North Advisory Accountancy Blog | North Advisory - Part 17
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    North Advisory Accountancy Blog

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    Transition to retirement pensions – back to their true purpose

    Posted March 21, 2017 by North Advisory

    The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which will remove tax concessions for transition to retirement pensions (TTRs) and bring them closer to their purpose of providing income to members as they transition to retirement.

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    The $1.6 million transfer balance cap – What does it mean for you?

    Posted March 17, 2017 by North Advisory

    The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst those changes was the introduction of a $1.6 million transfer balance cap which limits the tax exemption for assets funding superannuation pensions.

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    ATO targeting business operating as cash only

    Posted March 10, 2017 by North Advisory

    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.

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    Merry Christmas from North Advisory

    Posted December 23, 2016 by North Advisory

    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.

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    Contributions – what the changed concessional and non-concessional caps may mean for you

    Posted December 20, 2016 by North Advisory

    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.

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    ATO digital services and systems downtime

    Posted December 13, 2016 by North Advisory

    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.

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    ATO data matching program – ride sourcing

    Posted December 13, 2016 by North Advisory

    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.

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    Super reform bills receive assent

    Posted December 12, 2016 by North Advisory

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

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    Foreign resident capital gains withholding rate variation application

    Posted December 8, 2016 by North Advisory

    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.

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    Simpler Business Activity Statement (BAS) for small businesses from 1 July 2017

    Posted December 7, 2016 by North Advisory

    A simpler BAS will become the default GST reporting method for all small businesses from 1 July 2017. This measure was originally announced in the 2016/17 Federal Budget and is designed to reduce GST compliance costs for small businesses,.

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