News & Resources

Tax Return Checklist- Individuals

The Taxable Payments Annual Report (TPAR) is due for lodgement by the 28th of August every year. This report is now required by businesses in the following industries: building & construction industry cleaning services courier services road freight services IT…

Last updated 07 October 2020 _ Government fact sheet with example Detailed guide with examples _ The following info-graph has been shared with permission. Please note that some details on the info-graph are out of date. _ Key Changes _…

Due to COVID19 the ATO is temporarily allowing us three options to calculate our home office expenses. _ shortcut method ─ (only available for work conducted between 01 March 2020 – 31 December 2020) Claim a rate of 80 cents per…

If you process your wages through payroll, then you may be eligible for JobKeeper just like any other employee would be. If that is the case, then the following may not interest you. If your business has suffered a 30%…

You may wish to have access to your ATO account to view and mange the following Apply for JobKeeper View account statements and balances (Cash Flow Boost payments for COVID19 will be seen here if you are eligible for them) Manage…

COVID19 Comprehensive Guide   This comprehensive guide has been developed by one of our resource providers to assist everyone in accessing the financial support they need during the COVID19 crisis. It outlines all of the financial assistance announced by the…

This page was last updated on 22 October 2020. _ For an explanation about how JobKeeper works, please see here. For ATO details about JobKeeper, please see here. The Australian Government has also provided their own list of JobKeeper FAQs here. _ What about…

Last updated 30 March 2020   COVID19 JobKeeper Payment Fact Sheet   A new economic response related to the COVID19 crisis was announced by the Australian Government on 30 March 2020. Read the Treasury media release here. This JobKeeper Payment scheme…

Early Access To Super Fact Sheet Due to the financial strain that COVID19 may cause some individuals, the Australian Government is allowing us to access $10,000 from our superannuation before 1 July 2020, and a further $10,000 following 1 July 2020….

Cash Flow Boost Government Fact Sheet   The following is for businesses with employees   Employers will now receive a minimum of $20,000 and a maximum of $100,000 from the Australian Government for their March to September 2020 BAS or IAS lodgements….

We recognise that we are in the midst of a humanitarian crisis that is of deep concern to all of us – both professionally and personally. We also realise that during this time of severe market volatility, you may have…

PAYGI Letter – Are you confused by one of these letters from the ATO???

Proposed Superannuation Changes for the Federal Budget 2018 – There are some positive changes for retirees moving forward. However, these super changes are not yet enforced but it is well worth considering how your retirement plans might be affected. The proposed changes include:

CAN YOU CLAIM YOUR WORK CLOTHING AS A TAX DEDUCTION?

As we zap into the holiday season and the New Year, thousands of Australians are feeling the pinch in their wallets. It’s an expensive time of year. Plus everyone wants 2017 to be a better year financially. Taking a second job is on the cards for many.

First, see if you are really going to end up ahead. It’s important to know the tax ins and outs of a second job so you can make an informed decision.

The following are samples of calculators that may provide rough guidance in financial and taxation matters.   Simple Tax Calculator The ATO’s calculator estimates the tax payable on your taxable income Stamp Duty/Land Transfer Calculator The State Revenue Office’s calculator…

To employ or subcontract, that is the question. This article covers some, but not all, issues regarding employees vs subcontractors.

KT Associates are turning 20! Buy a raffle to enter the draw to win prizes over $500!

KT Associates turns 20 this year! Get a raffle to win prizes over $500!

With the Reserve Bank of Australia’s (RBA) February 2015 decision to reduce interest rates to 2.25% the question becomes how long do we expect low interest rates to last? The best way to look at interest rates is to use…

How to claim depreciation as a tax deduction using the Small Business Pool, Low Value Pool, Prime-Cost Method , and Diminishing Value Method

Ever wondered if you should be claiming your rental repairs and replacement expenses as a tax deduction or if they should be depreciated as assets on your tax return?  The following will provide a rough guide and a few examples…

At the end of every financial year, the ATO requires all TFN holders to lodge either a tax return non-lodgement advice If the ATO does not receive either one of these from you, then you may receive a reminder letter…

If you have net medical expenses over $2,162* you may be eligible to receive the Net Medical Expense Tax Offset (NMETO).   However, the conditions for receiving the NMETO have been adjusted as part of the ATO’s plan to phase out…

Our team of 6 provides accounting, taxation & financial planning, to the local community, regional & interstate clients.  

Many super funds provide Life & Disability cover for their members without their approval. The reason behind this is because your employer’s default fund must offer a minimum level of life insurance, depending on your age. The younger you are the…