by Quinns_News | Apr 12, 2017 | Blog
It is essential that discretionary trust deeds are easy to understand so that a trustee’s rights and obligations are clear. An important reminder of this was provided by a recent decision in the Western Australia Court of Appeal in Mercanti v Mercanti 2016 WASCA 206...
by Quinns_News | Apr 12, 2017 | Blog
Generally, meals and drinks purchased during work are considered as private expense that is a non-deductible expense to the employee. There is an exception where the employer pays an overtime meal allowance under an industrial award to the employee who is required to...
by Quinns_News | Apr 12, 2017 | Blog
Superannuation guarantee contribution is one of the major obligations of a business owner. Generally, superannuation guarantee (SG) payments must be made into complying super funds or retirement savings accounts by the quarterly due dates, which are 28 days after the...
by Quinns_News | Apr 5, 2017 | Blog
The ATO has an underlying expectation that taxpayers will pay their tax debts as and when they fall due. The ATO does not consider itself to be a credit provider and expects that tax debts be given the same priority as all other debts. Tax Debts The ATO will take...
by Quinns_News | Apr 5, 2017 | Blog
It is not uncommon for Australian citizens to leave Australia to advance their career goals by exploring job prospects in the overseas market. Unless certain criteria are satisfied you remain an Australian tax resident. Tax Obligations while working abroad The issue...
by Quinns_News | Apr 5, 2017 | Blog
Under the income tax law, a taxpayer carrying on a business can generally claim a deduction for expenses incurred in producing taxable income or that is required to carry on the business. Buying a client coffee or lunch may look to be a necessary business cost....
by Quinns_News | Mar 29, 2017 | Blog
The clock is ticking for investors who want to take advantage of the more generous tax concessions available in super this financial year. As of July 1, new rules come into effect that will reduce contribution limits. Until then, individuals can make a...
by Quinns_News | Mar 29, 2017 | Blog
Failure to lodge tax returns There has been a recent trend with the ATO heavily targeting taxpayers who have failed to lodge income and BAS tax returns over a period of time. From our experience this period commonly ranges from 2 years to 12 years for both individuals...
by Quinns_News | Mar 29, 2017 | Blog
If you provide fringe benefits to employees, you must keep the necessary Fringe Benefit Tax (FBT) records and work out whether you have to pay FBT. If you need to pay FBT, you must register for FBT, lodge an FBT return, pay FBT to the ATO and if required, report...
by Quinns_News | Mar 29, 2017 | Blog
As an employer you have an obligation to make 9.5% superannuation guarantee contributions on behalf of your eligible employees. Generally, you are required to pay super if you pay an employee $450 or more (before tax) in a calendar month. In January’s Media release...
