by Quinns Blog | Jul 24, 2019 | Blog
Under certain circumstances pre-1 July 2019, the ATO agreed that an interest deduction should be allowed for holding vacant land. Typically, the taxpayer’s argument was accepted where the interest was incurred on borrowed funds used to acquire a property that was...
by Quinns Blog | Jul 18, 2019 | Blog
The financial reporting thresholds for ‘large’ proprietary companies have increased effective from 1 July, 2019. For the 2020 financial year, a proprietary company will be considered ‘large’ if it meets at least two of the following criteria: The consolidated revenue...
by Quinns Blog | Jul 10, 2019 | Blog
In November 2018, Commonwealth Bank of Australia (CBA) chair Catherine Livingstone was in the dock at the Hayne Royal Commission with Rowena Orr, QC who quizzed her about the keeping of CBA’s minutes. One of the issues raised during the banking Royal Commission was...
by Quinns Blog | Jul 10, 2019 | Blog
The Taxable payment reporting system (TPRS) protected $2.7 billion from being lost to the black economy in the building and construction industry in the 2015-16 financial year. And now other “high risk” businesses are in the ATO’s sights as the end of financial year...
by Quinns Blog | Jul 3, 2019 | Blog
On 12 March 2019, the Treasury Laws Amendment (2018 Measures No. 5) Act 2019 became law. Among other things, it repeals section 51(3) of the Competition and Consumer Act 2010 (‘CCA’), a provision that exempts IP owners from some aspects of competition law when they...
by Quinns Blog | Jul 3, 2019 | Blog
The term cash economy refers to economic activity which takes place outside the tax system for the purpose of avoiding tax liabilities. The ATO state that some business owners hide income and don’t pay the right amount of tax or superannuation. In this coming...
