Harper News

Entries for April 2016

Insurance cover through your SMSF can be tax deductible

Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed ...

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The “I hadn’t thought of that” business essential: Succession planning

From about five years ago, the baby boomer generation started to turn 65. A surge in Australian business owners retiring began, and continues, but the topic of succession planning, although given some emphasis by this demographic wave, remains a perennially under-addressed issue.

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Work-related travel expenses: Why are they on the ATO’s radar?

An area where we see individuals getting it wrong as employees is in relation to claiming work-related travel expenses.

The absence of hard and fast rules can make claiming travel expenses difficult as often the deductibility of such costs can be dependent on the nature of employment, the amount of time spent away from home and whether an allowance has been received to cover those costs. The required receipts and documentation must be sourced and maintained to make a claim. Further, the requirements relating to the use of the Commissioner of Taxation’s (the Commissioner) reasonable travel amounts without having to keep written substantiation can be confusing.

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Considering a change of structure for your small business?

The final tranche of 2015 small business budget announcements have made it into law, now expanding the tax relief available for small businesses to change the legal structure of their business. This new arrangement is designed to provide greater flexibility for small businesses to change structures without incurring an immediate CGT liability, and allowing it to defer CGT to a later point in time.

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Death benefit nominations for your SMSF

A death benefit nomination is a written direction to SMSF trustees that instructs the trustee to pay a member’s entitlements to certain dependants and/or legal personal representatives (their estate) in the proportions the member wishes in the event of their death.

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Business assets, personal use?

Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”.

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