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.
Home business tax deductions
With so many businesses now being run from home, the ATO is eager to ensure that those claiming tax deductions do so correctly. Understanding the rules. A home-based business may use the home as the principal place of business (such as a hairdresser), with clients coming to the home. Alternatively, the business can comprise of a home work area, such as a study or lounge which is set aside exclusively for business activities. If neither applies, a home based business
Personal super strategies for year end
With the end of financial year fast approaching, starting to prepare now will save time and headaches when the June 30 deadline arrives. There are a few common financial planning strategies that may be appropriate for businesses and individuals looking to take control of their finances and plan for the future. Concessional contributions. The contributions cap for concessional contributions for those aged over and under 50 is $25,000 for the 2012/2013 financial year. Those which have exceeded this limit will
ATO increase penalty units
There are now greater penalties in place for breaches of most Australian tax laws. The ATO has increased the value of a penalty unit from $110 to $170, the first such increase since 1997. A maximum of 5 penalty units for a very late tax return increases $300 to $850 ($170 x 5) from the previous $550 ($110 x 5).The new rate applies to offences that occurred after 28 December 2012, with breaches occurring before this date incurring the previous
Doug’s Desk – Acquisitions Beware
‘In the land of the blind the man with one eye is king’ A client of mine recently asked me – “Doug what should I be looking out for as I enter these acquisition negotiations?” As we are seeing a marked increase in M&A activity of late, attributable to a number of reasons but perhaps most specifically due to the fact that the Baby Boomer phenomenon, widely touted for a number of years, is in fact now reaching a crescendo,
Not so super reforms
The government’s proposed superannuation reforms have made quite an impact and not all for the right reasons. The common reaction among industry participants is that these proposals are too complex and may have been designed without proper consultation. The major proposals include but are not limited to an introduction of a 15% income tax on superannuation pensions if they earn over $100,000, an increase (albeit a minor one) to the amount we can add to our super funds by way
CEO Sleepout
Every year NKH Knight supports St Vincent de Paul by participating in the CEO Sleepout. This year we are once again kicking our CEO, Simon Howard, to the streets for the Vinnies CEO Sleepout. All money raised will go towards helping Australia’s estimated 100,000 homeless men, women and children to find the warmth, safety and dignity that they desperately deserve. It only takes a moment to make a difference. Please help us support Vinnies by supporting Simon at http://www.ceosleepout.org.au/ceos/wa-ceos/profile/?ceo=2740 To
Boosting your age pension
The new pension rates have come into effect – don’t spend the increase all at once though. New Rates – singles For single people the maximum age pension they can receive increases from $772.60 per fortnight to $808.40. This includes both the normal supplement and the ‘new’ clean energy supplement This equates to a maximum annual payment of $21,108 and is an increase of $17.10 per fortnight is equal to 2.2%. New Rates – couples For couples the maximum age
RAC Freeway Bike Hike
On Sunday 24 March 2013 NKH Knight participated in the RAC Bike Hike from Mandurah to Perth. RAC Freeway Bay Hike for Asthma is an annual event aimed to raise money for the Asthma Foundation of WA. All money raised go towards free community education sessions and clinics, training for health professionals and vital respiratory research. This year the event raised $178,862.86 for the Asthma Foundation. A big thank you to Dean, Doug, Nick, Peter, Sandro, Simon & Terryn for helping
2013 FBT Update
What’s new in FBT? With the end of the FBT year in sight, the time has arrived to start preparing for completing your organisation’s annual FBT return. The past 12 months have brought about significant reforms which has made for a very long ‘to do’ list when completing your FBT return. We would like to take this opportunity to update you on some of the recent changes, as well as provide you with some tips for ensuring your FBT return
