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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...
GST treatment of digital currency The Government will align the GST treatment of digital currency with money. The treatment of digital (or crypto) currency for GST purposes has been hugely challenging for the Government. Digital currency refers to things such as bitcoin, although there are apparently over 600 other currencies available. ATO rulings released in December 2014...
Major bank levy from 1 July 2017 The Government will introduce a major bank levy for authorised deposit-taking institutions (ADIs) with licensed entity liabilities of at least $100 billion from 1 July 2017. The threshold will be indexed to grow in line with nominal gross domestic product. The levy will be calculated quarterly as 0.015% of an ADI’s licensed...
The Competition and Consumer Amendment (Payment Surcharges) Act 2016 commenced on 25 February 2016. The Act inserts a new part into the Competition and Consumer Act 2010 (CCA) which bans excessive payment surcharges. The Standard applied to ‘large merchants’ from 1 September 2016, However, from 1 September 2017, this applies to all other merchants. Surcharges will be deemed excessive...
We often get asked by clients if they are required each year to lodge a tax return. This is especially true of those with low incomes or have recently retired. Under normal circumstances, if you earned $18,200 or less in the past financial year AND you had no tax withheld from that income, you might not be...
Many of our clients operate their business from home rather than rented commercial premises. The types of expenses relating to their homes that are available as tax deductions is commonly misunderstood. The below is a summary of what can be claimed as home office expenses for a home-based business If you are a sole trader...
Bill Shorten has announced that he intends to impose a ‘minimum tax rate’ of 30 per cent on distributions made from discretionary trusts to adult beneficiaries as an effort to ‘crackdown’ on income splitting and tax minimisation by high wealth individuals if Labor get elected. Whilst details of the actual rules are very sketchy, if...
The Government will seek to legislate to close a loophole that could be used by unscrupulous employers to short-change employees who choose to make salary sacrificed contributions into their superannuation accounts. The Government will introduce a Bill into Parliament this year that will ensure an individual’s salary sacrificed contributions do not reduce their employer’s superannuation...
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2026 Quantiphy – Eastern Suburbs, Sydney. All Right Reserved. Website By Omni Online
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