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
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 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 budget.gov.auExternal Link. Measure name Proposed start date Developments Alcohol Taxation … Read More
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
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
Australians are being urged to get their income affairs in order as the deadline for self-submitted tax returns draws near.The deadline for this year’s tax is just six days away on Thursday October 31, otherwise those earning an income in … Read More
Procrastinators have been put on notice as the October 31 tax deadline fast approaches, with those who fall foul of the tax man risking fines of up to $1050 — or worse. According to H & R Block’s director of … Read More
The Australian Taxation Office (ATO) is headed to the central west of NSW, following a number of tip-offs flagging concerns about businesses engaging in black economy activities. In a statement to the media, the ATO confirmed it will visit approximately … Read More
Do you run a small business? Be informed 🤓 and check out the ATO’s fact sheets on the three most commonly claimed small business expenses: ☝️ motor vehicle expenses ✌️ business travel expenses 🤟 home-based business expenses To learn more read the ATO update in … Read More
Posted by the ATO : 24/06/2019 here. “An ATO perspective on current tax and super issues for large superannuation funds” 2019 National Superannuation Conference Hoa Wood, a/g Deputy Chief Tax Counsel Robert Thomson, Assistant Commissioner, Public Groups and International … Read More
ATO Newsroom Update 17/09/2019 here. 2 weeks till Single Touch Payroll deadline Small employers (with 19 or less employees) need to move to Single Touch Payroll (STP) by 30 September. STP became mandatory for small employers from 1 July this year. The Australian Taxation Office … Read More
Keeping good records allows you, as a freelancer or business owner, to keep an eye on the financial aspect of your business and monitor its success or failure!
Keeping good records allows you, as a freelancer or business owner, to keep an eye on the financial aspect of your business and monitor its success or failure – and also means you can claim any valid expenses to offset … Read More
On Thursday CBA and ANZ joined Westpac in raising interest rates (and whilst this can feel like doom and gloom) it is not all bad news. For people who have an investment property, there is a silver lining! You can … Read More
Are you sure you know which deductions are claimable? Here’s a list of deductions you usually can’t claim on your tax return!
The ATO is focused on helping taxpayers get their deductions right, but they’re also on the lookout for red flags that identify people who are doing the wrong thing. Are you sure you know which deductions are claimable? Here’s a … Read More
Are you somebody who receives a fringe benefit as part of your employment? Things like cars, gym memberships and even car parking can fall into this category when they are provided to you by your employer. Your reportable fringe benefits … Read More
Did you know that the spouse tax offset eligibility changed for spouse contributions to super? In 2016–17, you could claim the maximum tax offset of $540 for contributions you make to your spouse’s eligible super fund if, among other things, … Read More
What financial tip would you give your 20-year-old self? Financial literacy experts give their tips at the National Financial Literacy Stakeholder Forum 2015.