Harper News

Entries for May 2015

Federal Budget 2015 wrap-up

Federal Budget 2015 wrap-up
Small business is a sector that came out a clear winner from the 2015-16 federal budget delivered by the Treasurer Joe Hockey. Despite the lead-up mutterings that the budget was going to be “dull and boring”, there were nevertheless a few surprises contained in the pages of the budget papers.

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International tax 2015 Federal Budget

The government intends to change the tax residency rules so that most people who are temporarily in Australia for a working holiday as non-resident for tax purposes, regardless of how long they are in Australia, will continue to be taxed as a non-resident.

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Superannuation 2015 Federal Budget

In the 2015-16 federal budget, the government reiterated that it will not introduce any new superannuation taxes during this term of government. Accordingly, no new superannuation measures were announced, including any changes to the limited recourse borrowing arrangements.

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Tax Administration 2015 Federal Budget

The government announced that it will provide $127.6 million over four years to a “serious financial crime taskforce” for investigations and prosecutions that will address superannuation and investment fraud, identity crime and tax evasion.

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General business 2015 Federal Budget

In early 2015, the government released draft legislation to implement changes to the taxation of shares and rights acquired under an employee share scheme (ESS). Consultations on the draft legislation identified some minor technical changes that could be made to the legislation.

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Small business 2015 Federal Budget

The government announced a “Growing Jobs and Small Business” package to assist small businesses. Broadly, small businesses with an aggregated annual turnover of less than $2 million will be eligible for the following concessions.

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Families 2015 Federal Budget

The government announced a child care package, which includes the following measures.

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Individuals 2015 Federal Budget

Personal tax rates will not change, and the 2% Temporary Budget Deficit Levy for taxable incomes over $180,000 will not be extended. The budget confirmed that the levy will, as expected, cease at the end of the 2016-17 income year.

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Being a ‘non-resident’ makes a difference for tax treatment

One of the very first questions you are asked on your individual tax return is: “Are you an Australian resident?” It may seem an unusual or unnecessary question, but the Tax Office wants to get this one cleared up early as it makes a big difference to everything else that follows.

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Yes, you can claim GST credits for employee reimbursements

If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.

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‘Robo’ advice for SMSFs: Can we trust machines?

With the advent and steady growth of the self-managed superannuation fund (SMSF) sector, superannuation professionals are steeped in discussion about financial services automation and where it will le...

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The undercover employee

The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation of an employee as a contractor by businesses. The mischief from the Tax...

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The taxation of employment termination payments

An employment termination payment (ETP) is generally a lump sum amount paid to an employee upon termination of their employment. Depending on the type of ETP, the employee’s age and years of service, the amount may be taxed in a number of different ways. An ETP may comprise of a tax-free portion, concessionally taxed portion and taxed portion.

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