As the holiday season approaches, many of us are eager to spread Christmas cheer through gifts and donations! While the joy of giving is undeniable, before you dive headfirst into the festivities, it's essential to consider the tax implications associated with your generosity. This guide will help you navigate the complexities of tax deductions, [...]
In the dynamic world of small businesses, offering enticing employee benefits can be game-changing for staff recruitment and retention. From additional super contributions to providing perks like motor vehicles, phones, and concert tickets, these offerings not only enhance your employees' experience but also carry significant tax implications that need careful consideration. Let's delve into [...]
Are you eager to make the most of your superannuation and save on taxes? Tapping into an unused concessional contributions cap could be a savvy way for you to unlock tax savings! In this article, we will help break down what concessional contributions are, who can benefit from them, and how you can harness [...]
Are you ready for tax season? Well, whether you're excited or dreading it, there are some important changes coming to the Australian tax system on July 1st, 2023. These changes could have a significant impact on your bottom line, so it's important to be aware of them. To help you get more clarity on [...]
As a small business owner, you deal with a multitude of obstacles. Throw taxes into the mix, and it can be a minefield trying to navigate in conjunction with your everyday business activities. We understand it’s not easy and sometimes mistakes are made, which can be costly for you and may also put you [...]
As a small business owner, you know managing finances is crucial to the success of your business. However, when it comes to tax planning, it's easy to feel overwhelmed and unsure of where to start. With the end of the financial year fast approaching, don’t leave it too late to get on top of [...]
Are you an Australian employer providing non-cash benefits to your employees? Then you need to know all about Fringe Benefits Tax (FBT), the tax imposed on such benefits. The FBT year runs from April 1st and ends on March 31st. Employers who provide fringe benefits to any employee or associate must lodge an FBT [...]
Are you aware of the upcoming changes to the current Temporary Full Expensing regulations and what this means for your business? If not, here is everything you need to know! Navigating Australian tax laws and regulations can be tricky, especially when it feels like the rules are ever-changing. One of the more significant changes [...]
At Hoffman Kelly, we understand that taxes can be confusing and overwhelming. That's why we broke down what Division 293 Tax is and how it may affect you. What is Division 293 Tax? Division 293 Tax, also known as the Additional Tax for High Income Earners, is a tax imposed on concessional superannuation contributions [...]
For a lot of companies in Australia, a company vehicle is a necessity for their employees. Up until recently, only companies that provided their employees with a utility vehicle, taxi, or panel van were exempted from paying Fringe Benefits Tax associated with their company vehicles, while any passenger-type cars were not. Electric vehicles have [...]
