Harper News

Small business 2015 Federal Budget

The government announced a “Growing Jobs and Small Business” package to assist small businesses. Broadly, small businesses with an aggregated annual turnover of less than $2 million will be eligible for the following concessions.

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Families 2015 Federal Budget

The government announced a child care package, which includes the following measures.

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Individuals 2015 Federal Budget

Personal tax rates will not change, and the 2% Temporary Budget Deficit Levy for taxable incomes over $180,000 will not be extended. The budget confirmed that the levy will, as expected, cease at the end of the 2016-17 income year.

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Being a ‘non-resident’ makes a difference for tax treatment

One of the very first questions you are asked on your individual tax return is: “Are you an Australian resident?” It may seem an unusual or unnecessary question, but the Tax Office wants to get this one cleared up early as it makes a big difference to everything else that follows.

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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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‘Robo’ advice for SMSFs: Can we trust machines?

With the advent and steady growth of the self-managed superannuation fund (SMSF) sector, superannuation professionals are steeped in discussion about financial services automation and where it will le...

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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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The taxation of employment termination payments

An employment termination payment (ETP) is generally a lump sum amount paid to an employee upon termination of their employment. Depending on the type of ETP, the employee’s age and years of service, the amount may be taxed in a number of different ways. An ETP may comprise of a tax-free portion, concessionally taxed portion and taxed portion.

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Your ‘lost’ super could be costing you money

A recent report from the Federal Treasury said there were around six million “lost” superannuation accounts holding a total of about $18 billion as at mid 2014. This figure represents roughly one in five of every superannuation account.

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Couple de-coupling, and specific complications for SMSFs

There is a unique problem with self-managed superannuation funds (SMSFs) when it comes to marriage breakdown and splitting assets upon divorce, and it is a problem that could become more common.

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The ins and outs of the Single Touch Payroll initiative

Back in January, the government unveiled its Single Touch Payroll (STP) initiative. STP is an application it said would cut down red tape for employers by streamlining tax and superannuation reporting obligations. The application is still about a year away, but the government is confident it will be a focal part of our tax system’s administrative overhaul.

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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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Tax Office continues to target online sellers

Many taxpayers will have noticed that “pre-filling” has become much more widespread, which is only possible due to the amount of financial information that is able to be accessed by the Tax Office.

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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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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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SuperStream: A guide for small business and for SMSF trustees

The government wants to improve the superannuati system and bring it into the modern electronic world through the introducti of SuperStream, and this includes for SMSFs.

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The deductibility of self-education expenses

To get ahead of the game and stay there, you need to flex your grey matter as often as possible. Self- education is one way of ensuring you keep up to speed with developments and methods relating to e...

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Fringe benefits tax — your business basics

If you own a business that employs staff, and provide remuneration to your employees in a form other than straight salary, you may be up for fringe benefi tax (FBT). The upside for your workers is that they do not then have to pay income tax on the value of the benefi provided to them.

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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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How to Increase the Revenue of your Business

There are realistically two major avenues for your business to increase its annual revenue: #1 is to increase the volume of people buying from you, and #2 is to increase the price achieved at the time...

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