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 [...]
Everyone knows the secret to any good tax time is planning. At Hoffman Kelly, we’ve got all the tips on how you can make this tax time a smooth experience. Our third instalment of ‘Tax Ready with Hoffman Kelly’ is all about assets. More specifically, the Temporary Full Expensing (TFE) of depreciating assets. The TFE [...]
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 [...]
As the year speeds by and March 31 approaches, employers and business owners need to consider yet another tax. A payment to an employee that is not wages or superannuation, cash or otherwise, will be considered a fringe benefit and subject to ‘Fringe Benefits Tax’ (FBT), unless it is exempt. That is, 47% (2021) [...]
Your trusted business advisor is key to ensuring that your business is structured correctly, based on your specific, current needs and future objectives. Optimal structuring means that your business is structured to set you up for success, while managing and mitigating risks where possible. Asset protection is the number one consideration that an experienced business [...]
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: [...]
Downsizer Contributions – Get more into super when you sell your home! From 1 July 2018 the ATO introduced the downsizer superannuation contribution. For people who are 65 years or older and meet the eligibility criteria, you can choose to make a contribution up to a maximum of $300,000 (each) into your superannuation from the [...]
As a business grows new entities are frequently created to perform functions in the business group. In most cases, these new entities will have associated compliance requirements, which will generally include GST obligations. The additional compliance requirement for new entities generates administration costs to ensure amounts are correctly reported and remitted to the Australian [...]
