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From having a strained relationship to outdated services, high fees, and lack of experience, there are countless reasons why people decide it’s time to change accountants.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, […]
3 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From having a strained relationship to outdated services, high fees, and lack of experience, there are countless reasons why people decide it’s time to change accountants.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, […]
What are the Transition to Retirement Disadvantages?
Transitioning to retirement can seem like an ideal way to ease into your golden years. Many Australians view the ability to cut back their work hours while still earning income as an appealing “best of both worlds” scenario. The transition to retirement (TTR) programme allows those over preservation age (55-60 years old) to open a […]
Do Retirees Pay Capital Gains Tax in Australia?
Retiring to Australia’s sunny shores may seem like a dream come true, but understanding the tax implications is a must before packing your bags. Capital gains tax (CGT) is one tax that catches many retirees off guard. You may be envisioning lazy days spent beachcombing, not worrying about asset sales and tax returns. However, Australia’s […]
What are the Potential Disadvantages of Salary Sacrifice Agreements?
What are Salary Sacrifice Contributions? As previously mentioned, in a salary sacrifice arrangement, you agree to reduce your gross salary in return for certain benefits. These benefits might include things like a company car, childcare vouchers, or additional pension contributions. These arrangements can be quite attractive, as the benefits you receive are often exempt from […]
What Is An Accountant?
“What is an accountant?” We often hear this, especially in the context of whether they’re any different from bookkeepers. Well, the truth is, accountants are responsible for a lot. So, in this article, we’re looking at everything you can expect yours to undertake, and how they quickly become the backbone of successful businesses […]
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 […]
The Ins and Outs of Salary Sacrifice and the Tax Implications
When you hear the word “sacrifice,” it might sound like a negative thing. After all, who wants to give up something they’ve worked so hard for? However, when it comes to salary sacrifice and taxes, the opposite is true. Sacrificing a portion of your salary can actually be an excellent way to gain an advantage […]
