Tax Advice and Updates
Are you eligible for any tax offsets this year?
Tax offsets (sometimes also referred to as rebates) directly reduce the amount of tax you must pay. Unlike deductions, your tax already owing is reduced by the total amount of your tax offset, instead of reducing your taxable income.
Tax offsets can only reduce the amount of tax you pay to zero, that is, if your tax offsets are greater than your tax due, you do not get a refund of the excess amount. However, there are exemptions.
Start planning now to minimise your tax this financial year
With the end of the financial year just a few weeks away, there is no time to wast in preparing your tax plan. Tax planning involves examining your business’ recent and updated financial records, BAS and your expected income for the coming quarter. Once this has been done, you can start to employ a variety of methods in order to legally minimise your tax liability.
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.
Tax Considerations When Transferring PPOR to an Investment
There are many reasons why homeowners may choose to change their current principal place of residence (PPOR) into an investment property. Whether it is because they are looking to upgrade to a larger – or perhaps downsize to a smaller – model, and wish to retain the original property as an investment, or alternatively they may have been geographically relocated due to work obligations, to name but a few. Regardless of the reason/s, there are numerous factors that homeowners, and subsequent investors, should be aware of when making the switch, especially in regards to tax.
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
Stand out issues of the Henry Review.
Australia’s Future Tax System Review (AFTS), most commonly known as the “Henry Review” was released on 2 May 2010. The focus of the AFTS is a new Resource Super Profits Tax (RSPT) and the government intends this to be the first step in a ten year tax reform agenda.
The Australian Government’s aim is to:
- generate more superannuation savings for working families;
- lower tax for all companies, especially small businesses; and
- invest in Australia’s future infrastructure needs, particularly for mining states.
Don’t let your tax debt get out of hand!
Tax debt is the amount of tax incurred during the previous financial year to which you owe to the Australian Tax Office (ATO). Debt to the tax office can become increasingly difficult to manage when the ATO enforces its penalties for late payment, thus creating even more debt for you! However, if you undertake the right measures and heed some advice you should be able to avoid these penalties and perhaps even some tax debt.
Start Planning Now to Minimise Your Tax This Financial Year
With the end of the financial year approaching at an amazingly fast rate, now is a prime time to start preparing your tax plan. Tax planning involves examining your business’ recent and updated financial records, BAS and your expected income for the coming quarter. Once this has been done, you can start to employ a variety of methods in order to legally minimise your tax liability.
Do you have an FBT liability this year?
It is a common practice for employers to provide additional items on top of an employee’s salary or wage.
Some of these items could include.
- Car or other vehicles owned or leased by the business available to employees for private use.
- Loans provided at reduced interest rates to employees.
- Employee released from an owed debt.
Tax Alerts – Be aware of the risks
Recently the Australian Taxation Office issued the following alerts to help you recognise some of the ‘dodgy’ agreements that are out there. It is important that you are aware of these so that you do not get caught in the midst of something potentially illegal or at the very least frowned upon.
