Harper News

Entries for October 2014

Planning Builds Substantial Businesses

It’s a simple fact of life and business, planning builds substantial businesses. No matter where you go or what you do, you can’t help but run into substantial businesses of all kinds. Sure the econom...

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Tax Office says the cost of managing tax affairs has increased

Every year, the Tax Office issues a comprehensive statistical report based on the most complete set of data at its disposal. Its most recent Taxation Statistics is compiled from tax return information from 2009-10 as well as FBT, GST and activity statement data from the 2011-12 year.

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Dates of effect for small business tax concession repeals announced

The government has announced the dates from which the small business concessions attached to the repeal of the mining tax will no longer apply.

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SMSFs: Lodge on time or risk removal from Super Fund Lookup

If you belong to a self-managed superannuation fund (SMSF) with two or more years’ worth of overdue returns, your fund will have its details removed from Super Fund Lookup until it brings its lodgments up to date.

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Dun & Bradstreet’s tips to ensure prompt payments

Credit reporting and receivables management company Dun & Bradstreet (D&B) said that while business owners often find themselves focused on the job at hand, the job isn’t really over until it has been paid for. D&B said that it is essential for a business’s health and cash flow to have a timely turnaround on all accounts. Accordingly, here are D&B’s top five tips on collecting payments (and limiting the possibility of acquiring a bad debt).

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Compensation considered for small businesses that are found to be unfairly fined

A recommendation from the Inspector-General of Taxation (IGT) is being seriously considered by the government. The recommendation would see small businesses that have been fined by the Tax Office, and this fine being subsequently found to be incorrect, able to apply for financial compensation.

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The living away from home allowance

For taxpayers with a career that is taking them places, literally, there may be an allowance available that will make the change a little easier. If earning a living means an employee needs to be away from their usual place of residence for an extended period, the government has a special consideration called the living away from home allowance (LAFHA).

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Property developers warned on contrived structures that muddy income/capital divide

The Tax Office has warned property developers against using trusts to return the proceeds from projects as capital gains instead of income, warning that it has found many instances that had subsequently been shown to be contrived arrangements to allow developers to inappropriately claim CGT concessions.

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A tax deduction for your commercial website

There is no denying that the internet pervades our everyday living in multiple and various ways these days. The commercial world is not only similarly tied-in with all things “cyber”, but in fact many businesses rely to such an extent on being “online” that they couldn’t survive without it.

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