Harper News

Entries for October 2012

Business warned: Tax dos and don’ts

Unsure of what may cause the Tax Office’s spider senses to tingle? Small and medium-sized enterprises (SMEs) can unravel the mysteries of the Tax Office’s compliance regime now that it has released detailed information that confirms what SMEs should and should not do.

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R&D Tax Incentive: Tips on how to apply for it

In an effort to boost the spirit of innovation in Australian businesses, the government’s Research and Development (R&D) tax incentive offers businesses a way to get back some of their R&D spend. Broad-based without being industry-specific, businesses can use the tax offset to influence on the scope and timing of their R&D expenditure levels. The current tax offset arrangement replaced the previous R&D concession and applies to financial years beginning on or after July 1, 2011.

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Going overseas? Your residency status and tax

Among the thousands of Australians who head offshore each year to expand their horizons, a lucky few will fund their adventure by working overseas. Many will also take or be given the option to up-stumps and move to a foreign country to live and work for an extended period. But there is often confusion about the tax implications that can arise from taking advantage of such offshore opportunities.

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SMSF or SAF: Which super fund option suits you?

Anecdotal evidence in the aftermath of the Trio/ Astarra scam, where hundreds of Australians were devastated by the loss of their retirement savings when they deposited them into Trio Capital, suggests more self-managed superannuation fund (SMSF) trustees may be considering converting into small APRA funds (SAFs). This may be for a number of reasons including more security, less responsibility, greater legal recourse and so forth.

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Small business CGT concessions explained

Capital gains tax (CGT) considerations for small businesses can emerge in regard to all manner of otherwise unremarkable events, including but not limited to the “CGT triggers” list over the page. Business owners should keep CGT in the back of their mind when considering a range of transactions there are activities and transactions that may not obviously, but in fact do, attract tax (which is another good reason to keep an accountant or tax professional in the loop).

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