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Individuals

Dual Cab Utes & Keeping Logbooks – Do You Need One?

The simple answer – Yes! If ever in doubt on whether you should or shouldn’t have a logbook, our recommendation is always to have one. After all, it’s better to be safe, than sorry! The Australian Tax Office (ATO) have recently warned about tightening-up on their approach towards people who own vehicles through their businesses –…

How to Claim a Tax Deduction for Personal Super Contributions

This financial year, the ATO have been cracking down on personal super contribution claims because they are wanting to ensure that everyone is following the rules. For some, submitting a Notice of Intent before lodging your tax return seems to be a new process, however, it has been around for a while. The reason you may only…

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…

What is the New $1080 low and middle income tax offset?

During the 2019–20 Federal Budget the Government announced its desire to change the policy regarding Personal Income Tax. Recently, it was announced that these changes have been passed through and are law as a new income tax offset. So, what will this mean for you? And what is a tax offset in the first place?…

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…

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…

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…

Why Year-End Tax Planning is Important, even for Individuals!

If you could pay less tax this year what would you do with the extra money? Would you use it to: Reduce your home loan? Top up your Superannuation fund? Save for your dream holiday? Buy a new car? Build a deposit for an investment property? Save for your child’s education? Year-end tax planning season…

A Guide to Capital Gains Tax

“Capital Gains Tax (CGT)” – A word that many have heard of, but few completely understand. The world of tax can get a bit confusing. That’s why our team are here to help. In this article, we will aim to demystify Capital Gains Tax so that you can more feel comfortable with what you’re getting…

The 13 Steps of Property Investment Success

The 13 Steps for Property Investment Success

If you’re not a seasoned property investor, making your first property purchase can be a daunting process. To help you on your property investment journey, here are 13 simple steps you can follow: 1. Consult With Your Accountant At Knox Taxation and Business Advisory, we specialise in providing advice in the following areas related to…