Everyone knows the secret to any good tax time is planning. At Hoffman Kelly, we’ve got all the tips on how you can make this tax time a smooth experience. Our third instalment of ‘Tax Ready with Hoffman Kelly’ is all about assets. More specifically, the Temporary Full Expensing (TFE) of depreciating assets. The TFE [...]
Over the past couple of years, business owners were forced to master extra survival skills to endure the challenges brought by COVID-19. Resilience and adaptability were crucial to navigate commercial, social and economic consequences of lockdowns and social distance restrictions. Now, what do you do with all those extra abilities? These new competencies acquired can [...]
Eligible small businesses can now restructure from trading discretionary trusts to trading companies and are now able to access a stamp duty exemption in Queensland. The relief granted by the new legislation allows flexibility for businesses with less than $5 million turnover to assist management of current or expected compliance issues. Trust structures are useful [...]
Cash flow is key for any business. Without cash, an otherwise successful business will crash and burn. All businesses need to be able to identify and understand their cash flow and improve it by measuring and forecastingfuture cash flow. One of the key business advisory services that a business should get from their advisor is [...]
You may have heard the term, business advisor, as it is referred to in many contexts. So what is a business advisor? What do they do and does your business need one? What is a business advisor? A business advisor is a trusted advisor to a business who works side by side with business owners [...]
2020 was a really tough year with plenty of speed bumps, but now is the time to move forward and lay the financial groundwork for a better 2021. Reconsidering business plans that have been affected during such uncertain times is crucial for business growth and to help cash flow. To make it happen, the number [...]
Without a shadow of a doubt, to retain good staff, every business advisory firm will suggest providing training and professional advancement so employees can succeed in their jobs. Hoffman Kelly, one of the best business advisory and consulting firms in Brisbane and the surrounding area, offers the ultimate in services, including staff development. If employees [...]
The Queensland government has announced the next phase of the rollout of Project Bank Accounts. Currently the regime applies to building contracts entered into with the Queensland government with a value between $1 million and $10 million. From 1 July 2020, the scheme is expanded to include contracts provided by a hospital or health [...]
The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 has been passed in the senate, which can have potential consequences on directors of companies. The bill allows the Commissioner of Taxation to estimate future GST liabilities and make directors personally liable for the debt in certain circumstances. This is the case when the Commissioner [...]
Did you know that all directors of Australian companies have a fiduciary duty to ensure a robust approach is taken towards cyber resilience? A breach of such obligations can leave directors potentially exposed to personal liability under section 180 of the Corporations Act. Despite a wealth of information being available on cyber risks, it is [...]
