by Quinns_News | May 13, 2015 | Consumer News
The 2015-16 Federal Budget focuses on small businesses with aggregated annual turnover of less than $2 million. 1. Small business · CGT-roll-over for small business restructures From 01 July 2016 small businesses with an aggregated annual turnover of...
by Quinns_News | May 6, 2015 | Accounting News
The recent Federal Court case demonstrated that transferring a Capital Gains Tax (CGT) asset to a trust may trigger a CGT event and, consequently, gives rise to CGT liabilities. In this case the taxpayer transferred land to a joint venture trust for the purpose of...
by Quinns_News | May 6, 2015 | Consumer News
Partners should think very carefully before guaranteeing a loan. If you guarantee your partner’s loan this will mean that you are responsible for the repayments of the debt if he or she defaults. If the borrower fails to repay the loan then you as guarantor may end up...
by Quinns_News | Apr 29, 2015 | Legal News
In March 2014, there was a major amendment and update to the Privacy Act 1988 (Cth). The original legislation was enacted in 1988 with the aim of protecting personal information. However, the original Act never foresaw the internet era in which individuals are sharing...
by Quinns_News | Apr 29, 2015 | Consumer News
By way of background in 2007 the Australian Government allowed superannuation funds to borrow under strict conditions. As a result of this legislation, executives, professionals and family owned businesses have chosen to purchase direct property as their investment of...
by Quinns_News | Apr 22, 2015 | Tax Advice and Updates
The CGT Small business concessions may reduce or eliminate a taxable capital gain a taxpayer makes when a CGT event happens in relation to a CGT asset. Discretionary Trust Key Points In order to access any of the small business concessions (SBCs), a taxpayer must...
by Quinns_News | Apr 22, 2015 | Accounting News
The Australian tax system relies on taxpayers self-assessing. This means that you are responsible for working out how much you can declare and claim on your tax return. You also need to be able to show how you arrived at these figures– in some cases you may be...
by Quinns_News | Apr 15, 2015 | Consumer News
Do you have an investment property which is being rented out to a tenant? Jessica and Daniel had purchased their first investment property in Sydney’s inner west. They had made many improvements on the property prior to leasing it out. Landlord Insurance On their...
by Quinns_News | Apr 15, 2015 | Accounting News
Have you filled in your Application? The Research & Development (R&D) Tax Incentive is a targeted, generous and easy to access entitlement program that helps businesses offset some of the costs of doing R&D. The program aims to help more businesses do...
by Quinns_News | Apr 8, 2015 | Tax Advice and Updates
As part of the 2014-15 Federal budget the Government announced that it will impose a Temporary Budget Repair levy of 2% on that part of a person’s taxable income which exceeds $180,000. The legislation for this has passed Parliament and the levy now applies to...
