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.
Level 1 COVID-19 Business Assistance Package
Level 1 COVID-19 Business Assistance Package – March 9th 2022 What is it? A new COVID-19 Business Assistance Package has been announced for Western Australian businesses adversely affected by increasing COVID-19 cases in the community and implementation of Level 1 public health and social measures. The package includes eight tailored programs, which will be administered by a range of State Government agencies. The grants are in addition to the $77 million Safe Transition Industry Support Package announced on 10th
MyGovID – You will need to set one up
What is it? MyGovID is a combined Federal and State government digital proof of identity system. It allows you to log into several Federal and State Government systems and portals without having to provide identification documents or login details. You enter your email address the app will provide you with a code to authenticate you into the government website/system. Why do I need one? The list of government services using the identity verification system is rapidly growing. We started
Learn your Director ID requirements
As part of recent amendments introduced by the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth) in June, all persons holding the role of a company director will soon be required to be identified by Director Identification Number (Director ID). Directors need to take action and register for a Director ID to meet their obligations – read the steps below to find out how. Registering for a Director ID If you hold a position as a
Subdividing the land your home is on
We should all know that you don’t pay tax when you sell the property you lived in, which is called your “main residence” by the ATO. If you are going to do the subdividing, there are 2 main options you have: Split the land up and sell off the new block Demolish the house, build one or two new ones, live in one, sell the other. If you subdivide a block of land, each resulting block is registered with a
Big Changes Coming to Income Protection Cover
We spoke about major changes to Income Protection last year in April. The Australian Prudential Regulation Authority (APRA) who regulates life insurance companies is making further changes that will take effect from the 1st of October this year. What is Income Protection Insurance? Provides an ongoing income in the event you are sick or injured and unable to work for an extended period. Extremely important as it allows you to continue paying bills, the mortgage and put food on the
ATO focus areas 2021
Every year the ATO advises taxpayers of the areas that will be a focus for particular attention in the tax return season. For 2021 the top items on the list are: Cryptocurrency gains Work-related expenses Cryptocurrency gains The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars. Last year, the ATO directly contacted around 100,000 taxpayers who had traded in cryptocurrency and prompted 140,000 taxpayers
Turning your main residence into an investment property
You may be looking to upgrade your home, or perhaps downsize to a smaller one and wish to retain your original property as an investment property. So what are the tax issues you need to consider? Capital Gains Tax, the Main Residence Exemption and the 6 year rule Taxable income and tax deductions Depreciation, capital works and the 1 July 2017 change to prevent depreciation deductions on previously used residential investment properties Let us look at each in turn. Capital
Knight 2021 Tax Planning Guide – Superannuation
Superannuation The concessional contribution cap in the 2021 year is $25,000 for everyone, regardless of age and this threshold changes to $27,500 from 1 July 2021. If you make or receive concessional contributions of less than the annual concessional contributions cap of $25,000 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
Knight 2021 Tax Planning Guide – Individuals
Individuals / Investors / Trusts Pay any super contributions intended for the 2021 year by 23 June (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 2021 financial year when calculating the remaining concessional cap of $25,000. You are able to claim a full deduction for personal super contributions you make