Property and Construction Services & Support

Queensland foreign owner land tax surcharge: Ex gratia relief guidelines

20 July 2020

Sam Mohammad

In last year’s State Budget, the Queensland Government unexpectedly announced an immediate 2% surcharge on the Queensland land tax liabilities of foreign companies and trustees of foreign trusts (collectively, “foreign owners”).

Queensland may offer you ex gratia relief from a land tax liability.

WA Building Bonus Scheme

22 June 2020

David Collins

With the release of the HomeBuilder program nationally, the WA State Government has announced its own separate support package for the home building industry with the announcement of its WA Building Bonus Scheme and the extension of its single-tier strata scheme.

Are you eligible for the new HomeBuilder program?

10 June 2020

Adam Crowley

In an effort to support jobs in the residential construction sector, Scott Morrison has recently announced the introduction of the new HomeBuilder program.

Scott Morrison has recently announced the introduction of the new HomeBuilder program.

Property and Development Series

5 June 2020

Adam Crowley

WA State Government relief for commercial tenants and landlords

6 May 2020

Financial Relief – WA Commercial Tenants and Landlords

WA State Government relief for the building and construction industry

6 May 2020

Support Package – Building and Construction Industry A $154.5m relief package to support tenants, landlords and the construction industry has been announced, of which the WA Government has set aside $24.5m for the construction workforce.

WA State Government relief for residential tenants and landlords

6 May 2020

Financial Relief – WA Residential Tenants and Landlords

JobKeeper – Service entities, schemes and more complex rules

5 May 2020

Tracey Dunn

The legislative instrument setting out the modified rules for service entities, among other things, was registered by Treasury late in the evening on Friday 1 May 2020.

Land tax relief for landlords and tenants

30 April 2020

Sam Mohammad

Land tax relief for landlords and tenants following the release of the Mandatory Code of Conduct The National Cabinet recently signed off on the Mandatory Code of Conduct (“the Code”) for commercial landlords and tenants, which included a set of “good faith leasing principles”.

Land tax relief for landlords and tenants has just been released

Issues with NSW Stamp Duty

21 April 2020

Adam Crowley

Having surveyed those in the property development industry for many years, the only thing that developers seem to dislike more than paying stamp duty, is paying stamp duty twice on the same property.

Assisting commercial tenants with the impact of COVID-19

21 April 2020

Adam Crowley

With the recent release of the Mandatory Code of Conduct (the Code) governing commercial leasing arrangements, landlords and their tenants are required to engage in good faith negotiations in respect of rental reductions in the form of waivers and deferrals to help mitigate the financial stress and hardship s

Assisting commercial landlords with the impact of COVID-19

21 April 2020

Adam Crowley

With the recent release of the Mandatory Code of Conduct (the Code) governing commercial leasing arrangements, landlords and their tenants are required to engage in good-faith negotiations in respect of rental reductions in the form of rent waivers and deferrals to help mitigate the financial stress and hardsh

Rent relief for commercial tenants and detailed information for landlords

9 April 2020

Adam Crowley

The National Cabinet has recently released its Mandatory Code of Conduct (the Code) for landlords and commercial tenants in response to COVID-19.

Rent relief for commercial tenants and detailed information for landlords

Dealing with GST

8 April 2020

Adam Crowley

For most businesses operating in Australia, GST is fairly straight forward. As many of our clients are quick to remind us, ‘you just add 10%.'

The “Proportionality Principle” for landlords and commercial tenants

7 April 2020

Adam Crowley

In an announcement on 7 April 2020, Scott Morrison provided detail concerning the mandatory code of practice for landlords and commercial tenants in response to COVID-19.

Economic impact of COVID-19 on the Property and Construction sector

16 March 2020

The construction sector is expected to face significant difficulties sourcing construction materials, primarily based in China, and other parts of Asia due to the outbreak of the Coronavirus (COVID-19).

Economic impact of COVID-19 on the Property and Construction sector

Beware of purchasing Victorian residential land in a trust

10 February 2020

Simon Aitken

The Victorian Duties Act 2000 imposes a stamp duty surcharge of 8% on the acquisition of Victorian residential property by a foreign purchaser. This surcharge brings the top stamp duty rate to 13.5%.

How to structure property development?

8 January 2020

Adam Crowley

Changes in Purpose Typically, property developers will aim to structure a property development with one of three desired outcomes in mind:

TPAR - Contractor Reporting Obligations

6 December 2019

Starting 1 July 2019, businesses who provide road freight, IT or security, investigation or surveillance services, and who pay contractors to provide those services on their behalf, will need to lodge a Taxable Payments Annual Report (TPAR).

Deductibility of labour costs related to the construction or creation of assets

4 December 2019

Simon Aitken

Draft Tax Ruling TR 2019/D6 explains the Commissioner’s views as to when labour costs relating to the construction or creation of an asset is deductible for tax purposes under section 8-1 of the Income Tax Assessment Act 1997 (Tax Act).

What happens to property you may own in the event of your death?

9 October 2019

Kian Ghahramani

You know the saying, there are two certainties in life: death and taxes and I'm going to be covering both of those. This article highlights what happens to property you may own or control on your death.

Negative Gearing of Vacant Land - is this the beginning of the end?

6 September 2019

Tracey Dunn

The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 was introduced to Parliament on 24 July 2019. One significant measure of the Bill is the introduction of proposed legislation to limit deductions for losses or outgoings incurred in relation to holding vacant land.

Land Development Agreements - The net widens

18 July 2019

Simon Aitken

The Victorian Duties Act 2000 contains provisions that can apply to Land Development Agreements that have been broadened since the recent enactment of the State Taxation Acts Amendments Act 2019 on 18 June 2019.

How legal structures have a far-reaching impact on your property development

9 July 2019

Adam Crowley

Determining the best structure for your property development can get complex.

Case study: Rise Group (Rise Projects and Rise Products)

21 June 2019

Adam Crowley

Rise Group is a property development and construction company with a strong background in delivering high-quality projects across New South Wales and Queensland.

Case study: Jotown International

30 May 2019

Adam Crowley

Consistent, stable growth at a healthy pace is Jotown International’s priority and focus.

Revenue recognition in construction industry

26 November 2018

The adoption date for AASB 15 Revenue from Contracts with Customers is for financial periods beginning on or after 1 January 2018. With 31 December 2018 year end fast approaching, have you ensured your revenue accounting is in accordance with the new standard?

Payment of employee bonuses

19 September 2018

Recognising the hard work of employees is important to ensure morale remains high in the workplace and that quality workers are retained in your business. One of the easiest ways to reward employee excellence is through the payment of employee bonuses.

Case study: Dial Before You Dig

29 June 2018

"What I like about RSM is that they are a really easy company to deal with and they’ve taken the time to understand our business and their breadth of expertise across the country and they’ve really made our life a lot easier". Ben Howell, Chief Executive Officer

Case study: Rilow Property Group

27 June 2018

Adam Crowley

In less than 10 years, founder of RILOW Property Group Richard Whitehead has done what some property developers can only dream of achieving in a lifetime.

Case study: McNab

21 June 2018

"What I find dealing with the firm is that they are real people, they really understand the construction industry. I think that’s a very important part of what they offer to me and the business at McNab.

GST on residential premises - legislation delayed

19 January 2018

Tony Ince

The Bill containing the legislation dealing with GST on property transactions will not be introduced into parliament until the autumn parliamentary sittings at the earliest, but it is our understanding that there is no change to the commencement date for the new regime, which remains 1 July 2018.

New GST Legislation released - Developers and Home Builders beware

10 November 2017

Rami Brass

On 6 November 2017, Treasury published an Exposure Draft of legislation that will require purchasers of new residential premises and lots in new residential subdivisions to pay an amount equal 1/11th of the

Long-term construction contract ruling | Draft ruling issued

31 October 2017

Helen O'Brien, Rami Brass

In 1987, Aretha Franklin finally got the respect she deserved by being the first woman inducted into the Rock ‘N’ Roll Hall of Fame. Also that same year, the Australian Taxation Office (ATO) released Income Tax Ruling IT 2450 to determine how to return income and recognise expenses on long-term construction contracts.

New 12.5 percent withholding tax on property transactions

7 June 2017

Joanne Wynne

To ensure Australia captures as much tax as possible from property transactions a new withholding tax has been introduced and will apply to contracts entered into on or after 1 July 2017. Under the new provisions where a foreign resident disposes of:

Case study: Porter Davis Homes

30 November 2016

“The ease with which we do business is a big tick box – supportive as well as providing the right advice. Our willingness to recommend RSM as an organisation would be absolute”. - Paul Wolff, Director Sales and Marketing, Porter Davis Homes

Non-resident? Understand the new NSW property taxes that could affect you

21 November 2016

Adam Crowley

If you are a ‘foreign person’, you may now find yourself subject to two additional surcharges recently introduced in NSW regarding residential land and real estate purchased and owned. The two new surcharges include:

Industry snapshot - Property Development

15 November 2016

Craig Hanks, Glyn Yates

A snapshot of the key statistics and current industry performance in the residental housing property development sector.

Concern over complacency on new revenue standard

23 September 2016

Ralph Martin

With virtually every industry set to be affected, companies should be doing more to prepare for new rules on how revenue is recognised, according to accounting firm RSM Australia (RSM).

Budget 2016 - Property & Construction

4 May 2016

Ian MacPherson, Paul Heiler

Key announcements No changes to negative gearing as expected. National Infrastructure Plan – the Government reaffirmed its commitment to invest $50 billion in infrastructure in relation to various projects across the States and Territories.

Tips to improve your cash flow

17 February 2016

The start of the new year provides small businesses with the perfect opportunity to improve their credit management and cash flow conversion cycle. Here are some tips for improving your credit management and cash flow in 2016:

Secured creditor’s right of subrogation confirmed

3 December 2015

Richard Stone

A recent decision in the Federal Court has confirmed that when a secured creditor has paid outstanding employee entitlements from the realisation of circulating assets, they have the right to subrogate into the position of employees and receive any dividends paid.

PPS - how can landlords best protect themselves from an insolvent tenant

8 October 2015

Greg Dudley

Landlords and tenants may be tempted to dismiss the relevance of the Personal Property Securities Act(PPSA). After all, the answer is in the title of the legislation. It relates to personal property, not real property.

Employee or independent contractor?

15 September 2015

Over the past couple of decades there has been a clear shift away from 'traditional employment' and towards people acting as independent contractors. This is particularly so in the building industry.

Cool weather but hot topics

5 August 2015

Manjimup district members of Master Builder' South West Branch recently attended the first in a planned series of updates on industry topics. Builders, suppliers, professionals and sub contractors from Manjimup and surrounds met at the town's Gateway Motel for presentations from RSM and RUIC Fire.

Investment vehicles minimise taxes

4 August 2015

Your choice of investment structure can save you a lot on taxes. Available structures include self-managed superannuation funds (SMSFs), family or unit trusts and companies, as well as holding property individually or in joint names.

LandCorp promotes adaptive housing initiatives

3 August 2015

LandCorp chief executive Frank Marra was guest speaker at a boardroom lunch hosted by RSM in April to discuss the agency's latest adaptive and innovative housing initiatives.

Private certification put to minister

3 August 2015

James Komninos

Master Builder members met Planning Minister John Day in late May at a Lunch hosted by RSM and put forward a strong case for private certification of planning approvals. Numerous case studies were presented of slow response times in many local government areas.

Common business mistakes made by those in the building industry

27 June 2015

As tradespeople, you know the importance of preparing a job properly, whether it’s the foundations of a house or sanding back old paint, preparation is vital to getting the best result. Despite this, so many people fail to prepare their biggest job, which is their business and it’s often a costly and detrimental oversight.

Small businesses instant asset write-off

29 May 2015

Instant write-off for small businesses Small businesses will be able to claim an immediate tax deduction for each asset that costs less than $20,000 (net of GST credits), to the extent the asset is used for tax-deductible purposes.

WA state tax exemption for charitable bodies or organisations

10 April 2015

How will the changes affect your organisation?

Is your business ready for sale?

1 April 2015

There are many reasons you might sell your business, including to capitalise on your investment and start a new business or another venture. Whatever the reason, the decision to sell your business does not come easily, and as the business owner, you want to make sure that you get the most out of the sale.

How to minimise the risk of aquisitions

30 March 2015

Merger and acquisition activity is soaring in some sectors such as healthcare, while it is taking a backseat in other sectors such as mining services. In this climate, businesses must take a step back and evaluate the benefits and risks of making acquisitions in their sector.

'Stopping multinational tax avoidance': ALP policy launch

16 March 2015

The Australian Labor Party (ALP) has outlined proposed measures to combat multinational tax avoidance in a 2 March 2015 policy launch. The proposed measures expect to raise $1.9bn over three years, and comprise:

Fringe benefits tax – tax tips for year end

16 March 2015

With 31 March just around the corner, many businesses are focusing on ways to reduce their fringe benefits tax (FBT) liability. We have therefore provided the following strategies that may help in reducing FBT.

Practical applications of BEPS Action 13: transfer pricing documentation and country-by-country (CbC) reporting

6 March 2015

The organisation for cconomic co-operation and development launched the base erosion and profit shifting (BEPS) project in September 2013 to develop an action plan to standardize and modernize global tax policy. This is the second in a series of webcasts offering insight and analysis into how the BEPS initiative might be implemented and the effects of that impleme

Payroll tax update for WA

5 March 2015

Payroll tax threshold The Western Australian payroll tax threshold went from $750,000 to $800,000 on 1 July 2014. Plans to raise it to $850,000 have been delayed to 1 July 2016 (at this stage!).

OECD to hold public consultation on several transfer pricing related BEPS action points

5 March 2015

On March 19 and 20 the OECD will hold its public consultation on action points 8, 9 and 10 of the base erosion and profit splitting (BEPS) project. Topics on the agenda include:

Case study: ADG Prestige Builders

1 January 2015

Ray Scott

“RSM offers strategic advice particularly when it comes to managing finance. I will be looking to Ray and the team in the next five years to provide advice on the best way to finance the business to sustain growth”. - Adam Guilmartin, Owner

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Property and Construction Client Case Studies

RSM has experienced professionals who understand the different sectors within the Property & Construction industry, to help you reach your goals.

Whether you’re an investor, developer or property manager, RSM can work with you to navigate this complex market.