The Quinn Group Blog
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The Quinn Group shares the latest news and updates on all things business, legal, and accounting and for individuals too. The Quinn Group is an integrated, accounting, legal, and financial planning practice offering expert advice to help you achieve your business and personal goals.
The Quinn Group Blog
1M ago
As a company director in Australia, it’s imperative to understand and fulfil your key duties to ensure the smooth operation and legal compliance of your company. Failure to do so can result in severe consequences – financially and legally – for both the company and you personally.
We have outlined some of the core responsibilities, as well as important considerations, to be aware of before, and during, your period as a company director.
Considerations when Accepting the Role of Company Director
As a company director, you are entrusted with guiding and overseeing the management of y ..read more
The Quinn Group Blog
1M ago
In the realm of estate planning and asset management, trusts are an invaluable tool for safeguarding assets and ensuring their effective distribution, in accordance with your wishes. However, creating a trust is only the initial step in a lifelong journey of effective wealth management. Just like any legal instrument, a trust deed requires periodic review and subsequent updates may be required to ensure that it remains accurate and effective. Over time, it is likely that changes in circumstances, laws, and personal objectives may occur and so it is important to review and update any trust deed ..read more
The Quinn Group Blog
2M ago
Cash flow serves as the lifeblood of any business. Encompassing the inflow and outflow of funds essential for day-to-day operations, investments, and growth initiatives – effective cash flow management is a crucial component in determining the success and sustainability of any business.
Despite its importance, many businesses are not confident in their current cash flow management system. A study by CommBank in 2021 found that nearly half (42%) of Australian business owners identified cash flow as their primary concern.
For Australian businesses, the challenges associated with cash flow ..read more
The Quinn Group Blog
2M ago
We’ve compiled everything you need to know on the complex topic of capital gains tax (CGT) in one easy-to-find place.
Capital Gains Tax is perhaps one of the most wide-ranging and complicated taxes in the Australian tax system. It has diverse applications in a range of scenarios, including:
selling your main residence
divorce and separation
inherited properties
foreign residents
Below, you can find a summary and links to a selection of our previous CGT articles that cover the above topics. You’ll find the core points to help you to gain an understanding of each.
Capital Gains Tax is complex ..read more
The Quinn Group Blog
3M ago
Make 2024 the year that you take action on your wills, estate planning and trusts.
For a lot of us, the start of a new year often brings with it a renewed energy for making to-do lists (it might be one, or many!), and a commitment to getting those things done.
With that fresh burst of motivation, it is the perfect time to tackle all of those important things that you know you really should do, but perhaps just never seem to get around to, like:
drafting or updating your will
putting some estate planning in place, and
reviewing or establishing any trusts.
Luckily for you, at The Quinn Group w ..read more
The Quinn Group Blog
5M ago
Hi,
Welcome to the November 2023 edition of The Quintessential Brief.
As we approach the end of yet another year, it is a great opportunity to take stock of all that has happened this year, and look forward to where we expect things will go next.
Mixed Landscape: Financial Challenges & New Opportunities
While the days of COVID lockdowns and business shutdowns may behind us, unfortunately our economy is still struggling to recover. This presents itself in many different ways, with the increased cost of living, business pressures and a overall sense of cautiousness across the majority of bus ..read more
The Quinn Group Blog
6M ago
It is widely accepted, that for the most part, preparing a valid will ensures that your testamentary wishes will be carried out upon your passing.
While of course that is the case in most instances, it is important to be aware that it is possible that sometimes the estate will not be distributed as intended, despite there being a valid will in place.
If you are the one that is making the will, or has passed, this perhaps offers little comfort. But by being aware and seeking individually tailored advice for your situation, there are steps that you can take to better protect your testamentary wi ..read more
The Quinn Group Blog
6M ago
As the saying goes, “There’s only 2 certainties in life, death and taxes”.
Separately, both can be costly, stressful and time consuming. And so when it comes to dealing with tax implications on estate planning, or in the unfortunate event of someone’s passing, there can be additional pressure if appropriate tax advice and planning was not undertaken prior.
In preparing to deal with both of these inevitable matters, there are a number of considerations when it comes to tax implications and estate planning.
As the tax landscape is an ever-changing thing, considering the effects of tax implicatio ..read more
The Quinn Group Blog
7M ago
Earlier this year, the 2023/24 Federal Budget allocated more than $40 million to the Australian Taxation Office (ATO) to be utilised in targeting Superannuation Guarantee compliance, and it hasn’t taken long to see the increased activity in this area.
The current ATO super guarantee compliance focus is zeroing in on the details to ensure a stricter level of compliance across business and employer obligations.
Now, ATO activities look at not only were all the super contribution payments made, but were they on time? If they were late, how late? They are getting much quicker, and more effic ..read more
The Quinn Group Blog
7M ago
Do you know what you can do, or what steps should you take, if you have lost a trust deed?
Losing a trust deed can give rise to significant tax and commercial challenges that can be both difficult and time-consuming to resolve. Without a trust deed, for example, a trustee cannot carry on business without a power contained within the deed. There may also be complications with securing financing, as banks typically require a copy of the deed for verification. These are just a few of the problems that you may face if you have lost a trust deed. In this article, we will examine some of the potenti ..read more