Knight Partners | Financial service

Knight Partners

Phone: 0412 756 374

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• Finance

25.01.2022 A. A budget is a way to quickly identify overspending and potentially loss making situations.

23.01.2022 As a business you use an activity statement to report and pay the GST your business has collected and claim GST credits. Most businesses report and pay their GST quarterly and have a choice each year about how they do this.

23.01.2022 A. A budget is a guide to the financial performance of the business

19.01.2022 Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.

19.01.2022 Q. How can a budget help my cash flow?

18.01.2022 The first thing is to actually have a budget. Very few small businesses have one.

17.01.2022 At Knight Partners, we provide financial and strategic management advice, including business and practice coaching.

16.01.2022 Proposed changes to the Australian National Rental Affordability Scheme tax law provisions will benefit participants in the scheme who provide low-cost rental accommodation.

14.01.2022 When it comes to Tax time, maximise your Tax deductions with better use of your Superannuation. For over 50s up to $50,000, for under 50s - up to $25,000. Contact Knight Partners to find out more.

14.01.2022 Businesses use an activity statement to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Activity statements are also used by individuals who need to pay quarterly PAYG instalments.

14.01.2022 FBT is separate from income tax. If you had to pay FBT of $3,000 or more in the previous year, you need to pay the tax quarterly by instalments with your activity statement.

13.01.2022 Do you know? Q. How can a budget help my cash flow?

13.01.2022 Q. What is a novated lease arrangement?

10.01.2022 You may receive an activity statement or an instalment notice to pay your PAYG income tax instalment. You can generally choose between two payment options, and you can vary your instalments in some circumstances.

10.01.2022 Changes to the law regarding tax invoice and recipient created tax invoice (RCTI) requirements came into effect 1 July 2010. Be sure your compliant with Knight Partners.

10.01.2022 LCT applies to cars with a GST-inclusive value exceeding the LCT threshold ($57,180 for the 2009-10 income tax year).

09.01.2022 A. Analyse your businesses high percentage of spending and identify ways to minimise that spend.

09.01.2022 Set aside some time to work through every line of the Profit and Loss Report for the previous year, and ask yourself "Is there a better/more cost effective way of achieving this outcome?"

06.01.2022 Large businesses should ensure they are familiar with the range of issues that are currently attracting attention from the ATO. Contact Knight Partners to find out more

06.01.2022 Q. During periods of cash constraints, what changes can businesses make to their budgets?

06.01.2022 Self-Managed Superannuation Funds in Australia will continue to be allowed to invest in collectables and personal use assets like artwork or stamps, provided they are held in accordance with tightened legislative standards.

06.01.2022 Fuel tax credits provide you with a credit for the fuel tax (excise or customs duty) included in the price of fuel you use in some business activities, machinery, plant, equipment and heavy vehicles.

06.01.2022 In good times its easy to ignore Profit and Loss because there is plenty of income, but when times get tough its important to also look closely at where the money is being spent.

03.01.2022 Budgets should be reviewed monthly. This can be done by entering a budget into accounting software and printing an Actual versus Budget Profit and Loss Report at the end of each month. This is an effective way of ensuring money does not get lost or wasted.

03.01.2022 PAYG tax withheld is the amounts you withhold from payments to employees, contractors and company directors. You may also have to withhold from payments to other businesses if they don't quote their ABN to you.

03.01.2022 You may receive a quarterly GST and/or PAYG instalment notice instead of an activity statement. You can simply pay the amount shown on your instalment notice. If you wish, you can vary the amount to pay.

02.01.2022 Q. What is a budget?

01.01.2022 Under a novated lease arrangement, you take over all or part of the lessee's rights and obligations under the lease. This transfer of rights and obligations is agreed to in a deed of novation between you, the finance company and the lessee. The lessee is usually the employee, or an associate of the employee.