by Quinns Blog | Jul 18, 2019 | Blog
Foreign resident capital gains withholding (FRCGW) applies to vendors disposing of certain taxable property under contracts entered into from 1 July 2016. The FRCGW tax rate is currently 12.5%. It now applies to real property disposals where the contract price is...
by Quinns Blog | Jul 18, 2019 | Blog
The financial reporting thresholds for ‘large’ proprietary companies have increased effective from 1 July, 2019. For the 2020 financial year, a proprietary company will be considered ‘large’ if it meets at least two of the following criteria: The consolidated revenue...
by Quinns Blog | Jul 10, 2019 | Blog
In November 2018, Commonwealth Bank of Australia (CBA) chair Catherine Livingstone was in the dock at the Hayne Royal Commission with Rowena Orr, QC who quizzed her about the keeping of CBA’s minutes. One of the issues raised during the banking Royal Commission was...
by Quinns Blog | Jul 10, 2019 | Blog
The Taxable payment reporting system (TPRS) protected $2.7 billion from being lost to the black economy in the building and construction industry in the 2015-16 financial year. And now other “high risk” businesses are in the ATO’s sights as the end of financial year...
by Quinns Blog | Jul 3, 2019 | Blog
On 12 March 2019, the Treasury Laws Amendment (2018 Measures No. 5) Act 2019 became law. Among other things, it repeals section 51(3) of the Competition and Consumer Act 2010 (‘CCA’), a provision that exempts IP owners from some aspects of competition law when they...
by Quinns Blog | Jul 3, 2019 | Blog
The term cash economy refers to economic activity which takes place outside the tax system for the purpose of avoiding tax liabilities. The ATO state that some business owners hide income and don’t pay the right amount of tax or superannuation. In this coming...
by Quinns Blog | Jun 26, 2019 | Blog
The term ‘trust account’ can have a different meaning depending on how it is used. A trust account is identical to an escrow account when an owner deposits funds with a third party as repayment or deposit for a specific purpose, such as payment for...
by Quinns Blog | Jun 26, 2019 | Blog
In the face of rising living costs, high levels of debt and mortgage stress, many Australians are finding it difficult to save money. But even on an average income, with a little patience and perseverance, it is possible. Wondering where to start? Here are 17 small...
by Quinns Blog | Jun 19, 2019 | Blog
In Australia, an informal will can be found in almost any form and made in almost any manner. However, the essential qualities for an informal will are: It must be a document as statutorily defined as anything on which there is writing, marks, figures, sounds that...
by Quinns Blog | Jun 19, 2019 | Blog
The Australian Tax Office (ATO) is becoming stricter in auditing superannuation guarantee payments that were made by employers. Quarterly mandatory 9.5% superannuation contributions must be made by the 28 day following the end of the quarter. If an employer misses a...
