Harper News

Entries for July 2013

Can paying for insurance be tax deductible?

The pain of having to fork out for insurance premiums can be somewhat justified when the event you are insuring against comes to fruition. It’s probably safe to say that most people would rather not make a claim. However, there can be some pre-emptive relief from the pain of these payments through taking account of any possible tax deductions available for premiums on certain forms of insurance cover.

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Employee or contractor? Some common myths

The ATO still finds that there are several assumptions adopted by both workers and employers when determining the tax status of a job appointment, and that employers continually rely on some inaccurate factors when working out whether a worker is an “employee” or “contractor”. Getting that assessment wrong can have significant tax consequences for employers’ tax and super obligations.

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Increase in Medicare levy to affect other tax rates

By now, most of you will be aware of the government’s decision to increase the Medicare levy by 0.5% to fund Australia’s Disability Care program. From July 1, 2014, the Medicare levy will increase from 1.5% to 2% of taxable income. What many people may not realise however is that the Medicare levy increase will cause a number of other tax rates to increase by 0.5% as well.

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Common SMSF property investment mistakes

In the four years to June 30, 2012, the self-managed superannuation fund (SMSF) sector grew by 33%, or $109 billion, making it not only the largest slice of the total Australian superannuation pie, but also the fastest growing.

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Tax and working from home

The ATO usually views expenses associated with a person’s home as those of a private nature. But if you produce your income at home, or some of it, and incur expenses from using your home as you...

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Ban on SMSF in-specie contributions dropped

After the fuss generated by the government’s decision last year to ban related party off-market asset transfers, self-managed superannuation funds (SMSFs) can rejoice following the quiet removal of the proposed amendments from legislation that passed the House of Representatives in early June.

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