The key changes from the 2018/19 Federal Budget
$20k Accelerated Depreciation Extended The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended until 30 June 2019. From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. Personal Income Tax Cuts From July 1 2018: The [...]
5 minutes with….. Michael Scott
Michael is an Accountant at Hoffman Kelly and has worked here for two and a half years. 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. How long have you worked at Hoffman Kelly and what brought [...]
Alert: Property Developers – Preparing for new GST withholding regime
Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 received royal assent on 29 March 2018, flagging the start of a new GST withholding system significantly changing the way developers remit GST from 1 July 2018. Author Michael Kerwin Why? Treasury assessed, that through illegal phoenix activities in [...]
What is Single Touch Payroll (STP) and when does it apply for your business?
STP is being introduced to align payroll with more regular reporting. It will not only identify non-compliance more quickly, but also ensure better collection of unpaid entitlements and penalise employers who repeatedly offend. At the end of each pay an employer must report ALL payment information to the ATO. These include; salaries and wages, PAYG [...]
Buying or Selling a Business – How are you going to structure the transaction?
Buying or selling a business can be an exciting and daunting process. you will need to find prospective buyers or the appropriate business to acquire, prepare the business for sale and complete business valuations. Author Matthew Yarrow But perhaps more important, and often overlooked, is the need to [...]
Who is liable to pay annual vacancy fee (also known as ghost tax)?
Measures were introduced in the 2017 budget to assist with the supply of housing in Australia. The measures impose an extra fee on foreigners who do not either reside in, or rent out, their Australian properties. This is in response to a perception that there were too many of these ‘ghost’ properties. Author [...]
2017/18 SME Research Report
SMEs are the lifeblood of the economy, and there are more than 2 million actively trading businesses in Australia. We have collaborated with Bstar to bring you this SME Research Report. The Report provides insights into the opinions and concerns of business owners, and explains how SMEs are surviving and thriving. If you would like [...]
Cone of Silence Lifted – Mandatory data breach notification laws to take effect
On 22 February, new laws will require businesses who suffer data breaches to notify both the government and their customers / clients. The consequences of a notification could be extremely damaging to businesses, and it is therefore imperative to understand the rules and to take action to protect yourself! Author Thomas Aitkenhead [...]
I just bought a cryptocurrency – will I be taxed?
The ATO has released guidance on the taxation of Bitcoin which is likely to cover most cryptocurrencies. The tax implications of some common scenarios are discussed below. Author Scott Ward If you are in business and you are using a cryptocurrency to buy and sell goods and services, [...]
Personal Services Income
Personal services income (PSI) is income produced mainly from your personal skills or efforts as an individual, other than from salary and wages. Income is classified as PSI when more than 50% of the amount you received for a contract was for your labour, skills or expertise. Author Renee Murray [...]
5 minutes with….. Chris Stone
Chris is an Accountant at Hoffman Kelly and has worked here for just under a year. 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. How long have you worked at Hoffman Kelly and what brought you [...]
Purchasing New Residential Property? These Changes Could Affect You
The Federal Government announced, as part of the 2017/2018 Budget their desire to strengthen compliance of the GST Act on property transactions due to the view that some developers are failing to remit GST to the ATO. The changes would apply to purchasers of new residential premises and land in new subdivisions, whereby the purchaser will [...]