by Quinns Blog | Aug 14, 2019 | Blog
A credit bureau is a body that collects, holds and distributes data from credit providers that pertain to a borrower’s financial history. This information forms your credit report. Each of the credit reporting agencies operating in Australia has to send you a...
by Quinns Blog | Aug 14, 2019 | Blog
Overview Employee share schemes (ESS) have been around for some time now but have become more prevalent of late in Australia, especially with the introduction of the “start-up concessions” and other improvements from 1 July 2015. The tax implications of issuing ESS...
by Quinns Blog | Aug 8, 2019 | Blog, Uncategorized
Hill v FCT (2019) AAT 1723 The Tribunal has held that a taxpayer who traded shares was not carrying on a business, and therefore, was not entitled to claim losses or carry them forward in the 2015, 2016 and 2017 income years. It was found that overall the share...
by Quinns Blog | Aug 8, 2019 | Blog
You’re buying business or company. At some point in the future you may wish to sell it. Are you aware of the relevant provisions of capital gains tax law? There are special capital gains tax implications if you sell the business within 12 months of purchase. If this...
by Quinns Blog | Jul 31, 2019 | Blog
In the past eight months, there were three incidents reported in Sydney where apartment buildings have been evacuated because of defects, prompting questions about the consumer protections available for buyers of high-rise units. In December 2018, the Opal Tower at...
by Quinns Blog | Jul 31, 2019 | Blog
There are certain businesses that need to report the total payments they make to contractors each year on the Taxable Payments Annual Report (TPAR). The TPAR needs to be lodged with the Australian Taxation Office (ATO) by 28 August each year. TPAR was introduced in...
by Quinns Blog | Jul 24, 2019 | Blog
The NSW Parliament has passed legislation to change the timing of statutory deposits under the Legal Profession Uniform Law Application Regulation 2015. Prior to the changes, Law Practices were required to calculate on an annual basis the requirement to make a...
by Quinns Blog | Jul 24, 2019 | Blog
Under certain circumstances pre-1 July 2019, the ATO agreed that an interest deduction should be allowed for holding vacant land. Typically, the taxpayer’s argument was accepted where the interest was incurred on borrowed funds used to acquire a property that was...
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...
