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 [...]
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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 [...]
There’s been much talk around innovation since Prime Minister Malcolm Turnbull launched the government’s innovation statement in December 2015 with many a tax break, concession, and relaxation announced. This article will focus on the Early Stage Investor Tax Offset that has been effective for new share investments made from 1 July 2016 after the Tax [...]
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 [...]
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: Review your current year activities; Discuss any [...]
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 [...]
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 [...]
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 [...]
The Federal Government has introduced legislation (to apply from 1 July 2016) which requires the purchaser of an Australian property to withhold 10% of the purchase price at settlement and pay this amount to the Australian Taxation Office (ATO). Whilst the withholding amount is designed to cover a “foreign resident” vendor’s potential capital gains tax [...]
The Australian Taxation Office (ATO) have advised that they will no longer issue a paper copy of your Notice of Assessment (NOA) if you have linked the ATO to your myGov account. Following lodgement of your tax return you can access your NOA directly through your myGov account. Although we as tax agents will be [...]