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 [...]
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 [...]
Lease Incentives and Their Tax Implications
With the commercial leasing market becoming increasingly competitive and supply often exceeding demand, it is becoming common place in many areas for landlords to offer incentives in order to secure tenants. Various incentives are offered to help entice potential tenants, such as rent free or discounted periods, free fitouts or contributions, covering of relocation costs [...]
Christmas Gifts – Maximising deductions
Christmas is the time for giving, but not the time for a nasty new year Fringe Benefits Tax hangover. Where can it go wrong – the thought is great, the tax outcomes not so much… Author Michael Kerwin Unless exempt, gifts to employees are generally considered a “Fringe [...]
5 minutes with….. Hayley Nixon
Hayley is an Accountant at Hoffman Kelly and has worked here for 2 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 [...]
Australian Financial Review – Top 100 Accounting Firms for 2017
We are thrilled to announce that Hoffman Kelly has been named #66 in the Australian Financial Review Top 100 Accounting Firms for 2017. We are extremely thankful for the continuous support from our clients and staff, and look forward to what the future holds.
5 minutes with….. Amelia McMullan
Amelia is an Accountant at Hoffman Kelly and has worked here for 2 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 [...]