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Do you have a self-managed superannuation fund?

Do you have a self-managed superannuation fund?

Does your accountant prepare your financial statements in Australia, or is your financial information processed offshore? At Quinn Consultants (our taxation and accounting arm of the business) and Quinn Financial Planning (our financial planning and investment division), all taxation, accounting, and financial planning is done within Australia. It is becoming more prevalent for accountancy and […]

Are you a Director of a company?

Protection of assets. Many business owners choose to operate their business through a corporate structure. Running a business can be fraught with pitfalls and risks, particularly during times of high inflation. Separating your business and personal assets helps to segregate your business risks away from your personal assets. The business risk could involve a lawsuit […]

Did you know that 40% of people will face a cancer diagnosis by the time they reach 85?

Did you know that 40% of people will face a cancer diagnosis by the time they reach 85?

What impact would a traumatic event have on you and your family? Trauma events encompass severe medical conditions that have the potential to affect the well-being of you or your loved one. These include conditions like: Conditions like cancer and strokes can strike without warning, affecting the person facing the illness and the entire family. […]

Do you work from home? Are you using the fixed rate method to claim your tax entitlements?

Do you work from home? Are you using the fixed rate method to claim your tax entitlements?

With more taxpayers working from home, you are no doubt aware that you can claim a fixed rate tax deduction of 67c per hour. Unlike previous years this fixed rate amount includes the additional running expenses you incur, such as; Please ensure that you do not claim the 67c per hour and the above running […]

Are you over 55 and thinking of moving or selling your home?

Are you over 55 and thinking of moving or selling your home?

Many baby boomers are asset-rich and cash-flow or income-poor.  You may be aware that a number of years ago, the Federal Government introduced the ‘downsizing contribution’ into superannuation.  The concept of this concession was to allow homeowners to contribute $300,000 into their superannuation fund when they sell their home, subject to certain conditions.  Originally in […]

Do you own an investment property? – Part 2

Do you own an investment property? – Part 2

Repairs and maintenance are tax-deductible expenses, yet improvements to the property or capital works or replacement of items are not tax deductible. Deductions claimed for repairs, and maintenance are an area that the Tax Office always looks closely at, so it’s important to understand the rules. An area of major confusion is the difference between […]

Do you own an investment property?  – Part 1

Do you own an investment property?

The ATO is targeting investment property owners – what you need to know. The ATO believes there is a shortfall in tax revenue of around $1 billion dollars due to property investors over-claiming tax deductions or under-declaring the assessable rent. Rather than relying solely on the information presented in the self-assessed income tax return, the […]

Do you feel financially stressed? If so, you are not alone.

Do you feel financially stressed? If so, you are not alone.

“Financial stress can be defined as difficulty meeting basic financial commitments due to a shortage of money. Financial stress can negatively impact an individual’s health and psychological well-being.” 1 The typical causes of financial stress are the current economic climate, concerns with rising living costs, rising inflation, and increasing interest rates. According to the 2022 […]