News

Whether you are a sole trader or employer, claiming motor vehicle expenses in your tax return is an area we find clients are often misinformed as to their requirements on acceptable record keeping. As we are seeing increased scrutiny by the ATO in this area the information below should be of interest to those clients...

When it comes to planning the work Christmas party, there’s more to think about than just venue, entertainment and catering. You may want to consider if you’ll need to pay fringe benefits tax (FBT) when rewarding your employees with gifts or parties this Christmas. For your work Christmas party you’ll need to consider: how much...

At this time of year our retail clients, in particular, sell gift vouchers to Christmas shoppers which can be exchanged for good or services. However, we have found the correct tax treatment of these voucher sales are often misunderstood. When selling a gift voucher it is important to know when to report the GST for...

Intellectual Property (IP) is a new idea or invention that is commercially (or artistically) useful. IP is an important intangible asset that can complement the tangible assets of a business. It exists in various forms: a brand, new innovative product or process, design or piece of software. IP rights protect a business’s competitive point of...

Getting super right is an important part of being an employer. Likewise, as an employee, ensuring your employer is correctly paying your entitlement in a timely manner is also something to be considered. Unfortunately, we often see that during a cashflow crisis in a business, whether it be a short or long term problem, ceasing paying employee...

For many of our clients, especially those in hospitality, restaurants/cafe and retail, the summer months and especially the Christmas/New Year period is extra busy. If you are seeking to hire extra workers for this busy holiday season, it is important to get a few things straight first so you are not left with any costly...

At Quantum Partners we lodge hundreds of tax returns each year for clients who own investment properties. These may be residential or commercial properties and either wholly owned, jointly owned or via partnerships, family trusts or SMSFs. Below is a summary of tips to manage those properties and ensure the optimum tax results come tax time and also...

In the interests of better protecting our client’s personal information and in saving time & paper, Quantum Partners has recently implemented DocuSign, a software solution to support instant sign-off on documents requiring your signature. Initially we intend to use this for Electronic Lodgement Declarations (ELD) for individual income tax returns. This is planned to commence...

The foreign resident capital gains withholding (FRCGW) regime has widespread implications for buyers and sellers of real estate in Australian, irrespective of whether you are resident of Australia for taxation purposes. Not fulfilling legal obligations in relation to a property transaction can result in heavy penalties for non-compliance. Recent legislative changes extended the rules that...

Many of our clients enter into commercial lease agreements to conduct the operations of their businesses, whether it be a café, restaurant, office space or factory and we have seen many clauses in commercial leases being overlooked which can come back to haunt you as the lessee. Entering into a commercial lease can be an...