Australian Family Home For Foreign Residents – Recent Changes And What You Need To Know.
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 the [...]
Diversification of Investments in SMSFs
The ATO is in the process of sending letters to trustees if their SMSF is holding 90% or more of its funds in one asset or a single asset class. Lack of diversification can expose an SMSF and its members to unnecessary risk if a significant investment fails, which is why the ATO is asking [...]
Changing the face of men’s health
This November a number of the Hoffman Kelly men are taking part in Movember by growing moustaches for the month of November and raising money for this worthy charity. While we have received a largely positive and sometimes cheeky response from colleagues, clients and spouses, it is worth it as the money raised goes to great [...]
Common Cyber-Risk Misconceptions
Did you know that all directors of Australian companies have a fiduciary duty to ensure a robust approach is taken towards cyber resilience? A breach of such obligations can leave directors potentially exposed to personal liability under section 180 of the Corporations Act. Despite a wealth of information being available on cyber risks, it is still [...]
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, [...]
