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Author: Harris Black

Meet The Staff – Nikki White

by Harris Black

Nikki began working at Harris Black in 1998, before leaving to work in London for a year and later returning to Harris Black as a Manager. More recently, Nikki has been appointed as a Principal and shareholder of Harris Black. Nikki holds a Bachelor of Business (Accounting) and is a member of the Chartered Accountants Australia and New Zealand.

Some interesting facts about Nikki – without preparation, Nikki could give a 40 minute presentation on Hollywood movies/actors/gossip but if she could share a meal with any 4 individuals, she would choose Queen Elizabeth, Turia Pitt, James Reyne and her grandfathers.  If money was no object, Nikki would train, eat well and work towards travelling the world sightseeing and competing in triathlons in exotic locations.

An excerpt of the interview with Nikki is below:

Loss Carry Back Measures – 2021 & 2022

by Harris Black

A temporary tax relief allows eligible companies, with an aggregated turnover of less than $5 billion, to carry back tax losses incurred in the 2020, 2021 or 2022 financial years, to be used against profits taxed in a previous year, 2019 or later.

These companies will receive a refundable tax offset in the year they made a loss, if they elect to use this mechanism when they lodge their 2020-21 or 2021-22 tax return. The losses carried back must not be more than earlier taxed profits and must not result in a franking account deficit.

Any tax losses that are not fully offset against previous taxed profits, or not elected to be used, will be carried forward as normal.  Companies can elect the amount that they wish to carry back.

Reminder – Taxable Payments Annual Report (TPAR)

by Harris Black

If your business makes payments to contractors or subcontractors you may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year.

You need to report payments made to contractors for certain services including:

building and construction services
cleaning services
courier services
road freight services
IT services
security, investigation or surveillance services

Important Tax Dates

by Harris Black

30 April 2021
Lodge TFN report closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 3, 2020-2021.

15 May 2021
Lodge 2020 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession.

26 May 2021
Lodge and pay eligible quarter 3, 2020–21 activity statements if you or your client have elected to receive and lodge electronically.

28 May 2021
Lodge and pay quarter 3, 2020–21 Superannuation guarantee charge statement – quarterly (NAT 9599) if the employer did not pay enough contributions on time.

Tax Planning And The Benefits Of Corporate Beneficiaries

by Harris Black

By Brendan Power

Brendan Power, a Director of Harris Black gives a brief introduction to the reason and benefits of undertaking tax planning prior to 30 June each year.

By understanding and planning ahead for our clients’ circumstances, decisions can be made to ensure they remain as tax efficient as possible.  Where events have occurred (eg sale of assets, children turning 18 or a large increase or decrease in taxable income) Tax Planning with a client gives Harris Black the opportunity to discuss and determine the best course of action with their client.

We have seen an increase in the use of corporate beneficiaries (or bucket companies) as a useful entity to withhold income within the family group at lower marginal rates, and also as a possible alternative to contributions to superannuation.

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