knp Financial Services Advises On: Insurance for your future

What if the unexpected happened?

What if you or your partner were to die suddenly?

How would you cope, pay the bills and care for your family?

You have worked hard to create your lifestyle and provide for those who depend on you.

But there are some things in life over which you have little or no control, no matter how hard you work. Things like serious illness, injury, disablement and even death.

Statistics indicate one in three men and one in four women will be diagnosed with cancer before the age of 75. *

That is why it is important to protect yourself and your loved ones from financial stress if something happens to you. That is where we can help!

Insurance can make a critical contribution towards the financial survival of yourself, your family or even your business.

Many people have insurance but is it enough and has it been recently reviewed?

Please call our specialised team to review your existing insurance policies, to ensure your most important asset, your family is protected.

* Australian Institute of Health and Welfare and Australasian Association Registries, cancer in Australia: an overview, 2006, Canberra, 2007

Article by Sharee Maltar




Bonus Units from Employee Benefits Trusts: Tax Office Outlines Tax Issues

The Tax Office has issued a ruling dealing with the tax issues surrounding the issue of bonus units to employees as part of an employee benefits trust arrangement. The ruling sets outs the tax consequences for employers, employees and trustees involved in such arrangements. 

knp Newsdesk

Tax Office Scans Car and Real Property Purchases

The Tax Office has advised that it will collect records relating to motor vehicle purchases and real property transfers from relevant government authorities building on data previously collected as part of its ongoing data-matching projects. The data will be used as part of the Tax Office's compliance activities to identify cash economy participants, that is, those who are deliberately not declaring income to the Tax Office. The Tax Office will also focus on ensuring taxpayers involved in property transfers are meeting their GST obligations.

Specifically, the Tax Office said it will request data from motor vehicle registries where a motor vehicle was sold, transferred or newly registered between 1 July 2009 and 30 June 2010 and the value of the vehicle was $10,000 or greater. In relation to real property transfers, the Tax Office said it will collect identity and transaction details from state revenue authorities relating to property title transfers between 1 July 1999 and 30 June 2010.

Compromised TFNs Still a Problem, Says Ombudsman

The Commonwealth Ombudsman, Allan Asher, has released a report which expressed his concerns about how the Tax Office had handled complaints about compromised tax file numbers (TFNs). The report examined eight cases where taxpayers' TFNs had been compromised or incorrectly linked by the Tax Office to another person's TFN.

Tax Office Highlights Errors in Claiming Deductions for Superannuation

The Tax Office has recently highlighted common errors made by individuals when claiming tax deductions for their personal superannuation contributions. These include not lodging the notice to claim the deduction with their superannuation fund on time and incorrectly claiming their contributions as business or partnership expenses. The Tax Office reminded individuals that personal superannuation contributions are not work-related expenses.


Further Articles of Interest

:: Unit Trust Arrangement Ineffective to Avoid Tax Bill on Shares
:: knp October 2010 Newsletter
:: knp September 2010 Newsletter
:: knp August 2010 Newsletter
:: knp Solutions
:: HELP Debt Deferred as Special Circumstances Existed
:: Excess Superannuation Contributions: Superannuation Law Changes on the Way
:: GST & Dodgy Property Arrangements: Tax Office Spells Out Views


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For over 30 years knp has lived by its motto of building wealth and lifestyle together by successfully connecting clients with clients, and clients with associates and affiliates as a means of creating opportunities and stimulating client's business ventures.

By fostering relationships built on trust with its clients, knp has been able to assist many clients who were either seeking the material or the services that other clients could provide - thereby connecting people and businesses with a mutually beneficial result.

We are now taking it a step further by providing a forum, in our Classifieds page, that can be used by our clients and associates to facilitate new business.

If you wish to make use of our business Classifieds, whether it be to place an ad or to respond to one, please contact our office on (03) 9824 8111 or email sdunn@knp.com.au.