Christmas Tips for Small Business
It’s that time of year again – the lead up to Christmas. As the retail shops prepare to bombard us with Christmas trim we look at the ramifications for your business. Here are our top tips for a generous and tax effective Christmas season. What to do for customers? The most effective way of sharing the [...]
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 water [...]
5 minutes with….. Megan Jenkin
How long have you worked at Hoffman Kelly and what brought you to that position? 11 years, I applied for the receptionist position and started in January 2008. I was looking to work somewhere fun and challenging. If you could invite three people for dinner, dead or alive, who would they be and why? Heath Ledger [...]
Taxis vs Uber – same destination, different taxes!
The average person does not really think too much about taking a taxi or a ride-sourcing (often referred to as ride sharing) service such as Uber, Ola or Didi – it’s a decision based on service and cost. However, the ATO have particular views on these methods of travel, in particular, GST (Goods and Services Tax) [...]
Payroll Tax – Some changes for Queensland
From 1 July 2019, the Queensland payroll tax threshold has increased from $1.1 million to $1.3 million annually, resulting in some long overdue (albeit small) relief for Queensland employers. The rate for payroll tax remains the same at 4.75% for businesses with wages up to $6.5 million, but will increase for those over this to 4.95%. [...]
But Commissioner, my antique Louis Vuitton wasn’t taxable!
The ATO has obtained data from 25 insurance companies regarding the insured assets of taxpayers. Why have the ATO obtained this information and what are they looking to gain from it? Essentially the ATO are looking to achieve two outcomes: Identify taxpayers who are operating outside the taxation system; and Identify taxpayers who are not fully [...]
5 minutes with….. Jessie Baltus
How long have you worked at Hoffman Kelly and what brought you to that position? 3 years and a change in working industries. If you could invite three people for dinner, dead or alive, who would they be and why? Darren Lockyer, Leigh Matthews & Carl Barron. Darren Lockyer to hear all the insights on the [...]
Data Matching – When the Clocks Strike Thirteen
Following the introduction of SuperStream on 1 July 2015, the ATO have now rolled out Single Touch Payroll (STP) for all employers, regardless of size, from 1 July 2019. Whilst this places an increased burden on compliance, particularly for very small businesses, many in the industry are more concerned about the information the ATO now holds, [...]
What is on this New Government’s Tax Agenda?
With the federal election delivering a Liberal National Coalition government for the next 3 years (based on recent history we will perhaps refrain from suggesting that Scott Morrison will be the Prime Minister for the next 3 years!) business and individuals alike have some clarity on the nature of the tax and business landscape ahead. Following [...]
Superannuation Guarantee – Tips &Traps
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 Government [...]
Changes to Director Penalty Notices
Changes to director penalty notices – personal liability for company superannuation debts What is a director’s penalty notice and what happened prior to 31 March 2019? A Directors Penalty Notice (DPN) is a notice that the ATO can issue to a director to recover unpaid superannuation and PAYG withholding amounts from a director personally. The options [...]
2019 Budget Summary
Last week saw the Government bring down the budget which was conspicuously light on significant tax changes. Shortly after we saw the Opposition’s response and this year we listened with keen interest as it provides the small business community insight into the environment that may lie ahead depending on the election outcome. This article summarises [...]