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 [...]
As a small to medium business owner or investor, you're likely accustomed to the critical role your accountant plays in managing your finances. However, as your business grows, you might find that traditional accounting services are no longer enough to meet your evolving needs. The solution? The virtual Chief Financial Officer (vCFO), a strategic [...]
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 [...]
Last month, we got together in support of the Vinnies QLD CEO Sleepout and the fight against homelessness in Australia. We hosted our inaugural Hoffman Kelly Client Charity Dinner with the initial goal of raising $20,000. Little did I know what was to come – an evening that not only strengthened our bonds as [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
