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.
Wills and blended families
In recent years there has been a rise in the number of blended and stepfamilies within Australia. Figures from the Australian Bureau of Statistics showed that one in five families is a blended or stepfamily. Today, the issue of passing assets to beneficiaries on death is becoming increasingly risky. As the numbers of blended and stepfamilies continues to rise it is important to ensure a Will reflects an individual’s wishes. Due to this, families should consider incorporating a Mutual Will
Increases to flexible work arrangements
Australians will now have the express right to request flexible working arrangements under changes to federal workplace laws. The Government has amended the Fair Work Act to broaden the right to request flexible working arrangements. Since July 2013 a number of legislative changes concerning the rights of employees to request flexible working arrangements commenced. It is important that all businesses are aware of these changes and have implemented them into their business. These changes benefit employees who may otherwise feel
SuperStream is here
SuperStream is the name for the range of proposals designed to improve the processing of everyday superannuation transactions. From 1 July 2014, SuperStream will affect the way employers meet their superannuation contribution obligations.The standard process as it exists, involves a combination of paper and electronic transactions. This makes for a complex and inefficient system. The concept behind SuperStream is to increase the processing speed of transactions, reduce error and remove human involvement from the system to reduce the time between
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