Latest News

Latest News2017-11-29T12:31:49+10:00

R&D Tax Incentive

The Research & Development Tax Incentive can allow a business to recoup some of the costs incurred during the development phase of eligible activities. This can assist cash-flow throughout the research and development phase, which is often draining on cash-flow. The rules and processes for the R&D tax incentive are based on complex legislation, however [...]

By |March 3rd, 2020|Categories: General News, Tax Saving|

Project Bank Accounts – Rollout Expanding

The Queensland government has announced the next phase of the rollout of Project Bank Accounts.  Currently the regime applies to building contracts entered into with the Queensland government with a value between $1 million and $10 million. From 1 July 2020, the scheme is expanded to include contracts provided by a hospital or health service [...]

By |February 26th, 2020|Categories: Business Management, General News|

Director of a company? Beware of additional penalties!

The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 has been passed in the senate, which can have potential consequences on directors of companies. The bill allows the Commissioner of Taxation to estimate future GST liabilities and make directors personally liable for the debt in certain circumstances. This is the case when the Commissioner believes [...]

By |February 24th, 2020|Categories: Business Management, General News|

Australian Family Home For Foreign Residents – Recent Changes And What You Need To Know.

For the last 35 years Australians living overseas have been entitled to claim the Capital Gains Tax (CGT) exemption when they sell their previous (eligible) main residence in Australia. This all ended in May 2017 when the government announced changes to deny foreign residents access to the Capital Gains Tax main residence exemption. Due to intense criticism from the [...]

By |February 5th, 2020|Categories: General News, Property|

Diversification of Investments in SMSFs

The ATO is in the process of sending letters to trustees if their SMSF is holding 90% or more of its funds in one asset or a single asset class. Lack of diversification can expose an SMSF and its members to unnecessary risk if a significant investment fails, which is why the ATO is asking [...]

By |December 17th, 2019|Categories: General News|

Changing the face of men’s health

This November a number of the Hoffman Kelly men are taking part in Movember by growing moustaches for the month of November and raising money for this worthy charity. While we have received a largely positive and sometimes cheeky response from colleagues, clients and spouses, it is worth it as the money raised goes to great [...]

By |November 22nd, 2019|Categories: General News, Property|

Common Cyber-Risk Misconceptions

Did you know that all directors of Australian companies have a fiduciary duty to ensure a robust approach is taken towards cyber resilience? A breach of such obligations can leave directors potentially exposed to personal liability under section 180 of the Corporations Act. Despite a wealth of information being available on cyber risks, it is still [...]

By |November 19th, 2019|Categories: Business Management, General News|

Vacant Land Deductions

In the recent 2018-19 Federal Budget, the Government announced that from 1 July 2019, it would deny deductions for expenses associated with holding vacant land. A common situation this applies to is the purchase of vacant land with the intention to build an investment property on, whereby typical holding costs such as interest, rates and water [...]

By |November 6th, 2019|Categories: General News, Property|

5 minutes with….. Megan Jenkin

How long have you worked at Hoffman Kelly and what brought you to that position? 11 years, I applied for the receptionist position and started in January 2008. I was looking to work somewhere fun and challenging. If you could invite three people for dinner, dead or alive, who would they be and why? Heath Ledger [...]

By |September 30th, 2019|Categories: 5 Minutes with.......|

Taxis vs Uber – same destination, different taxes!

The average person does not really think too much about taking a taxi or a ride-sourcing (often referred to as ride sharing) service such as Uber, Ola or Didi – it’s a decision based on service and cost. However, the ATO have particular views on these methods of travel, in particular, GST (Goods and Services Tax) [...]

By |September 30th, 2019|Categories: General News, Tax Saving|

Payroll Tax – Some changes for Queensland

From 1 July 2019, the Queensland payroll tax threshold has increased from $1.1 million to $1.3 million annually, resulting in some long overdue (albeit small) relief for Queensland employers. The rate for payroll tax remains the same at 4.75% for businesses with wages up to $6.5 million, but will increase for those over this to 4.95%. [...]

By |August 20th, 2019|Categories: General News, Tax Saving|