by Quinns_News | Feb 20, 2019 | Blog
The Corporations Act mandates that a person is disqualified from managing corporations if they are undischarged bankrupt under Australian law, its external territories or another country. This is further elaborated in the Act that a person is disqualified from...
by Quinns_News | Feb 20, 2019 | Blog
Last year, Shadow Treasurer Chris Bowen announced Labor’s view on tax reform and Budget repair. The opposition Labor Party has proposed a number of significant changes to the current tax arrangements. 1. Negative gearing Negative gearing refers to a situation where...
by Quinns_News | Feb 13, 2019 | Blog
Strata Title Scheme A strata title scheme is a building, or a collection of buildings, where the property that each individual owns is called a lot (for example, an apartment, villa or townhouse) and all the owners share ownership of and responsibility for the common...
by Quinns_News | Feb 13, 2019 | Blog
A payment or other benefit provided by a private company to a shareholder or their associate can be treated as a dividend for income tax purposes under Division 7A even if the participants treat it as some other form of transaction such as a loan, advance, gift or...
by Quinns_News | Feb 6, 2019 | Blog
The ATO is now focusing on share data and has further extended its data matching program. The ATO will use the information to identify taxpayers who have not properly reported the sale or transfer of shares as income or capital gains in their income tax returns. Over...
by Quinns_News | Feb 6, 2019 | Blog
The Chief Commissioner has been auditing companies that provide labour hire services and issuing payroll tax assessments for their subcontracting arrangements. Head contractors or employment agents that obtain the services of subcontractors for their client may be...
by Quinns_News | Jan 30, 2019 | Blog
Changes to Australian privacy legislation in early 2018 has imposed mandatory reporting requirements on certain entities in relation to notifiable data breaches (NDB). The requirements apply to all entities with a turnover in excess of $3 million, and extends to...
by Quinns_News | Jan 30, 2019 | Blog
From 1 July 2017, travel expenses relating to inspecting, maintaining, or collecting rent for a residential rental property cannot be claimed as deductions by investors. However there are some exemptions. The travel expenditure is also not recognised in the cost base...
by Quinns_News | Jan 23, 2019 | Blog
Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees – including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary package. Generally, a fringe benefit arises where...
by Quinns_News | Jan 23, 2019 | Blog
Who can access company information? How can it be accessed? What to do when there are issues / disputes arise with accessing information? Under Australian corporations’ law, companies are required to retain and make accessible certain records of company activity,...
