General News

Alert: Property Developers – Preparing for new GST withholding regime

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 received royal assent on 29 March 2018, flagging the start of a new GST withholding system significantly changing the way developers remit GST from 1 July 2018. Author Michael Kerwin Why? Treasury assessed, that through illegal phoenix activities [...]

Alert: Property Developers – Preparing for new GST withholding regime 2018-04-16T09:20:12+00:00

2017/18 SME Research Report

SMEs are the lifeblood of the economy, and there are more than 2 million actively trading businesses in Australia. We have collaborated with Bstar to bring you this SME Research Report. The Report provides insights into the opinions and concerns of business owners, and explains how SMEs are surviving and thriving. If you would [...]

2017/18 SME Research Report 2018-02-27T11:11:25+00:00

Cone of Silence Lifted – Mandatory data breach notification laws to take effect

On 22 February, new laws will require businesses who suffer data breaches to notify both the government and their customers / clients.  The consequences of a notification could be extremely damaging to businesses, and it is therefore imperative to understand the rules and to take action to protect yourself! Author Thomas Aitkenhead [...]

Cone of Silence Lifted – Mandatory data breach notification laws to take effect 2018-01-31T14:04:14+00:00

I just bought a cryptocurrency – will I be taxed?

The ATO has released guidance on the taxation of Bitcoin which is likely to cover most cryptocurrencies. The tax implications of some common scenarios are discussed below. Author Scott Ward If you are in business and you are using a cryptocurrency to buy and sell goods and [...]

I just bought a cryptocurrency – will I be taxed? 2018-01-30T15:47:48+00:00

Personal Services Income

Personal services income (PSI) is income produced mainly from your personal skills or efforts as an individual, other than from salary and wages. Income is classified as PSI when more than 50% of the amount you received for a contract was for your labour, skills or expertise. Author Renee Murray [...]

Personal Services Income 2018-01-30T15:47:40+00:00

Purchasing New Residential Property? These Changes Could Affect You

The Federal Government announced, as part of the 2017/2018 Budget their desire to strengthen compliance of the GST Act on property transactions due to the view that some developers are failing to remit GST to the ATO. The changes would apply to purchasers of new residential premises and land in new subdivisions, whereby the purchaser [...]

Purchasing New Residential Property? These Changes Could Affect You 2017-12-04T12:20:54+00:00

Lease Incentives and Their Tax Implications

With the commercial leasing market becoming increasingly competitive and supply often exceeding demand, it is becoming common place in many areas for landlords to offer incentives in order to secure tenants. Various incentives are offered to help entice potential tenants, such as rent free or discounted periods, free fitouts or contributions, covering of relocation [...]

Lease Incentives and Their Tax Implications 2017-12-04T12:32:16+00:00

Christmas Gifts – Maximising deductions

Christmas is the time for giving, but not the time for a nasty new year Fringe Benefits Tax hangover. Where can it go wrong – the thought is great, the tax outcomes not so much… Author Michael Kerwin Unless exempt, gifts to employees are generally considered a [...]

Christmas Gifts – Maximising deductions 2017-12-04T12:43:00+00:00

Australian Financial Review – Top 100 Accounting Firms for 2017

We are thrilled to announce that Hoffman Kelly has been named #66 in the Australian Financial Review Top 100 Accounting Firms for 2017. We are extremely thankful for the continuous support from our clients and staff, and look forward to what the future holds.

Australian Financial Review – Top 100 Accounting Firms for 2017 2017-12-01T09:46:51+00:00

Critical steps for property over $750,000

Just 12 months after its introduction, the Foreign Resident CGT Withholding Tax Regime (FRWT Regime) was amended and from 1 July 2017 any property transaction with a sale value of $750,000 or more is affected; additionally, the withholding rate was increased from 10% to 12.5%. Author Claire Roberts [...]

Critical steps for property over $750,000 2017-12-04T14:21:31+00:00