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Superannuation guarantee amnesty introduced

 

The Government has introduced legislation to complement the superannuation guarantee ('SG') integrity package already before Parliament by introducing a one‑off, twelve-month amnesty for historical underpayment of SG.... (Read More...)

24 July

2018

Increased scrutiny of home office claims

 

Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses.

 

(Read More...)

17 Oct

2018

Fast-tracking tax cuts for small and medium businesses

 

The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years.

 

(Read More...)

26 Nov

2018

 Company loans to shareholders under review 

 

The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company.

 

(Read More...)

24 Jan

2019

 Division 293 assessments 

 

The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year.

 

(Read More...)

14 Feb

2019

 Changes to the small business instant asset write-off 

 

On 29 January 2019, the Prime Minister announced that legislation will be introduced to:

 

(Read More...)

26 March

2019

 Personal income tax 

 

The Government has proposed the following changes to the personal income tax rates:

   

(Read More...)

4 April

2019

 Tax cuts become law 

 

The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.

   

(Read More...)

16 August

2019

16 Sept

2019

 “Outrageous” deductions rejected 

 

The ATO has published some of the most unusual claims that they disallowed last financial year.

 

Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO's systematic review of claims had found, and disallowed, some very unusual expenses, including:

   

(Read More...)

09 Oct

2019

 $30,000 instant asset write-off 

 

The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second-hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.

   

(Read More...)

21 Nov

2019

Super guarantee opt-out for high income earners now law. 

 

From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee ('SG') from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.

   

(Read More...)

11 Dec

2019

PAYG and deductions for payments to workers​ 

 

The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019.

   

(Read More...)

12 Feb

2020

Lifestyle assets continue to be an ATO audit target​ 

 

The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

   

(Read More...)

28 Feb

2020

How can I find the right investment? 

 

We find ourselves in a very interesting situation. Interest rates are at record lows and inconsistent market pricing have resulted in a potential asset price bubble. In this environment you may be asking yourself, “where should I be investing my money right now?”

 

Whilst it is a relatively straight forward question, the answer is decidedly more difficult.

   

(Read More...)

13 Mar

2020

Making sense of it all by Ali Roshan - The Coronavirus and Investors 

 

The coronavirus has scared some investors which can affect economies and businesses. The recent coronavirus outbreak has shut down airports, frozen trade, and led to the rapid construction of new hospitals in China.

   

(Read More...)

17 Mar

2020

Special Edition: COV-19 

 

knp Solutions has prepared a special edition newsletter outlining:

 

  • Australian Government’s economic response to COV-19 & how this could relate to your business
  • knp client meetings
  • COV-19 symptoms & information for workplaces

   

(Read More...)

23 Mar

2020

Special Announcement 

 

As you are probably aware, many workplaces have been forced to work from home given the impact of COVID-19.

 

knp is well placed as we are 100% cloud-based and all staff have reliable computers with internet access. As such, we are confident we will still be able to produce high quality work in a secure environment.

   

(Read More...)

24 Mar

2020

knp COVID-19 Relief packages/stimulus (Federal Government, State Government & ATO) 

 

COVID-19 has invoked an unprecedented response from the Federal Government, Victorian State Government & the Australian Taxation Office (ATO). The focus of these packages is on supporting businesses & individuals who will face a decline in income over the coming months. knp has identified five different strategies to assist business and individuals in these difficult times;

   

(Read More...)

16 April

2020

Estate planning from a tax perspective – by Mei Wu 

 

 

Making sense of it all by Ali Roshan – Dealing with the personal financial aspect of the Coronavirus

 

The rapidly evolving COVID-19 crisis is continuing to create severe political, social and economic uncertainty.

   

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1 May

2020

JobKeeper Update – by Mei Wu 

 

 

Watch here

 

Making sense of it all with Ali Roshan – Transparency within Super Funds

   

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25 May

2020

Your Self-Managed Superannuation Fund (SMSF) and Investment Properties during COVID-19 – by Victoria Kogan 

 

   

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22 June

2020

Budget, cashflow and tax planning by Mei Wu 

 

Join Mei Wu in this video edition on the importance of preparing budget, cashflow and tax planning.

 

We will look at why every client should consider and the benefits of having them in place.

 

Watch here...

 

15 June

2020

Cashflow Takes Corona’s Crown! – by Norman Same 

 

The COVID-19 pandemic impacted our lives in ways we could not have imagined.

 

Federal and State Governments introduced several very expensive programs to both business and consumers in a short time frame, to curb major economic fallout. Some economists have already predicted that this may not be enough, and it could take many years to repay the enormous debt incurred.

 

Read more...

 

 

10 July

2020

Claiming Home Office Expenses in Your 2020 Tax Return – Holly Laidlaw 

 

In response to the demand for workers to work from home, for the 2019/2020 Tax Year there have been some changes to the options available to taxpayer’s wanting to claim expenses related to them working from home. There are three options available to taxpayers, we have detailed each of these below.

 

Read more...

 

 

31 July

2020

Making sense of it all by Ali Roshan - The SMSF Investment Strategy 

 

The start of the Financial Year is an opportune time to review your investment strategy.  As a trustee of a self-managed super fund (SMSF), you should review at least annually the investment strategy and document any decisions arising from the review.

 

Read more...

 

 

6 August

2020

Stage 4 Restrictions "Business as usual (almost)"   

 

As you are probably aware with the recent stage 4 restrictions announced by the Victorian government, many workplaces have been forced to close their workplaces & where possible, work entirely from home.

 

Read more...

 

 

14 August

2020

WorkSafe regulations - requirement to report COVID cases in the workplace 

 

Effective 29th of July 2020, Worksafe Victoria announced new regulations requiring employers to notify WorkSafe immediately (within 48hrs) of being aware that an employee or contractor has visited the workplace during the infectious period following a positive testing of COVID-19.

 

Read more...

 

 

27 August

2020

Our People - by Norman Same 

 

All too often I hear business leaders say, “Our people are our most important asset!” The first time I heard this, I was taken aback as I consider, being an accountant, an asset as something valuable owned by a company. Companies or businesses do not own people

 

Read more...

 

 

10 Sept

2020

Making sense of it all by Ali Roshan - 3 easy strategies to continue building your retirement savings 

 

The Coronavirus Pandemic has caused significant emotional and physical turmoil for many people around the world.  A positive that has come out of this crisis is that it has encouraged people to think about their financial goals and objectives.

 

Read more...

 

 

07 Oct

2020

Special Edition - 2020/21 Federal Budget

 

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from the 2021 income year).  These changes involve:

 

Read more...