by Quinns_News | Dec 6, 2017 | Blog
The ACCC has issued a warning to businesses charging excessive credit card fees. One large merchant has already been issued with four infringement notices and has paid $43,200 in penalties. New Rules The new rules, which came into effect from 1 September 2017, prevent...
by Quinns_News | Dec 6, 2017 | Blog
There is an upward trend of Australians making generous charitable gifts in their wills. However, there is a lack of awareness that gifts or donations made in wills to charities that classify as deductible gift recipients (DGRs), are not tax deductible. Therefore,...
by Quinns_News | Dec 6, 2017 | Blog
From the 2017 income year, the small business company tax rate has been reduced to 27.5%. Currently you are a small business entity if you are a sole trader, partnership, company or trust that: is carrying on a business for all or part of the income year, and has an...
by Quinns_News | Nov 29, 2017 | Blog
What effect does rising interest rates have on your investment in bonds? The Shadow Reserve Bank board member, Paul Bloxham, who is also HSBC’s Australian Chief Economist, was quoted in October as saying “What is becoming increasingly clear this month is that the...
by Quinns_News | Nov 29, 2017 | Blog
It is not uncommon for taxpayers to owe tens of thousands in tax debt to the ATO as a result of extenuating factors beyond their control. Where primary tax is not paid on time the ATO imposes interest and penalties which can make an already large tax debt more...
by Quinns_News | Nov 29, 2017 | Blog
The Australian tax year is based on the financial (or income) year, i.e. from 01 July to 30 June of the next year. All Australian tax residents must lodge a tax return each year unless one of the exemptions applies. Individual taxpayers have from 1 July to 31 October...
by Quinns_News | Nov 22, 2017 | Blog
With the residential property market going gang busters many investors are now turning their attention to alternative property investments such as commercial or industrial property. Commercial and industrial property are considered to offer a better yield, or net...
by Quinns_News | Nov 22, 2017 | Blog
The small business restructure roll-over came into effect on 1 July 2016 to provide greater flexibility for small business owners to change the legal structure of their business by allowing them to defer gains or losses that would otherwise be realised when business...
by Quinns_News | Nov 22, 2017 | Blog
The minimum leave entitlements that apply to all employees are found in the National Employment Standards (NES). These apply regardless of their position and whether a contract of employment or an award or enterprise agreement applies. The NES creates certain rights...
by Quinns_News | Nov 15, 2017 | Blog
Regardless much income your business produces there are several common ways of getting on the ATO radar and triggering an audit. Often a simple GST audit escalates to a larger review to include income tax and other issues. Taking steps to manage the risk ensures that...
