Brealey Quill Kenny industry news and updates

Lack of knowledge of the Personal Property Securities Act (PPSA) and the Personal Property Securities Register (PPSR) could be a ‘time bomb’ for businesses. Millions of dollars has already been lost by businesses that paid for an asset but had...

Some aspects of the government’s budget have passed through the Senate and are now law, such as: For high income earners, the top marginal tax rate, which now includes the ‘deficit repair levy’, is 49%. The government has undertaken to...

If you are contemplating purchasing a business, you need to assemble information on the business for a business evaluation to be prepared. The information includes: Copies of financial accounts, in particular, the trading and profit and loss accounts for the...

Under the Personal Property Securities Act (PPSA), a ‘Retention of Title Clause’ (Romalpa) is no longer effective in itself against a third party claim. This means that, if you supply goods on a ‘Retention of Title’ basis but don’t have...

‘Bitcoin’ is a new, ‘hip’ and happening method of payment in lieu of normal currency and it appears that the Australian Taxation Office (ATO) is now taking this other crypto-currency seriously. The ATO has released three draft rulings in which...

Changes to Business Evaluation and Business Growth Grants Last month, we commented on the Business Evaluation and Business Growth Grant, part of the Entrepreneurs’ Infrastructure Program. Last week, the Australian government announced some significant changes to these grants. This resulted...

The Australian economy certainly has a number of contradictions at present: The stock exchange values are up. Housing finance is up. House prices are up. Interest rates are still at a very low 2.5%. However, there’s an expectation that the...

This article from the Tax Smart Australia Newsletter highlights the importance of reviewing the conrols around your bookkeeping process. A national study into fraud by bookkeepers employed at small and medium-sized businesses has uncovered 65 instances of theft in more...

We expect that many of our business clients will be preparing to send us the information to complete their 2014 Financial Statements & Tax Returns. To assist in this regard, we have prepared a checklist available from our website https://www.bqk.com.au/wp-content/uploads/2014/07/End-of-Year-Business-Checklist.pdf...

The ATO is starting to move towards paperless reporting for business taxpayers. We are therefore encouraging our clients to register for the ATO Business Portal. What is the Business Portal? The Business Portal is a secure website for managing your...