General News

Budget 2024-25

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 [...]

Budget 2024-252024-05-17T14:05:22+10:00

Financial Reporting: Understanding Stock and Work in Progress in Construction and Manufacturing

When it comes to running a business, accurate financial reporting is important. But for construction and manufacturing companies, it's even more essential. Businesses within these industries face their own unique set of challenges, like dealing with stock and work-in-progress (WIP) for projects, which often become major headaches if you’re not on top of your [...]

Financial Reporting: Understanding Stock and Work in Progress in Construction and Manufacturing2023-07-19T14:44:59+10:00

6 Changes to Your Business & Personal Tax Returns From July 1st

Are you ready for tax season? Well, whether you're excited or dreading it, there are some important changes coming to the Australian tax system on July 1st, 2023. These changes could have a significant impact on your bottom line, so it's important to be aware of them. To help you get more clarity on [...]

6 Changes to Your Business & Personal Tax Returns From July 1st2023-06-29T07:50:26+10:00

Fringe Benefits Tax: Essential Information for 2023

Are you an Australian employer providing non-cash benefits to your employees? Then you need to know all about Fringe Benefits Tax (FBT), the tax imposed on such benefits.  The FBT year runs from April 1st and ends on March 31st. Employers who provide fringe benefits to any employee or associate must lodge an FBT [...]

Fringe Benefits Tax: Essential Information for 20232023-03-24T08:44:51+10:00

100% Depreciation Claims: Temporary Full Expensing Ending Soon – Boost Your Business Cash Flow

Are you aware of the upcoming changes to the current Temporary Full Expensing regulations and what this means for your business? If not, here is everything you need to know! Navigating Australian tax laws and regulations can be tricky, especially when it feels like the rules are ever-changing. One of the more significant changes [...]

100% Depreciation Claims: Temporary Full Expensing Ending Soon – Boost Your Business Cash Flow2023-03-14T08:14:12+10:00

Maximising Potential: Small Business Tech & Skills Boost Programs

In 2023, small businesses have an opportunity to invest in their future and stay competitive in the digital economy with two government initiatives: Small Business Technology Investment Boost and Small Business Skills and Training Boost.The boost measures are not currently law, but draft legislation is being considered. Once passed through parliament, the programs will allow [...]

Maximising Potential: Small Business Tech & Skills Boost Programs2023-02-28T10:55:31+10:00

Hoffman Kelly Explains: Division 293 Tax – Additional Tax for High Income Earners

At Hoffman Kelly, we understand that taxes can be confusing and overwhelming. That's why we broke down what Division 293 Tax is and how it may affect you. What is Division 293 Tax?  Division 293 Tax, also known as the Additional Tax for High Income Earners, is a tax imposed on concessional superannuation contributions [...]

Hoffman Kelly Explains: Division 293 Tax – Additional Tax for High Income Earners2023-02-13T08:35:05+10:00

Hoffman Kelly Explains: Director Penalty Notices

Over the last two years of the COVID-19 Pandemic, the Australian Taxation Office (ATO) has taken limited recovery action and a lenient approach to businesses with outstanding tax debts. However, as Amelia McMullan describes, change is already in motion. “That time has passed, and we are seeing a steady increase in ATO debt recovery [...]

Hoffman Kelly Explains: Director Penalty Notices2022-11-30T16:26:08+10:00

Hoffman Kelly Explains: Single Touch Payroll (STP) Phase 2

Single Touch Payroll (STP) Reporting automatically sends tax and superannuation information from your accounting software to the ATO as each payroll period is processed. This reporting ensures that employees are paid their correct entitlements through data matching the amounts that are reported from the employee’s super funds and also ensures employees are taxed correctly.  [...]

Hoffman Kelly Explains: Single Touch Payroll (STP) Phase 22022-10-20T10:30:38+10:00

FBT Benefits for the Eco-Friendly Vehicle

For a lot of companies in Australia, a company vehicle is a necessity for their employees. Up until recently, only companies that provided their employees with a utility vehicle, taxi, or panel van were exempted from paying Fringe Benefits Tax associated with their company vehicles, while any passenger-type cars were not. Electric vehicles have [...]

FBT Benefits for the Eco-Friendly Vehicle2022-10-12T16:31:18+10:00
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