News

The Turnbull Government is continuing to take action to ensure Australian workers are paid the superannuation entitlements that they are owed. On 24 May 2018, the Federal Government introduced legislation to complement the sweeping superannuation guarantee (SG) integrity package already before Parliament by introducing a one‑off, twelve month amnesty for historical underpayment of SG. The...

Business benchmarks are a guide to help you compare your business’s performance against similar businesses in the same industry. These ATO published benchmarks are financial ranges to help compare your business’s performance against others in your industry. Performance benchmarks are financial ranges for your industry to help you work out how you compare to other businesses...

At Quantum Partners we consider the protection of your client data and your personal information, including your TFN as a paramount responsibility. We constantly monitor our computer and internal systems and our electronic communication with you to minimise any chances or your data being exposed either deliberately by an outsider or accidentally by us. Recent...

The NSW Government has reformed the compulsory third party (CTP) insurance scheme. Part of these reforms that started on 1 December 2017 resulted in reduced costs of CTP Green Slips for vehicle owners and better support people injured on our roads. If you were the registered owner of a private vehicle as at midnight 30...

Single Touch Payroll is a reporting change for employers. It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their software payroll provider at the same time they pay their employees. Employers may need to update their payroll solution to report through Single Touch Payroll. For...

When the going gets tough, would you like to be in modern offices in Bondi Junction with access to gym, sauna, swimming pool and shower facilities? How does team building on ocean cruises and weekends to Byron Bay appeal to you? Do you want to develop your accounting career in a commercial environment? Do you...

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...