by Quinns Blog | Sep 2, 2020 | Accounting News, Newsletter Features
At the Quinn Group, we deal with a lot of small to medium-sized enterprises (SMEs). With approximately 2.3 million SMEs in Australia, this is a large demographic of businesses. Most SMEs alarmingly, do not have any protection from a business structure and so it is...
by Quinns Blog | Aug 26, 2020 | Legal News, Newsletter Features
The taxpayer, trustee of the Mussalli Family Trust (MFT) was in the business of operating McDonald’s Family Restaurants. As part of this business, MFT entered into several lease agreements with McDonald’s Australia Limited (MAL). The lease agreements provided MFT with...
by Quinns Blog | Aug 26, 2020 | Accounting News, Newsletter Features
Division 7A applies to loans, payments and the forgiveness of loans by private companies to a shareholder or shareholder’s associate. The Division can also apply when a trust distributed income to a company but the trust has yet to pay the distribution i.e. there is...
by Quinns Blog | Aug 18, 2020 | Legal News
New South Wales land held and purchased by a ‘foreign person’ is subject to the surcharge duties being the surcharge purchaser duty and surcharge land tax. A ‘foreign person’ includes individuals, corporations and trusts who are foreign. The State Revenue Legislation...
by Quinns Blog | Aug 18, 2020 | Accounting News
There are many things to look out for during tax time, but one thing that is mentioned far too little is that of tax considerations regarding trusts. In this article, we will delve into trusts and how to ensure you meet the ATO’s compliance requirements. It is...
