September 1985 (the introduction of the CGT regime).

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    Data matching for online accommodation platforms

    Posted August 20, 2018 by North Advisory

    Individuals that have or may be engaged in providing accommodation services through an online platform will have that data collected by the ATO.

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    Duty remains payable on GST for property sale

    Posted August 6, 2018 by North Advisory

    Following new GST obligations on certain property purchases which took effect from 1 July 2018, Revenue NSW has clarified that duty continues to be payable on the GST component of such a sale.

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    Guidance for courier and cleaning industries reporting system

    Posted August 6, 2018 by North Advisory

    As of 1 July 2018, under this reporting system, businesses in the courier industry and the cleaning industry are required to report payments they make to contractors (individual and total for the year) to the ATO. The reporting system previously was only operational for the building and construction industry.

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    Super guarantee opt-out coming for high earners

    Posted July 31, 2018 by North Advisory

    High earning individuals will have an option to opt-out of receiving certain superannuation guarantee amounts from 1 July 2018. Under the proposed legislation, employees earning over $263,157 with multiple employers will be allowed to receive additional cash from the second employer.

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