Harper News

Business Planning


Accelerated depreciation for small business

In the 2015-16 federal budget, the government increased the small business immediate deductibility threshold from $1,000 to $20,000, which was originally due to end at June 30, 2017. But a law amendme...

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What is a tax loss, and how can it be turned to good use?

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year.  If you operate a business th...

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End-of-year tax planning tips for business

The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies ...

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Business tax relief package: What’s in it for SMEs?

Parliament has passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation brings into effect the following changes for small busines...

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Selling up your business? Don’t forget the “going concern” 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.  The sale of a business may be GS...

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Active vs passive assets and the small business CGT concession

The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, acce...

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Calling time out on your business? The tips and traps

When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time. Client...

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The dangers of income splitting

Now and then the ATO issues warnings on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship in...

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Start-up businesses: Which is the right structure for you?

Start up businesses need to make one important decision from the outset – what type of business set-up will suit your enterprise best? And which structure will be best for the future? You've g...

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Claiming business website development costs

Creating and maintaining a website is expensive because it’s complicated. Lots of small businesses pay hefty costs to have their sites run because they don’t have the time or expertise to ...

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Have you thought about the small business pool write-off?

The temporary $20,000 immediate write-off for “small business entities” attracts regular queries, even though it has been many months since the initiative was first announced with the Federal Budget early this year.

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Top 5 tax mistakes small businesses make when they don’t use an adviser

It’s something of a little white lie, isn’t it? The one told to aspiring small business owners and entrepreneurs that hard work guarantees success.

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Tax concessions for small business

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.

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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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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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Small business: Decisions for your end-of-year planning

There are a variety of decisions that are required to be made at year end to manage your tax bill. Your choice will be based on your businesses activities both past and future and also when you are looking to exit.

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The undercover employee

The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation of an employee as a contractor by businesses. The mischief from the Tax...

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Proposed changes to employee share schemes

While it is generally accepted that business owners are the most driven to see their business succeed, the same sort of vested interest can also give staff a sense of participation and a solid reason to see the company become profitable. Having a real stake in a company through owning shares in it is an incentive that some companies, particularly those listed on the stock exchange, have utilized.

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Franchisee or Independent

Over the various important breaks, where public holidays exist, there seems to be an opportunity for the Independent Coffee Shops! In a street dedicated to several different Coffee Shops, some includi...

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