Director Identification Numbers – big brother is watching!!
As part of the federal government’s ‘Modernising Business Registers’ program announced in the 2020 Federal Budget, the ATO has recently released the first documentation for the implementation of Director Identification Numbers. Referred to as “Corporations Director Identification Number Data Standard 2021”, the aim of the program is to ensure that all company directors are identified via [...]
2021 Tax Planning Opportunities
The 30 June deadline approaches quickly every year, and it is important for business owners to review their annual tax figures and look at tax saving options before they miss the limited window of opportunity. As your trusted advisor, we can promote strategies to maximise cash-flow, minimise tax and comply with regulatory requirements. These will [...]
Cash Flow Help for Small Businesses
Cash flow is key for any business. Without cash, an otherwise successful business will crash and burn. All businesses need to be able to identify and understand their cash flow and improve it by measuring and forecastingfuture cash flow. One of the key business advisory services that a business should get from their advisor is to [...]
How to Improve Business Efficiency
What do we mean when we say,“business efficiency”? In short, it is the maximisation of output (or results) achieved from the level of input invested. You can measure business efficiency in a number of ways, and which one is right for your business will depend on factors such as the type of business, your key business [...]
Allocation of Professional Firm Profits
Overview The ATO released new draft guidance relating to the allocation of professional firm profits on 1 March 2021. The Draft Practical Compliance Guideline PCG 2021/D2 (the Draft PCG) explains how the ATO intends to assess the tax risk of individual professionals who operate professional practices and how they will allocate their compliance resources towards [...]
Superannuation Guarantee Rate Increase
Superannuation Guarantee Rate Increases from 1 July 2021: Revisiting the Superannuation Guarantee Rules and What to do Next Under Australia’s current legislation, employers are required to pay 9.5% of an employee’s ordinary time earnings into a complying superannuation fund. In recent years, there have been concerns that employees will have an insufficient level of superannuation [...]
What is a Business Advisor – Do I need one?
You may have heard the term, business advisor, as it is referred to in many contexts. So what is a business advisor? What do they do and does your business need one? What is a business advisor? A business advisor is a trusted advisor to a business who works side by side with business owners to [...]
Fringe Benefits Tax (and what changed due to COVID-19)
As the year speeds by and March 31 approaches, employers and business owners need to consider yet another tax. A payment to an employee that is not wages or superannuation, cash or otherwise, will be considered a fringe benefit and subject to ‘Fringe Benefits Tax’ (FBT), unless it is exempt. That is, 47% (2021) of [...]
How Hoffman Kelly can Help You
Are you getting the business advisory and accounting services you need and deserve? At Hoffman Kelly – the ultimate Chartered Accounting firm in Stones Corner, Brisbane – our highly professional team can help you achieve the outcomes you desire. We provide a comprehensive management consulting and accounting service to our clients: small and medium businesses, [...]
Get your Business Finances in Check for 2021 – Here’s How
2020 was a really tough year with plenty of speed bumps, but now is the time to move forward and lay the financial groundwork for a better 2021. Reconsidering business plans that have been affected during such uncertain times is crucial for business growth and to help cash flow. To make it happen, the number one [...]
Why Regular Training & Professional Development is Important for Your Business
Without a shadow of a doubt, to retain good staff, every business advisory firm will suggest providing training and professional advancement so employees can succeed in their jobs. Hoffman Kelly, one of the best business advisory and consulting firms in Brisbane and the surrounding area, offers the ultimate in services, including staff development. If employees are [...]
How does my business advisor help with optimal structuring?
Your trusted business advisor is key to ensuring that your business is structured correctly, based on your specific, current needs and future objectives. Optimal structuring means that your business is structured to set you up for success, while managing and mitigating risks where possible. Asset protection is the number one consideration that an experienced business advisor [...]