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QBCC Requires Annual Reporting

QBCC Requires Annual Reporting The Annual Reporting requirement is part of the new reporting requirements that the QBCC introduced in the 1 April 2019 legalisation changes. The Annual Report The Annual Report asks each licensee to provide the QBCC with Financial Information (essential profit & loss and balance sheet information) from the most recent financial[…]

5 Minutes with David Wood

We’d like to introduce our team. Accountants aren’t just all about numbers, you know (although we love those too). Here are a few little things you might not know about our quirky team, starting with David Wood.   What is your role at QC Accountants? Business Development Manager   Where did you grow up? Gold[…]

The Middle-Income Tax Offset – An Explanation

As you may already be aware, as of July 2019, there was a new tax offset available to middle-income earners. This means that people earning an income within a certain range may have been eligible to have their tax reduced by a specific amount. What does this mean for you, and by what amount? Read[…]

Single Touch Payroll – from the Employers and Employees perspectives

Single Touch Payroll – For Employers & Employees On 1 July 2018 the Australian Taxation Office (ATO) began the rollout of their new ‘more efficient’ system for employers to report their employee’s wages, tax & super (Employee Obligations) information to the ATO. The Summary This system has been labelled as ‘single touch payroll’ as it[…]

Selling your Cryptocurrencies at a loss

To HODL or not to HODL – that appears to be the question of the day. We have received a lot of questions recently about the income tax consequences of selling Cryptocurrencies for a loss. Your reporting obligations will largely depend on whether you are treated as a Cryptocurrency trader (business), investor or a personal[…]

Car expenses you can claim as an employee

Daily Tax Tips – Are you prepared for 2020?? Day 1 – Car expenses you can claim as an employee! As an employee, you can claim tax deductions for your motor vehicle if you use it for work purposes. These include transporting tools and equipment, travelling between workplaces & travelling away for work (“business kms”).[…]

Tradies – buy your business a Christmas Present

We all love to give presents to our friends and family during the Christmas period but there has never been a better year to give your business a Christmas Present. In May 2015, the Government provided a significant incentive for small business owners to purchase business assets up to the value of $20,000. What does[…]

Tips to enjoying Christmas with your staff

We all love to spread the Christmas cheer and share the holiday season with our staff, friends & families. Before you provide your employees with Christmas gifts or parties we encourage you to consider the Fringe Benefits Tax implications. Background – what is Fringe Benefits Tax (“FBT”) Fringe Benefits Tax (FBT) is charged to employers that provide employees[…]

QC Accountants and the Pet Selfie Competition

The 2015 Pet Selfie Competition QC Accountants and Mortgage Choice Robina were proud to host the 2015 Pet Selfie Competition. The 2015 Pet Selfie competition ran throughout September and headlined at the 2015 Pet & Animal Expo held at Varsity Lakes, Gold Coast. In its inaugural year, the competition was an overwhelming success with over 200 entrants,[…]

Penalty for failure to lodge on time?

Received a penalty for a failure to lodge from the Australian Tax Office? You are not alone with the Australian Taxation Office (“ATO”) being on a significant collection drive by sending these types of notices for overdue income tax, GST, activity statements and other lodgements. The ATO calculate the the dollar value of the penalties by[…]

Budget Measures & How It will affect you.

Small Business are clear winners in the 2015 Federal Budget.  Q&C Accountants are pleased to be able to provide you with the below snapshot of the budget changes & how they may affect your business. There are a raft of other changes in relation to Health, Care, Defence & business. We note that most of[...]

Prepare now for 2015

Prepare now for 2015

Do you still need to lodge your 2014 Income Tax Return?

Still need to lodge your 2014 Income Tax Return? Join many other clients and be provided with Quality – Mobile, Afterhours & Weekend Tax Preparation Services.  Call us today – (07) 5535 0767 or 0404 935 495 There is still time to lodge without potentially being penalised by the ATO. If you lodge through a[…]

Cash v Accrual Accounting Methods

Cash vs. Accruals  – knowing your options. Business owners with an annual turnover of under $2 million per year, have a choice whether to report their GST using a ‘cash’ or ‘accrual’ method. This can result in substantial differences in respect to Quarterly GST  and annual Income Tax refunds / payments. What Is the Difference[…]

Salary & Wage Earners

Salary & Wage Earners  We will professionally prepare your tax lodgments However we are keen to empower our customers with more information on their Income Tax obligations – as we recognise many of our customers are interested to know what they can and cannot claim as a tax deduction. The below is a handy guide,[…]