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.
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
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
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
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
Federal Budget 2022/23 – Businesses
Federal Budget 2022/23 – Businesses Electric Vehicles Exemption from Fringe Benefits Tax (FBT) for electric vehicles from 1 July 2022. To qualify for the exemption, the electric vehicle must not have been held or used prior to 1 July 2022.The exemption will only apply to car’s with a value, at their first retail sale, under the luxury car limit. This is $84,916 for FY2023. The vehicle must be a ‘zero or low emissions vehicle’, which includes battery EVs, Hydrogen
Knight 2022 Tax Planning Guide – Superannuation
Superannuation – 2022 The concessional contribution cap in the 2022 year is $27,500 for everyone, regardless of age. If you make or receive concessional contributions of less than the annual concessional contributions cap of $27,500 pa, you may be able to accrue these unused amounts for use in subsequent financial years, subject to eligibility criteria. It is worth noting that the carried forward amounts are available through the MyGov system as well as our ATO tax agent portal. If your
