North Advisory Accountancy Blog

The small business entity turnover threshold will be increased from $2m to $10m from 1 July 2016. The increased threshold means businesses with an annual turnover of less than $10m will be able to access existing small business income tax concessions.

The Turnbull government has reportedly made significant changes to its superannuation reform package, including scrapping controversial plans for a lifetime cap of $500,000 on non-concessional contributions.

Treasurer Scott Morrison’s release last week of the first tranche of new super legislation has been welcomed by the industry, but it digs an even bigger hole in the Budget. Morrison unveiled the nicest bits of his 2016 Budget super package, including tax savings for low-income workers and new rules that allow anybody aged under 75 to make personal tax-deductible contributions.

One of the lessor known benefits of having a SMSF is the flexible financing options that are available. Many SMSF trustees still don’t realise they can actually lend money to their SMSF and charge the sort of rates achieved by banks and other financial institutions.

The benefits of having a SMSF is you have the power to make the investment decisions. You have freedom to select investments that you think will benefit the SMSF members.

There is unprecedented growth in the SMSF sector and the question I sometimes get is whether an existing SMSF can still operate if its trustees and members are overseas.

Super is generally there for your retirement. Once you have met your preservation age and retire you’re able to access your super.

International managed portfolios are vital for self-managed super funds to diversify their portfolios, according to head of marketing and distribution at HUB24, Wes Gillett.

Continuing our review of ATO benchmarks, we review the performance benchmark rates for businesses in the cabinet makers industry. Businesses in this industry typically manufacture and install cabinets for kitchens, bathrooms, wardrobes and shop fittings.

Benchmarks are one of the indicators that the ATO uses to identify businesses for review or audit. The ATO releases performance benchmark rates each year for businesses across a number of industries to compare their operations against industry expectations.