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 [...]
In early September, it was reported that the Queensland Land Tax Laws would be changing from 30 June 2023. This proposed change would mean that all Australian land owned by a resident would be taken into account for a QLD tax assessment, potentially putting land owners over the tax-free threshold. This proposal has now [...]
Welcome to Hoffman Kelly, the ultimate consulting firm in Stones Corner, Brisbane and the surrounding area. As one of the best, it goes without saying that the company offers the most professional business advisory and accounting services. Their expertise covers companies, partnerships, small and medium businesses, trusts, individuals, and self-managed superannuation funds. Main services include: [...]
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). [...]
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: [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
