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.
Christmas party planning
Smart employers take precautions when planning the work Christmas party, to prevent being left faced with post-party legal and HR issues. It is important that employers inform their employees that normal disciplinary procedures will apply for any forms of misconduct at the Christmas party. For serious matters, formal action should be taken as soon as possible and not simply left to deal with in the New Year. Here are some simple steps that an employer can take to ensure the
Employee leave during the holidays
Employees may find that their employer is temporarily shutting down operations during traditionally slow periods, such as between Christmas and New Year. Employees should be aware that their employer needs to abide by procedural requirements when asking them to take leave. Strict penalties apply for those employers who fail to comply. Most modern awards and enterprise agreements will set out the strict rules and requirements that employers must comply with if they require an employee to take paid annual leave
FBT at Christmas time
As the holidays approach many businesses are planning for Christmas functions. During this time, employers should be thinking about tax deductions and the fringe benefits tax (FBT). Employers often find themselves caught out for failing to understand the FBT impact of Christmas. Employers planning a Christmas party should be aware that the Christmas party costs are exempt from FBT provided that they are: on a working day on the businesses premises for current employees only However, if a spouse or
Succession Planning
In 2012 the Exit Planning Institute reported that more than two thirds of all businesses are owned by baby boomers and that more than 80% of these business owners intend to retire from the sale of their business within the next 10 years. Unfortunately less than 30% of these business owners have done anything about documenting their succession and retirement plans and many will simply walk away from their business or sell it well below fair value. For many business proprietors
Are all ‘Fund’ expenses tax deductible?
Have you recently seen advertising inviting you to attend a conference or seminar to educate you about self-managed superannuation funds (SMSFs)? Your SMSF pays for the privilege of attending the ‘conference’ in Australia or overseas and you take a holiday as well, all at the fund’s expense. You might want to think again and seek advice as to whether this is the type of expense your SMSF should be paying and claiming as a tax deduction. While it may be
Carbon Tax Repeal – Changes that may impact you!
The government has announced that it will repeal many of the tax measures both given to and taken from small businesses and individuals as a result of the repeal of the Carbon Tax (expected by 1 July 2014). The following measures will be removed: Small business entities, turning over less than $2 million annually, will no longer be entitled to receive an immediate $5,000 tax deduction for motor vehicle purchases or immediate tax deduction for other asset purchases less than
It’s best to invest
I am often confronted by a common situation when discussing a client’s financial position. This is typically a young couple or family with decent earnings, either as a single or dual income, and their primary financial asset is the family home. With such a strong run in house prices in the past decade or more, this often means a high level of mortgage debt attached to the property. This might be serviced by the minimum repayments with the odd additional
Government Tax and Superannuation Update
On Wednesday 6 November 2013, the Treasurer, the Hon Joe Hockey MP, and the Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, announced the Government’s decision to abandon some of the previous Government’s tax and superannuation proposals. The announcement also indicated which of the former Government’s unlegislated proposals the new Coalition Government would proceed with. A key measure affecting superannuation which was abandoned was the proposal which would have taxed people’s superannuation pension earnings above $100,000 in the pension phase.
Operation Christmas Child
This October the team got together to support Operation Christmas Child. Operation Christmas Child is a unique project that organises shoe boxes filled with gifts for children in under privileged countries. The shoe boxes are distributed just before Christmas, providing a bit of joy for kids that would most likely never experience the true joy and happiness of being a child. In each box we included: Something to wear Something to love Something for school Something to play with Something for personal
