Property

Budget Update October 2020

The 2020 budget was delivered on Tuesday.  The scope of the budget was huge, and so were the dollar amounts involved.  We have put together this guide to assist our clients with what we believe are the most relevant measures (however there are many other measures not included due to the sheer number involved). [...]

Budget Update October 20202020-10-09T10:14:08+10:00

JobKeeper 2.0 Guide

The first round of JobKeeper ends on 27 September, and JobKeeper 2.0 commences on 28 September.   The second round has different eligibility requirements for employers, different eligible employees , and different rates of payments than the original scheme. If you are an employer who wishes to continue receiving JobKeeper payments you need to: [...]

JobKeeper 2.0 Guide2020-09-25T11:03:29+10:00

Breakeven Point

The implications of COVID-19 for businesses are severe, far reaching and currently still ongoing. Many business owners have been forced into the unenviable position of deciding between staying open and potentially making a loss, or closing the doors and reducing turnover to nil, with knock-on effects such as losing staff or breaking leases. How [...]

Breakeven Point2020-09-14T12:04:11+10:00

Further changes to JobKeeper

On 6 August 2020, Josh Frydenberg announced additional changes to the JobKeeper 2.0 program to 28 March 2021, easing some of the eligibility criteria for staff and amending some of the reduction in turnover requirements for businesses. The treasurer cited the stage 4 restrictions in Melbourne as the reason for these amendments. Under the [...]

Further changes to JobKeeper2020-09-16T12:02:35+10:00

The future of JobKeeper

On 21 July 2020, the Government announced an extension of the JobKeeper program to 28 March 2021 but with tighter access and reduced rates. From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover. If your business currently receives JobKeeper, your [...]

The future of JobKeeper2020-07-23T10:39:25+10:00

Back to Basics: Capital or Revenue

If you are making plans in relation to a property venture then it is crucial to understand what the taxation implications are for your project. One of the keys to the taxation consequences will be whether the project is on revenue account or capital account. Capital Account If the property is purchased (or a [...]

Back to Basics: Capital or Revenue2020-06-25T14:07:22+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

Changing the face of men’s health

This November a number of the Hoffman Kelly men are taking part in Movember by growing moustaches for the month of November and raising money for this worthy charity. While we have received a largely positive and sometimes cheeky response from colleagues, clients and spouses, it is worth it as the money raised goes to [...]

Changing the face of men’s health2019-11-22T14:58:54+10:00

Vacant Land Deductions

In the recent 2018-19 Federal Budget, the Government announced that from 1 July 2019, it would deny deductions for expenses associated with holding vacant land. A common situation this applies to is the purchase of vacant land with the intention to build an investment property on, whereby typical holding costs such as interest, rates and [...]

Vacant Land Deductions2019-11-06T10:37:57+10:00

ATO PUTTING THE BLOWTORCH TO BUILDING & CONSTRUCTION CONTRACTORS

What is Happening? In recent weeks we have had first-hand experience with the ATO taking a much more aggressive approach to contractors with outstanding tax lodgements. This has been possible principally due to the use of the Taxable Payments Annual Report (TPAR). Author: Tom Aitkenhead TPAR is a report that those in [...]

ATO PUTTING THE BLOWTORCH TO BUILDING & CONSTRUCTION CONTRACTORS2018-12-05T13:49:51+10:00
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