RSM Australia

Business planning

Business planning to improve your success

You have a great idea, can it be a great business? Your business is going well, can it be amazing? Your business is in difficulty, can you turn it around?

The answer is yes - if you have the right adviser.

If you want to reach new markets, develop new products or fine-tune your operations, our business planning advisers can help you start, grow and exit a business on your terms and in your time.

Business planning for all organisationsBusiness planning to improve your success

Whether you’re starting a small business or preparing for an IPO, our advisers can help you scope the potential, understand your capital requirements, help you meet your reporting and financial obligations, model a number of scenarios and plan for different outcomes, or simply help you with the paperwork and accounting while you get started.

We’ll advise you on the best structure - trust, private or public, onshore, offshore, centralised or distributed. We can structure and plan for all the phases, through startup, growth and maturity, ensuring you maximise your return.

We’re not here to just develop the business plan, but to be at your side to make it happen, adapt it when needed and keep you informed you at every critical juncture. Even more importantly, our advisers are connected to a vast amount of intelligence on local, national and global industry trends that we happily share.

Find your top 3 areas of business improvement

Growth and Profit Diagnostic Tool

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

Keeping Western Australians safe and creating jobs was the stated major focus of the WA State Budget that has forecast a modest surplus. 

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

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.

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

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.

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.
cash flow

Nine top tips to maintain a healthy cash flow

It does not matter what business you are in, cash flow is vital for survival. This is even more important in the current COVID-19 environment. The team at RSM has put together the following tips to assist you to maintain a healthy cash flow.

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. 
your business

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

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.
Marketing

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

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

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

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

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

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. 
Three simple steps to moving online

Three simple steps to moving online

In the modern farming world, we are seeing situations where our clients are spending more time out of the office and more time on the farm, or off-farm doing other life activities.
Team Performance

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

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

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.
The ATO has released long awaited guidance on Division 7A minimum yearly loan repayments and COVID-19.

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

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 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.
JobKeeper

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. 
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.
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: 
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.
JobKeeper

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.
SMSFs

Top 5 issues with SMSFs and Family Law

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

Do you have a business recovery plan?

The relaxation of the COVID-19 protocols is good news for business, but… What’s your plan now? Do you have a recovery plan?

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.
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. 
Transfer pricing issues of COVID-19

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.
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:
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.

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.
Rent relief for commercial tenants and detailed information for landlords

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.
Property Development

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%.' 

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?
Failing to plan

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

$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. 
Home office security essentials and tax deductions during COVID-19

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.
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.
Special Purpose Financial Statements

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.
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?”.

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.
Property Development

How to structure property development?

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

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?

A guide to changing a business structure

Nothing is permanent except change. 

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

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. 

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.

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)

The future of general practice: cash flow, growth and innovation

The future of general practice is truly at a crossroads, with many challenges but also a range of opportunities.

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.

A review of the Innovation Plan – the hits and misses

The release of the Federal Government’s Innovation Statement through the National Innovation and Science Agenda came on a day that iron ore and oil prices continued to drop.

Common business mistakes made by those in the building industry

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.

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: 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