What Happens When the ATO Audits Someone?
Getting a notice from the Australian Tax Office (ATO) that you will need to undergo an audit is one of those moments that can make you break out in a cold sweat. The thought of someone scrutinising your financial records and asking difficult questions is enough to cause anxiety in even the most organised taxpayer. […]
9 Working From Home Tax Deductions You Might Not Know About
The past few years have been unprecedented for many people and businesses alike. With entire countries in lockdown, many employees had to quickly adapt to a new working arrangement: working from home. According to the Australian Bureau of Statistics, over 40% of employed people were regularly working from home during the last quarter of 2021. […]
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 […]
Deceased Estate Tax Rates Explained
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. For […]
How to Pay Off HECS Debt Earlier?
HECS-HELP debt collectively refers to various types of educational loans in Australia, encompassing: HECS-HELP FEE-HELP VET FEE-HELP OS-HELP SA-HELP VET Student Loans Eligible students regularly utilise these interest-free loans, through which the Australian Government pays the course fees for their educational programs with a higher education provider. Once you have finished studying, landed your coveted […]
6 Sole Trader Deductions Everyone Should Know
If you operate as a sole trader business, staying on top of your taxes and knowing what allowable deductions are relevant to you can save you a lot of money in the long run. You should certainly seek professional advice from a registered tax agent when the financial year-end rolls around, to ensure all your […]
What Is PSI? The Essential Guide To Personal Services Income
If you’re a professional offering your services in return for payment, then your earnings may be subject to Personal Services Income (PSI). According to the Australian Tax Office (ATO), PSI is income rewarded for a person’s skills, efforts, labour and expertise – rather than for the selling of goods. As an individual, it’s your responsibility […]
How Do Tax Deductions Work for Individuals? The Only Guide You Need
A common question posed to accountants by their clients is, ‘how do tax deductions work?’ Unfortunately, confusion often surrounds the topic, as individuals are naturally eager to lower their amount of tax payable (and receive a higher refund) at the end of a financial year but do not want to risk making false claims on […]
KNS Accounting Services: FBT Returns
KNS Accountants are experts in this field and can help you with your FBT calculations, returns, and reporting. We provide an efficient service that will save you time and money. Contact Us Today What Are Fringe Benefits Tax? If you are an employer in Australia, it is important to know how FBT works. FBT stands […]
7 Ways on How to Reduce Taxable Income for Individuals
Only thinking about tax once a year isn’t going to do you any favours. Effective tax planning should be continuous throughout the year if you intend to reduce your amount of tax liability. Financial planning around your tax benefits any income earner and should be included in your overall investment strategy. If you’re interested in […]
