General News

COVID 19 Stimulus & Support Measures

Hang in there. We’ve designed this guide as a quick reference to the COVID-19 related tax and financial support that might be available to you. The Government has flagged that more support is coming and we will keep you updated of changes that are likely to impact on you. The stimulus and support packages [...]

COVID 19 Stimulus & Support Measures2020-04-02T15:18:20+10:00

Stimulus & Assistance Measures Update

Over the weekend, the government announced more measures to assist both businesses and individuals due to the disruption caused by COVID-19.  These measures are expected to be legislated this week.  For more detail, or to discuss exactly how they will apply to you, please contact your accountant at Hoffman Kelly.  We remain open for [...]

Stimulus & Assistance Measures Update2020-04-01T11:41:12+10:00

Queensland Government – Payroll Tax Relief For Business

The Queensland government yesterday announced a 2.5 billion stimulus measure to provide Queensland businesses some relief from payroll tax. The Office of State Revenue has already commenced sending emails to businesses offering the payroll tax relief which provide detailed instructions on the process to follow to obtain the benefits. The main details of the [...]

Queensland Government – Payroll Tax Relief For Business2020-04-01T11:44:29+10:00

$1,500 JobKeeper subsidy to keep staff employed

A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn). To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before [...]

$1,500 JobKeeper subsidy to keep staff employed2020-04-01T11:35:23+10:00

Covid-19 Business Advice And Economic Stimulus Package

COVID-19/Corona Virus is on everyone’s mind and appears to be the only thing being spoken about. There are plenty of views about the health impacts of the virus and the implications for the wider community, but as a business owner it is crucial that while there are many unknowns, planning and being prepared for [...]

Covid-19 Business Advice And Economic Stimulus Package2020-03-18T13:51:37+10:00

R&D Tax Incentive

The Research & Development Tax Incentive can allow a business to recoup some of the costs incurred during the development phase of eligible activities. This can assist cash-flow throughout the research and development phase, which is often draining on cash-flow. The rules and processes for the R&D tax incentive are based on complex legislation, [...]

R&D Tax Incentive2020-03-03T12:50:10+10:00

Project Bank Accounts – Rollout Expanding

The Queensland government has announced the next phase of the rollout of Project Bank Accounts.  Currently the regime applies to building contracts entered into with the Queensland government with a value between $1 million and $10 million. From 1 July 2020, the scheme is expanded to include contracts provided by a hospital or health [...]

Project Bank Accounts – Rollout Expanding2020-02-26T10:08:42+10:00

Director of a company? Beware of additional penalties!

The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 has been passed in the senate, which can have potential consequences on directors of companies. The bill allows the Commissioner of Taxation to estimate future GST liabilities and make directors personally liable for the debt in certain circumstances. This is the case when the Commissioner [...]

Director of a company? Beware of additional penalties!2020-02-24T11:26:40+10:00

Australian Family Home For Foreign Residents – Recent Changes And What You Need To Know.

For the last 35 years Australians living overseas have been entitled to claim the Capital Gains Tax (CGT) exemption when they sell their previous (eligible) main residence in Australia. This all ended in May 2017 when the government announced changes to deny foreign residents access to the Capital Gains Tax main residence exemption. Due to intense criticism from [...]

Australian Family Home For Foreign Residents – Recent Changes And What You Need To Know.2020-02-06T10:19:53+10:00

Diversification of Investments in SMSFs

The ATO is in the process of sending letters to trustees if their SMSF is holding 90% or more of its funds in one asset or a single asset class. Lack of diversification can expose an SMSF and its members to unnecessary risk if a significant investment fails, which is why the ATO is [...]

Diversification of Investments in SMSFs2019-12-17T07:13:48+10:00