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 [...]
How will My Property be Taxed in the Sharing Economy?
The sharing economy is continually evolving and growing. As the sharing economy grows in popularity, the tax issues arising are increasingly complex. We’ll explore in further detail the different tax outcomes for renting a property and car space. Author Matthew Yarrow Property Rental Income and Deductions (e.g. Airbnb) Income Tax [...]
5 minutes with….. Serena Ma
Serena is an Accountant at Hoffman Kelly and has worked here for three years. We asked her to tell us in her own words what a few of her 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 to that [...]
Do you provide vehicles to your employees?
As a business owner, if you make a car you own or lease available for the private use of your employees, you may be providing a car fringe benefit. The ATO have recently issued guidelines to provide some further clarity around the definition of private use of exempt vehicles. Author Renee Murray [...]
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 [...]