Here, our financial experts take a close look at what’s happening in the world of finance.
We uncomplicate breaking announcements from the Reserve Bank of Australia (RBA), the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC) and the Federal and State Governments so you can understand how those changes will impact you, your family or your business.
If you’re wanting to stay up-to-date on topics such as interest rates, tax planning, superannuation, the Federal Budget, incentives and schemes, HELP debt, deductions, concessions, depreciation, investment properties and much more, this is where you’ll find the answers.
Knight is with you every step of the way as you strive for financial success. If you’d like some additional information regarding any financial news, please reach out for a consultation to plan your next step.
Heather Moore and Channel 9 on Cash Out Day
Heather Moore advises the impact of Australian ATMs set for “Cash Out Day” Some Aussies are responding to a cashless society. What does this mean for everyone else? Heather Moore, Accounting Director at Knight Group, sat down with Channel 9 News to discuss the impact of April 2nd’s “Cash Out Day.” In response to big banks’ push towards a cashless society, many Aussies called for a community-organised protest to draw out as much cash as possible from bank ATMs. Why?
The Costly Consequences of Missing a Super Payment
If you run a business, there are four dates you need to revolve your year around, or the consequences could be costly: 28 October, 28 January, 28 April and 28 July, the four payment deadlines in the year for Super Guarantee payments. In the past many employers did not meet their obligations and suffered no repercussions, however, the landscape has changed. The rate is higher, more employees are eligible, and the ATO uses real-time data through the Single-Touch-Payroll system to
Heather Moore lends her expertise to Channel 9 News regarding RBA rate hike decision
Heather Moore provided her expertise to Channel 9 following Melbourne Cup Day Interest Rate hikes Australia’s new Reserve Bank Governor made a decision that many hoped wouldn’t come, following four months of no interest rate rises. Melbourne Cup Day wasn’t all about celebrating this year, with many Australians disappointed at the 0.25 point rate rise announced on Tuesday 7th November. Heather Moore, Knight Group Head of Accounting, loaned her expertise to the Channel 9 News Team on Tuesday to answer
Knight 2023 Tax Planning Guide – Individuals
Individual Tax Planning – 2023 Individuals / Investors / Trusts Pay any super contributions intended for the 2023 year by 23 June, or 14 June if using Xero (so they are cleared to the superfund account by Wednesday 30 June. You will need to subtract from the threshold any employer superannuation (including super guarantee) that would have been physically paid to your respective funds in the 2023 financial year when calculating the remaining concessional cap of $27,500. You are able
Knight 2023 Tax Planning Guide – Businesses
Business Tax Planning – 2023 Businesses Ensure any eligible bad debts are written off correctly through your accounting software or the decision to write them off is documented correctly in a director’s resolution. Consider purchase of new assets. Assets purchased and ready for use between 1 July and 30 June 2023 will be eligible for an immediate write off. Applies to businesses with aggregated turnover of less than $5b and regardless of asset cost, subject to the luxury car limit.
Budget 2023/24 – Businesses
Budget 2023/24 – Businesses The 2023/24 Federal Budget was handed down on Tuesday, with a number of measures included to support businesses, including the extension of instant asset write-offs, funding for small business innovation, and changes to the way PAYG and GST payments are calculated. Small Business Instant Asset Write-Offs From 1 July 2023 to 30 June 2024, a $20,000 instant asset write-off will be in place for businesses with an annual turnover below $10 million. Small business owners eligible
Budget 2023/24 – Individuals & Families
Budget 2023/24 – Individuals & Families On Tuesday, Treasure Jim Chalmers handed down the 2023/24 federal budget, announcing a $4.2 billion surplus, the first since the 2007/08 budget. Despite the announcement of a surplus in the budget, it is one which is considered to be modest, and a once-off, with deficits forecast for the next several years. Although there were no direct tax changes in this budget for individuals, some of these measures introduced may be interesing for you and
HELP Debt Increases from 1 June 2023 – What Steps Can you Take?
HELP Debt Increases from 1 June 2023 – What steps can you take? What is indexation and what does it mean for your HELP loan? HELP is a Government loan scheme that assists Australian university students to pay for certain education fees. Repayment on the loan commences once the student reaches a certain threshold of earnings ($48,361 in FY2023). The loans are interest free but are subject to indexation, in line with the inflation rate. HELP debt indexation rates What
Temporary Full Expensing
Temporary Full Expensing Temporary full expensing is a tax provision that allows businesses to fully deduct the cost of eligible depreciating assets in the year they are purchased or first used, rather than depreciating the asset over several years. This measure was introduced in response to the economic impacts of the COVID-19 pandemic, as a way to encourage businesses to invest in new assets and support economic growth. It was always intended to only be a temporary measure and the
