Harper News

Entries for October 2015

Potholes to watch on the SMSF road to retirement wealth

An SMSF can be a very powerful retirement savings vehicle. It’s good for long-term wealth accumulation and asset protection within a tax-effective structure. There is plenty of scope, however, to lose your footing over some of the required (and admittedly numerous) compliance tasks.

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Booster strategy for your GST credit claims

Businesses are required to deal with the goods and services tax (GST) in various ways — from charging customers 10% and paying the Tax Office the tax collected, to claiming GST on purchases. While most businesses would typically be entitled to claim GST credits on their purchases, there are some instances where credits cannot be fully claimed –particularly when “financial supplies” are made, such as providing credit for goods sold. We examine certain situations where all credits can be claimed when financial supplies are made under a special GST rule.

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Tax Office to data match credit card purchases against declared income

The Tax Office this tax time revealed it has undertaken the task of matching income declared on business tax returns against credit and debit card records that have been generated by certain banks and financial institutions throughout the 2014-15 financial year.

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Rental property claims that are often misunderstood

The Tax Office has found that there are some landlords who may not be entirely sure about whether they are correctly claiming their rental property deductions. In particular, it has found that many property investors are making simple mistakes that could be avoided with a little guidance.

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Taxing the “sharing economy”

Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the “sharing economy”, you may have some tax to pay.

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