our latest news

Year: 2013

Why Small Businesses Fail!

At Knox Taxation we love business start-ups and enjoy helping clients buy and develop a new business. However, a very large percentage of small business start-ups fail, so we thought that it would be worthwhile to highlight some of the most common reasons why! Common reasons for failure include: Lack of in-depth planning prior to purchasing/creating a new business Unrealistic expectations…

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Tax Alert! – Recent Changes to Small Business Asset Write-Off

Small Business Asset Write-Off Changes – Be Aware! The Coalition Government recently announced that it would make the small business asset write-off rules less generous as follows: The $6 500 Instant Asset Write-Off – will be reduced to its old rate of $1 000. The $5 000 Vehicle Write-Off, which allowed small businesses to claim a bonus…

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We’re not just Accountants. We’re Business Advisory Experts too!!

Number crunching with sound business advice in the one place. Getting a handle on your accounting and compliance in business is one thing, but at Knox Taxation we go the extra mile and guide you with extensive Business Advisory Services as well. Find out how we can help you with your business in a multitude of…

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Change of Government means new rules!

What does the future of Tax and Superannuation hold? If there’s one thing that’s certain, there will be change, if it hasn’t already happened.  The Coalition Government outlined the following proposed changes during the 2013 election: Withdrawal of the former Government’s proposal to remove the statutory formula method for both salary-sacrificed and employer-provided car fringe benefits.…

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Our New “Nimbus Client Portal”

We are introducing our “NEW” Nimbus Client Portal. For those who are familiar with “drop box”, this works in a similar way, however it is compatible with our practice management and tax return preparation software. It offers a much more secure method of transferring information between ourselves than email, and organises all of your information…

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Federal Budget – What it means for you

Changes will be made to the way excess concessional contributions will be taxed making contributions to super… if you are 50 and over you will be able to make deductible contributions of up to $35,000 (up from $25,000) in the 2013-14 income year and thereafter. if you are 50 or over access to the higher…

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Construction Industry Contractor Payment Report

As part of the 2011-12 Federal Budget, the government announced the introduction of taxable payments reporting for businesses in the building and construction industry. The ATO claim their aim is to improve compliance with tax obligations by those contractors who are currently not doing the right thing. They advise that information reported about payments made…

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Changes for the 2013 year

PLEASE BE AWARE There has been a lot of promotion and misunderstanding about the tax free threshold being lifted from $6,000 to $18,000. For the year ending 2012, the effective tax free threshold was $16,000 for lower income earners due to application of the low income offset. Even though the tax free threshold has increased…

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