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Author: Harris Black

Harris Black Welcomes – Amelie Smith and Carley Chapman

by Harris Black

Carley Chapman and Amelie Smith have recently joined Harris Black to assist our wonderful Administration Team.

Carley has joined HB as receptionist and is enjoying interacting with our valued clients.

Some interesting fun facts about Carley… Her favourite subject in high school was Ancient History.  Without any preparation, Carley can give a 40-minute presentation on cold cases and serial killers.  If she could share a meal with any three individuals, she would choose Princess Dianna, Drake and Tutankhamen.  Aside from necessities, Carley could not go a day without going to the gym and if she had to plan a three-week holiday overseas, she would go to Japan, UK and Mexico.  Carley’s dream car is a Nissan Silvia S15.

Amelie is currently studying her Bachelor of Business (and achieving great results!).  She is working with our Admin Team part time whilst she completes her studies.  Her proudest accomplishment is completing an Accounting subject at QUT whilst in Year 12. 

Some interesting fun facts about Amelie – her favourite subjects in High School were Accounting and Music.  Amelie is also a massive AFL-Brisbane Lions fan and can give a 40-minute presentation on AFL without any preparation.  Aside from necessities, her cat Bella is one thing she could not go a day without.  Amelie is looking forward in coming months in taking a break from Uni and immersing herself in her new role at Harris Black.  If Amelie had to plan for a three-week holiday, she would go to Canada, Japan and France.   Also, her mum’s uncle is a distant relation to Rod Laver.

We are delighted to welcome Carley and Amelie to the HB Team!!

Charity – The Australian Red Cross

by Harris Black

Harris Black is proud to be supporting the “The Australian Red Cross”.

The Australian Red Cross was set up to bring people and communities together in times of need and to build on community strengths.  In addition to the Australian Red Cross Lifeblood branch which is responsible for the collection and distribution of blood, the foundation also supports people in natural disasters and other significant emergencies, provides help to the homeless, provides meals to people experiencing hardship, provides help and support to refugees, people seeking asylum and others who are vulnerable as a result of migration. 

Over the next 3 months, the team at Harris Black will be raising funds for the Australian Red Cross through various activities, such as a special morning tea and lunch fundraising which will include baby photos guessing games, boardgame tournaments, guess the lollies in the lolly jar and also a blood drive for those who want to participate.

To find out more about the Australian red cross, visit their website here – www.redcross.org.au

Did You Release $10,000 Of Superannuation Due To COVID-19?

by Harris Black

If you accessed all or part of the $10,000 “COVID-19 early release” payment from your Superannuation during the period in which it was offered, it is important to note that this will affect your ability to claim a tax deduction for superannuation contributions in the period 1 July 2021 to 30 June 2030.

Any amount released under the “COVID-19 early release” payment scheme must first be re-contributed before you are able to claim a tax deduction for voluntary personal concessional superannuation contributions.

For example, if you accessed a $10,000 “COVID-19 early release” in May 2020 and you contribute $15,000 of personal concessional superannuation contributions after 1 July 2021 and before 30 June 2030, only $5,000 of the $15,000 will be tax deductible.

Competitor Analysis

by Harris Black

By Paul Whimp

For any organization to excel in their chosen market, you need to know how you rank and where to focus your time and energy on the areas to improve that ranking.  One way to do this is to carry out a competitor analysis. 

This activity allows you to understand the key areas where you lag behind your competitors so that you can develop strategies and actions to close those gaps and become a leader in your market. 

Small Business CGT Concessions (Multi Part Series)

by Harris Black

By Bjorn Kirberg

Small business owners who sell business assets may be eligible for tax concessions on capital gains and may be able to contribute an amount into superannuation to help fund their retirement.

Eligibility requirements include:

Net value of assets owned by your business and related entities is below $6 million or aggregated turnover of your business is less than $2 million.

The business/asset being sold must be an active asset (not passive).

Additional rules apply if the asset being sold are shares in a company or an interest in a trust.

Once the eligibility requirements are met, the following concessions may be available:

15-year exemption – 100% tax free is owned more than 15 years and the owner is over 55 and retiring

Small business 50% active asset reduction – provides a 50% reduction on the capital gain (in addition to the general 50% discount).

Retirement exemption – Up to $500,000 (lifetime limit) can reduce the capital gain.  If under 55, this amount must be contributed into superannuation.

Small business rollover relief – Allows a replacement business to be purchased in order to defer the capital gain until that business is sold in the future.

These rules appear simple in concept however are extremely complex.  If the eligibility conditions aren’t met, the tax consequences could be disastrous.

In the next several episodes, we will delve deeper and explore each of the aspects in more detail.

Taxation of Bitcoin and Cryptocurrency

by Harris Black

In the last 52 weeks Bitcoin has been trading anywhere between USD$9,916 and USD$64,863.  No wonder it has gained immense popularity.

Tax law refuses to classify crypto as a foreign currency for income tax purposes, despite it being classified as money for GST purposes.

For income tax purposes crypto is treated like property and taxed as a CGT asset.

The only exception to this is if it is acquired and then used within a short amount of time to purchase goods or services.

With El Salvador making Bitcoin an official currency in September 2021, it will be interesting to see how Australian tax law reacts to this with it potentially becoming taxed under Foreign Exchange rules as more countries adopt it.

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