by Quinns_News | Jan 24, 2018 | Blog
This question was addressed early last year in Uber B.V. v FC of T. Generally speaking, enterprises with a turnover below $75,000 are not required to register for GST and remit 10% of their revenue to the ATO. However, there is a special rule in the GST Act that...
by Quinns_News | Jan 18, 2018 | Blog
Generally the main residence is exempt from capital gains tax (CGT). To get the exemption, the property must have a dwelling on it and a taxpayer must have lived in it. A vacant block of land is not entitled to the exemption. A taxpayer is eligible for a full main...
by Quinns_News | Jan 18, 2018 | Blog
Are banks in the wrong? It seems everything is a subscription these days. If we scan through our bank statements, there are recurring payments not just for our mortgage and basic bills but also for everything from Spotify, Netflix and Audible to Aussie Farmers Direct...
by Quinns_News | Dec 13, 2017 | Blog
In Australia, the transfer pricing regime puts a significant burden on the entity to ensure that related party pricing is arm’s length and supported by appropriate documentation. If the amounts for the transactions do not comply with the arm’s length principle then...
by Quinns_News | Dec 13, 2017 | Blog
Further to removing the deductibility of travel expenses in relation to rental properties in the 2017-18 Federal Budget, the Commissioner has issued Draft Tax Ruling TR 2017/D6 which sets out the general principles for determining whether an employee can deduct travel...
by Quinns_News | Dec 6, 2017 | Blog
The ACCC has issued a warning to businesses charging excessive credit card fees. One large merchant has already been issued with four infringement notices and has paid $43,200 in penalties. New Rules The new rules, which came into effect from 1 September 2017, prevent...
by Quinns_News | Dec 6, 2017 | Blog
There is an upward trend of Australians making generous charitable gifts in their wills. However, there is a lack of awareness that gifts or donations made in wills to charities that classify as deductible gift recipients (DGRs), are not tax deductible. Therefore,...
by Quinns_News | Dec 6, 2017 | Blog
From the 2017 income year, the small business company tax rate has been reduced to 27.5%. Currently you are a small business entity if you are a sole trader, partnership, company or trust that: is carrying on a business for all or part of the income year, and has an...
by Quinns_News | Nov 29, 2017 | Blog
What effect does rising interest rates have on your investment in bonds? The Shadow Reserve Bank board member, Paul Bloxham, who is also HSBC’s Australian Chief Economist, was quoted in October as saying “What is becoming increasingly clear this month is that the...
by Quinns_News | Nov 29, 2017 | Blog
It is not uncommon for taxpayers to owe tens of thousands in tax debt to the ATO as a result of extenuating factors beyond their control. Where primary tax is not paid on time the ATO imposes interest and penalties which can make an already large tax debt more...
