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Coronavirus Tips for Businesses: Helping Your Business Cope

Hey guys, Given the latest updates, here are some Coronavirus tips to help your business cope during this difficult time. As a business owner, there may be some challenging times ahead including: Team members being absent from your workplace Product supply issues Demand for your services or products reducing over the short term A reduction…

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Our Response to Coronavirus COVID-19

Given the latest updates relating to the Coronavirus (COVID-19), we wanted to let you know that we are on the “front foot”. Therefore, we expect no interruptions to the services we provide at Knox Tax. We will continue to be here to support you, your families and your businesses throughout this potentially stressful, difficult and uncertain…

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WorkSafe Workplace Manslaughter

The Revised Work Safe Workplace Manslaughter Policy | Are You at Risk?

Today, we’re going to be touching on a more serious topic: Workplace Manslaughter Yep! It’s not the prettiest of topics, but it’s something all business owners should be aware of when running a business. Especially in the industry of trades, hospitality, etc. Given Parliament recently passed a bill relating to the Workplace Safety Legislation amendments…

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Dual Cab Utes - Do You Need a Logbook?

Dual Cab Utes & Keeping Logbooks – Do You Need One?

The simple answer – Yes! If ever in doubt on whether you should or shouldn’t have a logbook, our recommendation is always to have one. After all, it’s better to be safe, than sorry! The Australian Tax Office (ATO) have recently warned about tightening-up on their approach towards people who own vehicles through their businesses –…

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How to Start a Business

How to Start a Business: Tips for New Entrepreneurs

Whether you plan to start a business from scratch or grow your existing business, the process can be challenging. As the owner of a start-up small business, you will find yourself pulled in many directions. Many entrepreneurs feel overwhelmed when juggling tasks such as: Creating a business plan Managing your cash flow Settling outstanding payments…

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Single Touch Payroll

Single Touch Payroll Reporting – Closely Held Companies

Hey everyone, Following a recent email sent by the ATO on Single Touch Payroll, we felt it important to share the following info with you too. The ATO recently sent an email blast to owners of closely held companies stating that they had missed the Single Touch Payroll (STP) start date. However, this was incorrect…

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Declaring foreign income

ATO Crackdown! | Are You Declaring Foreign Income in Your Tax Return?

Have you been earning money overseas or have an overseas bank account that you deposit money into? Do you have assets or investments overseas? Have you been a bit naughty by “accidentally” omitting this income from your tax return? If so, this article applies to you.   What is Foreign Income? In simple terms, foreign…

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Claiming Work-Related Expenses | Part 2 – Claiming Car Expenses

As we mentioned in the first article of this series; “4 Things You Should Know Before Claiming Work-related Expenses“, you may be entitled to claim certain deductions for work-related expenses in your tax return. But: You must have spent the money out of your own pocket You mustn’t have been reimbursed for it already It…

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Article on work-related expenses

Claiming Work-Related Expenses | Part 1 – 4 Things You Should Know!

When completing your tax return, you’re entitled to claim deductions for certain expenses directly related to your income.   To successfully claim a deduction for work-related expenses: You must have spent the money out of your own pocket You must have not been reimbursed for it already It must be directly related to earning your…

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Late Tax Returns

Outstanding or Late Tax Returns? 2 Simple Tips to Fix Them.

As you may know, it’s compulsory for Australians to lodge a tax return every year. Despite this, late tax returns are more common than you think. Many taxpayers find themselves falling behind and are embarrassed upon realising that they have multiple years of outstanding tax returns – whoops! Time can fly by so quickly, that…

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