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EOFY Checklist

Get help with your End of Financial Year tax and accounting procedures and issues by tapping in to Joe Kaleb’s EOFY Checklist, published recently by Australianbiz Pty. Ltd..  You’ll find some great tips on “Planning for the 2014/2015 year” too.  The website www.australiabiz.com.au also lists the new ATO Compliance aspects to consider, and you may also gain…

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Are my staff employees or contractors?

You may have heard that if your employees get ABNs and call themselves contractors, then you do not have to pay their Superannuation Guarantee, Work Cover and Payroll Tax.   If you think this sounds too good to be true, then you are spot on! What is the Government’s view? To truly be a contractor, you…

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ATR Tax Tip – Shareholder Loans

To Document or Repay Shareholder Loans – That is the Question? If you have drawn or loaned funds from your company during the financial year, and such a loan or drawing results in you or an associate owing the company back this money, then be aware of the strict rules that apply under Division 7A…

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The ATO are becoming more strict on under-reported income

ATO new credit and debit card matching project. Have you disclosed all of your income correctly?  Don’t wait until 30th June to rectify any anomalies. Contractors and Sub-contractors are being targeted in a new crackdown by the ATO, and they will be cross-matching businesses and payments between those of whom have worked for one another. The…

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ATR – Federal Budget. Headline Announcements that may impact you and your business.

The Federal Budget has tax implications that you should be aware of.  Here’s the latest news!  Check to see what affects you. INDIVIDUALS Deficit Levy – From 1st July, 2014, a deficit levy will be imposed on individuals with taxable incomes exceeding $180 000. From this date, the top marginal tax rate will increase by…

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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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