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.
Further Details on JobKeeper Payment and Other Reliefs Announced since 31 March
The legislation for the JobKeeper Payment Scheme has now been passed into law. The proposed subsidy was announced in the Government’s third stimulus package (outlined in our most recent newsletter), and the finer details of eligibility for this subsidy and obligations for those receiving it are now available. It is the single largest piece of government spending in Australian history. More than 730,000 businesses have already registered with the Australian Taxation Office (ATO) for access to the scheme, and up
Third Federal Coronavirus Stimulus Package and Other Reliefs Announced This Week
The details of the third support package have now been announced by the Federal Government – estimated to be worth $130 billion, in addition to the $84 billion already committed in the earlier two packages. JobKeeper Wage Subsidy – To help your business continue paying employee wages Applicable period – From 30 March for up to 6 months (the 6 month period starts on 30 March, with payments commencing from the first week of May and backdated where applicable) Eligibility
Second Federal Coronavirus Stimulus Package and Other Reliefs
The federal government has now officially announced part two of its COVID-19 stimulus plan to give further support to affected businesses, workers and the broader community. Below is a summary of the key updates in addition to the First Federal and State Government Stimulus Package (announced on 12 March 2020) which will directly impact you and your business. We also outline the announcements made in relation to bank lending and insolvency rules. Increased Cash Flow Support Offered to your Business
COVID-19 Stimulus Package WA
New stimulus packages have recently been introduced by both the Federal and State Governments, to support small and medium sized businesses through the impact of the Coronavirus Covid-19. At the time of writing it is reported that a second Federal Government package is currently under review, with further measures expected to be announced well ahead of the May 2020 Budget. Please note that some measures below are subject to the relevant legislation passing through federal parliament, which is scheduled to
Income Protection – what you need to know
The Australian Prudential Regulation Authority (APRA), the organisation in charge of regulating life insurance companies dropped a bombshell on the Life Insurance industry in December last year. APRA wrote to insurers outlining new measures they are imposing to protect the life insurance industry. Insurance companies will be required to structure their Income Protection products according to these measures. What is Income Protection Insurance, and how does it currently work? Income Protection provides an ongoing monthly income in the event you
Why is the RBA cutting rates and what does it mean for me?
The Reserve Bank of Australia (RBA) at its October meeting has once again cut interest rates, with the cash rate now sitting at an all-time-low of 0.75%. This is the third cut we’ve seen within six months, and speculation suggests the rate may be headed for the chopping block again in future. Are you wondering what this change could mean for you and your finances? There are a few key factors that can determine whether these cuts will have an
Year End Tax Planning Tips
With the end of the financial year almost here, it’s time to take stock of activities during 2019 that will impact on compliance and tax for the year. Of key importance is the requirement for trustees of discretionary trusts to consider how best to distribute trust income and capital for the year to eligible and appropriate beneficiaries. You should consider taking the following actions in order to reduce your 2019 income tax bill – most need to be actioned, cashflow
Understanding Labor’s proposed changes to negative gearing and CGT
With the Federal election due to be called any day now, Labor’s proposal to reform negative gearing and the capital gains tax discount is once again in the political spotlight. As housing affordability begins to improve, a change in government (which could lead to a change in political agendas) is likely to have far-reaching implications for potential buyers, small businesses and the economy. Before taking a closer look at Labor’s proposed changes, it’s important to understand a few of the
Financial Standard Announces Most Influential Financial Advisors: Jason Featherby Makes List for Second Time Around
The Financial Standard has recognised Jason Featherby, Director of Knight Financial Advisors, as one of the 50 most influential financial advisors in Australia for the second year in a row. The Power50 list features individuals, as voted by the industry, that are instrumental in shaping the future of financial advice in Australia. Not only are they industry leaders that are passionate about sharing their knowledge base, but they are also active figures in their communities dedicated to changing people’s lives.