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...
by Quinns_News | Feb 25, 2015 | Tax Advice and Updates
Non Taxable Donations Generally, when a taxpayer makes a donation (cash or property) to a charity or other deductible gift recipient (DGR) they could claim a deduction. However, if it is a testamentary gift, the deceased estate cannot claim a deduction. Therefore, if...
by Quinns_News | Dec 10, 2014 | Tax Advice and Updates
During challenging economic times some businesses face a situation when they are unable to meet their financial obligations as they fall due. Whenever a debt is forgiven, assigned or otherwise dealt with the taxpayer should consider the application of the Commercial...
by Quinns_News | Aug 27, 2014 | Tax Advice and Updates
From the 2013 income year the small business entities (SBE) capital allowance rules were amended to make the SBE pooling arrangement simpler. A SBE is a business (including the individual, partnership, company or trust) that carries on the business activity with...
