Newsletter

knp 2016 Tax Planning Strategies

 

Get in early with year end tax planning! 

Whether you are looking to explore tax planning strategies or find solutions to manage your tax liabilities, talk to us before 30 June 2016.  

 

As the 2016 financial year is soon drawing to a close, we can work together to better manage your tax liabilities through tax planning techniques.  Year end tax planning has always been arduous, and the constantly changing nature of legislation brings a multi-dimensional complication to tax planning this year, particularly in the area of superannuation. (Read More...)

09 June

2016

knp 2016 Tax Planning Strategies

 

Get in early with year end tax planning! 

Whether you are looking to explore tax planning strategies or find (Read More...)

18 May

2016

Federal Budget

 

PERSONAL TAXATION

Personal tax rates: small tax cut from 1 July 2016From 1 July 2016, the 32.5% personal income tax threshold will increase from $80,000 to $87,000 in an attempt to address tax bracket creep. The Government expects this will stop around 500,000 taxpayers facing the 37% marginal tax rate and prevent average full-time wage earners from moving into the second-top tax bracket until 2019–2020. (Read More...)

Federal Budget

 

Personal tax rates: small tax cut from 1 July 2016
From 1 July 2016, the 32.5% personal 

(Read More...)

Tax Time 2016: take care with work and rental property claims

 

The ATO encourages people to check which work and rental property-related expenses they are entitled to claim this tax time and to understand what records they need to keep. Assistant Commissioner Graham Whyte has reminded taxpayers that there has been a change in the rules for calculating car expenses this year, and people need to use a logbook or the cents-per-kilometre method to support their claims... (Read More...)

22 July

2016

Tax Time 2016: take care with work
and rental property claims
 

 

The ATO encourages people to check which work and rental property-related expenses they are... (Read More...)

ATO small business benchmarks updated

 

The ATO has announced the latest benchmarks for small businesses. Based on the data from 2014 income tax returns and business activity statements, the benchmarks cover over 1.3 million small businesses.... (Read More...)

15 Aug

2016

ATO small business benchmarks updated

 

The ATO has announced the latest benchmarks for small businesses. Based on the data .... (Read More...)

Share economy participants reminded of tax obligations

 

The ATO has reminded people who earn income in the share economy that they have tax obligations. The type of goods or services you provide, and how much you provide, will determine what you need to do for tax. Popular.... (Read More...)

01 Sept

2016

Personal middle income tax rate cut on the way

 

The Federal Government has introduced a Bill which proposes to implement its 2016 Budget proposal to increase the third personal income tax threshold that applies to personal income taxpayers. The rate of tax payable on individuals’ taxable incomes from $80,001 to $87,000 would fall from 37% to 32.5%..... (Read More...)

13 Oct

2016

knpeople - SMSF

 

The introduction of the Financial Services Regime in 2002 significantly changed the environment in which accountants operate within their practice in terms of the Self Managed Superannuation Fund (SMSF) advice that they are authorised to provide. The Corporations Regulations 2001 previously permitted recognised accountants to recommend a client to establish or wind up an interest in a SMSF without being licensed..... (Read More...)

14 Nov

2016

Contrived trust arrangements in ATO sights

 

The ATO has cautioned taxpayers against arrangements that seek to minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Deputy Commissioner Michael Cranston said the ATO is investigating arrangements where trustees are engineering a reduction in trust income to allow taxpayers to improperly gain favourable tax breaks, or sometimes to pay no tax at all..... (Read More...)

20 Dec

2016

Changes to the ‘backpacker tax’

 

From 1 January 2017, tax rates changed for working holiday makers who are in Australia on a 417 or 462 visa (these rates are known as ‘working holiday maker tax rates').
If a business employs a working holiday maker in Australia on a 417 or 462 visa, from 1 January 2017, they should withhold 15% from every dollar earned up to $37,000, with foreign resident tax rates applying from $37,001...... (Read More...)

13 Feb

2017

What's new for FBT In 2017?

 
There have been a number of developments with respect to employers calculating their FBT liability for the 2017 FBT year. We have highlighted the most significant changes for the 2017 FBT year in this month’s newsletter....... (Read More...)

08 Mar

2017

Reduction in FBT rate from 1 April 2017

 
In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years.
 
However, the FBT rate will revert back to 47% from 1 April 2017........ (Read More...)

20 April

2017

2017/18 Federal Budget Highlights

 
On Tuesday, 9 May at 7.30pm, the Federal Treasurer, Mr Scott Morrison handed down his second budget focusing on boosting the economy and households.
 
The tax and superannuation highlights......... (Read More...)

10 May

2017

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More taxpayers can access the benefits of being an 'SBE'

 
Broadly speaking, for the year ending 30 June 2017, a business taxpayer will be an SBE if its ‘aggregated turnover’ is less than $10,000,000.  
 
That is, where the business' ‘aggregated turnover’ (taking into account the turnover of the entity carrying on the business......... (Read More...)

20 June

2017

2017 Year End Tax Planning Strategies

 
As financial year 2017 is coming to a close, there’s no better time than now to take steps that could reduce your tax obligations for both this year and next year. With the release of the 2017 Federal Budget, year-end planning is even more challenging this year!......... (Read More...)

28 June

2017

Removal of the Temporary Budget Repair Levy from the 2017/18 income year

 
The 2% Temporary Budget Repair Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017.......... (Read More...)

19 July

2017

ATO warning regarding work-related expense claims for 2017

 

The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time.

 

Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years........... (Read More...)

21 August

2017

ALP announces massive (potential) changes to trust taxation

 

Note: Although we don't normally report on Opposition tax policies, this policy change is so fundamental, and the existing state of the Federal Parliament is so chaotic, that we believe it's worth bringing this to your attention... (Read More...)

20 Sept

2017

No small business tax rate for passive investment companies

 

The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%.... (Read More...)

24 Oct

2017

Reporting of transfer balance account information

 

The recent superannuation reforms introduced the concept of a 'transfer balance account', to basically record the value of member balances moving into or out of 'retirement phase'..... (Read More...)

27 Nov

2017

Parliamentary update

 

Tax legislation passed

The Government has passed changes to the tax legislation that will limit, or deny, deductions for travel expenses and depreciation claims for certain residential premises..... (Read More...)

13 Dec

2017

Further 'affordable housing' measures passed

 

Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS),..... (Read More...)

19 Feb

2018

Big changes proposed to eligibility for the CGT SBCs

 

The Treasurer has released draft legislation containing new "integrity improvements" to the CGT small business concessions ('SBCs') (i.e., including the 15-year exemption,... (Read More...)

26 March

2018

New superannuation rates and thresholds released

 

The ATO has published the key superannuation rates and thresholds for the 2018/19 income year.... (Read More...)

17 April

2018

2018/19 Federal Budget 

 

Personal income tax plan.
The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows:.... (Read More...)

9 May

2018

GST withholding measures now law

 

Legislation has been passed to “clamp down” on GST evasion in the property development sector... (Read More...)

22 May

2018

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