North Advisory Accountancy Blog | North Advisory - Part 20
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    North Advisory Accountancy Blog

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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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    $1.6m super transfer balance cap – clarification

    Posted November 3, 2016 by North Advisory

    Transitional provisions will provide for capital gains tax relief on assets that are forced to be transferred from pension phase to accumulation phase. An SMSF that has a member’s balance above $1.6m in pension phase will no longer be able to segregate assets for income tax purposes.

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    ATO data matching program — credit and debit cards

    Posted October 31, 2016 by North Advisory

    The ATO has given notice that it will continue to annually acquire data from credit and debit card providers relating to payments to businesses. The ATO will obtain data for the 2015/16 and 2016/17 income years on the identifying details of merchants with credit and debit card merchant facility and the amount and quantity of the transactions processed.

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    ATO data matching programs — share transactions and selling on eBay

    Posted October 31, 2016 by North Advisory

    The ATO has given notice of two data matching programs, one relating to online selling and the other to share transactions.

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    Changes to the assets test for Centrelink Age Pensions from 1 January 2017

    Posted October 28, 2016 by North Advisory

    As the end of the year is drawing rapidly to a close it may feel like the changes to the Asset Test for the Aged Pension have just been drawn up, however, these were announced in the 2015 Federal Budget.

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    ATO issues warning on unusually high deductions

    Posted October 25, 2016 by North Advisory

    The ATO has issued a warning that they are paying extra attention to taxpayers claiming higher than expected deductions for the 2015/16 income year. Assistant Commissioner Graham Whyte stated that the ATO’s ability to check work-related expense claims has become more sophisticated through use of technology and data analysis.

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    Government releases more superannuation legislation

    Posted October 4, 2016 by North Advisory

    On 27 September 2016 the Government released another round of draft legislation implementing a number of the changes to superannuation it announced in the 2016 Federal Budget.

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    Can your SMSF buy your business?

    Posted September 22, 2016 by North Advisory

    At first glance, the SMSF would not be able to acquire the property from the member because they are a related party of the SMSF.

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    Are you clear on what non concessional contributions you can contribute in a year?

    Posted September 21, 2016 by North Advisory

    With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions you can make to superannuation

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