Harper News

5 tips to get home office deductions right

You might be sick of the daily commute, or want more flexibility of hours – or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your ...

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Don’t let a tax debt put you in a spin

Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, whic...

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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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Sometimes, there’s no tax on certain types of income

It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The ATO classifies these into two different categories (o...

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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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General facts about winding up your business

There are times where business owners, whether voluntarily or involuntarily, may need to wind up their business. It is generally less complicated to wind up the business of a sole trader (who has dec...

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Controversial super change scrapped — but other proposals need to be watched

At the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-conce...

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Travel to a workplace: What’s in, what’s out

A recurrent topic of conversation and enquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims in regard to that...

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Deductibility of training course fees provided to employees

Running a successful small business sometimes requires an upskilled team. If you need your employees to grow their expertise in a particular area, spotting them for short-courses can be a worthwhile e...

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Centrelink to data match details with ATO records

The Department of Human Services, which overseas Centrelink, has issued a notice of a data matching project that will enable it to compare income data it has on-hand with tax return data that has alre...

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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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When is refinancing loan interest deductible to a partnership?

About general law and tax law partnerships A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally s...

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Borrowed money to pay a business tax debt? Is the interest deductible?

It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. It was the third time, according to ATO records, that ...

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What types of legal expenses are allowable as tax deductions?

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domest...

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Setting up an SMSF: What you need to know

There are tempting tax incentives for Australians to save for their retirement via the superannuation system, with an array of choice between superannuation funds that can manage your savings for you,...

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Is an SMSF right for you?

Do-it-yourself superannuation, in one form or another, has been around for about 30 years. But it has only been over the last few years that SMSFs have made an indelible mark on Australia's retirement...

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New areas and items covered by Tax Time 2016 pre-filling service

The ATO advices that use of the pre-filling service will ensure that information provided is cross-checked with data that it already holds. This is one way to help ensure the accuracy of returns. But ...

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I’m a volunteer. Any taxing issues?

From sporting clubs or environmental groups to many charity associations, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ...

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5 smart things to do with your tax refund

For many people, their tax refund is treated like a mini lottery win. This tax time, consider putting your “gift” from the ATO to good use. Perhaps it’s the modern world we find our...

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