North Advisory Accountancy Blog

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.

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.

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.

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

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.

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.

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.

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

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.

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.