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Declaring foreign income

ATO Crackdown! | Are You Declaring Foreign Income in Your Tax Return?

Have you been earning money overseas or have an overseas bank account that you deposit money into? Do you have assets or investments overseas? Have you been a bit naughty by “accidentally” omitting this income from your tax return? If so, this article applies to you.   What is Foreign Income? In simple terms, foreign…

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work-related travel

Claiming Work-Related Expenses | Part 3 – Other Popular Deductions

Hello everyone & Happy Monday! Continuing our series on work-related expenses, this week we wanted to talk about a couple of other popular items people try to claim in their tax returns. These include work-related travel, clothing, phone & internet, education and “working from home” expenses. If you have not read our first 2 articles…

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Claiming Work-Related Expenses | Part 2 – Claiming Car Expenses

As we mentioned in the first article of this series; “4 Things You Should Know Before Claiming Work-related Expenses“, you may be entitled to claim certain deductions for work-related expenses in your tax return. But: You must have spent the money out of your own pocket You mustn’t have been reimbursed for it already It…

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Article on work-related expenses

Claiming Work-Related Expenses | Part 1 – 4 Things You Should Know!

When completing your tax return, you’re entitled to claim deductions for certain expenses directly related to your income.   To successfully claim a deduction for work-related expenses: You must have spent the money out of your own pocket You must have not been reimbursed for it already It must be directly related to earning your…

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Late Tax Returns

Outstanding or Late Tax Returns? 2 Simple Tips to Fix Them.

As you may know, it’s compulsory for Australians to lodge a tax return every year. Despite this, late tax returns are more common than you think. Many taxpayers find themselves falling behind and are embarrassed upon realising that they have multiple years of outstanding tax returns – whoops! Time can fly by so quickly, that…

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MyGov Accounts are NOT Compulsory | Here’s What You May Not Know…

As you may know, in February this year legislation came into effect that requires all employers to start reporting their payroll information through Single Touch Payroll from 1 July 2019. Employers have until 30 September 2019 to start reporting without needing to apply for additional time. Alternatively, here’s a quick summary: The introduction of STP…

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Year-end Tax Planning

6 Ways Year-end Tax Planning Can Benefit You & Your Business

If you really want to own and run a successful business, year-end tax planning must be incorporated into your annual planning and overall business strategy. As you’ve probably heard a million times over, “Failing to plan is planning to fail.” Rather than just skimming over that statement, really ask yourself: Do you understand the implications…

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Marketing Services - Knox Taxation and Business Advisory

Introducing Our New Marketing Services!

Do you need help or advice with your marketing? From April 2019, we are going to start offering all-round marketing advice & strategies for small business, alongside our business advisory and tax compliance services. If you’re not interested in marketing, not a problem at all. We’ll continue to look after you and your business with…

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Accounting Software for Small Business

Small Business Accounting Software – Which is best for your business?

These days, many business owners are investing in good quality small business accounting software to help with the successful running of their business. Are you feeling frustrated with the amount of time you spend: Recording receipts? Reconciling and balancing accounts? Keeping track of debtors or creditors? Manually entering data into excel spread sheets? Filing away…

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10 Tips to help you build a Successful business

10 Tips to Help You Build a Successful Business

Building a successful business can be challenging, regardless of whether you’re starting from scratch or striving to grow your existing business. As a small business owner, you may find yourself being pulled in multiple directions at the same time, and needing to wear different hats each day. Some days you’ll be delivering your product or…

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