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

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    Small business turnover threshold to increase to $10m

    Posted September 15, 2016 by North Advisory

    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.

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    $500k lifetime cap to be scrapped

    Posted September 15, 2016 by North Advisory

    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.

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    A positive coming out of the proposed super changes

    Posted September 13, 2016 by North Advisory

    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.

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    Lending money to your SMSF

    Posted September 12, 2016 by North Advisory

    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.

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    What can my SMSF invest in?

    Posted September 9, 2016 by North Advisory

    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.

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    Are you allowed to take your SMSF overseas?

    Posted September 7, 2016 by North Advisory

    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.

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    When can I access my super?

    Posted September 6, 2016 by North Advisory

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

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    Managed portfolios vital for SMSF diversification

    Posted September 5, 2016 by North Advisory

    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.

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    Cabinet makers – ATO benchmarks

    Posted August 26, 2016 by North Advisory

    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.

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    Electrical services – ATO benchmarks

    Posted August 22, 2016 by North Advisory

    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.

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