by Quinns_News | Jul 5, 2017 | Blog
The trustee of a Self Managed Superannuation Fund is required to have the assets of the fund valued in the following circumstances. Note, it is not sufficient to value the assets at their cost price it is mandatory that they are valued at their market value. The...
by Quinns_News | Jul 5, 2017 | Blog
From 1 July 2017, Australian resident vendors selling real estate with a value of $750,000.00 or greater will be required to apply for a clearance certificate from the Australian Taxation Office (“ATO”) to ensure that an amount is not withheld from their sale...
by Quinns_News | Jul 5, 2017 | Blog
A client recently called and asked us for advice regarding GST implication in the sale of property by their self-managed superannuation fund (SMSF). SMSF in regards to renting The SMSF is not registered for GST. The fund purchased some GST-free residential land after...
by Quinns_News | Jun 27, 2017 | Blog
With the end of the financial year only a few days away, there are many things that you as a business owner have to consider, and it is important to be aware of these issues and get everything in order before 30 June. ATO tax debt Take care of any ATO debt you have as...
by Quinns_News | Jun 21, 2017 | Blog
SMSF members who are receiving retirement pensions or transition to retirement pensions (TTR’s) need to ensure that they make their minimum pension payments from their SMSF before the 30 June 2017. With less than two weeks to the end of the financial year, this could...
by Quinns_News | Jun 21, 2017 | Blog
The residency status of a company, regardless of whether it trades or invests in Australia, dictates the company’s Australian income tax obligations. Foreign resident entities are generally taxed in Australia on any income that has an Australian source. Australian...
by Quinns_News | Jun 21, 2017 | Blog
The margin scheme is a way of working out the GST one must pay while selling a property as part of a business. The margin scheme can only be applied if the sale of the property is a taxable supply. Margin Scheme Details Whether you can use the margin scheme depends on...
by Quinns_News | Jun 14, 2017 | Blog
The ASX 200 index at 31 May 2015 was 5,777 at 31 May 2017, two years later it was 5,724. So in two years the market has not improved, in fact it has declined by 53 points. Dividends Nonetheless, Blue Chip companies continue to pay healthy dividends, and those healthy...
by Quinns_News | Jun 14, 2017 | Blog
Phoenix companies are now the target of a coordinated interagency taskforce between the NSW Office of State Revenue and other state revenue bodies and the Australian Taxation Office. What is a Phoenix Company? A phoenix company is where a new company is created or...
by Quinns_News | Jun 7, 2017 | Financial Planning News
The wide-ranging superannuation reforms come into effect on 1 July 2017. With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund: Understand the value of assets at 30 June At 30 June 2017, SMSF...
