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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.

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

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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. 

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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

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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

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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

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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

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Working from home deduction changes for 2022–23

Working from home deduction changes for 2022–23 The Australian Tax Office (ATO) has announced changes to the way taxpayers claim working from home deductions for the 2022-23 income year and onwards, with alterations to the deduction rate and the method of recording work from home hours.  The revised rate method applies from 1 July 2022 and can be used when calculating deductions for 2022-23 income tax returns. From 1 July 2022 to 28 February 2023, the ATO will accept a

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Australian Financial Review – Top 100 Accounting Firms

AFR Top 100 Accounting Firms – Knight places in top 50   We are delighted to announce that the Knight Group has been named in the Australian Financial Review’s Top 100 Accounting Firms for the year of 2022.  The AFR announced that the income across Australia’s biggest 100 accounting firms jumped significantly as compared to last year due to clients seeking tax, compliance and refinancing advice after facing the effects of the pandemic and economic downturn.  It was reported that

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Federal Budget 2022/23 – Individuals & Families

Federal Budget 2022/23 – Individuals & Families   No changes to legislated tax cuts No changes to the legislated tax cuts from 1 July 2024. The 32.5% marginal tax rate will be cut to 30% for taxable income between $45,000 and $200,000 and the 37% tax bracket will be entirely abolished.   Current Tax Rates Taxable Income Current Tax Rates Up to $18,200 0% $18,201 – $45,000 19% $45,001 – $120,000 32.50% $120,001 – $180,000 37% From $180,001 45% Tax

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