by Quinns_News | Apr 5, 2017 | Blog
Under the income tax law, a taxpayer carrying on a business can generally claim a deduction for expenses incurred in producing taxable income or that is required to carry on the business. Buying a client coffee or lunch may look to be a necessary business cost....
by Quinns_News | Mar 29, 2017 | Blog
The clock is ticking for investors who want to take advantage of the more generous tax concessions available in super this financial year. As of July 1, new rules come into effect that will reduce contribution limits. Until then, individuals can make a...
by Quinns_News | Mar 29, 2017 | Blog
Failure to lodge tax returns There has been a recent trend with the ATO heavily targeting taxpayers who have failed to lodge income and BAS tax returns over a period of time. From our experience this period commonly ranges from 2 years to 12 years for both individuals...
by Quinns_News | Mar 29, 2017 | Blog
If you provide fringe benefits to employees, you must keep the necessary Fringe Benefit Tax (FBT) records and work out whether you have to pay FBT. If you need to pay FBT, you must register for FBT, lodge an FBT return, pay FBT to the ATO and if required, report...
by Quinns_News | Mar 29, 2017 | Blog
As an employer you have an obligation to make 9.5% superannuation guarantee contributions on behalf of your eligible employees. Generally, you are required to pay super if you pay an employee $450 or more (before tax) in a calendar month. In January’s Media release...
by Quinns_News | Mar 22, 2017 | Blog
Many readers would be aware that Non Concessional Contributions (NCC), that is the non-tax deductible contributions, or transfers from your own bank account into your superannuation account will reduce from $180,000 to $100,000 from 1 July 2017. Superannuation...
by Quinns_News | Mar 22, 2017 | Blog
Deeds are documents that are often used to establish or vary trusts and self-managed superfunds. A deed may only be varied by another deed. Proper execution of a deed is crucial. Failure to properly execute a deed may lead to the desired action being ineffective. What...
by Quinns_News | Mar 22, 2017 | Blog
When you sell or otherwise dispose of an asset it is described as Capital Gains Tax (CGT) Event. This is the point at which you are deemed to have made a capital gain or loss. CGT is not a separate tax. What is CGT? A capital gain or capital loss on an asset is the...
by Quinns_News | Mar 22, 2017 | Blog
It is common practice for small business owners to pay business expenses such as insurance, telephone bills, stationery and parking fees on personal credit cards that accumulate “frequent flyer points”. These points may be later redeemed for a wide range of rewards...
by Quinns_News | Mar 15, 2017 | Blog
Divorce Grief A finder.com.au survey found that a whopping 47%, that’s right, almost 50% of people in the survey made a costly money mistake. Making their wealth suffer. The most common financial mistake was ‘divorce’. This was quantified at an average cost of...
