Consumer News
The Small Claims process may help recover what is owed to you.
If someone owes you money or property and you are having trouble with receiving what is owed to you, you may have to consider going through the Small Claims Court in order to reclaim it. These types of matters are routinely held in the Small Claims division of your Local Court, which can handle claims of up to $10,000 and are presided over by a Magistrate or Assessor. Disputes between landlords and tenants, or traders and consumers can alternately be addressed in the Consumer, Trader and Tenancy Tribunal (CTTT) which is a specialist tribunal that deals with disputes. The Local Courts have laid out an informal but important procedure which you should adhere to if you are trying to recover a debt or some item of property.
Trusts and the Bamford Decision. Have you amended your Trust Deed?
A trust is an entity where a person (trustee) holds and governs property or other assets guided by the terms of a trust deed for the gain of another person or persons – the beneficiaries of the trust. In the current business world trust deeds have become more prevalent and accepted as a common method of doing business, therefore it is important to understand the differences between them. The recent Bamford Decision will have an impact on almost all family and discretionary trusts and it is important that your trust is amended accordingly in order to be valid.
ATO’s Offshore Voluntary Disclosure Initiative expires Wednesday 30 June 2010. Report overseas income to avoid hefty penalties.
Whether you are an individual or own a business it is important to be aware of the tax law regarding overseas income and assets. If you or your business has offshore income or assets which has not been disclosed to the Australian Taxation Office (ATO) now is the time to do something about it. If you have entered into an arrangement or structure the purpose of which is to cover up or hide income or assets or have claimed any deduction or depended on any scheme, arrangement or false documentation to limit your taxation liability then you need to be aware of the ATO’s Offshore Voluntary Disclosure Initiative (OVDI).
The ATO is currently providing substantial concessions under the OVDI. However this is due to expire this Wednesday 30 June 2010 so action needs to be taken urgently.
New legislation affects the distribution of estates. Does your Will protect your assets?
Until recently, estates of those who hadn’t left Wills were distributed between the spouse and their children. However, under the recent legislation, children will not automatically be included in the inheritance unless they are from a previous relationship or the deceased is not survived by a spouse. This is due to the fact that any children from the current relationship are considered to still have an attachment to the estate via the surviving spouse.
Tax-effective Super Strategies
Here are some tax-effective strategies that are suitable for most taxpayers.
Do you engage in Credit Activities? New Legislation you need to know about.
The new National Consumer Credit Protection Legislation 2009 took effect on 1 April 2010. Under the new laws, if you currently engage in credit activities under State or Territory Legislation, and you want to continue to engage in credit activities from 1 July 2010, you may need to be registered with ASIC. Generally, a person or business who is involved in credit activities is engaged in the following:
- Credit contracts;
- Consumer leases;
- Mortgages; and
- Guarantees.
Quinns Free Seminars
Quinns is able to offer businesses and associations the opportunity to host a business seminar for the benefit of their members and associates.
Our seminars are provided at no cost to you and are hosted by our Principal, Michael Quinn, who is both a Chartered Accountant and a practicing Solicitor.
Superannuation: What percentage of your income should you save for your retirement?
Superannuation is one of the most tax-effective ways of saving for retirement. But it is important to ensure that you save enough money to live comfortably. For most people, after their home, superannuation will be the largest asset they have once they finish work.
I am sure you have read numerous articles about how the compulsory employer superannuation contributions of 9% will not be enough to fund a comfortable retirement, while this is certainly true, the real question is how much do you really need?
GEERS can assist eligible employees to claim owed entitlements
The General Employee Entitlements and Redundancy Scheme (GEERS) is a basic payment program designed to assist employees who have lost their jobs as a result of their employer’s insolvency and still have certain employee entitlements owing to them.
The Department of Education, Employment and Workplace Relations administers the Scheme in accordance with the GEERS Operational Arrangements (OAs). The OAs are used to determine the eligibility of employees and the amount of any GEERS advance.
2010 Budget Update
The Hon Wayne Swan MP, handed down the Labour Government’s 2010 Budget yesterday evening, Tuesday 11 May.
The key elements of the recent budget are:
- Setting the highest standards for responsible fiscal management, with the budget returning to surplus in 2012-13, three years ahead of schedule
- Easing the cost of living and making tax time simpler by delivering tax relief, a lower tax on savings, and fairer and simpler tax returns that increase after-tax income for 6.4 million Australians
- Beginning the task of modernising the tax system, investing in skills and infrastructure, boosting national savings, making new investments in renewable energy; and funding historic reforms to the health system
