Finished school? Need an TFN? Learn how to apply!

The 2020 school year is over and as school leavers prepare for their next step in life, there is every chance that at some point in the very near future they will need an Tax File Number. But what is … Read More

Insolvency laws for small business are changing

New insolvency reforms apply to incorporated small businesses with liabilities of less than $1 million. Reforms include new debt-restructuring and simplified liquidation processes. Government is creating a new ‘class’ of registered liquidator who can only undertake the debt-restructuring process. The Australian … Read More

The latest news on tax and superannuation law and policy

The Government handed down the 2020–21 Mid-Year Economic and Fiscal Outlook (MYEFO) on 17 December 2020, with several proposed changes to tax and superannuation laws. You can access the MYEFO papers on Link. Measure name Proposed start date Developments Alcohol Taxation … Read More

COVID-19 – How the ATO is here to help

Information about ATO measures and tailored support during COVID-19 (novel coronavirus). If you’re worried you won’t be able to pay on time, or you’ve already missed a due date we have a range of options to support you. Visit Help with … Read More

Accountant NKT TAX

8 steps to starting a small business

Starting a business is the beginning of an exciting – and sometimes challenging period in your life. Suddenly you find yourself immersed in a whole new world of licensing, insurance, marketing and leasing – it’s easy to feel overwhelmed. Small … Read More

It’s raining grants

Here at NKT tax we are located in the great city of Ipswich and as the Council has worked to support small businesses a range of grants have been released. Here are a couple headline looks at whats on offer … Read More

When to pay super in 20-21 tax year

If you are an employer, then you pay super guarantee (SG) for eligible employees calculated from the day they start with you. You must make the payments at least four times a year, so they are received by your employee’s … Read More

What is the tax-free threshold, and how does it work?

To tick or not to tick that is the question! We often get asked this question here at NKT Tax, as many people are confused when it comes to what the tax-free threshold is, and if they should be claiming … Read More

Tax relief for middle income earners on the cards as economy flails

Millions of Australians could soon enjoy some welcome tax relief as the government struggles to help our ailing economy. Yesterday, Australian Bureau of Statistics data revealed the country had recorded the worst employment figures in three years, with total employment falling … Read More

Hiring a contractor?

When it comes to determining if you are in an arrangement with an employee or contractor (for tax and super purposes) things can get a little sticky. As an employer, it’s a decision you can only make accurately when you … Read More