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

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    Airport lounge memberships

    Posted August 4, 2016 by North Advisory

    A recent tax determination has confirmed that the annual membership fee for airport lounges is deductible if the membership holder has an employment relationship with the bill payer.

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    The re-contribution strategy is still attractive

    Posted July 28, 2016 by North Advisory

    On the 3rd May 2016, the federal government announced an immediate cut to the non-concessional contribution limit. The cap is now a lifetime limit of $500k.

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    Superannuation tax lodgement and payment dates

    Posted July 27, 2016 by North Advisory

    The following dates highlight key superannuation related tax lodgement deadlines approaching in the next few months. The list of key dates is not comprehensive and is a guide only. Events or timelines may change. Unless otherwise stated, the due dates provided are for 30 June balancers only.

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    Teachers’ tax deduction guide

    Posted July 18, 2016 by North Advisory

    Continuing our series on tax deductions for employees in specific industries, the following are common deductions for teachers.

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    Nurses, midwives and direct carers – tax deduction guide

    Posted July 18, 2016 by North Advisory

    It’s the start of the new financial year, which means that it’s a good time to review the common tax deductions for employees in specific industries and occupations in order to maximise tax deductions and get into good record-keeping habits at the beginning of the new financial year.

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    Getting your contributions in before 30th June 2016

    Posted June 28, 2016 by North Advisory

    If you’re wanting to make contributions into your SMSF you will need to act quickly to get these in before the 30th June 2016. This is important if you want to make the contributions by EFT as it may take a day for the contributions to hit your SMSF bank account.

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    Small business CGT concessions

    Posted June 17, 2016 by North Advisory

    If you are running a small business, pass the aggregated $2 million turnover test or pass the $6 million net asset value test, you may be entitled to the Small Business CGT Concessions when you sell active business assets.

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    Flaws in the new superannuation proposals

    Posted June 17, 2016 by North Advisory

    The link below provides a good insight as to what professional bodies are doing in regards to the proposed superannuation changes.

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    Selling property over $2 million – new rules apply from 1 July 2016

    Posted June 15, 2016 by North Advisory

    As part of the governments focus on strengthening our foreign resident capital gains tax (CGT) regime, new rules will soon apply to sales of Australian real property with a market value of $2 million or more.

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    Your SMSF might be at risk

    Posted June 10, 2016 by North Advisory

    SMSF trustees should brace for a change in the way their accountant deals with them in regards to their Self Managed Superannuation Fund after the 1st July 2016.

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