Inheritance Tax Australia: Everything You Need to Know
When a loved one dies, the last thing you want to think about is taxes. Unfortunately, paying taxes is a necessary process of winding up the estate, so it’s in your best interests to understand the process. There is no death tax in Australia, but you should be aware of several other tax implications, including […]
BAS Due Dates 2024-2025: Everything You Need to Know
As a business owner in Australia, staying on top of your taxes is key to running your business smoothly. One of the biggest parts of that is knowing when your BAS is due. In this post, we will break down everything you need to know about BAS due dates for the 2024-2025 financial year so […]
A Retrospective Look At Temporary Full Expensing
As a business owner in Australia, understanding and leveraging tax benefits is a powerful tool that can help you take control of your financial resources and confidently navigate the business landscape. One benefit was the temporary full expensing scheme, which ended on 30 June 2023. This scheme significantly boosted businesses by allowing them to claim […]
A Quick Guide to ABN Registration in Australia
Starting a business in Australia is a big adventure but comes with a fair share of paperwork. Understanding the requirements for business registrations, including obtaining an ABN, is crucial for starting your business correctly. One of the first and most important is registering for an Australian Business Number (ABN). This 11-digit number is required to […]
What is a Notice of Assessment?
The annual ritual of tax return submission is something that many Australians are well acquainted with. However, once the necessary forms have been dispatched, a waiting period often leaves taxpayers contemplating the fate of their filings. What comes next? How can we find out whether our submissions were accurate and complete? Are we going to […]
How Fringe Benefits Tax Works in Australia
As a business owner in Australia, you’re probably familiar with the various taxes and obligations of running a company. One tax that often confuses people is the Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) provides guidelines and regulations for FBT, ensuring businesses understand their obligations. In this article, we’ll break down what FBT […]
Small Business Guide: Checklist to Conquer the End of Financial Year
As we get closer to the financial year’s end, small businesses across Australia need to get their ducks in a row. A stressful season without the right preparation can burn you out and may leave you in a delightful mess of paperwork and bookkeeping. This is your one-stop guide to prepare for the end of […]
Instant Asset Write-Off: Buying a Car Through Your Business
As a small business owner in Australia, you always look for ways to streamline your operations, increase efficiency, save money, and grow your business. One of the common hurdles you might face on this journey could be travelling for business meetings or delivering goods and services. But have you considered buying a car for business […]
What is the SMSF Set Up Process?
Self-managed superannuation funds (SMSFs) are popular among Australian investors looking for more control and flexibility over their retirement savings. Unlike traditional industry funds, SMSFs allow individuals to tailor their investments to meet their needs, giving them more control over their retirement planning and potentially benefiting from valuable tax concessions. However, with this added freedom comes […]
How Do I Find My Tax File Number?
Most of us spare a few thoughts for our tax file number until we need it. And when that moment strikes, many Australians not only realise that they don’t remember the number itself but are actually unsure where to locate it at all. Fortunately, our team at KNS Accountants has compiled a comprehensive guide answering […]
