by Quinns_News | May 29, 2015 | Accounting News
The Commissioner of Taxation recently released the annual report for 2013-14 which highlighted an alarming increase in the number of Self Managed Super Fund (SMSF) trustees that were declared disqualified persons by the ATO. A disqualified person is prohibited from...
by Quinns_News | May 29, 2015 | Accounting News
Cash flow management is one of the most important aspects in running a business. The right accounting system assists in cash flow management, however, many small business owners still use an Excel spreadsheet to monitor financial performance and don’t utilise the...
by Quinns_News | May 29, 2015 | Accounting News
If you conduct a business activity as an individual or as a partner in a partnership that resulted is a loss you may be able to offset those losses against your income from other sources, for example wages. The losses cannot be offset against other assessable income...
by Quinns_News | May 20, 2015 | Accounting News
When you share the ownership of a capital gain tax (CGT) asset with others, you need to establish what each owner’s share or interest in the asset is. How to establish individual assets Individuals who own an asset as tenants in common (TIC) may hold unequal interests...
by Quinns_News | May 6, 2015 | Accounting News
The recent Federal Court case demonstrated that transferring a Capital Gains Tax (CGT) asset to a trust may trigger a CGT event and, consequently, gives rise to CGT liabilities. In this case the taxpayer transferred land to a joint venture trust for the purpose of...
by Quinns_News | Apr 22, 2015 | Accounting News
The Australian tax system relies on taxpayers self-assessing. This means that you are responsible for working out how much you can declare and claim on your tax return. You also need to be able to show how you arrived at these figures– in some cases you may be...
