by Quinns_News | Oct 29, 2014 | Accounting News
When you are buying a business you may incur various initial expenses before the transaction is actually completed. These costs include legal fees to draft a contract or expenses to carry out a due diligence audit of the acquiring business and other incidental costs....
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...
