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Business

Types of Business Structures in Australia

When starting a business, you will need to decide which type of business structure is best for your business. During this process, you should consider your personal circumstances and who will be the key operator of the business. Making the right decision from the onset is critical because the business structure you choose can impact:…

MyGov accounts are NOT compulsory | So, do you really need one?

In February 2020, legislation came into effect that requires all employers to start reporting their payroll through Single Touch Payroll from 1 July 2019. Employers were given until 30 September 2019 to start reporting without needing to apply for additional time. As an employee, these changes mean that your tax and super information is now…

Single Touch Payroll Reporting – Closely Held Companies

Hey everyone, Following a recent email sent by the ATO on Single Touch Payroll, we felt it important to share the following info with you too. The ATO recently sent an email blast to owners of closely held companies stating that they had missed the Single Touch Payroll (STP) start date. However, this was incorrect…

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…

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…

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…

Look out! The ATO is Cracking Down – Company Cars & Fringe Benefits Tax

Do you drive a company car or own a company registered vehicle? If so, please take note of the Fringe Benefits Tax (FBT) updates highlighted below. The Australian Tax Office (ATO) have recently warned about tightening-up on their approach towards people who own vehicles through their businesses – particularly, employers and tradies. Even if your…

IMPORTANT UPDATE – Single Touch Payroll (STP)

As of Sunday last week (1st of April, 2018), all businesses were required to count the number of current employees on their payroll. This is in preparation for the introduction of Single Touch Payroll (STP) updates by the 1st of July 2018. If you missed this deadline and haven’t counted your employees yet, you can base…

PRIVACY POLICY IMPORTANT UPDATES – Are you protected?

Knox Taxation & Business Advisory, in Boronia, wishes to advise you that, as of the 22nd of February, 2018, any Australian businesses that fall (or have fallen) victim to a data breach causing a risk of serious harm to individuals, or has received a high level of media attention, must notify the Office of the…

Fair Work Commission Penalty Rates Update

There’s been a lot of publicity about changes to the Hospitality and Retail Industry Penalty Rates, attributed to decisions made by the Fair Work Commission in late February, 2017. We, at Knox Taxation & Business Advisory, are pleased to bring you the latest information from our HR Specialist, Sheena. Fair Work Commission Penalty Rates Decision…