• On May, 31, 2020
•  Connor Krohn

The recent SMSF investment strategy guidelines provided by the Australian Taxation Office (ATO) shows they consider the fund’s investment strategy to form part of a fund’s specific compliance documentation. As such, the investment strategy should be tailored to individual fund circumstances and should not be a document merely repeating standard verbiage. Each fund member has […]

• On May, 31, 2020
•  Connor Krohn

Tax deductions for public servants The first thing every worker needs to consider when it comes to deductions is the three golden rules the Australian Taxation Office (ATO) uses to assess the validity of a work-related claim, which are: You must have spent the money yourself and weren’t reimbursed It must be directly related to […]

• On May, 31, 2020
•  Connor Krohn

After a year of stunning growth, Julius Mather Director/Founder of Northcity Accountants reflecting on what went so right. The owner of Melbournes’s top two Probono Accounting Firms by Australian Financial Review’s annual listing 2018 and a finalist comes to an interesting conclusion about his professional services firm and it’s all about relationships. “Our business is […]

• On May, 29, 2020
•  Connor Krohn

Tax Facts – Superannuation Guarantee In addition to employees’ salaries and wages, employers are required to pay superannuation contributions on behalf of all eligible employees. This compulsory contribution is called the superannuation guarantee. The definition of employee for this purpose includes certain contractors. The minimum contribution from 1 July 2014 is 9.5% of each eligible […]

• On May, 29, 2020
•  Connor Krohn

Tax Facts – First Home Super Saver From 1 July 2017, eligible individuals can make voluntary contributions to their superannuation account under a First Home Super Saver (FHSS) Scheme. The Scheme enables individuals to save for their first home and take advantage of the concessional taxation arrangements that apply in the superannuation system. An FHSS […]

• On May, 29, 2020
•  Connor Krohn

Tax Facts – Australian Business Number The Australian business number (ABN) is a single business identifier that allows businesses to deal with the Australian Taxation Office (ATO) and other government departments and agencies with one identifier. An ABN is not compulsory and not everyone is entitled to an ABN. The following entities will need an […]

• On May, 28, 2020
•  Connor Krohn

15 Easy Ways to Reduce Your Taxable Income in Australia You’re guaranteed two things in life – death, and taxes. While taking care of your physical and mental health can lead to a longer, healthier life, financial planning, and strategising can reduce your tax liabilities. Everyone wants to pay less come tax time. For those […]

• On May, 28, 2020
•  Connor Krohn

The automotive service and repair sector is one of the highest and most consistently strong performers of all Australian service industries*. However, that doesn’t make it immune to the ever increasing financial and risk compliance demands. To allow you to focus on your customers’ needs, Northcity Acountants have a specialist team of accountants and advisers […]

• On May, 28, 2020
•  Connor Krohn

The Victorian Government has announced payroll tax relief for employers who receive the Federal Government’s $1,500 per fortnight JobKeeper payment. Under the Victorian measures, any top-up payments – that is, additional payments to employees earning less than $1,500 per fortnight that bridge the gap between their actual wage or salary and the scheme’s minimum payment […]

• On May, 27, 2020
•  Connor Krohn

NDIS funding to purchase tablets, smartphones or fitness equipment The NDIA has temporarily allowed extra flexibility for NDIS participants to purchase low-cost Assistive Technology. As an NDIS participant, you can now use your NDIS consumables or core funding to buy smart devices and fitness equipment, in consultation with your support providers. The criteria According to […]