Harper News

Entries for April 2014

NAB Business Survey – March 2014 Points To Self Reliance

As business owners, we are self reliant, self-starters and the buck stops with us … sometimes it's great to have a hand up with a positive economy and / or the government getting out of our way...

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Goods taken for private use – the latest values

The Tax Office has recently issued a tax determination to guide business owners on the value it expects will be allocated to goods taken from trading stock for private use for the 2013-14 income year. The table below should be used to work out these values.

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Investment asset classes, sorted by tax flavour

The term “asset class” describes a set of investment options that are grouped into a similar area or type. The main asset classes are cash, fixed interest, property and shares. There is also a group of investment products that have tended to be labelled “alternative” as they don’t readily fit into the parameters of the other asset classes.

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Lodgement deadline for R&D tax claim

Eligible businesses should be focusing on the preparation and registration of any research and development (R&D) tax incentive claims for the 2012-13 financial year, as the deadline for doing so (April 30, 2014) is fast approaching.

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Thinking about setting up an SMSF? Read on

The superannuation and tax provisions offer incentives for Australians to save for their retirement. These savings may be handed over, typically to a public offer fund to manage on one’s behalf, or they may be managed directly by you. Managing your own retirement savings however is a huge responsibility and one that should not be viewed lightly.

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Asset write-off & car depreciation reduction

Draft legislation closely tied to the repeal of the Minerals Resource Rent Tax (MRRT) has been cleared by the lower house of Parliament and if fully legislated, as is expected, it will mean the present instant tax write- off for “individual” assets costing less than $6,500 (GST exclusive) will be reduced back down to $1,000. This measure is proposed to apply retrospectively from January 1, 2014 once made law.

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Increased deductions for simply doing your tax

Most business owners know that they can claim a deduction for paying a registered tax agent to prepare and lodge their tax return. However many may not know that the regulations that provide for this deduction operate in a different way compared with other tax rules that allow expenses.

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