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 […]
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 […]
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 […]
Why Superannuation is Important
Superannuation is an essential part of every working Australian’s financial life. Also known as “super,” it is a long-term savings account designed to provide income in retirement to supplement or replace the “Age Pension.” But despite superannuation’s importance, recent surveys show that only 1 in 10 Australians are actively engaged with their super accounts beyond […]
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 […]
