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.
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
Knight 2022 Tax Planning Guide – Businesses
Business Tax Planning – 2022 Businesses Ensure any eligible bad debts are written off correctly through your accounting software or the decision to write them off is documented correctly in a director’s resolution. Consider purchase of new assets. Assets purchased and ready for use between 1 July and 30 June 2023 will be eligible for an immediate write off. Applies to businesses with aggregated turnover of less than $5b and regardless of asset cost, subject to the luxury car limit.
Knight 2022 Tax Planning Guide – Individuals
Individual Tax Planning – 2022 Individuals / Investors / Trusts Pay any super contributions intended for the 2022 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 2022 financial year when calculating the remaining concessional cap of $27,500. You are able to claim a full deduction for personal
Expansion of Level 2 COVID-19 Business Assistance Package
Expansion of Level 2 COVID-19 Business Assistance Package – Western Australia In a welcome response to concerns from the business community, more businesses impacted by recent COVID-19 restrictions will now be eligible for these hardship grants. Two tiers of grants will now be available to businesses that experienced a decrease in turnover for a consecutive two-week period between 1 January and 30 April 2022: A revised tier for businesses that experienced a decline in business turnover of at least 40% (reduced
ASIC Crackdown on Finance Influencers
ASIC Crackdown on Finance Influencers In an age of internet influence, it’s ever more important to make sure any advice is credible, especially when it comes to financial advice. The Australian Securities and Investments Commission released an information sheet in March outlining the various legal obligations of online influencers when discussing financial products or services in the digital space, including whether: you are providing financial product advice or arranging for your followers to deal in a financial product. If
Australian Federal Budget – 2022/23
Australian Federal Budget – 2022/23 Federal Budget 2022/23 It was no surprise that this was a targeted spending budget with minimal changes to taxation and superannuation, given the upcoming Federal Election. For SMEs, two new “Boost” incentives have been announced, to encourage investment in developing technological capabilities, cyber protection and employee training and development. Although nothing close to the benefits provided by the COVID-era Cashflow Boost, these new incentives are still welcome and timely. For Individuals Personal Income
