Where to next?

This is what we’re asked by many people and the reason why our clients chose Hayes Knight.

Our clients know we are good at the fundamentals – accounting, tax compliance, and audit – but they come to us because not only are we good at the fundamentals, we have the expertise to help them identify, structure, and secure, their future … their next step.

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What’s Changing on July 1

July 1 60x60Check out this quick but comprehensive overview of what’s changing on 1 July for business, families, SMSFs and for you.  MORE

 

The Tax Deductibility Debate – What You Can & Can’t Claim

Tax deductible 60If a man can claim a briefcase as a tax deduction why can’t women claim their handbags? Before you try and claim your $4,000 Gucci handbag as a tax deduction, we step you through the facts of the deductibility debate.

The rules around what you can personally claim as a work related tax deduction are fairly rigid – otherwise everyone would be claiming everything even vaguely associated to what they need for work. MORE

Buying or Selling Property? The July 1 Tax Problem You May Not Know You Have

tax alertFrom 1 July, a 10% withholding tax will apply when foreign residents sell certain types of Australian property. However, if you are selling Australian property, the new rules assume you are a non-resident unless you have a clearance certificate from the ATO. Without this clearance certificate, the purchaser can withhold 10% of the purchase price and pay this to the ATO. For purchasers, if you do not withhold the tax and do not have a clearance certificate, you are liable for the tax (on a $2 million property, that’s $200,000). MORE

Warning on Super Contributions

danger super contributionsThe 2016-17 Federal Budget announcements on superannuation have caused a lot of concern. Many clients have asked, what should we be doing? The main area to be mindful of is the $500,000 lifetime cap on non-concessional contributions as what you do now, may have a lasting and potentially detrimental impact. MORE