by Quinns_News | Mar 1, 2017 | Blog
A depreciating asset is an asset that has a limited effective life and can reasonably be expected to decline in value over the time it is used. Depreciating assets include such items as computers, electric tools, furniture and motor vehicles. Know what to deduct Land...
by Quinns_News | Mar 1, 2017 | Blog
Each year the Australian Tax Office (ATO) places EXTRA emphasis on particular areas of individual tax returns. This year the ATO will be focusing on claims made by owners of investment properties and holiday homes. Apportionment of Rental Income and Deductions...
by Quinns_News | Feb 22, 2017 | Blog
To understand your tax situation you need to determine if you are an Australian or foreign resident for tax purposes. As an Australian tax resident your assessable income includes ordinary income derived from all sources, whether in or out of Australia, during the...
by Quinns_News | Feb 22, 2017 | Blog
As one of the key changes for small business, the federal government has an increased the instant asset write-off threshold to $20,000 (up from $1,000). This allows small business taxpayer to get an immediate tax deduction for all individual depreciating assets that...
by Quinns_News | Feb 15, 2017 | Blog
If you use you use you mobile phone, home phone or internet for work purposes you may be able to claim a deduction. To be eligible you must not be reimbursed for these expenses and must be able to support your claim. The private portion of your usage is not eligible...
by Quinns_News | Feb 15, 2017 | Blog
The Small Business Grant is a key priority of the New South Wales Government. The grant is designed to encourage the nearly 650,000 small businesses in New South Wales that do not pay payroll tax to hire new employees and expand their business. Eligibility To be...
by Quinns_News | Feb 8, 2017 | Blog
How do tax law partnerships differ from regular partnerships? A tax law partnership is defined by the ATO as an ‘association of persons (other than a company or a limited partnership) … in receipt of ordinary income or statutory income jointly’. This differs to...
by Quinns_News | Feb 8, 2017 | Blog
As a result of the attention placed on these claims, audit adjustments and penalties being imposed on individuals are a common occurrence. Outlined below are two examples of cases that the ATO had adjusted and imposed penalties on the respective individuals. In both...
by Quinns_News | Feb 1, 2017 | Blog
Building or renovations can be a stressful time for you as you wait to see your dream home or building come to life and unfortunately things may not always go to plan. Disputes may arise between you and your builder or tradesperson. However there are a number of steps...
by Quinns_News | Feb 1, 2017 | Blog
It’s a question we get asked all the time. To be frank, the question of how to value a business does not have a clear answer – it’s a mix of both art and science. Despite that, this article endeavours to outline some of the considerations business valuers make while...
