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

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    Tax and residency – arrivals and departures

    Posted May 28, 2018 by North Advisory

    The law treats residents and non-residents differently, where residents are taxed on all worldwide income but non-residents are taxed only on Australian sourced income.

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    Transfer Balance Cap reporting – what does it mean for you?

    Posted May 25, 2018 by North Advisory

    From 1 July 2017, superannuation fund members are subject to a $1.6 million transfer balance cap (TBC) which limits the tax exemption for assets funding superannuation pensions. The TBC encompasses a significant amount of monitoring for an individual.  This monitoring is to be facilitated by the Australian Taxation Office’s (ATO) event-based reporting framework.

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    Car claims to be closely examined by ATO in 2017-18

    Posted May 21, 2018 by North Advisory

    Recently, the ATO has issued a point of emphasis for the upcoming tax lodgement season. They will be employing additional audit resources along with updated data analytics to scrutinise large car expense claims.

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    2018-19 Federal Budget highlights

    Posted May 9, 2018 by North Advisory

    Mr Scott Morrison, the Federal Treasurer, handed down his third Budget at 7.30 pm (AEST) on 8 May 2018. Mr Morrison said the Budget is focused on further strengthening the economy to “guarantee the essentials Australians rely on” and “responsibly repair the budget”.

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    Lump sum payments for healthcare practitioners – income not capital gains

    Posted April 17, 2018 by North Advisory

    In the healthcare services industry, it is now common for some practitioners to operate from healthcare centres run by third parties. This frequently occurs without any stated partnership or employment relationship between the third party and the practitioner.

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    Simplified transfer pricing — ATO guidance updated

    Posted April 9, 2018 by North Advisory

    The ATO has updated its guidance on simplified transfer pricing record keeping options to include the minimum interest rate of 3.79% for small related party outbound loans for the 2018 year. Paragraph 75 of Practical Compliance Guideline PCG 2017/2 has been updated to reflect the new rate.

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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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