Harper News

Entries for May 2016

Federal Budget 2016 - Other measures

GST will apply to low value imports From 1 July 2017, the GST will apply to low value goods imported by consumers, although no mention was made as to what the threshold value may be. The intent o...

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Federal Budget 2016 - Superannuation

Concessional contributions cap will be reduced The annual cap on concessional superannuation contributions will be reduced to $25,000 from 1 July 2017. There will be one cap for all taxpayers irr...

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Federal Budget 2016 - General business

Reducing the company tax rate to 25% The government will reduce the company tax rate to 25% over 10 years. The rate will firstly be reduced to 27.5%, and then it will be reduced progressively to...

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Federal Budget 2016 - Small business

Increasing the small business entity turnover threshold The government will increase the small business entity turnover threshold from $2 million to $10 million from 1 July 2016. The current $2 m...

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Federal Budget 2016 wrap up

The budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase ...

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SMSF safe harbour guidelines have been released

Finally, SMSF trustees can get some assurance of doing the right thing. The ATO has released guidance on the arm’s length terms (commonly known as the “safe harbour” terms) when an ...

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SMSF trustees: Don’t let “cognitive decline” sneak up on you

As the Australian population ages, and retirees become either fully or partially reliant on their own retirement savings instead of the government pension, the ability to manage those funds may be aff...

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Considerations if your employee wants to salary package

Salary packaging is one way for an organisation to increase the take-home pay of its employees — and if done correctly, at no extra cost to the business but with a tax advantage to the employee....

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Can your summer holiday house be turned into a tax advantage?

Now that summer has come and gone, the ATO has been active in issuing reminders about the taxation issues surrounding holiday homes. The fact the ATO issues reminders is a sure sign that the topic is...

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Amending your activity statement

Once you have lodged your latest activity statement, you may realise that something has been left out or you have neglected to include a particular item. The Australian tax system is based on “s...

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FBT exemptions under the radar

Providing fringe benefits goes hand-in-hand with the task of retaining good and loyal employees as well as attracting new talent for your business. However the types of benefits provided can sometimes...

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