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...
by Quinns_News | Aug 20, 2014 | Tax Advice and Updates
A reminder that all trustees who make beneficiaries entitled to trust income by way of a resolution must do so by the end of an income year (30 June). This resolution will determine who is to be assessed on the trust’s taxable income. Things to Know If no...
by Quinns_News | Jul 16, 2014 | Tax Advice and Updates
The ATO have stood by their belief that dividend washing is an illegal practice, slapping around 3000 fund managers, stock brokers and investors with a personal letter at the end of last month which threatened audits and steep penalties on those who did not “come...
by Quinns_News | Nov 27, 2013 | Tax Advice and Updates
The Australian Taxation Office is targeting small practice accountants and lawyers who use discretionary trusts to minimise income tax. A discretionary trust, also known as a family trust, is one in which the trustee is given the power, or discretion, to decide who...
