by Quinns_News | Nov 28, 2018 | Blog
On 1 November 2018 the new body responsible for handling complaints relating to financial service providers was introduced. The Australian Financial Complaints Authority (AFCA) has replaced the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman...
by Quinns_News | Nov 28, 2018 | Blog
In addition to tax issues, there are several practical issues that need to be considered when dealing with trusts. Unpaid distributions are an asset It is important to recognise that unpaid distributions are an asset in the hands of the beneficiary. While...
by Quinns_News | Nov 21, 2018 | Blog
Wills, Estates and Probate are not the most talked about topics, however creating a Will is quite possibly one of the most important steps you can undertake to ensure your assets are protected. The three terms: Wills, Estates and Probate can often be confused. A Will...
by Quinns_News | Nov 21, 2018 | Blog
The Australian Taxation Office (ATO) has released a Taxation Determination which considers the deductibility of interest expenses incurred by a beneficiary of a discretionary trust where borrowed money has been on-lent to the trust on interest-free terms. The...
by Quinns_News | Nov 14, 2018 | Blog
The Australian Taxation Office (ATO) has recently updated their website to advise and/or remind taxpayers that when they rent, hire or share their car through a ‘peer to peer’ car sharing platform (i.e., such as Car Next Door, Carhood or DriveMyCar Rentals,) they may:...
by Quinns_News | Nov 14, 2018 | Blog
A common trend throughout the workforce is the ‘permanent casual’: a casual employee who works the same roster with little to no change for an extended period of time – usually over 12 months. Although ‘permanent casual’ is not an employment type officially...
by Quinns_News | Nov 7, 2018 | Blog
This special type of trust has numerous meanings. In the UK and other parts of the world, a blind trust operates like any other trust but the beneficiary of the trust has no knowledge of what assets are kept within the trust. In Australia, a blind trust is the term...
by Quinns_News | Nov 7, 2018 | Blog
The Federal Court has in Greig v FCT held that a taxpayer was not entitled to a deduction under S.8-1 of the ITAA 1997 for share losses and legal fees. Facts On the advice of his financial advisers, the taxpayer (Mr Greig) spent many millions of dollars on share...
by Quinns_News | Oct 31, 2018 | Blog
As the bilateral trade war between the US and China heats up, we look at what this might mean to Australia caught between its cultural and military ties to the US and its strong economic relationship with China. In 2017, the US imported well over $500bn worth of...
by Quinns_News | Oct 31, 2018 | Blog
A bare trust arises where the trustee simply holds property of and on behalf of the beneficiary without any interest therein, other than that existing by reason of office and the legal title as trustee. The trustee has no discretion and no active duties other than to...
