by Quinns Blog | Mar 11, 2020 | Accounting News, Tax Advice and Updates
Fringe Benefits Tax (FBT) is a tax imposed on the employer. Where a benefit is provided by an employer (or associates of the employer) to its employees (or associates of the employee), FBT may be payable by the employer. For the employee receiving a benefit that is...
by Quinns_News | May 31, 2016 | Tax Advice and Updates
Recently the ATO increased focus on rental property deductions. You can claim expenses relating to your rental property but allowable deductions cannot be claimed in relation to a rental property unless the property is held for rental (genuinely available for rent) or...
by Quinns_News | May 20, 2015 | Tax Advice and Updates
Division 7A is an integrity measure aimed at preventing private companies from making tax-free distributions of profits to shareholders (or their associates). In case where the Division 7A has been breached, the improperly distributed profit is deemed to be assessable...
by Quinns_News | Apr 22, 2015 | Tax Advice and Updates
The CGT Small business concessions may reduce or eliminate a taxable capital gain a taxpayer makes when a CGT event happens in relation to a CGT asset. Discretionary Trust Key Points In order to access any of the small business concessions (SBCs), a taxpayer must...
by Quinns_News | Apr 8, 2015 | Tax Advice and Updates
As part of the 2014-15 Federal budget the Government announced that it will impose a Temporary Budget Repair levy of 2% on that part of a person’s taxable income which exceeds $180,000. The legislation for this has passed Parliament and the levy now applies to...
by Quinns_News | Mar 4, 2015 | Tax Advice and Updates
Generally, you can claim a deduction for most expenses you incur in running your business as long as they are directly related to earning your assessable income. Working or operating expenses (for example, advertising or accounting fees and wages) can be claimed in...
