North Advisory Accountancy Blog | North Advisory - Part 9
X

We'd love to help you build a successful business and grow your personal wealth. Get in touch to book a free consultation.

    North Advisory Accountancy Blog

    blog.png

    TPRS Exemptions: Legislative Instrument

    Posted April 5, 2019 by North Advisory

    Legislative Instrument Taxable Payments Reporting System – Reporting Exemptions for Certain Entities Determination 2019 and Explanatory Statement (TPRS 2019/D1) regarding the de minimus exemption for entities required to lodge Taxable Payments Annual Reports (TPAR) under amendments enacted by the Sch 2 Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Act 2018 and Sch 2 Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Act 2018 have been issued for comment.

    READ MORE
    blog.png

    2019-20 Federal Budget highlights

    Posted April 3, 2019 by North Advisory

    The Federal Treasurer, Mr Josh Frydenberg, handed down the 2019/20 Federal Budget at 7:30 pm (AEDT) on 2 April 2019.

    Mr Frydenberg said the Budget is “back in the black”, announcing a budget surplus of $7.1b, and forecasting a surplus of $11b in 2020/21, $17.8b in 2021/22 and $9.2b in 2022/23.

    READ MORE
    blog.png

    FBT reasonable food and drink amounts

    Posted April 2, 2019 by North Advisory

    Taxation Determination TD 2019/7 sets out the amounts that the Commissioner considers reasonable under s 31G of the Fringe Benefits Tax Assessment Act 1986 for food and drink expenses incurred by employees receiving a living-away-from-home allowance (LAFHA) fringe benefit for the FBT year commencing on 1 April 2019.

    READ MORE
    blog.png

    Proposed changes to superannuation contribution rules

    Posted April 2, 2019 by North Advisory

    From July 1 2020, Australians aged 65 and 66 will be able to make voluntary superannuation contributions, both concessional and non-concessional, without meeting the Work Test.

    READ MORE
    blog.png

    Policy changes for Australian government contracts

    Posted April 2, 2019 by North Advisory

    From 1 July 2019, government contracts worth over $4m (incl. GST) will require an ATO Statement of Tax Record (STR) to be attached to all tenders. The STR is required for all entities listed on the tender, and potentially some sub-contractors as well.

    READ MORE
    blog.png

    Instant tax write-off for small business assets extended

    Posted February 4, 2019 by North Advisory

    The Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019 was passed by the Senate and the House of Representatives on the morning of 4th April 2019, with 18 government amendments which give effect to the federal budget announcement to increase the threshold to $30,000 and expand the eligibility to medium-sized businesses with a turnover of less than $50 million.

    READ MORE
    blog.png

    Christmas and New Year period trading hours

    Posted December 10, 2018 by North Advisory

    Our office will be closed from 11am Friday 21st December 2018 and reopen on Monday 7th January 2019. Limited monitoring of emails will occur during this period. If you wish to contact us during this time.

    READ MORE
    blog.png

    Consultancy fees not deductible as rental property expenses

    Posted November 9, 2018 by North Advisory

    As a general rule, expenses incurred by a taxpayer for the purpose of earning assessable rental income will be deductible, provided they are not private or capital in nature, and that they are not explicitly excluded from deduction.

    READ MORE
    blog.png

    Payroll Tax Rebate Scheme

    Posted October 22, 2018 by North Advisory

    If you are a NSW business owner, you may be eligible for a payroll tax rebate. Businesses that create and fill new jobs on or after 31 July 2016 will receive payroll rebates worth A$6,000. New jobs commencing on or after 31 July 2016 will receive a rebate of up to $2,000 payable on the first anniversary and up to $4,000 on the second anniversary.

    READ MORE
    blog.png

    Setting up an SMSF – What do you need to consider?

    Posted October 5, 2018 by North Advisory

    Setting up an SMSF can be complicated.  Not getting it right can materially affect your financial situation and retirement plans. The first question you need to be sure about is whether an SMSF is the right fit.  Seeking specialised financial advice can help you determine this answer.

    READ MORE