Harper News

Entries for July 2015

Introducing the Small Business and Family Enterprise Ombudsman

The government recently introduced into Parliament a bill to establish an independent Australian Small Business and Family Enterprise Ombudsman. If passed by the Senate, it will replace the existing Australian Small Business Commissioner as an advocate and assistant to the sector.

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The essentials of succession planning

While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality.

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Insurance through your SMSF

They say that the best insurance is the one that you never make a claim on, and it seems that many selfmanaged superannuation fund (SMSF) trustees had in the recent past mistakenly taken this to mean that not having any insurance cover at all was a viable option (a relatively recent review of the sector found that only 13% of funds were covered).

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Tax deductions for your holiday house

Many of us look forward to an annual getaway, either to the beach or the bush, to unwind and re-charge after another tiring year.

While having a holiday house is a luxury that a lucky few may be fortunate enough to be able to own outright, for many Australians having a beach shack or bush retreat can be made more affordable by leasing out the property to other holiday makers.

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Tax deduction misconceptions: What you can’t claim

There are some misconceptions about deductions that many taxpayers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, they have all been genuinely attempted to be claimed — and in most instances knocked back. Other disallowed claims, however, may surprise.

While the Tax Office may reject the following in the first instance, taxpayers who believe they have a “reasonably arguable position” should consult this office for more advice.

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Your $20,000 immediate write-off questions answered

In the recent Federal Budget, the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000. This measure, which has now been written into law, applies from the 2015 Budget night (7.30pm [ACT time], May 12) to June 30, 2017.

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