by Quinns_News | Jan 22, 2014 | Accounting News
In the recent case of Waldeck, an employee was subject to an administrative penalty because the taxpayer had claimed Pay As You Go amounts which had not been withheld by the employer. Ordinarily, taxpayers can claim a credit equal to the total amount withheld by the...
by Quinns_News | Jan 22, 2014 | Small Business News
You should note that certain payments must be reported under the Building and Construction Industry regime. These payments involve: – A purchaser carrying on a business (or the activity is conducted in a commercial context) that is primarily in the BCI....
by Quinns_News | Jan 15, 2014 | Legal News
A testamentary trust occurs where a Will establishes a trust in which one or more assets of the deceased must be held on trust for the benefit of one or more beneficiaries. CGT roll-over relief (which allows the taxpayer to delay paying CGT) will not apply unless the...
by Quinns_News | Jan 15, 2014 | Accounting News
There has been a recent attempt to stamp out abuses of LAFHA benefits (such as employees converting taxable salary and wages into tax-free LAFH benefits that exceeded actual costs incurred by an employee whilst away from home). For example, additional conditions have...
by Quinns_News | Jan 8, 2014 | Consumer News
Privacy can mean different things to different people. Just to give a few examples, it can involve the protection of your bodily integrity, your peaceful and quiet enjoyment of property or even the preservation of important or secretive information. Although the...
by Quinns_News | Jan 8, 2014 | Accounting News
Employers could be fined for failing to correctly classify workers as employees rather than independent contractors (and thus failing to withhold payments under the PAYG tax scheme and failing to pay superannuation contributions). In the recent case of Farant, the...
by Quinns_News | Dec 11, 2013 | Consumer News
According to the ASFA Retirement Standard June 2013 quarter, below is the annual budget needed by Australians to fund a comfortable standard of living in their retirement years. Expenses ASFA Modest Standard of Living ASFA Comfortable Standard of Living Housing...
by Quinns_News | Dec 11, 2013 | Small Business News
Businesses only has a couple of weeks left to buy and install assets worth up to $6,500 to take advantage of the instant asset write-off provisions to be stricken from the tax law from January 1 2014. The small business concession, which applies to businesses making...
by Quinns_News | Dec 4, 2013 | Financial Planning News
Capital Gains Tax (CGT) can be a very complex issue especially for someone who is not familiar with tax law. CGT is a tax paid on any capital gain that is made in a given financial year. This can include the sale of a property, shares or managed fund investments. It...
by Quinns_News | Dec 4, 2013 | Financial Planning News
Unless you measure business performance, there is no way of telling whether your business requires attention. In order to improve profitability against your goals and benchmarks, you need to measure it against past results. This is done by measuring the current...
