by Quinns_News | Jan 13, 2016 | Accounting News
New laws have passed regarding depreciation that allow small businesses to claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000. This will temporarily replace the previous...
by Quinns_News | Dec 2, 2015 | Accounting News
While a trustee holds assets in the trust for the benefit of the beneficiaries in accordance with the trust deed, they have the right to be indemnified from any such assets. This means that the trustee can use the assets of the trust for that purpose prior to...
by Quinns_News | Nov 24, 2015 | Accounting News
Last year, ATO data matching cross-referenced information reported in tax returns against over 600 million transactions provided to it by third parties to identify omitted income and gains, or incorrectly-claimed offsets or entitlements to exemption from surcharges....
by Quinns_News | Nov 24, 2015 | Accounting News
The Tax Practitioners Board (TGB) has issued an information sheet [TBP(I) 09/2011] which explains when software providers are, or are not, performing tax agent or BAS services. The following are four examples that it provided where software providers are performing...
by Quinns_News | Nov 24, 2015 | Accounting News
With the new financial year come new changes and adjustments to the tax system and your options for lodgement including the expanded use of your myGov account. The overwhelming paperwork and figures required by the Australian Tax Office (ATO) understandably makes this...
by Quinns_News | Nov 24, 2015 | Accounting News
The debt owed to the Australian Taxation Office (“ATO”) has ballooned to over $19.5 billion. Tax debt has increased by 10% as of June 2014, compared to the previous year’s figures. It seems that the Australian tax debt is growing at a much faster rate than the ATO’s...
