SME Business Insights

Business Insights

Business Insights

The latest insights for you and your business.

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ATO’s compliance approach - allocation of professional firm profits

25 November 2022
16 December 2022 will mark 12 months since the ATO’s release of Practical Compliance Guideline PCG 2021/4 – the new tax compliance approach to the allocation of professional firm profits.

Pay Your Super First

23 November 2022
SuperStream and more recently Single Touch Payroll (STP) have both been significant changes to the payroll compliance framework for employers.

Significant changes to Aged Care Financial Reporting

11 November 2022
Recommendation 133 from the Royal Commission into Aged Care Quality and Safety is currently being implemented.

Natural love and affection in business valuations

28 October 2022
When completing a business valuation on an earnings basis for family law matters (or for any reason), we are largely conducting an exercise of comparison - how do the profits (“earnings”) of this business compare with the earnings generated by others in the same industry?

STP Phase 2: Everything you need to know

17 October 2022
In the 2019–20 Federal Budget, the government announced that Single Touch Payroll (“STP”) reporting would be expanded to include additional information.

Updates from the QBCC: The move towards General Purpose Financial Statements

20 September 2022
As of 1 July 2022, the Queensland Building and Construction Commission (QBCC) have started enforcing the preparation of General Purposes Financial Statements (GPFS) for all financial statement lodgements following the end of the 12-month transition to AASB 2020-2 and AASB 1060.

Bosch acquires supercar tech supplier MoTeC

15 September 2022
RSM’s Corporate Finance team has advised on the sale of the MoTeC Group to Bosch for an undisclosed sum.  

Record keeping for a trade services company

8 September 2022
One of the most neglected aspects in all businesses, but especially the trade services industry, is the ability to manage records for the ATO. As time consuming as it may seem, when you have a great system in place to assist with this side of business, it can be a quick and easy process.

Solicitor Trust Accounts Compliance Audit

23 August 2022
If you are a practicing solicitor, you more than likely will hold a trust account. Trust accounts are maintained to handle trust money on behalf of your clients.

Common tax questions during tax season

16 August 2022
With the end of financial year now been and gone, if you haven’t yet had a chance to get your tax affairs in order, we’ve put together a list of the most frequently asked questions or misunderstood elements of our tax system.

Next round of QLD business boost grants

3 August 2022
The next round of QLD Business Boost Grants is about to open!

How to keep your valuable employees engaged and motivated

20 July 2022
As we have moved out of the pandemic, and with agriculture going through a significant growth phase, hardly a day goes by where we don’t have a conversation with a client who needs more workers.

Don’t let your ATO tax debt cripple your healthcare business

19 July 2022
In the healthcare sector, we have noticed some complacency around overdue tax payments, particularly, for medical contractors who operate under an ABN, and failure to keep on top of tax obligations can very quickly see debt rise. 

Stay ahead of the curve with AI in your medical practice

5 July 2022
Every industry has experienced significant change over the past decade thanks to advancing technology.

EOFY Tax Planning

21 June 2022
What to consider when tax planning for End of Financial Year