Harper News

Entries for February 2016

Understanding limited recourse borrowing arrangements

A self-managed superannuation fund (SMSF), generally speaking, is not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk.

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Fly-in, fly-out? No more zone tax offset

In the 2015-16 federal budget, the government announced that it will exclude “fly-in-fly-out” and “drivein- drive-out” workers from claiming the zone tax offset (ZTO) where their normal residence is not within a “zone”. The measure was not passed by Parliament until late in 2015, but it is now law and is effective from July 1, 2015.

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Free employer SuperStream webinars from the Tax Office

Employers with 19 or fewer members of staff have still got until June 30, 2016 before they need to comply with the new SuperStream standard for superannuation payments. Under SuperStream, you need to...

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Fuel excise indexation has returned, from February 1

The prices of your petrol and diesel have just risen due to increases in taxes. Excise and customs duty on all non-aviation fuels will now be indexed to the CPI, and is scheduled to increase fuel pric...

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Recap on car expense substantiation method changes

The government reduced the options for car expense deductions from July 1, 2015. Before this, there were four methods for calculating a deduction for work related vehicle use (cents per kilometre, log...

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Employers: Are you withholding enough for car allowances?

Employers are reminded that if you pay staff a car allowance, you need to withhold tax on any amount you pay that is more than 66 cents per kilometre from July 1, 2015. If you haven't been doing this,...

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Cybersecure voice identity check coming to your device

The Tax Office launched its “voiceprint” taxpayer authentication system in September 2014, and the success of the system has now prompted it to work towards extending the service to mobile...

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Tax Office about to make some private companies a little less private

Recent changes to the law now requires the Tax Office to publish income tax information for Australian-owned resident private companies that report a total income of $200 million or more. The Tax Off...

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Save health, and tax, with a salarysacrificed e-bike

Salary sacrificing a “company car” is a popular option, however you may not be aware that there is also a tax and health incentive with another particular set of wheels — an electrically assisted bicycle (e-bike).

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Got your car log book ready?

When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in a Tax Office audit.

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