by Quinns_News | Mar 18, 2015 | Accounting News
Later in your life the government provides age pension to ensure that elderly people have a minimum level of income to meet their retirement living expenses. To be eligible for an age pension you have to pass three tests. Age-test eligibility for the age pension is...
by Quinns_News | Mar 18, 2015 | Legal News
Unexpected tax liabilities for the beneficiaries of a trust A Trust is one of the most common business structures in Australia. It has certain tax advantages; it helps to transfer wealth between the generations and it provides asset protection. A trust is set up...
by Quinns_News | Mar 11, 2015 | Consumer News
There has been continuous debate on how to treat a taxpayer who buys and sells shares. Is he a share trader or a share investor (share holder)? The distinction is crucial for tax purposes; in particular, how to account for losses arising from share trading activities....
by Quinns_News | Mar 11, 2015 | Small Business News
Businesses across the board work day to day with a number of potential risks – from big ones like an unstable economy and ever changing technology, so more mundane ones like power failure and litigious staff members – so having a risk management plan in place is vital...
by Quinns_News | Mar 4, 2015 | Accounting News
Businesses that deliberately hide income to avoid paying the right amount of tax or superannuation are part of what the ATO calls the cash and hidden economy. What is the ATO Benchmark? The ATO uses benchmarks, amongst other indicators, to identify businesses that may...
by Quinns_News | Mar 4, 2015 | Tax Advice and Updates
Generally, you can claim a deduction for most expenses you incur in running your business as long as they are directly related to earning your assessable income. Working or operating expenses (for example, advertising or accounting fees and wages) can be claimed in...
by Quinns_News | Feb 25, 2015 | Tax Advice and Updates
Non Taxable Donations Generally, when a taxpayer makes a donation (cash or property) to a charity or other deductible gift recipient (DGR) they could claim a deduction. However, if it is a testamentary gift, the deceased estate cannot claim a deduction. Therefore, if...
by Quinns_News | Feb 25, 2015 | Accounting News
The deadline for annual Goods and Service Tax (GST) returns is fast approaching. You can either lodge your GST return monthly, quarterly or annually depending on your eligibility. If your business reports annually, you must complete the return to report GST by the...
by Quinns_News | Feb 18, 2015 | Legal News
One of the first things to be aware of when setting up a new business is the host of legal issues that will affect you. Business names, Australian Business Numbers, licenses, business structures, contracts, copyright and the privacy act are all pertinent legal issues...
by Quinns_News | Feb 18, 2015 | Accounting News
How to Calculate Depreciation All businesses and organisations need to account for the consumption, or depreciation, of their assets over time in a way which accounts for the assets’ declining value. Depreciation is defined as the value of an asset over its useful...
