Harper News

Entries for March 2014

Cafe and Coffee Shop Industry A 4.0 Billion $ Opportunity

  Café and Coffee Shop Industry A 4.0 Billion $ Opportunity   If you have a café / coffee shop or are planning to start a café / coffee shop you will be pleased to kn...

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NAB Business Survey, Opportunity or Threat?

 Your SWOT ... Strengths, Weaknesses, Opportunities and Threats is a key aspect of your planning process.  The February NAB Business Survey (see NAB Survey Results) points to an Economic Opp...

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New SMSF penalty regime to kick in on July 1, 2014

Did you know you may have to fork out $10,200 if you lend money to a fellow self-managed superannuation fund (SMSF) member or a relative who is in dire need of some financial assistance? Or $1,700 for a breach as minor as failing to keep adequate records? The countdown is on, with only around four months remaining until the new SMSF administrative penalty regime kicks in on July 1. 

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Loan interest can be deductible to a partnership

 A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.

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Court decision on trade incentive payments could have far-reaching GST consequences

A recent decision by the Full Federal Court dealt with the goods and services tax (GST) treatment of four types of manufacturer incentive payments made to a car dealership. However the decision, and the Tax Office’s response, is likely to have an impact in the wider market, not just in the motor vehicle dealership industry. 

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FBT – fears, cheers and changes

The current FBT year is just wrapping up, and it has been a period of potential turmoil with the proposal to scrap the statutory formula method for calculating car benefits. However not long after this landed on the legislative table it was swept off it again by the current government. So the status quo remains in this area of FBT law. But it may have served as a distraction from some other important adjustments, one of which is that the FBT rate is increasing come April 1. 

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Car expenses – a very popular deduction, but you’ve got to get it right

Each year, the Tax Office reports that work-related expenses are the most common type of tax deduction claimed, and it also reports that one of the most popular of work-related claims is for vehicle expenses.
 

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Vendor guide on GST treatment of residential premises

It is typical for people to consider stamp duty, land tax and income tax implications when they sell a property, but remember that it is equally important to consider whether the transaction will be subject to goods and services tax (GST). One important thing to remember is that there is now a single test that looks at the physical characteristics of a property to determine its suitability for residential accommodation, and as a result, its GST treatment. 

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