Harper News

Tax Talk


Funding litigation costs for tax cases

The ATO says it can help fund some reasonable litigation costs if the outcome of a particular case will affect a significant number of taxpayers by: Funding litigation costs for tax cases clari...

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What you need to bring to your tax return appointment

If you’re coming in soon to discuss your tax return for yourself or your business, being prepared saves a lot of time and effort for both yourself and for us. If you are a new client, it is alw...

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Last-minute tax planning tactics for individuals

The current financial year is almost at an end, and with an election to be held two days later the recently announced federal budget measures will of course have no chance to take effect until some ti...

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The “I hadn’t thought of that” business essential: Succession planning

From about five years ago, the baby boomer generation started to turn 65. A surge in Australian business owners retiring began, and continues, but the topic of succession planning, although given some emphasis by this demographic wave, remains a perennially under-addressed issue.

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Work-related travel expenses: Why are they on the ATO’s radar?

An area where we see individuals getting it wrong as employees is in relation to claiming work-related travel expenses.

The absence of hard and fast rules can make claiming travel expenses difficult as often the deductibility of such costs can be dependent on the nature of employment, the amount of time spent away from home and whether an allowance has been received to cover those costs. The required receipts and documentation must be sourced and maintained to make a claim. Further, the requirements relating to the use of the Commissioner of Taxation’s (the Commissioner) reasonable travel amounts without having to keep written substantiation can be confusing.

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Considering a change of structure for your small business?

The final tranche of 2015 small business budget announcements have made it into law, now expanding the tax relief available for small businesses to change the legal structure of their business. This new arrangement is designed to provide greater flexibility for small businesses to change structures without incurring an immediate CGT liability, and allowing it to defer CGT to a later point in time.

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Business assets, personal use?

Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”.

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Save health, and tax, with a salarysacrificed e-bike

Salary sacrificing a “company car” is a popular option, however you may not be aware that there is also a tax and health incentive with another particular set of wheels — an electrically assisted bicycle (e-bike).

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Got your car log book ready?

When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in a Tax Office audit.

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Tax and cyber security: Are you prepared?

Since July this year, scams targeting both individual and business taxpayers have been running rife.

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What is adjusted taxable income and why you might need to know

If you recently have or ever plan to apply for certain tax offsets, concessions or government benefits, the basis for eligibility can be determined based on your “adjusted taxable income” (ATI).

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New company tax franking implications

The recent cut to the tax rate for small incorporated businesses, while generally welcomed, can bring with it some important considerations when it comes to distributing franked dividends.

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Building a new home? Is it exempt from CGT?

There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling.

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Tips to beat bracket creep

The government has said it is looking for ways to combat bracket creep – like making smaller brackets or adjusting them for inflation – but in the meantime, here’s how it affects the average working taxpayer.

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Property transactions: Got an appropriate valuation?

Estimates are most commonly used in apportioning expenses between private and business use. More important however is the use of valuations to work out the cost of transactions that are not at arm’s-length or when no actual cash changes hands. A common example is in respect of property transactions.

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5 tips for a tax-free Christmas work party

Christmas will be here before we know it, and it is likely that better organised employers will already be thinking about their yuletide preparations.

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Tax Office to data match credit card purchases against declared income

The Tax Office this tax time revealed it has undertaken the task of matching income declared on business tax returns against credit and debit card records that have been generated by certain banks and financial institutions throughout the 2014-15 financial year.

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Rental property claims that are often misunderstood

The Tax Office has found that there are some landlords who may not be entirely sure about whether they are correctly claiming their rental property deductions. In particular, it has found that many property investors are making simple mistakes that could be avoided with a little guidance.

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Harper News June 2012

Interested in reading a PDF version of June's News Articles?  Click to download and print offline Download Here

Harper Group November 2011 Newsletter

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