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Changes to Independent Expert Reports for Performance Shares

On 28 August 2020, the Australian Securities Commission (ASX) released a revised Guidance Note 19 Performance Securities (GN19).

Payroll & rostering - Looking beyond Single Touch Payroll

In recent years, business owners have been inundated with information on Single Touch Payroll (STP), however, as we close in on 12 months since STP became mandatory, it’s time to look at other aspects of payroll software that can help add value to your business.

JobMaker Hiring Credit for Primary Producers

Along with the Cashflow Boost, JobKeeper program and Apprenticeship incentives introduced throughout COVID-19, the government also released another key element to their economic recovery plan late last year.

Preparing a business for valuation

A valuation determines the estimated amount for which an asset should exchange on the Valuation Date between a willing buyer and a willing seller, in an arms’ length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently, and without compulsion.

COVID-19 stress testing medical practice owners

It’s been a challenging 12 months for people in the medical field. Amid a health crisis, they have stood strong on the frontline and bravely put themselves in situations that most people would go to great lengths to avoid.

New ATO tool providing GST compliance assurance

In recent years, the Australian Taxation Office (ATO) has overhauled its broad-brush approach to undertaking tax audits – instead opting for a targeted risk-based approach.

Are you a small business anymore?

With many farmers returning home from the break and land prices booming throughout much of the WA Wheatbelt, the inevitable question will come from a client or two, “how much tax will I pay if I happen to sell the farm?” A fair question, but with the number of variations in landholding structures, it’s a question that

Case Study: South Pacific Laundry

Ready to expand their client base and actively target a new market segment, South Pacific Laundry engaged RSM’s experienced business advisers to test assumptions, evaluate viability, and fortify their expansion strategy.

Selling your tourism or hospitality business and paying no tax

When selling your business there are a number of key areas that should be addressed in order to get the best outcome for you.

Minimising the risk of adverse tax consequences in Family Law property settlements

A popular question among Family Lawyers is ‘how can I protect my client from adverse tax outcomes in property settlements?’. There is unfortunately no definitive answer to the question.

thinkBIG report: Data Analytics

Now, more than ever, businesses are thinking about their ongoing success and growth. Creating a business culture that values and seeks out data-driven insights, could just be the key to better decision making.

Case Study: Macrolink

Background:

Cloud Accounting for the Tourism Industry

With the ever-changing tourism landscape and how we interact with each other, having cloud software for your tourism business today is key.

Cybersecurity for farmers and the agricultural industry

As farmers and rural communities’ transition towards greater reliance upon online technologies, the need to protect both their personal and organisational data is paramount.

Maximising the value of a farm budget

For many farmers preparing a farm budget is all about identifying lending requirements for the year, prior to meeting with the local bank manager. As part of this process, a statement of position is also usually prepared which will calculate the farmer’s equity position.

Five ways SMEs can prepare for a post-COVID world

With a vaccine on the horizon, a post-COVID ‘new normal’ may just become a reality during 2021. This means Australian SMEs need to consider how they will adapt and do business from here on in.

Five questions boards should be asking emerging from COVID-19

With 2020 now behind us, there’s no doubt countless people across the globe will breathe a deep sigh of relief. While there are no guarantees that the worst of the COVID-19 pandemic is over, steps taken over the past nine months certainly place many in a better position to deal with whatever happens next.

WA Dairy Farmers Funding

In good news for Dairy Farmers, funding is now available through the WA Farmers Dairy Industry Fund and the Woolworths Dairy Innovation Fund.

JobMaker Hiring Credit rules released

The federal government has registered the JobMaker Hiring Credit rules (‘JobMaker’). Complex but targeted to create employment opportunities, the rules provide some clarity for employers seeking to claim under the scheme.

Case Study: Trellis Data

What is your success?

What does success look like for you? Is it as simple as just getting through the season with the bills paid, or is your road map for the future a bit more complicated? How long do you want to work or need to work?

ASIC further extends financial reporting deadlines

ASIC has extended the relief under which it is offering entities an additional month to lodge their financial reports. Having previously allowed a one-month extension for 30 June year-ends, ASIC has now provided the same relief for all balance dates up to and including 7 January 2021.

The Business Lifecycle in 2020?

A business will go through different stages over time, in a pattern that has been repeated throughout the ages.

Case study: Fidem Property Group

THE BACKGROUND

Webinar Series: NextGenManufacturing | November 2020

In partnership with AMGC (Advanced Manufacturing Growth Centre), RSM Australia proudly presented an innovative webinar series to help your manufacturing business adapt and thrive in challenging

The importance of an SMSF health check

There are few industries that have been through the level of legislative change over the past 15 years than the SMSF industry.

Family Law and bankruptcy - assets that vest in the Trustee of the bankrupt spouse

When one of the parties to a Family Law proceeding is bankrupt, it is important for the lawyers involved to understand the assets that form part of the bankruptcy (i.e. the assets that vest in the Bankruptcy Trustee) and the assets that do not form part of the bankruptcy (i.e. exempt assets).

Compulsory Superannuation Post Amnesty

The amnesty is over.

Budget 2020 - Game Changer

Due to the COVID-19 Pandemic, the 2020-21 Budget was deferred from May to October. Over those six months, the changing economic landscape has created a recession and arguably the most severe economic crisis since the Great Depression.

Case Study: xAmplify

Five questions to ask BEFORE a SMSF property development

Five questions to ask before an SMSF property development

With rapidly declining rental vacancies and lower numbers of properties for sale in Western Australia, property is once again becoming a topic of interest, and the ever-popular question is coming up once again:

Family Law: Trust Distribution Case Study

Disclaimer of Trust interests beyond Family Court settlements – the risk for a vulnerable spouse?

Structuring your property investment to suit your needs

One of the most important steps when taking the plunge into property investment is also one of the most overlooked parts of the process. Making sure your investment is set up in the correct structure from the beginning can ensure that serious, and expensive, ramifications are avoided down the track.

Webinar Series | Business and Finance Symposium | October 2020

Agribusiness - what's the point of change?

I was sitting in a meeting with a client the other week, and the key topic was change. We had recently prepared an Improvement Plan for his business, and a common theme from our review was the automation of financial processes, through better use of their software, and implementing better review processes.

Federal Budget implications for the Research and Development (R&D) Tax Incentive

Federal Budget implications for the R&D Tax Incentive

The Australian Federal Budget was handed down on 6 October 2020, and outlined various economic stimulus measures with the intent to support Australia’s economic recovery through the COVID-19 pandemic and beyond.

New Queensland Stamp Duty Exemption for Eligible Small Business Restructures

On 9 October 2020, the Queensland Office of State Revenue (OSR) released Public Ruling DA000.16.1 (the Ruling), which introduces an exemption from duty for certain transactions relating to small business restructures.

Succession planning tips for Australian manufacturers

Many businesses are focused on the ‘now’ and in our current climate, that is completely understandable when life is about survival. However, when this current phase passes, we will revert to (a new or other) normal and the issues that have always faced business leaders will still be there.

Federal Budget 2020-21: Opposition response

The Federal Government’s platform, as emphasised throughout Treasurer Frydenberg’s Budget Address on Tuesday 6 October 2020, was clearly about developing a business lead recovery plan to ‘kick start’ the economy and bring Australia out of its first recession in 30 years.

Western Australia | 2020-21 State Budget Analysis

What the 2020-21 Western Australian state budget means for you and your business

Connecting with the ATO via the Business Portal

One of the greatest initiatives rolled out by the Australian Taxation Office (ATO) would be the creation of the Tax Agent Portal.

Webinar: Due Diligence - Tips and Traps | October 2020

RSM Australia was proud sponsor of the recently concluded 2020 Pharmacy Ownership Ready Conference, hosted by Medici Capital and Attain Pty Ltd.

Webinar: Federal Budget Update | 7 October 2020

In a year of unexpected challenges and changes, the delay in the release of the Federal Budget to October is yet another first.

Employing the right person

While the difficulties you face when trying to fill positions will never be eliminated, the following steps can help you to make better decisions.

Rental properties: An ATO hotspot

Rental properties are a great investment to help build off farm assets, which can be used later in life as part of a great succession plan. In the meantime, you can enjoy earning a bit of off farm income and perhaps claiming a few deductions along the way, but it’s important to know what you can claim and how much you can claim.

Retirement - How much do I need?

Retirement: a delightful word that conjures up images of days spent in slippers, volunteering to help others, rediscovering old hobbies, taking long cruises in the Mediterranean, or just enjoying your new found freedom.

JobKeeper V2.0 - complexity redefined

The long-awaited legislative instrument setting out the key amendments to the JobKeeper scheme to take effect from 28 September 2020, dubbed JobKeeper V2.0, has been registered by Treasury.

Succession Planning tips for farming families

Succession planning for farming families can be quite daunting and there certainly are some horror stories on how it can spiral out of control. The flip side is succession planning can be a very rewarding process for all involved if tackled with goodwill and respect.

Pre-retirement planning checklist and superannuation

Many people only start planning for retirement when they enter their 50s and other family commitments have begun to decrease.

Webinar: Pharmacy Business Insights | 9 September 2020

The Guild Learning and Development hosted the Pharmacy Business Insights Webinar on 9th September 2020 where Peter Saccasan, National Director, Pharmacy Services at RSM, along with Natalie Sirianni (Director of Attain Business Brokers) and Philip Chapman (Director MiLease and Lease1), discussed the current pharmacy business l

ATO reverses JobKeeper position on calculation of turnover

Further to our article on 31 August 2020, the ATO have now reversed their position on the inclusion of JobKeeper income in the calculation of aggregated turnover. It has been confirmed that JobKeeper payments will not be included in calculating aggregated turnover.

New JobKeeper 2.0 legislation has been passed by Parliament

JobKeeper 2.0 legislation passed

Legislation has been passed by Parliament extending the JobKeeper wage subsidy scheme until 28 March 2021. The current JobKeeper rules will cease to have effect from 28 September 2020.

JobKeeper Income – Wolf in sheep’s clothing?

ATO reverses opinion on JobKeeper and calculation of turnover. Click here for the update.

5 elements to a successful not-for-profit amalgamation or merger

One of the first sectors to bear the brunt of an economic downturn is the not-for-profit sector which is resulting in many considering an amalgamation or merger. Reliance on community services increases, yet funding and donations can be hard to come by and higher poverty rates affect customers’ ability to pay for services.

Working "on" your business

All business owners know they should be working more “on” the business than “in” it, but most never find the time as they are just too busy.

Word of Mouth Marketing

Word of mouth marketing is business’ best-known secret. This is an oxymoron I hear you say and that most business people know how important word of mouth marketing is. What they forget is that the key to success is excellent customer service.

What value can marketing provide your business?

Do you ever feel like marketing your business is just too hard? Don’t give up. It just takes a bit of planning to make marketing an asset that is well-directed and cost-effective.

Rental property FAQ's and common issues tackled

During these uncertain times of COVID-19, some clients have used the time to assess their finances and plans for the future.

Strong Alliances the key for allied health today

On face value, you may assume that the health industry is one of the few to financially benefit from the current global pandemic. Whilst this is true in some cases, the realities are a significant portion of income comes from planned procedures in this industry.

COVID-19 lessons for tourism & hospitality businesses

It is difficult to imagine a more brutal series of circumstances than those that have assailed the tourism and hospitality industry as a direct result of COVID-19.

COVID-19 Lessons for Primary Producers

The COVID-19 Pandemic has presented great challenges across the globe and will continue to do so for the foreseeable future as governments tread a fine line between the very real public health concerns and trying to jumpstart faltering economies.

Urgent action required by employers | JobKeeper Update

The government has introduced further changes to the JobKeeper Payment, designed to include as many employees as possible.

Risk assessment, strategic planning, innovation – What does the future of higher education look like in the face of COVID-19?

The future of higher education in the face of COVID-19

Risk assessment, strategic planning and innovation – What does the way forward look like for the tertiary education sector in the face of COVID-19? Without question, the higher education sector in Australia has been heavily impacted by COVID-19.

Future business planning for success

As June 30 now fades into the sunset, all the EOFY marketing slogans are boxed up and put away for another year, and 1 July becomes just another day in the calendar. It is the future business planning that will determine what tomorrow looks like.

Changes to JobKeeper – what do employers need to do now?

With all the changes the Australian government announced around the JobKeeper extension (JobKeeper 2.0 and 2.1), there has been some confusion around the Government changing the employee eligibility date from 1 March 2020 to 1 July 2020.

Improving Team Performance

As a Manager or business owner, most of your working life is spent forming, motivating, monitoring and managing your team of staff.

JobKeeper 2.1 - Treasury announces further changes to JobKeeper payment

In response to the significant impact of coronavirus restrictions on business owners in Victoria, and likely impacts to follow in NSW, Treasury has announced further changes to the JobKeeper V2.0 proposals originally announced in July.

Accounting for government assistance during COVID-19

COVID-19 Financial Reporting: Accounting for government assistance

As the COVID-19 pandemic continues to have a serious impact on the economic environment, governments continue to provide different forms of assistance to affected entities.

COVID-19 funding boost for Aged Care industry

The Federal Government recently announced a $52.9 million funding boost to provide further financial support for residential aged care providers during the COVID-19 crisis.

RSM’s multidisciplinary Family Law Support team are experts in untangling the financial web in family law matters.

Case Study: Untangling the financial web

Understanding financial statements and their underlying supporting documents can feel like interpreting a foreign language, but they contain a wealth of important information for property settlements.

JobTrainer- help for apprentices and trainees

On the 16th of July, the government announced an investment of $2 bn in a bid to help people get into work post the

With new changes to the JobKeeper program, what does it mean for business owners?

New announcement and changes to JobKeeper 2.0 - What it means for business owners

The government has today released more detail surrounding much anticipated changes to the JobKeeper program.

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

Queensland foreign owner land tax surcharge: Ex gratia relief guidelines

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”).

What does the future of JobKeeper hold for Australian businesses?

A better approach to JobKeeper?

With speculation rife over the future of the JobKeeper scheme, we explore what has worked with the scheme, what hasn’t and possible changes to the scheme that may be considered when the Treasurer releases his economic update and the results of the Treasury review into the scheme.

Will your JobKeeper records sustain an ATO review?

JobKeeper - Will your records sustain an ATO review?

The ATO have recently updated their ‘Keeping JobKeeper Fair’ guidance and have provided examples of the type of activity they are targeting when reviewing eligibility.

Single Touch Payroll (STP) Reporting - Are you ready?

Single Touch Payroll (STP) has been around for a few years now. It was introduced back in July 2018 for businesses with 20 or more employees as a means of providing transparency over wages, PAYG tax and superannuation for both the ATO and employees.

Still Time to Act - Superannuation Guarantee Amnesty

Time is running out to make any voluntary employer superannuation contributions to the ATO, under the Government’s Superannuation Guarantee Amnesty. The deadline for the submission is 7 September 2020, with no further extension possible, under the legislation.

Division 7A minimum yearly loan repayments and COVID-19

The ATO has released long-awaited guidance on Division 7A minimum yearly loan repayments and COVID-19. However, given the late release of the guidance and the onerous requirements to be satisfied in the application form it is arguably too little, too late.

WA Building Bonus Scheme

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.

June 30 - The date the gate shuts!

In business and tax world, June 30 is a critical day of the year. In the lead up to this date, there is much planning, strategising, executing, restructuring, implementing and spending. All of this activity is for a good reason, as after June 30 many opportunities are closed for another year.

Under the Director Penalty Regime, the Commissioner of Taxation is empowered to make Directors of a company personally liable for specific tax related liabilities of companies they represent.

The ATO Director Penalty Regime

The ‘corporate veil’ separates the rights, obligations and liabilities of a company’s Shareholders / Directors from those of the company itself.

The R&D Tax Incentive and Your Business

The Research and Development Tax Incentive is a Federal Government initiative to encourage companies to invest in innovation that benefits Australia.

Top five farming cloud applications every farm must consider

The introduction of Single Touch Payroll from 1 July 2019 for most small businesses including farms was the catalyst for them to review their current cashbook software package and in some cases, take the first step in to the world of cloud accounting.

Jobkeeper deadline - extended again?

A “systems issue” at the ATO’s end on the last day of enrolment caused frustration for entities that tried to log in but were locked out and could not access the portal.

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

Are you eligible for the new HomeBuilder program?

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

The Federal Government has announced an extension of the instant asset write off to 31 December 2020.

Instant asset write off extended

In an effort to promote further investment by Australian business, the Federal Government has announced an extension of the instant asset write off to 31 December 2020. Legislation is expected to be introduced shortly.

Work from the Cloud - Recurring expenses

Work from the Cloud Part 6 - Get a handle on recurring expenses

Property and Development Series

Do you have the evidence ready for a JobKeeper claim review by the Australian Taxation Office?

Do you have the evidence ready for a JobKeeper claim review by the ATO?

The first of June is traditionally the start of winter but, for the tax-minded amongst us, 1 June 2020 also marks the official start of the next phase of the JobKeeper scheme.

As is with the common cliché, the reality is that taxes are still a prevailing issue for everyone despite challenges they may be facing.

Tax planning considerations in a COVID-19 world

In times of crisis, it is normal to overlook certain aspects of life as health and safety become a focus. As is with the common cliché, the reality is that taxes are still a prevailing issue for everyone despite the challenges they may be facing.

Seven ways to be more Customer Centric

In the turbulent and uncertain times that we can experience in business, be that drought, commodity prices or even a Pandemic(!), having a good understanding of your customers and client base will put you at the forefront of your competitors. Here are seven ways to be more customer centric:

Superannuation Amendments for JobKeeper Payments

Welcome news has finally arrived for employers with confirmation that the proposed amendments to the superannuation guarantee rule in relation to JobKeeper top-up payments have been registered. This should now provide employers certainty on their superannuation guarantee obligations for the June quarter.

Planing for recovery and growth for your optometry business during COVID-19

Optometry Businesses: Recovery and growth planning for COVID-19

As social distancing restrictions are easing, there is an opportunity for optometry practices to look ahead and focus on recovery and growth.

thinkBIG | Superannuation strategies through the ages

Over the course of your working life, you will build up your superannuation fund through regular contributions from your employer. As you progress through life, you will have the opportunity to engage with your superannuation and look at investment options.

JobKeeper and record keeping – what you need to know about projected GST turnover

JobKeeper payments are now trickling in to give a much-needed boost to the cashflow of eligible businesses which is a cue to remind businesses of the compliance and that it is critical to ensure records are reasonable enough to substantiate any future queries.

JobKeeper and Compulsory Superannuation Guarantee

The Coronavirus Economic Response Package (Payment and Benefits) Rules 2020 (JobKeeper rules) were registered by the Treasurer on 9 April 2020.

Top 5 issues with SMSFs and Family Law

Superannuation and SMSFs are becoming increasingly complex, especially in a family law situation.

Key assistance measures for COVID-19

The hidden payroll tax and WorkCover costs of JobKeeper payments that employers need to be aware of.

Employers to beware of hidden payroll tax and WorkCover costs of JobKeeper payments

By and large, the JobKeeper Payment scheme is a much-welcome lifeline for employees and employers alike, especially now that the payments have started to flow. However, from an employer’s point of view, they need to be aware that they may be forced to bear some of the costs of administering the scheme.

COVID-19 has had significant impacts on the work of independent experts.

The impact of COVID-19 on the work of independent experts

The significant volatility in local and global equity markets over the last few months clearly demonstrates the impact that COVID-19 is having on Australian companies.

Transfer pricing issues during COVID-19

The adverse impact of COVID-19 on a large number of businesses requires no introductory comment, as their focus turns to survival and cash preservation.

Latest jobkeeper changes - sovereign entities redefined

On 30 March 2020, the Australian Government announced the JobKeeper payment wage subsidy for entities that have been significantly affected by the economic impacts of the coronavirus.

Nine steps for challenging trading conditions

1. Review and re-review budgets. Assumptions should be checked, and the budget revised accordingly. The budget tells a story of what the future will bring, and this should be based in fact rather than fiction.

WA State Government relief for commercial tenants and landlords

Financial Relief – WA Commercial Tenants and Landlords

WA State Government relief for the building and construction industry

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

Financial Relief – WA Residential Tenants and Landlords

The Substantial Increase in Turnover Test has differing views on how the test may be applied.

Demystifying the substantial increase in turnover test

The legislative instrument and associated guidelines around the alternative decline in turnover tests that can be applied by an entity in order to qualify for the JobKeeper scheme have recently been released.

Potential JobKeeper Payment Implications of COVID-19 transfer pricing issues

COVID-19 and transfer pricing issues: Potential JobKeeper Payment Implications

COVID-19 has had a very adverse impact on the cash flows of many Australian businesses, who will be looking closely at the JobKeeper Payment regime and whether their turnover has declined by the requisite percentage.

COVID-19 and transfer pricing issues: Financing

COVID-19 has had a pervasive effect on business and one of the most salient is its impact on a company’s cash flow and funding arrangements.

Calculating GST turnover for the JobKeeper Payment scheme

Calculating GST turnover for the JobKeeper Payment scheme – cash, accruals, or something else? One of the critical aspects for an employer to consider and satisfy as part of the JobKeeper Payment Scheme is whether it has satisfied the decline in turnover test.

Land tax relief for landlords and tenants

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”.

The Aged Care Industry has received new government funding for COVID-19

New COVID-19 funding announced for the Aged Care Industry

The Federal Government has announced new funding for the aged care sector to support staff retention in residential aged care and to assist with the viability of aged care facilities, as the sector continues to support the nation’s elderly during the COVID–19 crisis.

Pharmacy Businesses - COVID-19 Support

This information pack is directed specifically at pharmacy owners and their businesses. COVID-19 support and economic stimulus packages are discussed and specific information is included around:

Government Stimulus Measures – the specifics for farmers

With increasing cases of information overload being reported, it is not always easy to understand the stimulus measures and detail that are applicable to one’s own business situation. Below we review and specify some of the government assistance and incentives available for farmers in these confusing and uncertain times.

Cash Flow Boosts for Businesses

If you are a small or medium business that employs staff, it has never been so important to lodge your March Quarter or March Monthly Business Activity Statement on time.

Issues with NSW Stamp Duty

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.

JobKeeper payment enrolment applications have now opened.

The JobKeeper payment for your SME business

Enrolment applications for the JobKeeper payment have now opened and for many business owners, the program will provide a much needed lifeline.

Assisting commercial tenants with the impact of COVID-19

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

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

Increasing instant asset write-off to items under $150,000

RSM is pleased to provide this information sheet with details of the increased instant asset write-off available to small and medium-sized businesses.

Emergency Cash Grants for SA small businesses

On 9 April 2020, the South Australian (SA) State Government announced a one-off $10,000 emergency cash grants for small businesses impacted by COVID-19.

How Your Medical Practice Can Survive, Recover, and Grow Through COVID-19

Accessing Superannuation: The practicalities

One of the early announcements from the Government in response to COVID-19 was to allow certain individuals limited access to their superannuation. This was a welcome announcement for many in the early days, but the details of how this could be accessed and when it would be available remained unclear.

Rent relief for commercial tenants and detailed information for landlords

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

Dealing with GST

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

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.

New announcements to the 'JobKeeper Payments'

In recent days, the Federal Government has made updates to the JobKeeper payment Fact Sheet, providing clarity surrounding eligibility for certain individuals and consolidated groups, and extending the eligibility criteria for eligible charities.

Cash flow options for Optometry Practices

These are unprecedented times for optometry practices across Australia. One thing is certain: the far-reaching economic impact of COVID-19 is having a significant impact on optometry practice cash flow. What options are available to optometrists to help their businesses survive in these difficult times?

For farming operations, failing to plan is planning to fail

In these challenging economic times, trying to maintain a “business as usual” approach to the farming operation can apply a lot of additional unnecessary stress and pressure. At this time of year, many are still looking to finalise operational plans for the farm for the coming 12 months.

$1,500 'JobKeeper' payment - Further support to businesses to retain workers

The Federal Government announced on 30 March 2020 further support measures for businesses and individuals impacted by COVID-19. The JobKeeper payment for eligible employers will be effective from 30 March 2020 and delivered through the tax system.

VIC State Government’s COVID-19 Stimulus Package – What you need to know

*This page was last updated on 30 March. For more information, click here.

Home office security essentials and tax deductions during COVID-19

To minimise the spread of COVID-19, businesses across the globe are hurrying to implement remote working for employees.

Agreed Value Income Protection policies will be banned by APRA

1 April Deadline – Agreed Value Income Protection policies will be banned by APRA! Following a recent review of the life insurance market, APRA have announced proposed changes to income protection policies.

Impact of COVID-19 on Small and Medium Size Businesses (SMEs)

Impact of COVID-19 on Small and Medium-Sized Businesses (SMEs)

Enhanced instant asset write-off Immediate deduction for eligible assets1 costing less than $150,000 (excluding GST credits) first used or installed ready for use between 12 March 2020 to 30 June 2020.

Agribusiness - Coronavirus Pandemic

The Coronavirus pandemic has arrived in Australia at a time when farmer sentiment was on the rise, following some widespread rainfalls and a touch of green appearing across parts of the country.

ACT State Government’s COVID-19 Stimulus Package – What you need to know

*This page was last updated on 23 March. For more information, click here.

Income relief – Coronavirus Supplement

Coronavirus supplement

Superannuation-related stimulus measures

The second government stimulus package has included some measures specifically aimed at superannuation.

Financial Reporting Alert: the end of Special Purpose Financial Statements for for-profit private sector entities

The AASB has approved proposals to prevent certain types of for-profit private sector entities from preparing Special Purpose Financial Statements, for periods beginning on or after 1 July 2021.

AASB 1058 - What is a Sufficiently Specific Performance Obligation?

AASB 1058 Income of Not-for-Profits became applicable for not-for-profit entities on 1 January 2019.

SME Business, Pharmacy, Profits, Cash, Statements, Accountant, Business, Business Management, Cashflow

"Just where has all the profit gone?"

Without doubt, the most common question an accountant is asked: “why does my profit not equal the cash in my bank account?”.

RSM Australia appoints new directors to support growing demand for consulting services

MEDIA RELEASE February 28 2020 - RSM Australia (RSM), one of the largest mid-tier accounting firms in Australia, has announced the appointment of Sam Mohammad as national head of indirect tax and Srdjan Dragutinovic as director of data analytics.

Meet our two new Principals and Associate Director

In January 2020, our senior leadership team grew by 11. This included eight new directors, two principals and an associate director. We spoke to our new principals and associate director to get to know them and learn about their hobbies outside of the accounting world - also check out their fun facts!

Key changes to annualised salaries covered by modern awards

There have been some key changes to annualised salaries covered by modern awards including the Pastoral Award.

Know what's going on in your pharmacy

‘Keeping your finger on the pulse’ —A fairly broad and widely used idiom in the business world, but what does it mean exactly for today’s pharmacy owners?

10 must-haves for organic business growth

Going for growth - Strategies for generating new business Every business wants to grow, but not all businesses know how to grow in a sustainable and profitable way.

Should your business be investing in 'strategic outsourcing' solutions?

At RSM Australia, we are interested in trends, macro and micro economic trends, business trends, technology trends and any broader environment or behaviour patterns that are impacting on our client’s businesses, the means by which they solve their problems, become more profitable, and in turn the demands that they have of us.

How to structure property development?

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

RSM wins the 2019 Xero Enterprise Partner of the Year award

We are delighted to have won Xero’s Enterprise Partner of Year award!

Further Drought Support Announced by the Federal Government

The Federal Government has announced avenues of support for Drought-affected farmers and businesses.

What are the basics of business?

How many of you remember life before smart phones…or even before the simple mobile phone? How ever did we manage to survive or even get in touch with someone urgently?

Concessions for primary producers impacted by drought

Australian farmers have been struggling with drought conditions resulting in crop failures and lack of feed and water for livestock.

A guide to changing a business structure

Nothing is permanent except change.

Funding your property development

For many developers, the question that inevitably arises is how the property development should be (or could be) funded.

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

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.

Farmers and Communities to Receive Further Drought Relief Funding

Drought-affected communities and farmers will get an immediate cash injection, with the Federal Government promising a new $100 million drought relief package.

Superannuation Legislation for High Income Earners

The Government has passed superannuation legislation for high income earners (with income exceeding $263,157 per annum) which allows employees with more than one job to choose not to have the 9.5% superannuation guarantee paid by all their employers.

Are you Single Touch Payroll ready?

The deadline is fast approaching for small businesses to be registered and lodging their payroll information to the ATO using the Single Touch Payroll (STP) reporting system. Are you registered and lodging? If not, you have a small window to register and start lodging!

The ‘P’ in Pharmacy – It’s about Professionalism, not Price

Sign up for an Asset Protection event near you

Imagine losing all of your assets in one fell swoop – house, cars, savings… the lot. Insurance can never protect against every scenario, but asset protection can try.

Six technology investments every SME must make

With technology continuing to improve through the impending advent of 5G and as mundane business processes become automated, the opportunities for SMEs could be limitless. In this edition of thinkBIG, we highlight and explore six of these technology investments every small business must consider.

thinkBIG 2019

The pulse of the SME sector. thinkBIG is a series of reports for small business owners, highlighting and exploring areas of interest for growing businesses.

Case Study: Toustone

Case Study: Yarno

New training drill bodes well for staff

Case Study: Invoice2go

Automation where it counts – creating and tracking invoices, on the go

How Is Your Budget Going?

“Why bother to budget, it never goes to plan…”

Case Study: Parklea Sand & Soil

Soil business has a smart row to hoe From humble beginnings in the 1960s as a sideline business, selling manure and topsoil from a poultry farm, Parklea Sand & Soil has grown to one of the biggest specialist building and civil engineering materials suppliers and haulers in NSW.

Asset protection vs tax optimisation

In business, there are many risks that are simply out of your control. This thinkBIG report takes a closer look at one of the great conundrums for owners of small businesses - the balance between asset protection and tax optimisation.

Succession and estate planning in a family farming business is a complex juggling of the needs and wants. Learn more about the Do's and Don'ts of long term succession & estate planning.

Long term succession and estate planning

Bill Beard covers the Do's and Don'ts of long term succession & estate planning.

Three tips to being a growth-ready farm

With the steady consolidation of farms across Australia and the increasing pressure on efficiency, being growth-ready means formulating a strategy to suit your growth plans. Here are three tips to ensure you have a growth-ready farm.

Protecting your superannuation package

The Government's 'Protecting Your Super' package - announced in the 2018-19 Budget - is a comprehensive package of regulatory reforms designed to protect Australians' superannuation savings from undue erosion by fees and insurance premiums.

How to strengthen and simplify your allied health practice

The allied health sector is notable for its variety and complexity but there are rich opportunities too.

Instant asset write-off increased to $30,000 – more businesses to benefit

There is some good news for business on the instant asset write-off front. Both the size of business and the amount you can write off instantly as a tax deduction has been increased. While these measures are welcome, it has added a little complexity for the year.

Big change for small business - Get ready for STP

There are further compliance changes in the wind for businesses. The Government is in the process of implementing a new reporting system which is focussed on streamlining payroll procedures. This will impact on employer and employee alike.

Ways to use 'the cloud' in your business

Clouds are generally a good thing for farming. Whether that be the first hopeful signs of rain after long periods of drought or the relief at getting rain at just the right time, clouds are generally welcomed by the farming community.

What is Single Touch Payroll and how will it affect my business

Single touch payroll - soon mandatory for every employer

The ATO has followed through on plans to improve digitisation of tax reporting and returns, making it mandatory for all employers to use Single Touch Payroll from 1 July 2019.

Surviving the hospitality cash flow conundrum

When the music stops, will your business cope?

On-farm emergency water infrastructure rebate scheme for NSW

In October 2018, Prime Minister Scott Morrison announced $50m to fund an on-farm emergency water infrastructure rebate scheme to provide financial help to primary producers in drought-affected regions.

What to do about the summer holiday cash flow bell curve

Any local business operator in the hospitality industry will be able to relate to the summer holiday period rush. When reviewing the month to month annual profit and loss results, they can usually be displayed graphically as a significant bell-type curve.

Farm Management Deposit offset

Coverage of the drought that has impacted much of the farming community in central and eastern Australia throughout 2018 and earlier years has been unprecedented. National and international media have shared stories of farmers doing it tough, fighting to keep their livestock going when feed and water are scarce and for nearly all, massive fin

Are you across the New Payments Platform?

The wait is over, after 4 years in the making and months of delays the New Payments Platform is finally here! What is it and what does this mean for your business? Key benefits: Real-time movement of money Simpler, smarter addressing (PayID)

How to Maintain the Family Farm

In most cases the older generation will make the decisions on how their assets will be divided and who will take over the management responsibility of the farm.

Medical and Healthcare Providers Targeted over Payroll Obligations

Medical and healthcare providers are currently in the spotlight of the State Revenue Offices (SRO) around Australia regarding their payroll tax obligations.

Drought Relief Packages – see what’s available

The importance of making a profit

Entering into a franchise agreement may be the best business decision you ever make.

Memory loss and its impact on the family farm

As life expectancy has increased, so has the number of people suffering from memory loss from conditions such as dementia and Alzheimers. So, have you ever wondered what would happen to your farm if you came down with a mental illness resulting in memory loss and judgement? What if your spouse loses his/her mental capacity?

Case study: Dial Before You Dig

"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

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.

Super members and trustees - are you ready for 30 June 2018?

With the new financial year almost upon us, are you ready for it? Self-managed superannuation fund (SMSF) trustees have some critical reporting dates coming up. The first of these occurs on 30 June 2018 and thereafter quarterly reporting kicks in.

中国事业部情况

中国作为澳大利亚最大的贸易伙伴之一，近几年来进入澳大利亚寻求投资机会的中国企业和个人正在飞速增长。

China Practice Group

China is one of Australia’s largest trading partners and over recent years Australia has experienced a rapid influx of Chinese businesses and individuals seeking investment opportunities.

Case study: Gravity Consulting

The age-old adage of a picture being worth a thousand words rings true to the revolutionary work that Canberra’s Gravity Consulting has pioneered and is fast becoming renowned for around the world.

Case study: SeneGence International

"It's absolutely critical and key for us to be partnered with somebody that can understand all the intricacies of setting up the financials and business structure and so forth in all territories, and to have one partner that can reach all those territories and give us a blueprint for each of those

Your generosity could provide even more benefits

We all work diligently to provide for our dependents and eventual beneficiaries. Protecting their future wealth is an excellent legacy for our survivors. So how do we provide this extra benefit? One idea when making a Will is to establish a testamentary trust or trusts that commence upon the death of the Will maker.

Digital services

Single Touch Payroll reporting is coming - employers take note!

Employers with 20 or more employees will need to change the way they report to the ATO from 1 July 2018. Single Touch Payroll (“STP”) is a new reporting system the ATO has introduced. STP involves the reporting of payroll payments, PAYG and superannuation directly to the ATO for every pay run that is made.

Is your Will about to explode?

Far too many Wills exist which, when "detonated", will create huge problems for farming families. This article aims to reduce these potential disasters.

Case study: Orgadata

“Australian tax laws are very different to any other tax laws, so for us it was a completely new journey. RSM helped us understand these rules and the best way to work within them”. - Joost Bouten, National Manager Australia.

Case study: Darlington Dental

“Despite RSM being a large company it’s great to get an individual guide me through financial navigation yet still have a huge team behind them with the best information and resources possible,” Karl Bailey, Owner of Darlington Dental practice.

Case study: MPowerU

“We wanted to engage with someone who has dealt with the bigger businesses but still has the small business mindset and approach towards their client”. - Giulio Montini, Owner of MPowerU Electrical

Case study: Peel Scape Solutions

“It’s good to get answers from guys who have seen and helped other businesses grow - their advice is invaluable” - Paul Holdom, Owner/ Director of Peel Scape Solutions

Case study: Fender Katsalidis Architects

“When meeting with RSM there was that instant moment and connection that the relationship will work as they were genuinely interested in our business model and also what we do and why we do it" Mark Murphy, Director of Practice, Fender Katsalidis Architects

Case study: Whizz Technologies

“Although it’s one of the largest accounting firms in Australia, they treat us as though it’s a start-up themselves with very, very personalised service” Mark Bernberg, Founder and Director, Whizz Technologies

Liquidity a problem? Give your business a health check !!

Companies relying on historically low interest rates to mask their true capacity to pay bills when they fall due, need to seriously address debt serviceability once the official cash rate starts moving higher which some will say will occur in 2017.

Case study: Oz Trees

Mark Prascevic, owner of Oz Trees in Colac, Victoria, has experienced the highs and lows of owning and operating a native plant business.

Case study: Nature's Food World

“The service from RSM was beyond unbelievable and the team adds significant value to the business. Knowing RSM has Nature’s Food World’s best interests at the forefront of the advice they give is a key benefit.” - Karla Gartshore, Founder

Case study: Elliotts Group

Founded in 1961, Elliotts Landscape Supplies grew out of the timber industry in Tumut, New South Wales. The company grew strongly and was soon known to provide quality landscape and building supplies throughout Australia.

Local firm merges with our RSM Wagga Wagga office

RSM Wagga Wagga Merges with Local Firm

It’s a time of growth for the local Wagga Wagga office of RSM Australia, who is merging with JP Pallister & Associates as of 1 July 2016.

RSM and Pegasus

Tax and your investment property

When purchasing an investment property, the choice of ownership structure is important to ensure you minimise the effects of taxation. Available structures include self-managed superannuation funds (SMSFs), family or unit trusts and companies, as well as holding the property individually or in joint names.

Case study: Hutcheon and Pearce

The global population is expected to total more than 9 billion by 2050 and farmers will need to double their agricultural output while using the same amount of land, water and other resources. This challenge is one that General Manager of Hutcheon and Pearce, Arron Hutcheon, is ready to play a part in.

Case study: Wills Domain

Margaret River in Western Australia is Australia’s premium wine region. The region has weather moderated by the Indian Ocean and lots of sunshine.

Case study: Pindari

The vital and booming resources sector in Western Australia generates more than $100bn a year in revenue and inspires tens of billions of dollars in new resource investments. Pindari is one company that has swiftly grown from strength to strength through the boom.

Case study: Avondale Farm

2014 marked a significant milestone for 2012 NSW Farmers of the Year Peter and Alison Campbell. Over 100 years ago Peter’s grandfather started farming 640 acres (260 hectares) 17 kilometres west of Henty, near Albury in the Eastern Riverina area.

Case study: ADG Prestige Builders

“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

Case study: Organisational Learning Australia

Organisational Learning Australia is dedicated to supporting the VET and community services sectors through nationally-accredited vocational education and training to diploma level, expert registered training organisation (RTO) consulting and advice services, and personal

Case study: Datatel Communications

"In the past we’d considered changing our company structure to employ an operations manager to look after the day-to-day running of jobs and the team of technicians, but with RSM's strategic plan we fast tracked that and now we’ve got Michael, our new operations manager.

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