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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
The Bureau of Meteorology has now declared a third consecutive La Nina is officially underway for Australia. While this could bring another year of renewed flood risks and above-average rainfall for northern and eastern Australia, it could also result in insurance embargoes for property owners looking to get cover for flood damage. Property owners [...]
