Harper News

Entries for May 2012

End of financial year tax planning tips

Although the May Federal Budget could introduce some new considerations into your tax planning strategies, there remain many tactics you can consider to ensure you pay not one cent more tax than is necessary.

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Tax deductions: What you can’t claim Issue

Here are some deduction ideas that many commonly believe to be claimable, but aretypically rejected by the Tax Office. While some may appear obviously not allowable,they have all been genuinely attempted to be claimed. Other disallowed claims, however,may surprise. But while the Tax Office may reject the following in the first instance,taxpayers who believe they have a ‘reasonably arguable position’ may have a case, andshould consult this office for more advice.

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Investors: Beware ‘mortgage management’ plans

Investors contemplating an arrangement which is being marketed as a ‘mortgage management’ plan should be wary. Under this scheme, split loan arrangements – that is, the combination of an investment loan, a home loan and a credit facility – are being promoted as providing tax-effective financing and therefore have attracted the attention of the Tax Office.

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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 as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF.

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Private health insurance rebate update

During April, the government released updated figures for the private health insurance rebate. The latest figures mean that singles earning more than $130,001 and families earning more than $260,001 will lose access to their private health insurance rebate under the new means test coming into effect on July 1, 2012.

 

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