Tax

Running your business from home? There’s a tax trap you need to know about

Did you find working from home during COVID-19 lockdown to be a success? Are you considering giving up your leased commercial business premises to instead run your business from home? This choice may result in the Australian Taxation Office taking a slice of the capital gain that you make when you eventually sell your home. If you have been using …

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10 steps to restarting your business post-COVID

I have noticed a quote doing the rounds in various articles over the last few months, “Never let a serious crisis go to waste.” The quote has been credited to Rahm Emmanuel, while Chief of Staff to Barack Obama, proposing how to respond positively to the Financial Crisis of 2008. Can you apply that thinking to your business? This crisis …

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 …

Australian Financial Review lists nation’s leading accounting firms: NKH placed in top 50

NKH Business Advisors & Accountants are pleased to announce our recognition in the Australian Financial Review’s Top 100 Accounting Firms list. The list, released earlier this month, offers a broad scope of the performance of the industry’s leading firms, with rankings based on total revenue and revenue growth. NKH Business Advisors & Accountants placed 50th, proudly joining the big four …

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Federal Budget 2018 – 2019 Insights

The Federal Budget was handed down on 8th May, with a variety of measures that leave us in no doubt that this is an ‘election budget’. The Treasurer has taken just under half of the $35 billion of improved revenue and turned it into tax cuts targeted to benefit all Australians. With a focus on business and personal taxation, we …

super

End of Financial Year Tax Planning Tips – Superannuation

The concessional contributions cap was reduced to $25,000 for everyone from 1 July 2017. From 1 July 2018, individuals with a total superannuation balance of less than $500,000 at the end of a financial year will be allowed to make additional concessional contributions in the next financial year by accessing unused concessional contribution cap amounts carried forward from the previous …

Tax

End of Financial Year Tax Planning Tips for Individuals, Investors and Trusts

Pay any super contributions intended for the 2018 year by 26 June (so they are cleared to the superfund account by Friday 29 June). You will need to subtract from the threshold any employer superannuation (including super guarantee) that will have been physically paid to your fund in the 2018 Financial Year when calculating the remaining concessional cap of $25,000. …

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End of Financial Year Tax Planning Tips for 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 the purchase of new assets costing up to $20,000 each (small businesses only – aggregated turnover of less than $10m). This concession has also been extended in the recent Federal Budget 2018-19 …

WA Financial Planner Takes Top Honour

Jason Featherby, Director of Knight Financial Advisors, has been recognised as one of the top 50 most influential financial advisers by Financial Standard. The list, which curates financial advisers who have made an enormous impact in their community, was released earlier this month. To be considered, a financial adviser must have a focus on community building, honing their skills by …

Smart ways to save tax before 2017 EOFY

One reporting season over and another looms! Review now to make the most of tax benefits. Whether you’re running a business, a super fund or both, the clock is ticking towards the end of the financial year. Taking time to check through a few critical items now can make a big difference to tax deductibility and maximisation of superannuation benefits …