North Advisory Accountancy Blog | North Advisory - Part 8
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    North Advisory Accountancy Blog

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    2018/19 tax changes for small businesses

    Posted June 3, 2019 by North Advisory

    For 2018/19 income year, companies with an annual aggregated turnover under $50m will have a reduced tax rate of 27.5%. To be eligible for the reduced rate, the company must be a base rate entity.

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    Tax changes for 2018/19 for individuals

    Posted June 3, 2019 by North Advisory

    A low and middle income tax offset (LAMITO) was introduced on 1 July 2018. The offset will run in conjunction with the low income tax offset as a targeted reduction of income tax for Australian residents.

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    The Coalition wins a third term – your superannuation policy update in preparation for the end of the financial year

    Posted May 22, 2019 by North Advisory

    The Coalition Government has been re-elected in the 2019 Federal Election, with a small majority of seats in the House of Representatives, after taking a policy of stability for superannuation to the election.

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    The major parties’ superannuation and tax policies

    Posted May 16, 2019 by North Advisory

    The federal election is this weekend, 18th May 2019 , both major parties have outlined their superannuation and tax policies. With the federal election only…

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    Cryptocurrency ATO Data matching program

    Posted May 6, 2019 by North Advisory

    The Commissioner has given notice that it will collect data from cryptocurrency designated service providers, under notice, to identify individuals or businesses who have or may be engaged in buying, selling or transferring cryptocurrency during the 2014/15 to 2019/20 financial years.

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    Federal Opposition Australian Labor Party (ALP) tax policies

    Posted May 2, 2019 by North Advisory

    The Australian Labor Party (ALP) has announced an intention in government to change franking credits from a refundable to a non-refundable tax credit from 1 July 2019.

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    Single Touch Payroll for everyone

    Posted April 29, 2019 by North Advisory

    Single Touch Payroll (STP) has changed where every employer will be required to use the system from 1 July 2019. If you are still using a manual system to pay your staff, you will need to change soon.

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    Super contribution age limits proposed to change

    Posted April 29, 2019 by North Advisory

    Members of regulated superannuation funds have no restrictions for making voluntary contributions prior to reaching 65 years of age. However, from 1 July 2020 the government has proposed to increase this age limit and allow 65 and 66 year olds to contribute without restrictions.

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    Extension and increase for instant asset write-off

    Posted April 24, 2019 by North Advisory

    Officially, the $30,000 instant asset write-off has been passed by both houses of parliament on 4 April 2019. This means that from 7:30pm AEDT 2 April 2019 to 30 June 2020, assets purchased less than $30,000 will be entitled for an immediate write-off.

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    Proposed increase for individual tax offsets

    Posted April 12, 2019 by North Advisory

    With the 2019 federal budget, the treasurer announced that the federal government intends to increase the low and middle income tax offset (LAMITO). If enacted, the increase would begin in the current 2018/19 income year.

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