by Quinns_News | Apr 1, 2015 | Consumer News
What are Collectibles: Collectibles are personal use assets and include artwork, jewellery, boats, wine, antiques, artefacts, coins, medallions or bank notes, postage stamps, rare folios, manuscripts or books, memorabilia, motor vehicles and motor cycles, recreational...
by Quinns_News | Mar 25, 2015 | Legal News
Affidavit Explained An affidavit is a formal written document which describes a person’s own account of events in a prescribed format. A person making the affidavit is called a ‘deponent.’ What does an affidavit contain? The contents of an affidavit must be factual...
by Quinns_News | Mar 25, 2015 | Accounting News
Tax planning is significant at any stage of your life. It is particularly important if you have been diagnosed with a terminal illness. Organising the financial affairs prior to passing away will help the executor of your Will to administer the estate more...
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...
