Harper News


Investments

ATO waves a red flag on deductions for holiday rentals

Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying close attention to rental properties located in popular holiday destina...

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Who is assessable on interest income? Those who “benefit”

It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the ...

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Rental property owners can get regular ATO attention on “initial repairs”

The ATO frequently re-focuses its attention on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where ...

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Purchasers to become tax collectors on real estate post-1 July

New withholding rules on the sale of property by foreign residents have been introduced – which essentially makes purchasers tax collectors. The government says this has been necessary as f...

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Top 7 tax tips for investors

The end of the financial year is not all that far away. To help you to prepare for tax time, we provide our top 7 tips for your 2015-16 tax return. This list is not exhaustive, and we will need to rev...

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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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Rental properties: ATO focus on “initial repairs”

The ATO is focusing on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”.

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Taxing children’s savings accounts: Whose money is it?

Back in the 1980s, people could reduce tax by having their money in bank accounts belonging to their kids. In 1988, the Tax Office intervened by issuing guidance.

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The income tax implications of property lease incentives

Lease incentives are commonly used by landlords to entice tenants to enter into a lease. The most common type of lease incentive relates to new tenancies in commercial buildings.

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Your practical CGT framework

The term “capital gains tax” (CGT) is perhaps the biggest misnomer in tax. It is not its own, separate tax on capital gains per se. For an individual, it is included as part of that person’s assessable income and subject to tax at their marginal tax rate. When a taxing point for CGT happens (referred to as a CGT event) there is a torrent of rules that taxpayers must adhere to so they can fulfil their tax obligations correctly.

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Changing the makeup of a partnership through ‘reconstitution’

Over time, or due to circumstances, the composition of a partnership can change – for example, a partner may retire or die, or a new partner is admitted. In many such situations, the existing partnership may need to be dissolved and a new partnership formed at general law.

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What is negative gearing? How it works, the pros & cons

Taking out a loan to raise money for an investment is a well-used tactic for many Australians. In fact, borrowing to buy big ticket items is part of financial reality – for example, how many of us could afford to buy a house out of our own pocket?

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Common errors of new rental property owners

Putting your money into bricks and mortar has been a traditional stalwart of investing for generations of Australians. It continues to be viewed as a solid place to park spare cash and build wealth in the long term. For many years a lot of us seem to have heeded the quote attributed to Mark Twain: “Buy land, they’re not making it anymore.”

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Financial advice: What’s deductible, what’s not

The cherry on top of your sensible decision to obtain quality tax planning or investment advice is to find that some of the costs involved are tax deductible. But while the tax law allows specific deductions for certain expenditures regarding your tax affairs, not all costs involved with seeking investment advice are deductible. Working out whether a claim can be made for such outgoings involves a close examination of the nature of the expense.

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All you need to know about Bitcoin

Lauded for its convenience and lack of dependence on a central authority as much as it is derided for its unpredictability and the anonymity it grants criminals, global digital phenomenon Bitcoin is spreading to every corner of the world and transforming the very essence of monetary transactions.

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Investment asset classes, sorted by tax flavour

The term “asset class” describes a set of investment options that are grouped into a similar area or type. The main asset classes are cash, fixed interest, property and shares. There is also a group of investment products that have tended to be labelled “alternative” as they don’t readily fit into the parameters of the other asset classes.

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Can interest and borrowing costs on investments be claimed as deductions?

Investors are frequently faced with questions and issues regarding the correct tax treatment of certain aspects of financial products, and sometimes the various features of these products. An important question that crops up on a regular basis is whether investors can claim tax deductions for interest and borrowing costs that they have incurred in the process of funding their investment.

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How a mortgage offset account works

“Mortgage offset account”, “offset home loan”, “interest offset account” or simply “offset account” — they are all interchangeable labels for the same financial product provided by banks. It is essentially a savings account that is linked to a loan account. 

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Investing: Growth versus income

Investing: Growth versus income
Every investor goes in with dreams of a pot of gold, but there is a fundamental dichotomy of investor types – one looks to line their pockets with investment returns along the way, and another who is patient to wait until the end of the rainbow to reap the rewards.

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Maximise your rental property claims

Come tax time, every penny counts – particularly in the case of investors. Owners of rental properties are entitled to tax deductions in connection with their investments but do you know what these deductions are and how you can save yourself from paying more? Read our guide below for a rundown of claimable rental property expenses.

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