Harper News

SMSF trustee with the travel bug? How to keep your fund compliant

Are you the trustee of an SMSF but also a travel aficionado? Nothing wrong with that; however trustees need to be aware that there can be negative consequences if you are out of the country for too lo...

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Renting out part or all of your home

Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income tax return, but you can also claim ded...

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Gumboots? check, Akubra? check, tax status?....

Hobby farming is a lifestyle choice that has been around for years and looks like an option that, if anything, is on the increase.  And while it can be easy to poke fun at the success or otherwi...

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Work-related deductions: What’s on the taxman’s radar?

The ATO says that this year it will be paying extra attention to people whose deduction claims are higher than expected, in particular those claiming car expenses. These can include claims by those tr...

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SMSF trustees: Non-arm’s length LRBA grace period extended

The ATO had previously held that limited recourse borrowing arrangements (LRBAs) which are not maintained on arm’s length terms need to be fixed before June 30, 2016.  Otherwise, this would...

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Tips to spot a scam (and what to do)

The ATO has recently warned that it is continuing to see instances of scam emails, SMS messages or telephone calls where criminals try to steal money or information from taxpayers. These scams can be ...

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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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Purchasers to become tax collectors on real estate post-1 July

New withholding rules on the sale of property by foreign residents have been introduced – which essentially makes purchasers tax collectors. The government says this has been necessary as f...

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Novated leases explained

Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement often raises the topic of novated leases. What’s a novated lease? Simply...

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Maximise your claim: Overlooked tax deductions for investors

Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable.   Examples of assets that...

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Trust essentials

Trust structures and their use can often be misunderstood – we demystify some of the jargon. Why use a trust? Trusts are commonly used to protect assets, as property and other assets that are ...

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SMSFs: Individual or corporate trustee?

Nearly 80% of recently established self managed superannuation funds (SMSFs) operate under an individual trustee structure rather than a corporate trustee arrangement, according to statistics released...

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Hiring older workers? The Restart program explained

The Restart program is a wage subsidy paid to employers that aims to assist mature age people participate in the workplace by encouraging employers to take on workers 50 years of age or older. The fu...

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Top 7 tax tips for investors

The end of the financial year is not all that far away. To help you to prepare for tax time, we provide our top 7 tips for your 2015-16 tax return. This list is not exhaustive, and we will need to rev...

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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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Federal Budget 2016 - Other measures

GST will apply to low value imports From 1 July 2017, the GST will apply to low value goods imported by consumers, although no mention was made as to what the threshold value may be. The intent o...

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Federal Budget 2016 - Superannuation

Concessional contributions cap will be reduced The annual cap on concessional superannuation contributions will be reduced to $25,000 from 1 July 2017. There will be one cap for all taxpayers irr...

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Federal Budget 2016 - General business

Reducing the company tax rate to 25% The government will reduce the company tax rate to 25% over 10 years. The rate will firstly be reduced to 27.5%, and then it will be reduced progressively to...

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Federal Budget 2016 - Small business

Increasing the small business entity turnover threshold The government will increase the small business entity turnover threshold from $2 million to $10 million from 1 July 2016. The current $2 m...

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Federal Budget 2016 wrap up

The budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase ...

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