Tragic Farewell

It is with great sadness that we announce a loved young employee, Amelia Karagiannis, died as a result of an undiagnosed cerebral aneurysm.

As the personal assistant to the Financial Solutions team, Amelia had emerged as a bright and capable young lady. Showing both great strength of character and pride in her work, she leaves a big impression in the hearts of all who knew her.

Her aunt and fellow FS team member, Toula Siamoa, is now back at work and has thanked everyone, staff and clients alike, for their kind thoughts over the past month.

Our thoughts and good wishes go to all Amelia's family.

knp News


knp Welcomes...

Cameron Fogarty - Cameron has recently joined our knp office as a Tax Manager.  He has nearly ten years of specialised tax experience and has previously worked with a wide-ranging assortment of clients in different locations including Hobart, Melbourne and London. knp are proud to have Cameron on our team as his employment enhances the value of service we provide to our clients.

Diana Dimitrov - Diana joins us as a team manager to replace Helen Halkias who recently left knp to start her new life in Adelaide. While wishing Helen well we are excited to have Diana, who comes to knp with 12 years accounting experience, on our team. After having returned from a six month mini-break overseas, Diana has packed away her travel bags and settling into life at knp.

End of Financial Year Dinner

At our recent End of Financial Year dinner the staff and directors of knp honoured the late Amelia Karagiannis by presenting the inaugural Amelia Award, pictured below, to a well deserved employee. This year's winner, as chosen by the knp staff, was Kate Mulcahy.

WorkCover Data Matching Project

The Tax Office has announced that it will request and collect business names and addresses from each state’s and territory’s WorkCover Authority for the 2007 and 2008 calendar years.
The information collected from the projects will be electronically matched with the Tax Office’s data holdings to identify non-compliance with registration, lodgment and payment obligations. 
knp Taxation & Financial News

Small Business & General Business Tax Break

In a previous edition of Cents & Sensibility (April 2009), we highlighted the Government’s announced changes to temporary investment allowances.  Since then the Government has made some changes, including it’s official title to the Small Business and General Business Tax Break.
Notwithstanding the new mouthful of a title, there is no questioning that these measures are largely good news for those business looking to upgrade with new plant or make a significant capital investment into new eligible assets.

Other Tax Amendments Include:

The Federal Government has introduced a Bill into Parliament which seeks to:

a) set the PAYG instalment factor at 2% for the 2009/10 income year; and
b) allow taxpayers who are voluntarily registered for GST and choose to remit GST annually to also remit their PAYG instalments annually.

2009 Federal Budget Follow-up

The Government has introduced a Bill into Parliament seeking to implement three measures announced in the 2009/10 Federal Budget.
The Bill will:

- amend the provisions relating to the income tax exemption on foreign employment income;
- temporarily reduce the matching rate and maximum co-contribution for the superannuation government co-contribution; and
- reduce the superannuation concessional contributions cap.

Medicare Levy Thresholds 2008/09

The Federal Government has introduced a Bill into Parliament seeking to increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and pensioners below age pension age for the 2008/09 income year.
The proposed threshold for singles is $17,794 and $25,299 for pensioners under age pension age.
The proposed threshold for families with no dependants is $30,025. The additional amount to the threshold for each dependant child or student will be $2,757.

Superannuation Guarantee Ruling

The Tax Office has issued a ruling in which the Commissioner states his view regarding the treatment of payments made to employees for the purposes of the superannuation guarantee (SG).

Taxpayer Alerts

The Tax Office has issued five Taxpayer Alerts warning taxpayers of arrangements that it is currently reviewing. 

Deductibility of Self-education Expenses

The Tax Office has issued a notice following the recent decision of the Federal Court that a taxpayer who was receiving the Youth Allowance was entitled to a deduction for self-education expenses incurred.
The Tax Office says that it will continue to apply the Commissioner’s established view that self-education expenses are not deductible against various Commonwealth educational assistance schemes.

Further Articles of Interest

:: knp Solutions
:: ASX
:: Datalink
:: All Ordinaries
:: Dow Jones
:: The Australian
:: The NY Times
:: London Times
:: Financial Review
:: The Age
:: BRW
:: ATO
:: CNN
:: ABC
:: June Issue
:: April Issue

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knp Classifieds

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If you are selling or buying, offering deal for fellow knp clients or simply in in need of some promoting, we are happy to place your business advertisement on our Classifieds page.