Hoffman Kelly can now offer a more complete service to our business clients by teaming up with Coverforce 3LP to provide business insurance brokerage services.

Hoffman Kelly and Coverforce 3LP share very similar philosophies in business, critically both businesses putting our clients’ interests as their number 1 priority and providing specialist expertise.

If you would like to find out more information please click the link below.
HK Business Insurance

The Queensland, Australian and local governments offer a wide range of financial concessions available to eligible Small Businesses.  These supportive services help new and established businesses to succeed and grow.

If you would like to find out more, follow the link below to the Queensland Government website.

https://www.business.qld.gov.au/starting-business/advice-support/grants

A last minute deal has been struck between the government and Senator Nick Xenophon to pass the Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016.

The revised Bill enables:

  • An increase to the aggregated turnover threshold to $10 million for access to small business tax concessions from 2016-17.
  • Note that the current aggregated turnover threshold of $2 million will be retained for the small business CGT concessions.
  • Progressive reductions in the corporate tax rate for base rate entities (corporate tax entities that carry on a business with an aggregated turnover of less than $50m) to:

  • An increase to the aggregated turnover threshold to $5 million for access to the small business income tax offset from 2016-17.
  • An increase to the unincorporated small business tax discount to 8% from 2016-17. The offset will be capped at $1,000.

The final amendments exclude businesses with an aggregated turnover of $50 million or more from the tax cuts. These entities will continue to pay a corporate tax rate of 30%.

The Bill has passed the Senate with amendment and will now go back to the House of Representatives where the Government holds a majority. The next sitting day to formally pass this Bill is 9 May.

The ATO has advised that it will be collecting data from ride-sourcing services (eg Uber and GoCatch) during the 2016/17 and 2017/18 financial years.

The data matching is to ensure all tax obligations such as registration, lodgement, reporting and payment responsibilities are being met.

The ATO has estimated that it will obtain records relating to up to 60,000 individuals and that data will include: payee account name, payee BSB, payee account number, date of payment to the payee and amount of payment to the payee.

The overwhelming majority of businesses in Australia are Small and Medium-sized Enterprises (SMEs).

With this in mind, Hoffman Kelly are proud to make available the 2016/17 SME Research Report prepared by Bstar in conjunction with SV Partners.

This year’s Report includes the latest insights into the SME sector and a new section on what solutions are being offered to SMEs by their accountants.

SMEs can use the information in the Report to find out what successful businesses are doing to prevent failures, and to grow and improve their business and exit on their terms.

If you would like to read the report, please click the link following link: Hoffman Kelly – 2016/17 SME Research Report

If you do have any questions or would like to contact us to develop a detailed plan for your SMEs future growth, please do not hesitate to contact our office on 07 3394 2311 or mail@hoffmankelly.com.au

As we put down the credit cards after the plethora of end of financial year sales events, we kick off what we all hope will be a prosperous new financial year. Despite the many uncertainties in global markets and governments, we wanted to take the opportunity to remind you of some important points as we move into the New Year:

Foreign resident capital gains tax withholdings rules apply NOW
Don’t let the name deceive you, as we’ve highlighted in our recent correspondences these new measures do not just apply to “foreign residents” and will apply to a broad range of property transactions over $2M. Online forms are now available on the ATO website for the following:

• Clearance certificate application form
• Variation application form
• Purchaser payment notification

You can find these forms and other useful information from the ATO by clicking here.

Tax Incentives for early stage investors
From today innovative new business start-ups will have easier access to capital, while investors will have access to generous tax offsets for early stage investments. After the bill received Royal Assent on 5 May, the first of July will have certainly been circled on the calendar for many. The Australian Government has a raft of information available here

Extended deadline for SuperStream compliance for small businesses
On the 22nd of June, Deputy Commissioner James O’Halloran announced that small businesses (less than 19 employees) that are not yet SuperStream ready now have until 28 October 2016 to be compliant.

Extended deadline for LRBA arrangements
On 6 April 2016, the ATO issued PCG 2016/5 which outlined the safe harbour terms upon which a trustee of a SMSF could choose to structure their Limited Recourse Borrowing Arrangement (LRBA) with related parties in order to show that it is consistent with an arm’s length dealing. The ATO has extended the original deadline of 30 June 2016 to 31 January 2017.

Real property transfer reporting
A reminder that the ATO are always willing to help! From today, all state and territory collection agencies will be collecting and reporting information to the ATO about all transfers of freehold and leasehold interests in real property located in all states and territories.

New checklist for Research & Development Tax Incentive
The ATO have recently updated their information, including helpful checklists on assessing whether your activities may be eligible for the R & D Tax Incentive. This can be a very generous tax measure assisting many businesses fund the research & development activities undertaken generating new and innovative activities.

Click here for a good source of information available from the ATO.

Should you have any queries, please don’t hesitate to contact our office on 07 3394 2311.
Regards, The Hoffman Kelly Team

It’s that time of year again. We’ve all had a chance to digest the new budget measures, now it’s time for us to catch up and discuss your taxation affairs in the lead up to 30 June. Please contact your Hoffman Kelly accountant to organise a time to:tax planning cubes crossword puzzle

  • Review your current year activities;
  • Discuss any planning opportunities present to take advantage of before 30 June;
  • Discuss the budget and how these announcements may affect you and your circumstances;
  • Put in place effective trust resolutions for discretionary trusts to ensure income distributions are implemented before 30 June as required by the ATO;
  • Ensure all compliance matters for your SMSF have been adhered to during the year, including ensuring minimum pensions have been drawn.

As June is a very busy time of year for us looking after these matters for our clients please try and make contact with your accountant by mid-June to ensure we allow appropriate time for all matters to be fully reviewed and considered, also ensuring you have appropriate time to act on any recommendations that may be made.

Should you have any queries, please don’t hesitate to contact our office on 07 3394 2311.

Regards, The Hoffman Kelly Team

Budget Summary

The budget was handed down last night, and there were several major announcements.  Issues dealt with include:

SUPERANNUATION
• Imposing a lifetime limit of $500,000 on non-concessional superannuation contributions
• Reducing the superannuation concessional contribution cap to $25,000
• Capping tax-free super to balance of $1.6 million
• Removing tax-free earnings on TRIS accounts
• Expanding the number of taxpayers with 30% tax on concessional contributions
• Abolition of anti-detriment deductions
• Expanding tax deductibility of contributions to employees and those over 65
• Refunds for low income earners contributing to super
• ‘Catch-up’ concessional contributions limits over 5 years

BUSINESS TAX
• Reducing the company tax rate to 25% over 10 years
• ‘Small business entity’ concessions being expanded to larger businesses

INDIVIDUALS
• Tax cuts for those earning over $80,000

OTHER
• New ATO anti-avoidance tax force

There are some pleasing changes and opportunities as a result of the budget, but the restrictions on superannuation will cause major headaches, especially given their retrospectivity. We especially encourage anyone who had plans to contribute to super before 30 June 2016 to reconsider and seek advice as to whether it is still possible to do so or not.

To read the full budget update, please click here to download.

Regards,

The Hoffman Kelly Team

The Australian Taxation Office (ATO) reports that more than 60% of small businesses are already on board with SuperStream, but also warns that if your business is one of tardy, you have a mere 100 days remaining to get it done.

With the June 30 deadline rapidly approaching, the ATO is encouraging small businesses to make becoming SuperStream ready a priority; please click here to view the full step-by-step guide.

SuperStream, the standardisation of how employers make super contributions on behalf of their employees, involves employers sending all super payments and employee information electronically in a standard format.

There are a number of options your business can choose to become SuperStream ready. These including using a payroll system that meets the SuperStream standard, a superfund’s online system, a super clearing house or a messaging portal.

Should you have any queries, please don’t hesitate to contact our office on 07 3394 2311.

Regards,

The Hoffman Kelly Team

As at the 2nd June 2016 Xero is changing their standard and premium plans for all existing and new subscribers due to advances in payroll and upcoming innovations. The biggest change is to their standard plan, where the limit of payroll employees has reduced from five to one. Xero has also introduced a Premium 5 plan for up to five payroll employees, and includes auto-super and multi-currency. If you’re on a standard plan, and do a pay run for more than one employee in May, you’ll be switched to the Premium 5 plan on June 2. Otherwise you’ll remain on the standard plan. If you’re on Premium 10 for multi-currency and you don’t do a pay run in May, you’ll be moved to Premium 5 on 2nd June 2016.

The charges are set out as follows:

Should you have any queries, please don’t hesitate to contact our office on 07 3394 2311.

Regards,

The Hoffman Kelly Team