Harper News

Entries for November 2012

ATO 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 2010-11 year.

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The mechanics, and tax consequences, of insolvency

It is unlikely to be an aspiration for any individual or business owner, but the words “going broke” can still have unfortunate resonance — even though there are many instances where “fault” lies with circumstance rather than personal or even a business’s shortfall

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Company directors face new liabilities

The changes not only render company directors personally liable for outstanding superannuation guarantee (SG) charges and pay-as-you-go (PAYG) withholding if the company fails to make these payments within the stipulated time; it places the burden of proof on company directors to prove they are innocent.

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Selling up? Don’t forget this GST exemption

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold, despite the fact the tax has been in place for more than a decade.

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FBT and your Christmas party planning

End of year Christmas celebrations are a chance to get everyone together for some fun as well as thanking the team for a job well done. Business owners may have the option to unlock the bar fridge for employees, but should make sure they are not the ones stuck with the tax hangover.

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Should you transfer your business premises into your SMSF?

There can be some solid reasons to consider having the ownership of your business premises in the name of your self-managed superannuation fund (SMSF). To start with, if your business is travelling along steadily, it will provide a steady source of rental income for the SMSF and capital growth. It may also provide a level of stability for you as a business owner by not having a third-party landlord. There are additional advantages that, depending on a business owner’s circumstances, may make transferring commercial property into an SMSF a tempting option.

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Boost retirement savings with tactical superannuation planning

There are tax tweaks built in to the super system that canny retirees can work to their advantage.

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Death benefits: Tax exemption wins for super funds

The government has shown some light on SMSF death benefits after a long period of uncertainty with the recent release of its “Mid-Year Economic and Fiscal Outlook” paper for 2012-13.

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