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
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
