by Quinns_News | Oct 22, 2014 | Consumer News
Allowable deductions reduce taxable income; whereas, tax offsets directly reduce the amount of tax payable on your taxable income. They provide greater benefit. Often, tax offsets referred to as rebates. In general, tax offsets can reduce your tax payable to zero but...
by Quinns_News | Oct 15, 2014 | Accounting News
You can deduct certain expenses associated with your rental property. You can claim a deduction for the cost of advertising for tenants, rates and taxes, insurance etc. in the income year these expenses incurred. Other expenses are claimed over a number of years, such...
by Quinns_News | Oct 15, 2014 | Accounting News
There are many aspects to consider when buying into a franchise. What business structure is most suitable for your business? What are the tax consequences when you commence, run or terminate a franchise? When and where to get legal advice? When you buy a franchise you...
by Quinns_News | Oct 8, 2014 | Accounting News
The ATO has strict rules requiring you to substantiate work-related deductions. Generally you must have written evidence to prove your claims if the total claims exceed $300. The records must prove the total amount, not just the amount over $300. The documentation...
by Quinns_News | Oct 8, 2014 | Accounting News
The Australian Business Number (ABN) was introduced on 1 July 2000 to enable businesses in Australia to deal with a range of government departments and agencies using a single identification number. The ABN is a public number which does not replace your tax file...
by Quinns_News | Oct 1, 2014 | Accounting News
As an Australian resident for tax purposes you are liable to pay an income tax on your taxable income which is calculated by subtracting allowable deductions from assessable income. The greater the deductions that you can claim, the smaller will be the taxable income...
by Quinns_News | Sep 24, 2014 | Accounting News
One thing to think is how many challenges your business faces. Are there enough? In an environment of great political, legislative, economic, social & technological change, success will not come naturally. You need to make important decisions about how you operate...
by Quinns_News | Sep 24, 2014 | Accounting News
The majority of clients seek advice regarding day-to-day business transactions. There is a fundamental difference between tax planning and tax evasion. Tax planning is a legitimate practice aimed to minimise tax liabilities through activities that are allowed under...
by Quinns_News | Sep 17, 2014 | Accounting News
The Director’s Penalty Regime (‘DPR’) was introduced in 1993. The main objective of the DPR is to ensure that directors cause their companies to meet the relevant tax obligations or promptly put the company into administration or liquidation. Initially, directors...
by Quinns_News | Sep 17, 2014 | Accounting News
If you are a foreign or temporary resident or the trustee of a foreign trust, you are subject to CGT if a CGT event happens to a CGT asset that is taxable Australian property (TAP). Under the Income Tax Assessment Act 1997 (Cth) (ITAA97) CGT assets that are taxable...
