by Quinns_News | Jan 29, 2014 | Accounting News
Division 293 tax is being introduced from the 2012-2013 year to reduce the tax concession on superannuation contributions for individuals with income greater than $300,000 a year. Division 293 tax will be charged at 15% of an individual’s taxable concessional...
by Quinns_News | Jan 22, 2014 | Accounting News
In the recent case of Waldeck, an employee was subject to an administrative penalty because the taxpayer had claimed Pay As You Go amounts which had not been withheld by the employer. Ordinarily, taxpayers can claim a credit equal to the total amount withheld by the...
by Quinns_News | Jan 22, 2014 | Small Business News
You should note that certain payments must be reported under the Building and Construction Industry regime. These payments involve: – A purchaser carrying on a business (or the activity is conducted in a commercial context) that is primarily in the BCI....
by Quinns_News | Jan 15, 2014 | Legal News
A testamentary trust occurs where a Will establishes a trust in which one or more assets of the deceased must be held on trust for the benefit of one or more beneficiaries. CGT roll-over relief (which allows the taxpayer to delay paying CGT) will not apply unless the...
by Quinns_News | Jan 15, 2014 | Accounting News
There has been a recent attempt to stamp out abuses of LAFHA benefits (such as employees converting taxable salary and wages into tax-free LAFH benefits that exceeded actual costs incurred by an employee whilst away from home). For example, additional conditions have...
