As a trustee of a Self-Managed Super Fund (SMSF), it's crucial to understand the importance of accurately recording your fund's assets at market value each year. The Australian Taxation Office (ATO) has heightened its scrutiny in this area, leading to increased vigilance by Fund Auditors. By ensuring that you are well-informed about the valuation [...]
The process of starting or restructuring a business entails numerous critical decisions, with one of the most pivotal being the selection of an appropriate business structure. This decision not only influences your tax obligations but also plays a significant role in the protection of your assets. To assist you in making informed decisions, we [...]
Meet Rebecca, or simply Beck — our lovely receptionist. We took the opportunity to sit down with Beck to learn about his interests outside of the office. If you could only watch one movie for the rest of your life, what would it be? That is such a tough question as I am a [...]
On 14 May the government handed down its annual budget. Whilst often a time that many tax and superannuation change priorities are revealed and analysed, this year nearly all of the announcements are not tax related. Our summary of measures is in the link below and we look forward to discussing anything relevant to [...]
It’s tax time… well, pre-tax time! In the lead-up to the EOFY, tax planning becomes an even more important tool to understand and effectively minimise your tax obligations for the current financial year. This goes for us as advisors and you as taxpayers. As we approach the 30th of June 2024, there are strategies [...]
Meet Michael — one of our Senior Accountants at Hoffman Kelly. We took the opportunity to sit down with Michael to learn about his interests outside of the office. If you could only watch one movie for the rest of your life, what would it be? Lord of the Rings: Fellowship of the ring. Childhood [...]
In August 2023, Saqeb joined the Hoffman Kelly team as one of our fantastic accountants. We took the opportunity to sit down with Saqeb and learn about his interests outside of the office. If you could only watch one movie for the rest of your life, what would it be? The Dark Knight Rises. Who [...]
Budgeting stands as the cornerstone of financial management for businesses of all sizes. In essence, budgeting isn't just about crunching numbers; it's about understanding your business' financial pulse, setting achievable targets, and steering your enterprise towards success. Let's delve into the realm of budgeting and unpack the fundamentals that need to be considered for [...]
In recent months, Australia’s government has shifted away from the long-promised Stage 3 tax reforms, originally legislated to mostly benefit high-income earners, to changes which instead benefit workers at lower income levels. These shifts have ignited discussions across various sectors. While sitting in a hospital waiting room for what seemed like an age, I [...]
Having a solid understanding of profitability and margins is the bread and butter of any successful business. These financial metrics serve as vital signposts, guiding business owners toward informed decisions that can bolster their bottom line and ensure long-term success. So, let's explore the fundamentals of profitability and margins, and unpack actionable strategies to [...]
