Harper News


GST

ATO may delay your BAS refund for verification and checking

Statistics supplied by the ATO indicate that most GST refund claims (98% of them according to its data) are processed without any problem, but the ATO also says that every year it will select a small ...

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Shopping for a “luxury car”? Beware of the luxury car tax

You can judge whether a car is luxury or not, according to the government, if it costs more than $64,132 for 2016-17.    It's not an over-the-top s price tag if you're considering true luxu...

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Correcting GST errors and making adjustments on your business activity statements

If you identify a goods and services tax (GST) error for a previous period or on an already lodged business activity statement (BAS), there is always scope to make a correction. The ATO has realise...

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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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Three reasons why Uber drivers need tax professionals right now

As far as the Tax Office is concerned, Uber drivers are taxi drivers. They’ve just enforced rules that lump the disruptive ridesharers in with a special class of independent contractors who have...

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Booster strategy for your GST credit claims

Businesses are required to deal with the goods and services tax (GST) in various ways — from charging customers 10% and paying the Tax Office the tax collected, to claiming GST on purchases. While most businesses would typically be entitled to claim GST credits on their purchases, there are some instances where credits cannot be fully claimed –particularly when “financial supplies” are made, such as providing credit for goods sold. We examine certain situations where all credits can be claimed when financial supplies are made under a special GST rule.

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Taxing the “sharing economy”

Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the “sharing economy”, you may have some tax to pay.

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Selling your business and the GST “going concern” exemption

The concept of the “going concern” exemption for GST purposes can still cause confusion when businesses are sold, despite the fact this exemption has been in place for many years. A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise is deemed as such.

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Yes, you can claim GST credits for employee reimbursements

If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.

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The small business concessions

The small business sector has variously been described as the engine room of the economy as well as the biggest employer in the country – and it’s not hard to see why. Research shows that small businesses were responsible for generating around half of private sector employment.

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Court decision on trade incentive payments could have far-reaching GST consequences

A recent decision by the Full Federal Court dealt with the goods and services tax (GST) treatment of four types of manufacturer incentive payments made to a car dealership. However the decision, and the Tax Office’s response, is likely to have an impact in the wider market, not just in the motor vehicle dealership industry. 

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Vendor guide on GST treatment of residential premises

It is typical for people to consider stamp duty, land tax and income tax implications when they sell a property, but remember that it is equally important to consider whether the transaction will be subject to goods and services tax (GST). One important thing to remember is that there is now a single test that looks at the physical characteristics of a property to determine its suitability for residential accommodation, and as a result, its GST treatment. 

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Tax guide on the National Disability Insurance Scheme

The National Disability Insurance Scheme (NDIS) came into effect on July 1, 2013. Under the new system, disability support will be provided to eligible participants or their representatives on their behalf. 

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Selling your business

The last thing on your mind when you first go into a business is the day you lock the door and walk away for the last time. But whether through selling up, retirement, or even due to health reasons, it’s inevitable that you will one day need to consider what is involved in winding up the business, and have some idea about what loose ends may need to be tidied up.

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Selling up? Don’t forget this GST exemption

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold, despite the fact the tax has been in place for more than a decade.

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