North Advisory Accountancy Blog | North Advisory - Part 18
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    North Advisory Accountancy Blog

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    Trading hours during Christmas and New Year period

    Posted November 28, 2016 by North Advisory

    The Christmas and New Year holiday season is fast approaching.

    This year, our office will be closed from midday Friday 23rd December 2016 and reopen on Monday 9th January 2017.

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    Review of tax deduction rules for non-compulsory uniform expenses

    Posted November 21, 2016 by North Advisory

    The government has released a consultation paper on its review of the tax deduction rules for non-compulsory uniform expenses. Division 34 of ITAA 1997 provides that employees can only claim a tax deduction for non-compulsory uniform expenses, where employers have the uniform designs approved and entered on the Register of Approved Occupational Clothing by the Secretary of the Department of Industry, Innovation and Science.

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    GST and countertrade transactions

    Posted November 21, 2016 by North Advisory

    The Commissioner has issued Practical Compliance Guideline PCG 2016/18 which outlines a practical compliance approach for certain countertrade transactions that are GST neutral.

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    Catch-up concessional superannuation contributions

    Posted November 21, 2016 by North Advisory

    This proposed measure will allow individuals to make additional concessional superannuation contributions in a financial year by utilising unused concessional contribution cap amounts from up to five previous years, providing that their total superannuation balance at 30 June of the previous financial year was below $500,000.

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    New considerations for non-concessional contributions

    Posted November 21, 2016 by North Advisory

    Individuals with a superannuation balance more than the transfer balance cap will no longer be able to make non-concessional contributions from 1 July 2017. This change in policy is included in the third tranche of superannuation reforms which were originally announced in the 2016/17 Federal Budget.

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    Health care professionals – Xero & Cliniko

    Posted November 18, 2016 by North Advisory

    The accounting landscape for small and medium business enterprises has changed dramatically over the past few years and along with it the software used to manage businesses. The health care industry is no exception.

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    New Australian law applying GST to imported digital products and services

    Posted November 18, 2016 by North Advisory

    Australia has introduced a new law applying the Australian Goods and Services Tax (GST) to international sales of digital products and services provided to Australian consumers. Under the new law, overseas businesses will be required to pay GST on these sales from 1 July 2017.

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    GST cross-border transactions between businesses

    Posted November 18, 2016 by North Advisory

    Recent changes to Australia’s GST law mean that from 1 October 2016, certain transactions between overseas businesses and Australian businesses will no longer be subject to GST.

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    Removal of the HECS-HELP discount and voluntary repayment bonus

    Posted November 17, 2016 by North Advisory

    From 1 January 2017, the Australian Government will remove the upfront HECS-HELP discount of 10% for eligible students that pay their student contributions upfront and remove the voluntary HELP repayment bonus of 5%.

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    Are you ready for the Government’s superannuation changes?

    Posted November 10, 2016 by North Advisory

    On Wednesday 9 November 2016 the Government introduced its superannuation legislation which makes changes to the superannuation laws it originally announced in the 2016 Federal Budget.

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