Harper News

Save health, and tax, with a salary-sacrificed e-bike

Salary sacrificing a “company car” is a pretty popular option offered to employees. However, you may not be aware that there is also a tax and health incentive with another particular set ...

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Tips to beat bracket creep

The government has said it is looking for ways to combat bracket creep – like making smaller brackets or adjusting them for inflation – but in the meantime, here’s how it affects the average working taxpayer.

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Winding up your SMSF? A list of do’s and don’ts

When the time comes for you to wind up your fund, there are things to do, and things to avoid.

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Are you a company director? Better brush up on your responsibilities.

As though business owners don’t already have enough on their minds, the words “slowing economy” are being heard around the barbecue again.

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Property transactions: Got an appropriate valuation?

Estimates are most commonly used in apportioning expenses between private and business use. More important however is the use of valuations to work out the cost of transactions that are not at arm’s-length or when no actual cash changes hands. A common example is in respect of property transactions.

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5 tips for a tax-free Christmas work party

Christmas will be here before we know it, and it is likely that better organised employers will already be thinking about their yuletide preparations.

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Potholes to watch on the SMSF road to retirement wealth

An SMSF can be a very powerful retirement savings vehicle. It’s good for long-term wealth accumulation and asset protection within a tax-effective structure. There is plenty of scope, however, to lose your footing over some of the required (and admittedly numerous) compliance tasks.

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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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Tax Office to data match credit card purchases against declared income

The Tax Office this tax time revealed it has undertaken the task of matching income declared on business tax returns against credit and debit card records that have been generated by certain banks and financial institutions throughout the 2014-15 financial year.

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Rental property claims that are often misunderstood

The Tax Office has found that there are some landlords who may not be entirely sure about whether they are correctly claiming their rental property deductions. In particular, it has found that many property investors are making simple mistakes that could be avoided with a little guidance.

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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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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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Taxing children’s savings accounts: Whose money is it?

Back in the 1980s, people could reduce tax by having their money in bank accounts belonging to their kids. In 1988, the Tax Office intervened by issuing guidance.

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If you think the taxman is wrong, here’s what you can do

You are allowed to disagree with the Tax Office, if they have disallowed the self-assessment of your tax position.

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Making an amendment to your tax return

Once we have lodged your 2014-15 tax return and we have forwarded your notice of assessment to you saying that everything is as discussed, you may realise that something has been left out of your tax return or accidentally included an extra deduction.

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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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Leaving Australia for work? Beware of your tax residency status

Thousands of Australians head offshore each year to expand their horizons and a lucky few will fund their adventure by working overseas. Some may live overseas and work for an extended period, but there can often be confusion about the tax implications for taxpayers who take advantage of such offshore opportunities.

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What is a Tax Office public ruling and how can it help?

The Tax Office can issue public rulings that provide guidance on the interpretation of various tax laws.

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Why you need to disclose a business industry code for your tax return

The Tax Office has re-released its business industry code (BIC) tool to help small businesses speed up their tax return lodgement.

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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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