What is the Tax Deductibility of Interest in Australia?
Interest payments can be a big expense for individuals and businesses alike, so the tax deductibility of interest in Australia is key to maximising your tax benefits and ensuring compliance with Australian Taxation Office (ATO) regulations. This guide will walk you through the key principles, types of deductible interest, limitations, and practical tips to help […]
How to Maximise Your Tax Return
Tax season always seems to be “just around the corner”, and the biggest question we hear is always about how to get more back. With some clever strategies and good record-keeping, you can maximise your tax refund by claiming all the deductions and offsets you’re entitled to. Let’s find the best ways to get the […]
What Documents Do I Need for My Tax Return |Australia?
Tax time can be a stressful and overwhelming experience for many Australians. Every year, the days leading up to filing individual tax returns are often filled with dread and uncertainty, not knowing exactly what to expect from the process or how much money you’ll get back. The process of filing individual tax returns in Australia […]
Top Tips for Understanding Tax in Australia
Navigating tax in Australia can be complex. This guide helps demystify it by outlining essential aspects like income tax rates, assessable income, deductions, and filing your tax return. Whether you are an individual or a business, understanding these points will aid in managing your tax obligations efficiently. Personal Income Tax Rates in Australia Australia’s progressive […]
Superannuation Guarantee 2024: What You Need to Know
As a working Aussie, you’ve probably heard of the Superannuation Guarantee (SG) – the system that ensures you have savings for your retirement. But what is the SG, what is the superannuation guarantee rate, and what’s changing in 2024? Let’s get into it. What are Superannuation Guarantee Contributions? At its heart, the SG is an […]
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 […]
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 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 […]
Termination and Redundancy Pay: What are the Tax Implications?
Redundancy can bring on a whirlwind of emotions: uncertainty, stress, disappointment, and maybe even a bit of fear. Fortunately, to ease you through this transition, you will often receive a redundancy payment aligned with your period of continuous service. Understanding the ins and outs of redundancy, its associated payments, and the taxation laws around it […]
Three Steps To Help You Change Accountants
From having a strained relationship to outdated services, high fees, and lack of experience, there are countless reasons why people decide it’s time to change accountants. A good accountant should provide support, punctual service and response times and always keep your best interests in mind. If your accountant is no longer living up to expectations, […]
