Tax Ready with #HoffmanKelly – Let’s Bring It All Together
In our latest instalment of Tax Ready with #Hoffman Kelly, we’re going to be having a look back over the last few months and see the culmination of all your hard work: Bringing it all together for Tax Time. In previous articles, we’ve reviewed some of the major ways to plan for the upcoming 2022 End [...]
Tax Ready with #HoffmanKelly: Extension of the temporary full expensing (TFE) of depreciating assets
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 of [...]
Tax Ready with #HoffmanKelly: Tax Planning Strategies for Super
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 is [...]
Tax Ready with #HoffmanKelly: Loss Carry Back Tax Offset
At Hoffman Kelly, we are dedicated to supporting clients and assisting them to reach their full potential. Our team consistently strives to bring the most current and relevant tax information. In order to help you prepare your business for the end of the financial year, we planned the series of articles Tax Ready with #HoffmanKelly. The [...]
How To Achieve Your 2022 New Year Resolutions
Over the past couple of years, business owners were forced to master extra survival skills to endure the challenges brought by COVID-19. Resilience and adaptability were crucial to navigate commercial, social and economic consequences of lockdowns and social distance restrictions. Now, what do you do with all those extra abilities? These new competencies acquired can leverage [...]
Project Trust Accounts: Understand the New Framework
Since March 2018, project bank accounts (PBAs) have been required for certain Queensland Government projects valued between $1 million and $10 million (including GST). To simplify the regime, in 2020, the Queensland Government amended the Building Industry Fairness (Security of Payment) Act 2017 (the BIF Act). Now, Project Trust Accounts are also required [...]
Director Identification Number (DIN)
Australia’s Director Identification Number (DIN) regime came into effect on 1 November 2021, as you are a director of a company, you are required to register. You only need to apply for one Director ID no matter how many companies you are a director of. Who needs a director ID? All directors of a company, registered Australian [...]
Christmas Expenses: A Tax Treatment Guide for Business
With the holiday season upon us, it is customary for businesses to present their customers, suppliers, staff, and associates with gifts. Christmas parties are also a tradition for many businesses come December. However, end-of-the-year related costs for a business carry a wide range of tax treatments. The following guidelines will help you to apply the correct [...]
The Ins and Outs of Super Stapling
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 to [...]
Queensland Stamp Duty Relief for Small Business Restructures
Eligible small businesses can now restructure from trading discretionary trusts to trading companies and are now able to access a stamp duty exemption in Queensland. The relief granted by the new legislation allows flexibility for businesses with less than $5 million turnover to assist management of current or expected compliance issues. Trust structures are useful to [...]
Tax Depreciation Incentives
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 able [...]
Side Hustle Kings & Queens
Side Hustle Kings & Queens - Everything you need to know about side hustle tax tips Many Australians started a ‘side hustle’ during the COVID-19 pandemic. While there are many benefits to having multiple streams of income - in addition to the 9-5 reality - have you wondered what your tax obligations are and what [...]