RSM Australia

Tax compliance

A 360 degree approach to tax compliance

In today's corporate environment, there is more to tax than just structuring. Failure to comply and manage tax obligations could result in unexpected penalties and additional tax.

That's why we never understate the importance of tax compliance. We ensure our clients meet these obligations and the deadlines that come with them.

International companies on the other hand need more than just local tax compliance assistance - they require multi-jurisdictional assistance.

At RSM, together with our RSM International network, we can manage these mutli-national tax compliance requirements in a co-ordinated manner.

RSM's tax compliance services include:A 360 degree approach to tax compliance

  • income tax return preparation and review
  • fringe benefits tax return preparation and review
  • pay-roll tax advice and return preparation
  • superannuation guarantee advice
  • deferred tax computations and preparation of tax notes for financial statements in accordance with IFRS
  • transfer pricing benchmarking studies and documentation
  • secondment of tax professionals to assist in-house finance divisions
  • co-ordination of global tax compliance requirements
  • revenue authority representation - audits, investigations, negotiations, settlements

Farmers set to lose tax deductions for vacant land

Farmers are set to lose tax deductions for vacant land – despite calls to Government to change the proposed legislation. The Government provided assurances “…farmers will be fully protected from any unintended consequences of the bill”. 

Reportable Tax Position (RTP) Schedule for Private Companies Delayed

After a brief consultation period on the expansion of the Reportable Tax Position (RTP) Schedule to include private companies, the Australian Taxation Office (ATO) has deferred the commencement of these measures until the 2021 financial year.
Australia individual tax residency rulesp

The Harding Case | Australia individual tax residency rules

Australia’s individual tax residency rules have been a subject of debate for many years, with numerous calls for change.

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.

Superannuation Guarantee Amnesty - A case of deja vu

On Wednesday 18 September 2019, the Assistant Treasurer, Mr. Michael Sukkar, introduced an unexpected but welcome Bill to the House of Representatives. 

Simplified Transfer Pricing Record Keeping (STPRK) options for loan

On 11 September 2019, the ATO released an update to Practical Compliance Guideline (“PCG”) 2017/2, in respect of Simplified Transfer Pricing Record Keeping (“STPRK”) options for lower-risk transactions.

Tax time for individuals

With tax time fast approaching, no doubt there are many individual taxpayers eagerly counting down the days until they can lodge their 2019 Income Tax Return and hopefully receive a much-anticipated tax refund.

What to consider when tax planning for EOFY

With the end of the financial year looming, it’s time to think about your tax planning options before 30 June hits. We’ve curated a list of top things to focus on when organising your tax affairs for year-end, applicable to businesses, primary producers, trusts and individuals.

Fringe Benefits Tax – Tips and Traps for the 2019 FBT year

With the introduction of Single Touch Payroll (STP), the Australian Taxation Office (ATO) now has access to real-time information about employers and their employees.   If you have employees, the more likely it is you are providing some form of fringe benefit and the higher the risk the ATO will expect to see you lodge a Fringe Benefits Tax (F

New black economy measures target withholding obligations and tax deductions

An extra layer of complexity is added for small businesses as new measures to tighten grip on the black economy targets withholding obligations and tax deduction.

ATO denies deduction: The case for critical comparisons when establishing precedent

When landmark ATO cases come to mind there is no doubt that the decision handed down by the High Court in FCT v Myer Emporium Ltd (1987) 18 ATR 693 (Myer) would make the top ten.

What foreign owners of residential property need to know about lodging their annual return

In late 2017, the Australian Federal Government introduced an annual vacancy fee to be levied on  foreign owners of residential property, where the property is not occupied or generally available on the rental market for at least 6 months in a 12 month period. 

How the PM’s defeat impacts corporate tax rates

Following the proposal for reduced tax rates for corporate entities in 2016, the Treasury Laws Amendment (Enterprise Tax Plan No 2) Bill 2017 (the Bill) was ultimately defeated in the Senate on 23 August 2018 by a vote of 36 to 30. 

Foreign incorporated companies and changes to the tax ruling - What you need to know.

Most will remember the 2016 High Court ruling in the case of Bywater Investments Limited.

Reduced corporate tax rates - what rate of tax will my company pay?

While the legislation is transitioning, some have been left confused about the application of reduced corporate tax rates and the details of eligibility criteria during this state of limbo. To provide some clarity, we take a closer look.

Fringe Benefits Tax – ATO finalise their position on private use of vehicles.

New guidelines for private use exemptions of eligible motor vehicles for Fringe Benefits Tax (FBT) - ATO says yes to making a quick stop to grab a coffee (as long as it doesn’t add more than 2kms to your trip to work and is infrequent) but no to heading to cricket practice after work. 

R&D Tax Incentive Reform - Call for submissions

R&D tax reforms, as announced in the 2018-19 Federal Budget, are steps closer to implementation with the Treasurer and Minister for Jobs and Innovation releasing draft legislation proposed to enact the changes. 

New GST withholding rules - what property purchasers and developers need to know

The Federal Government has passed legislation that will require purchasers of new residential properties to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measures were first announced in last year’s Federal Budget. The legislation specifies: 

Budget falters on R&D tax (and how this impacts startups)

It’s the third budget handed down by Treasurer Scott Morrison and for those of us in the innovation space, a whole lot to digest. After poring over the detail, I’ve created a summary of notable items for your reading pleasure (disclaimer: it’s not all pleasant).

Fringe Benefits Tax  – ATO Focus Areas

With Fringe Benefits Tax (“FBT”) returns due for lodgement in May, the Australian Taxation Office (“ATO”) has highlighted common FBT errors that may attract further scrutiny.

Will passive income affect your entitlement to be taxed at 27.5%?

The Parliament recently introduced legislation that seeks to tax corporate entities at the full 30% tax rate where more than 80% of the company’s income for the year is base rate passive income.   A recap of the current law

New requirements for Significant Global Entities

There are new requirements for Significant Global Entities to prepare General Purpose Financial Statements. Recent guidance from the ATO has clarified the effect of changes made last year to Section 3CA of the Tax Administration Act 1953. 

Government Crackdown on Rental Property Deductions

The Government announced in the 2017 Federal Budget that it would be making changes to the legislation regarding Rental Property Deductions under the guise of “reducing pressure on housing affordability”.

Fringe Benefits Tax Spotlight

Customer Loyalty Programs Do you provide employees with a business credit card associated with a customer loyalty program? 

Australia’s Diverted Profits Tax now a reality

The Bill introducing Australia’s version of the Diverted Profits Tax (DPT) completed its passage through the Parliamentary process on Monday, 27 March 2017, and now awaits Royal Assent before becoming law.

Budget 2016 - Corporate Tax Rates

Income Year Annual Aggregated Turnover Thresholds Rate 2016/17

Budget 2016 for International Businesses

Key announcements The Government has announced it will strengthen the anti-avoidance measures for multinationals recently legislated and previously announced in the 2015/16 Federal Budget by introducing the following additional measures:

Budget 2016 for SMEs

Key announcements Increase in small business entity turnover threshold from $2 million to $10 million; Increase the unincorporated small business tax discount; Amendment to Division 7A to allow self-correction for inadvertent breaches.

Budget 2016 for Corporations

Cuts to Company Tax Rate The company tax rate will be reduced to 25% over the next 10 years. The company tax rate will be progressively reduced to 25% between the 2016/17 and 2026/27 income years.

Corporate interest deductions to be reduced?

Issue: News leaks that the Government will further reduce interest deductions for multinational groups. Action: Prepare for the worst, but perhaps with a reduced company tax rate to soften the blow?

Five areas corporate Australia should be aware of in 2016

The introduction of new tax measures, increasing insolvencies, and the growing incidence of digital disruption in the corporate sector in Australia means there are a number of key areas that CEOs, executives, directors, and boards should be aware of in 2016, according to RSM Australia.

Company taxpayers: are you ready for the public disclosure of your tax data?

Since tax was first collected, a fundamental feature of tax law has been the unconditional secrecy surrounding taxpayer data. In Australia that position changed in June 2013 when Australia’s tax secrecy laws were amended, directing the ATO to publicly report certain large company tax data.

Tax reform 2016: what’s it all about?

Some in the political media would have us believe Tax Reform 2016 is dead before it starts, and that because Australia currently faces a failure of political leadership – meaningful tax reform is difficult at the best of times, but at present, there simply is not the depth of character, or belief, in Canberra or the state capitals to push through the necessary chan

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.

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.

WA state tax exemption for charitable bodies or organisations

How will the changes affect your organisation?

Tax reform 2015 – a background

The Abbott Federal Liberal-National Party Coalition Government was elected in September 2013 on a platform of 'economic repair' which included promises to conduct two related white paper processes leading into the next federal election: a white paper on tax reform, and a white paper on the reform of Australia’s Federation.

Payroll tax update for WA

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!).

Make sure that fringe benefits are beneficial

The end of the FBT year is fast approaching, and it is a good time to reflect on your FBT plans for 2015-16. Fringe benefits are benefits that you provide to your staff that fall outside the categories of traditional wages and salaries. Examples of common fringe benefits include cars, low interest or interest-free loans and school fees.