Business Management

Happy New Financial Year!

2016-07-01T15:34:56+00:00

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 [...]

Happy New Financial Year! 2016-07-01T15:34:56+00:00

Budget Summary

2017-10-11T09:40:23+00:00

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 [...]

Budget Summary 2017-10-11T09:40:23+00:00

Attention All Employers Mandatory SuperStream Superannuation Compliance Deadline

2016-04-01T12:07:18+00:00

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 [...]

Attention All Employers Mandatory SuperStream Superannuation Compliance Deadline 2016-04-01T12:07:18+00:00

Changes to Xero Standard & Premium Plans

2017-10-11T09:40:30+00:00

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 [...]

Changes to Xero Standard & Premium Plans 2017-10-11T09:40:30+00:00

Property Purchasers Beware

2016-02-18T11:34:13+00:00

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 [...]

Property Purchasers Beware 2016-02-18T11:34:13+00:00

Changes to Trust Account Requirements for Real Estate Agents

2015-10-02T14:28:22+00:00

The trust accounting requirements for real estate agents changed in Queensland on 1 December 2014 with the introduction of the Agents Financial Administration Act 2014 and associated Regulations (replacing the Queensland Property Agents and Motor Dealers Act 2000). Hoffman Kelly has now conducted a number of audits of trust accounts under the new legislation and [...]

Changes to Trust Account Requirements for Real Estate Agents 2015-10-02T14:28:22+00:00

Taxable Payments Annual Reports Due 21 July

2017-10-11T09:41:59+00:00

A must read for building & construction clients! Clients in the building and construction industry who pay contractors for building and construction services are required to report the payments to the ATO on the Taxable payments annual report. Taxable payments annual reports are due for lodgement on the 21st of July 2014. Penalties may incur [...]

Taxable Payments Annual Reports Due 21 July 2017-10-11T09:41:59+00:00

ATO TO CEASE ISSUING PAPER ACTIVITY STATEMENTS FROM 1 JULY 2014 – YOU MAY BE AFFECTED!

2014-04-30T12:46:25+00:00

As a part of the ATO’s move to more online services, from 1st of July 2014 once an activity statement is lodged through an electronic channel they will no longer issue paper activity statements. Some clients however may be excluded from this change and will continue to receive paper activity statements. Clients that may be excluded [...]

ATO TO CEASE ISSUING PAPER ACTIVITY STATEMENTS FROM 1 JULY 2014 – YOU MAY BE AFFECTED! 2014-04-30T12:46:25+00:00

Privacy & Credit Law Changes – Penalties up to 1.7 million for Non-Compliance!

2014-04-10T15:27:02+00:00

Changes recently introduced mean that businesses that deal with an individual’s personal information in any way must take steps to comply with the new privacy legislation.  There are penalties of up to $1.7 million for breaches by corporations and up to $340,000 for breaches by individuals. ‘Personal information’ is defined broadly and includes information such [...]

Privacy & Credit Law Changes – Penalties up to 1.7 million for Non-Compliance! 2014-04-10T15:27:02+00:00

R & D You may be entitled to claim.

2017-10-11T09:42:14+00:00

Don't miss out on this (generous) tax credit! Accessing the federal government's research and development tax incentives is often considered or assumed to be too complicated by many small to medium business owners. However the benefits can be well worth the effort, particularly given that the tax credit can be in the form of a [...]

R & D You may be entitled to claim. 2017-10-11T09:42:14+00:00