Harper News

Substantiation for mobile, home phone and internet costs

The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a ded...

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Deduction tip: Can you claim the cost of travelling to this office?

Tax time has arrived, and if you haven’t had us lodge your return yet, here is another deduction tip — should your circumstances allow. (If your return has already been lodged, then this c...

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Be prepared: What you need to bring to your tax return appointment

If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic acc...

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Accelerated depreciation for small business

In the 2015-16 federal budget, the government increased the small business immediate deductibility threshold from $1,000 to $20,000, which was originally due to end at June 30, 2017. But a law amendme...

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Streaming trust capital gains and franked distributions: An overview

The ATO has stated that a trust's capital gains and franked distributions can, if not prevented by the trust deed, be streamed to beneficiaries for tax purposes by making these beneficiaries “sp...

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ATO waves a red flag on deductions for holiday rentals

Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying close attention to rental properties located in popular holiday destina...

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Have you heard of Manage ABN Connections? If not, you soon will

Manage ABN Connections is a new way for business to access government online services using their myGov login. It can be used from mobile devices, but does not provide additional services to business ...

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Are you withholding enough for car allowances?

Employers need to remember that if they pay staff a car allowance, they need to withhold tax on any amount they pay that is more than 66 cents per kilometre (from July 1, 2015). If they haven’t ...

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Land owned before CGT, but can a recent house built on it be CGT-free?

Naturally, a taxpayer will assume that when they build a house, that building will not qualify for CGT exemption until it becomes that taxpayer’s “main residence”. There is however ...

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Company tax reduction franking implications

The recent cut to the tax rate for incorporated businesses that turnover less than $50 million a year, while generally welcomed, can bring with it some important considerations when it comes to distri...

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Penalty unit increase: 30 more reasons to make sure your tax outcome is right

A piece of legislation that recently made its way through Parliament means that come July 1, misdemeanors committed by errant taxpayers will become a lot more costly. Penalty units, which are current...

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The transitional CGT relief measure and your SMSF

Transitional CGT relief is temporary relief available to all complying super funds, not just SMSFs, for certain CGT assets that would otherwise give rise to a taxable capital gain through the necessar...

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Who is assessable on interest income? Those who “benefit”

It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the ...

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What is a tax loss, and how can it be turned to good use?

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year.  If you operate a business th...

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End-of-year tax planning tips for business

The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies ...

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Superannuation year end planning for the 2016/17 financial year

The end of the financial year always seems to crop up faster than it should.  Given the impending July 2017 superannuation changes, being on top of your end of financial year planning is as impor...

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ATO may delay your BAS refund for verification and checking

Statistics supplied by the ATO indicate that most GST refund claims (98% of them according to its data) are processed without any problem, but the ATO also says that every year it will select a small ...

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Simplified depreciation and the small business pool

The simplified depreciation rules are attractive for small businesses as they allow an immediate write-off for assets costing less than $20,000. In contrast, tax paying entities that do not qualify as...

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Business tax relief package: What’s in it for SMEs?

Parliament has passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation brings into effect the following changes for small busines...

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Company tax franking implications

The recent cut to the tax rate for incorporated businesses that turnover less than $50 million a year, while generally welcomed, can bring with it some important considerations when it comes to distri...

[Read more...]

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