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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…
Read MoreTax 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…
Read MoreWe’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…
Read MoreOur 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…
Read MoreConstruction 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…
Read MoreChanges 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…
Read MoreBusiness Taxation
Reporting of Subcontractors In the 2011-12 federal budget, the government announced a new tax compliance measure to require certain businesses to report annually to the ATO on payments they make to contractors in the building and construction industry. The system aims to improve compliance with taxation obligations by providing us with payment information that will…
Read MoreTax Offsets
Almost all of the tax offsets available in prior years have been drastically reduced, or abolished. These are as follows: Low-income tax offset The Low income tax offset reduces the tax payable by low income earners. You are not eligible for the LITO if your income is over $66,667. Changes are: The maximum value of…
Read MorePersonal Taxation – Income Rebates
Currently any taxpayer earning less than $16,000 pays no tax due to the application of the low income rebate of $1,500. However from 1 July 2012, this threshold increases to $18,200 and for low income earners, the low income tax rebate (which has been reduced from $1,500 to $445) means that a taxpayer earning less…
Read MoreSuperannuation
Superannuation Contributions Tax to Double From 1 July 2012, individuals with ‘income’ greater than $300,000 will have the tax concession on their concessional contributions reduced from 30% to 15% (excluding the Medicare levy). This means that the tax rate on concessional contributions will effectively double from 15% to 30% for very high income earners from…
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