5 Minutes With… Britney Tu
Britney Tu joined the Hoffman Kelly team in February as a graduate accountant and has been excelling as part of our fast-tracking training program. We took some time out with Britney to get to know her outside of her role here at HK. If you could only watch one movie for the rest of your [...]
Hoffman Kelly Explains: Single Touch Payroll (STP) Phase 2
Single Touch Payroll (STP) Reporting automatically sends tax and superannuation information from your accounting software to the ATO as each payroll period is processed. This reporting ensures that employees are paid their correct entitlements through data matching the amounts that are reported from the employee’s super funds and also ensures employees are taxed correctly. There [...]
FBT Benefits for the Eco-Friendly Vehicle
For a lot of companies in Australia, a company vehicle is a necessity for their employees. Up until recently, only companies that provided their employees with a utility vehicle, taxi, or panel van were exempted from paying Fringe Benefits Tax associated with their company vehicles, while any passenger-type cars were not. Electric vehicles have seen [...]
Third consecutive La Nina declared – don’t delay getting covered!
The Bureau of Meteorology has now declared a third consecutive La Nina is officially underway for Australia. While this could bring another year of renewed flood risks and above-average rainfall for northern and eastern Australia, it could also result in insurance embargoes for property owners looking to get cover for flood damage. Property owners are [...]
Update: Queensland Land Tax Laws
In early September, it was reported that the Queensland Land Tax Laws would be changing from 30 June 2023. This proposed change would mean that all Australian land owned by a resident would be taken into account for a QLD tax assessment, potentially putting land owners over the tax-free threshold. This proposal has now been [...]
5 Minutes With… Amelia McMullan
Amelia McMullan started her journey as an accountant with Hoffman Kelly nearly 7 years ago and has worked her way up the ladder, having been promoted to a manager in 2021. We sat down with Amelia to learn a little more about her outside of her role at HK. If you could only watch one [...]
QBCC License Applications to Increase Maximum Revenue
A series of events has resulted in the unfortunate situation that any entity applying for a QBCC License or applying for an increase in their maximum revenue amount will now be required to submit General Purpose Financial Statements with their accountant-reviewed MFR Report. This is the case regardless of turnover (so applying for a maximum [...]
Queensland Land Tax Laws Are Changing in 2023: What You Need To Know
Queensland Land Tax Laws Are Changing in 2023: What You Need To Know Property and land have long been one of the most valuable assets and investment options for many Australians. The property boom might have a lot of landowners considering what to do next with their land and taxes are always an important consideration. [...]
Website Expenditure and Tax
Nearly all businesses will have an online presence, indeed a website is increasingly considered to be an ordinary business requirement. We take a look at when is this expenditure deductible and when the tax deductions need to be spread over several years. Generally, acquiring or developing a website, even if the website is very basic, [...]
Key Changes from July 1 2022
As we take on the new financial year, we're here to recap the new and continuing measures to keep front of mind as we roll into the new year. Key Changes for Individuals COVID-19 Tests - deductions are available for testing kits purchased for work-related purposes. E.g. if you had to take a test to determine [...]
Budgets with Hoffman Kelly
A business without a budget is a business without a plan or direction. What is a Budget? Every business, regardless of headcount, turnover, or industry, will benefit from setting a budget. A budget provides a plan and an understanding of the impact of changes to a business which in turn allows for business owners to make [...]
Tax Ready with #HoffmanKelly – Let’s Bring It All Together
In our latest instalment of Tax Ready with #Hoffman Kelly, we’re going to be having a look back over the last few months and see the culmination of all your hard work: Bringing it all together for Tax Time. In previous articles, we’ve reviewed some of the major ways to plan for the upcoming 2022 End [...]