by Quinns Blog | Oct 16, 2019 | Blog
The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, market-rate rental contract with the owner of the property. The agreement will determine which expenses the business pays for and...
by Quinns Blog | Oct 16, 2019 | Blog
We are in the midst of the Fourth Industrial Evolution, the executive chairman of World Economic Form, Klaus Schwab, claimed in a 2015 article. Shcwab expects this era to be marked by breakthroughs in emerging technologies in fields such a robotics, artificial...
by Quinns Blog | Oct 9, 2019 | Blog
When a person passes away, their beneficiaries may inherit a death benefit through a superannuation fund. Often, and as is the case with the majority of super funds, this death benefit is paid to the member’s legal personal representative (LPR), whom, if the person...
by Quinns Blog | Oct 9, 2019 | Blog
The recent Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 (the Bill), is set to come into effect from 1 October 2019, is a part of the Government’s suite of tough new tax integrity measures targeting illegal phoenixing activity. While the Bill...
by Quinns Blog | Oct 2, 2019 | Blog
In accordance with new figures from the Australian Securities and Investments Commission (ASIC), NSW construction companies are rapidly folding due to a drastic decrease in building and a rising illegal trend known as ‘phoenixing’. The statistics demonstrate that 169...
by Quinns Blog | Oct 2, 2019 | Blog
Taxis are Exempt under FBT but Uber / Ola are not!! Any benefit arising from taxi travel by an employee is exempt from fringe benefits tax (FBT) if the travel is a single trip beginning or ending at the employee’s place of work. Any benefit arising from taxi...
by Quinns Blog | Sep 25, 2019 | Blog
A public officer is a company’s representative to the ATO and is responsible for the company’s obligations under Section 252 of the Income Tax Assessment Act 1936. The public officer is responsible for the company complying with the act and is also liable for the...
by Quinns Blog | Sep 25, 2019 | Blog
If someone is in financial strife, one option is to declare bankruptcy. But what happens to their superannuation (super)? The Bankruptcy Act 1966 defines super as a ‘on-divisible asset’ – in other words, it’s protected from creditors. Therefore, once someone has...
by Quinns Blog | Sep 18, 2019 | Blog
The full Federal court last week confirmed that all employees (including part-time employees) are entitled to 10 “working days” of personal and/or carer’s leave per year under the Fair Work Act, regardless of how many hours the employees work per day or how many days...
by Quinns Blog | Sep 18, 2019 | Blog
Over the coming months the ATO is increasing its focus on the bulk ABN cancellation program, to continue to ensure the integrity of the Australian Business Register. The ATO has refined its models to help it identify businesses that are no longer active or have...
