While the 30th of June is still a while away, a stress-free tax lodgment is achieved through planning and sound professional advice. In order to help you prepare for the end of the financial year, we planned the series of articles Tax Ready with #HoffmanKelly. Our second topic for the series Tax Ready with #HoffmanKelly [...]
With the new super stapling rule in effect from November 1, 2021, it’s important for employers to understand what this means and how to remain compliant. A stapled super fund is an existing super fund that is linked, or ‘stapled’ to an individual employee and follows them as they change jobs. A stapled super aims [...]
Tax Depreciation Incentives There has never been a better time to claim tax deductions for new depreciable asset purchases than now! Temporary Full Expensing (TFE) measures are currently in effect until 30 June 2022 (with legislation pending to extend the date until 30 June 2023) which means in most cases a business will be [...]
The 30 June deadline approaches quickly every year, and it is important for business owners to review their annual tax figures and look at tax saving options before they miss the limited window of opportunity. As your trusted advisor, we can promote strategies to maximise cash-flow, minimise tax and comply with regulatory requirements. These [...]
Overview The ATO released new draft guidance relating to the allocation of professional firm profits on 1 March 2021. The Draft Practical Compliance Guideline PCG 2021/D2 (the Draft PCG) explains how the ATO intends to assess the tax risk of individual professionals who operate professional practices and how they will allocate their compliance resources [...]
Superannuation Guarantee Rate Increases from 1 July 2021: Revisiting the Superannuation Guarantee Rules and What to do Next Under Australia’s current legislation, employers are required to pay 9.5% of an employee’s ordinary time earnings into a complying superannuation fund. In recent years, there have been concerns that employees will have an insufficient level of [...]
The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The [...]
On 6 March 2020, the government passed the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 as law. This bill provided a one-off amnesty to encourage employers to correct their Superannuation Guarantee obligations dating from 1 July 1992 to 31 March 2018. The amnesty period will now run from 24 May 2018 to 7 [...]
With the end of financial year fast approaching, it is important to have an overview of key aspects of the super guarantee contribution rules and also stay up to date with the ever changing rules. Super guarantee contributions The amount paid is set at a percentage of each employee’s Ordinary Time Earnings (OTE). The Australian [...]
As we put down the credit cards after the plethora of end of financial year sales events, we kick off what we all hope will be a prosperous new financial year. Despite the many uncertainties in global markets and governments, we wanted to take the opportunity to remind you of some important points as we [...]
