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 [...]
5 minutes with….. Matt Hastings
Matt is a Manager at Hoffman Kelly. We asked him to tell us in his own words what a few of his favourite things are, past experiences and what life is like at Hoffman Kelly.
What evidences are required to prove your residency status for tax purposes?
The recent Federal Court decision in Harding v FC of T [2018] FCA 837 provides some clarity on the tax residency of individuals and sheds some light on the uncertain area of law. The case examined residency according to ordinary concepts and domicile test in regards to Mr Harding's circumstances, and the courts have looked [...]
Recent QBCC changes (January 2019)
The building and construction industry has always been one of the most heavily scrutinised and regulated industries, with 2019 shaping up to be a year re-enforcing this view, with new reforms from the QBCC commencing 1 January 2019. Author Michael Kerwin Why the need for change: We will not [...]
Record keeping – requirements & tips!
Why is recordkeeping necessary? The Australian taxation system is based on taxpayers self-assessing their tax lodgements. Each taxpayer is responsible for determining the income they need to declare and what expenses are deductible. Taxpayers need to maintain adequate records and must be able to substantiate these if requested by the ATO. Author Anthony [...]
Look out, look out, scams about!
It appears as though scammers are doing the rounds again, pretending to be the ATO and telling victims they have committed fraud against the tax office. Receiving these types of phone calls can be quite upsetting and stressful, however our advice is that you should hang up and ignore it. Author Rhiane Sherriff [...]
If you have fewer than 19 employees STP now applies to you!
Single Touch Payroll (STP) was introduced from 1 July 2018 for businesses with 20 or more employees. On 5 December 2018 the senate passed the Bill which extends STP to employers with 19 or fewer employees from 1 July 2019. Author Claire Roberts So what does this mean for [...]
ATO PUTTING THE BLOWTORCH TO BUILDING & CONSTRUCTION CONTRACTORS
What is Happening? In recent weeks we have had first-hand experience with the ATO taking a much more aggressive approach to contractors with outstanding tax lodgements. This has been possible principally due to the use of the Taxable Payments Annual Report (TPAR). Author: Tom Aitkenhead TPAR is a report that those in the [...]
Changes to Xero Subscription
As of the 28th of September 2018, Xero will be changing the pricing of their subscriptions for all existing and new subscribers. These changes will be from Premium 5 to Premium 100 and will include additional features and improvements in payroll. If you are currently on the Starter or Standard [...]