Stage 3 Income Tax Changes: Implications for the Medical Profession
In recent months, Australia’s government has shifted away from the long-promised Stage 3 tax reforms, originally legislated to mostly benefit high-income earners, to changes which instead benefit workers at lower income levels. These shifts have ignited discussions across various sectors. While sitting in a hospital waiting room for what seemed like an age, I contemplated [...]
Unlocking Profitability & Margins: A Fundamental Guide for Business Owners
Having a solid understanding of profitability and margins is the bread and butter of any successful business. These financial metrics serve as vital signposts, guiding business owners toward informed decisions that can bolster their bottom line and ensure long-term success. So, let's explore the fundamentals of profitability and margins, and unpack actionable strategies to boost [...]
5 Minutes With… Jayden
Jayden is a Client Manager at Hoffman Kelly, who joined the team over seven years ago when he was just an undergraduate. We sat down with Jayden to learn a little bit more about him outside of the office. If you could only watch one movie for the rest of your life, what would it be? [...]
Merry & Tax Savvy: Your Guide to Festive Deductions
As the holiday season approaches, many of us are eager to spread Christmas cheer through gifts and donations! While the joy of giving is undeniable, before you dive headfirst into the festivities, it's essential to consider the tax implications associated with your generosity. This guide will help you navigate the complexities of tax deductions, ensuring [...]
5 Minutes With… Cindy Ren
Cindy joined the Hoffman Kelly team in July 2023 as a client manager. We sat down with Cindy to learn a little bit more about her outside of the office. If you could only watch one movie for the rest of your life, what would it be? Soul Surfer. The movie is based on the [...]
Unlocking Employee Benefits: Navigating FBT Implications for Small Businesses
In the dynamic world of small businesses, offering enticing employee benefits can be game-changing for staff recruitment and retention. From additional super contributions to providing perks like motor vehicles, phones, and concert tickets, these offerings not only enhance your employees' experience but also carry significant tax implications that need careful consideration. Let's delve into the [...]
10 Strategies for Managing Risk in Construction and Manufacturing Businesses
In the world of business, risk and uncertainty are inevitable factors that every business leader must confront. For the construction and manufacturing industries in Australia, these challenges can be particularly complex due to their unique characteristics. As an accounting firm specialising in business advice for privately owned businesses in construction and manufacturing, we’ve seen it [...]
5 Minutes With… Eric
Eric’s journey started at Hoffman Kelly during his last year of undergraduate studies. He is now an accountant and has been working at the firm for five years. We sat down with Eric and asked a few questions to find out more about him outside of Hoffman Kelly. If you could only watch one movie for [...]
Unlock Tax Savings with Carry-Forward Concessional Contributions
Are you eager to make the most of your superannuation and save on taxes? Tapping into an unused concessional contributions cap could be a savvy way for you to unlock tax savings! In this article, we will help break down what concessional contributions are, who can benefit from them, and how you can harness them [...]
Dealing with ATO Audits or Investigations
Facing an investigation or audit from the ATO can be a stressful ordeal for most individuals, yet it is an essential part of our taxation framework. Should you be selected for review or audited, here are some tips and recommendations that can help you achieve the best possible outcome. Step 1: Reach Out to Your [...]
Staying Competitive: Keeping Up With Industry Trends
Growing a competitive manufacturing or construction business is like training for a marathon. You wouldn't just show up and start running, right? You'd need a plan, some practice, and a bit of discipline. The business world is a lot like that marathon track, especially nowadays when costs are high and delays can really throw you [...]
5 Minutes With… William
William has been with Hoffman Kelly for three years. Joining the team as an undergraduate while in his second year of university, Will is now loving his role as a junior accountant. We decided to ask Will a few questions to find out more about him outside of Hoffman Kelly. If you could only watch [...]