Harper News

Entries for December 2013

Super contributions and problems of excess

The treatment of excess superannuation contributions has been a contentious issue for some years, with many people falling victim to the punishing excess contributions tax through inadvertently going over the limits. The reasons this can happen include an employer making contributions that may fall within a different financial year, expense reimbursement or debt forgiveness which is directed to super, or perhaps a pay increase giving rise to more salary sacrificed super than expected.

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Can interest and borrowing costs on investments be claimed as deductions?

Investors are frequently faced with questions and issues regarding the correct tax treatment of certain aspects of financial products, and sometimes the various features of these products. An important question that crops up on a regular basis is whether investors can claim tax deductions for interest and borrowing costs that they have incurred in the process of funding their investment.

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ATO releases “report card” on SMSF sector

The Tax Office is currently homing in on a few problem areas when it comes to the SMSF sector by:

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How much do you need to establish an SMSF?

Many are taking the plunge and establishing a self- managed superannuation fund (SMSF) these days– especially the younger demographic – but it is not a decision that should be taken lightly. Do you know what the optimum conditions are to set up an SMSF, how it compares to APRA-regulated funds and what the average account balance of an SMSF should be to remain viable?

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The tax implications of natural disasters

Bushfires, floods, storms – natural disasters come in many forms. Even strong winds and heavy rain are very capable of wreaking a lot of damage, and with these destructive events can come loss of income, either from damage to your workplace or business vehicle, let alone your tools of trade and essentials such as computers. And imagine the devastation that losing your house would cause.

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Act now to secure these business deductions

Small businesses may want to act now and bring forward their capital purchases if they still wish to utilise the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in 2013-14.

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