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Legislation Loop Hole allows Employees to Salary Sacrifice 100% of Rental Expenses |
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Do you know how much leave you are entitled to this Christmas? |
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From the Principal, Michael Quinn The festive season is upon us and this means that for most of us a well earned holiday is just around the corner, even if it is only a few days over the Christmas break. Looking back it has definitely been an eventful year in many respects, both for the world at large and here at The Quinn Group. On a world scale, it is safe to say that 2008 will most likely be remembered for the dramatic credit crisis and continual slowing of the world economy. But with that in mind we are about to embark on a new year, and with that comes the opportunity for a fresh start and a new approach. At The Quinn Group this year we have successfully relocated to our new Sutherland office and warmly welcomed some new members on board our team. Most importantly, we have continued to provide our valued clients with exceptional advice across a range of services. We welcome Lillian Armstrong to The Quinn Group as receptionist and executive assistant. Lillian has joined us fresh from her Year 12 exams and her young, enthusiastic attitude is a welcome addition to the team. The Accounting team has been working tirelessly for the past few months on tax returns and financial reports of every description. If you are still yet to contact us regarding your tax return it would be a great idea to get it done before Christmas, one more thing you can tick off your list and not have to worry about over the break, or in the New Year. The Legal team has been busy too with everything from conveyancing and selling businesses to estate matters and litigation. This edition of The Quintessential Brief also includes information on some of the most up-to-date and topical tax issues. We look at salary sacrificing your rental expenses as well as what tax you are required to pay (and what deductions you can claim) on your holiday property. From the legal side of things we discuss knowing your annual and sick leave entitlements as well as restructuring your business and a feasible alternative to insolvency. The Quinn Group offices will close for the Christmas break from 5pm Tuesday 23 December 2008, reopening at 8am Monday 12 January 2009. Skeleton staff will be available for urgent matter during this period. You can contact us on our dedicated mobile telephone number 043 00 QUINN. We hope that you find this newsletter beneficial. If there are any legal, tax or financial planning issues that you would like us to address in future editions, please contact us on 1300 QUINNS or click here to submit an online enquiry. You can also email us if you would like to receive the latest legal, accounting and financial news update each Monday morning via our Weekly Client Alert On behalf of all of us at Quinns, we wish you and your loved ones a happy and safe holiday season. Merry Christmas and Happy New Year! Regards Michael |
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Disclaimer: The contents of this document titled “The Quintessential Brief” (the ‘Material’) are provided as general information only. It is not intended to be given as advice and should not be relied upon as such. If you are concerned about any issue raised by the Material then you should seek your own professional advice. No warranty is given in relation to the accuracy, currency or completeness of the Material. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice. Where applicable, liability is limited by the NSW Solicitors Scheme under the Professional Standards Act 1994 (NSW), and other relevant state legislation. The Quinn Group respects your privacy. Should you not wish to receive this newsletter in the future please contact us on 1300 784 667.