by Quinns Blog | Aug 28, 2019 | Blog
We only have to look at the George Calombaris scandal to see what damage underpaying staff can do to a business. And whether you agree or disagree with the furore surrounding this case, one thing can be established here. The Fair Work Ombudsman (FWO) can and will...
by Quinns Blog | Aug 28, 2019 | Blog
Tradespeople, cleaners, taxi drivers, farmers, doctors and lawyers could be inadvertently caught up by a proposed law that would allow the Australian Taxation Office (ATO) to report alleged debts to credit reporting agencies, according to submissions to a federal...
by Quinns Blog | Aug 21, 2019 | Blog
To qualify as a small business under the Small Business Fair Dismissal Code, a business must employ fewer than 15 employees, including: Employees in related entities, e.g. subsidiaries or parent companies, including those outside Australia; Part-time employees; and...
by Quinns Blog | Aug 21, 2019 | Blog
The ATO has also reminded employees that how they get their end of financial year information from their employer, showing their earnings for the year (i.e. their payment summary or income statement) depends on how their employer reports their income, tax and super...
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 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 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
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...
