RSM Australia

COVID-19

Victorian government business survival and adaptation package

15 September 2020
Following the release of its Roadmap to ‘COVID Normal’ on 6 September 2020, the Victorian Government recently announced $3 bn of financial support for Victorian Businesses. 

Fringe Benefits Tax in a COVID-19 world

10 September 2020
The ATO have recently updated the guidance published on their website on the treatment of the provision of certain Fringe Benefits to employees, in light of the current pandemic. Two of the key items covered are:

ATO reverses JobKeeper position on calculation of turnover

8 September 2020
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.

JobKeeper 2.0 legislation passed

3 September 2020
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.

Nine top tips to maintain a healthy cash flow

27 August 2020
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.

COVID-19 changes organisations security posture

20 August 2020
Organisations are becoming increasingly confident in their current security measures to safeguard both their company and customer’s data, despite the consistent rise in data breaches and other cyber incidents.

Rental property FAQ's and common issues tackled

17 August 2020
During these uncertain times of COVID-19, some clients have used the time to assess their finances and plans for the future.

SMSFs and property acquisitions

17 August 2020
Recently released ATO data has revealed a surge in new SMSF registrations, with new establishments increasing by 35% in the March 2020 quarter.

Urgent action required by employers | JobKeeper Update

17 August 2020
The government has introduced further changes to the JobKeeper Payment, designed to include as many employees as possible.

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

14 August 2020
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. 

COVID-19 and the impact on insolvencies

12 August 2020
Last week the government announced a new and more targeted extension to the stimulus spending supporting organisations in Australia that remain affected by COVID-19.

JobKeeper 2.1 - Treasury announces further changes to JobKeeper payment

7 August 2020
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.

COVID-19 Financial Reporting: Accounting for government assistance

7 August 2020
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.

Taxation Determination TD 2020/D1 release creates issues

6 August 2020
In a move that is sure to cause headaches for companies claiming the R&D Tax incentive, the ATO published draft Taxation Determination TD 2020/D1 Income tax: notional deductio

COVID-19 funding boost for Aged Care industry

6 August 2020
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.

JobKeeper 2.0 Updates

3 August 2020
A quick recap as JobKeeper 2.0 has been announced. Time is starting to run out for instant deductions on plant purchases.

Webinar: JobKeeper 2.0 | 24 July 2020

24 July 2020
The Federal Government has released further details surrounding the much anticipated changes to the JobKeeper Payment. 

JobTrainer- help for apprentices and trainees

23 July 2020
On the 16th of July, the government announced an investment of $2 bn in a bid to help people get into work post the

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

21 July 2020
The government has today released more detail surrounding much anticipated changes to the JobKeeper program.

A better approach to JobKeeper?

20 July 2020
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.

JobKeeper - Will your records sustain an ATO review?

10 July 2020
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.

Reforming GST and State Taxes

9 July 2020
If ever there was a topic that tax advisers would agree on, it is that GST and state taxes, such as stamp duty and payroll tax, are in desperate need of reform. In commemorating the 20th anniversary of the implementation of GST, it’s an appropriate to time to reflect on the current state of play for indirect ta

Division 7A minimum yearly loan repayments and COVID-19

26 June 2020
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

22 June 2020
With the release of the HomeBuilder program nationally, the WA State Government has announced its own separate support package for the home building industry with the announcement of its WA Building Bonus Scheme and the extension of its single-tier strata scheme.

Are you eligible for the new HomeBuilder program?

10 June 2020
In an effort to support jobs in the residential construction sector, Scott Morrison has recently announced the introduction of the new HomeBuilder program.

Instant asset write off extended

9 June 2020
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 ATO?

5 June 2020
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.

Tax planning considerations in a COVID-19 world

4 June 2020
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.

Superannuation Amendments for JobKeeper Payments

4 June 2020
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.

Optometry Businesses: Recovery and growth planning for COVID-19

3 June 2020
As social distancing restrictions are easing, there is an opportunity for optometry practices to look ahead and focus on recovery and growth.

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

1 June 2020
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

1 June 2020
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

25 May 2020
Superannuation and SMSFs are becoming increasingly complex, especially in a family law situation.

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

20 May 2020
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.

The 'New Normal' - COVID-19 Post-Pandemic Workforce Management

19 May 2020
People are considered a company's most valuable asset, being instrumental to its success and failure. With extensive disruption caused by the COVID-19 outbreak, people have been significantly impacted resulting in workforce management instantly becoming more important than ever.

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

14 May 2020
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

11 May 2020
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.

COVID-19 and the impact on EOFY tax and family law

8 May 2020
This week Tracey Dunn, our Associate Director of Tax Services, ran a webinar titled Family Law: Tax and the ongoing impact of COVID-19.

Webinar: Family Law - Tax and the ongoing impact of COVID-19 | 6 May 2020

6 May 2020
Tax and the ongoing impact of COVID-19 on family law

JobKeeper – Service entities, schemes and more complex rules

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

Demystifying the substantial increase in turnover test

5 May 2020
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.

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

5 May 2020
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

5 May 2020
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.

Webinar: SMSF changes & property market update due to COVID-19 | 4 May 2020

4 May 2020
Economic relief continues to roll out for those impacted by COVID-19, with the ATO recently confirming that they will not take compliance action for SMSFs that offer rent reductions to related party lessees.

Overview of State and Territory Government Announcements

30 April 2020
Overview of State and Territory Government Announcements. See below a summary of State tax measures.

Calculating GST turnover for the JobKeeper Payment scheme

30 April 2020
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. 

Webinar: Funding Issues & Opportunities for Company Secretaries | 30 April 2020

30 April 2020
RSM's Craig Hanks and Export Finance Australia’s (formerly EFIC) Aleks Henderson recently hosted a webinar analysing the funding issues and opportunities that businesses need to know. 

Land tax relief for landlords and tenants

30 April 2020
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”. 

Early release of Superannuation - short term gain for long term pain?

30 April 2020
The Stanford Marshmallow experiment - a widely published psychological experiment, place a child in a room with a single marshmallow, promising them that they will get another marshmallow if they do not eat the first one for an unknown amount of time (usually between 10 and 15 minutes).

Webinar: Government Stimulus Measures - Specific for farmers | 29 April 2020

29 April 2020
Government Stimulus Measures - the Specifics for Farmers

Webinar: Fringe Benefits Tax Update | 28 April 2020

28 April 2020
While current circumstances continue to yield uncertainty, one thing we can be sure about is the impending fringe benefits tax deadline. 

Important changes to the JobKeeper Program

24 April 2020
The Treasurer, the Hon Josh Frydenberg has announced the government will make further changes to the JobKeeper payment rules.  We summarise the changes below and will provide further updates when they come to hand.  

Webinar: JobKeeper payment and tax implications | 24 April 2020

24 April 2020
This webinar analysed the JobKeeper payment scheme unveiled by the Australian federal government in response to the Coronarvirus (COVID-19) pandemic and also information around the tax implications.

Government Stimulus Measures – the specifics for farmers

24 April 2020
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.

JobKeeper Payment - new ways to prove decline in turnover

23 April 2020
The Commissioner of Taxation (the Commissioner) has now issued the much-anticipated legislative instrument setting out the alternative decline in turnover tests that can be applied by an entity as part of satisfying the eligibility criteria for the JobKeeper payment scheme.  

Webinar: JobKeeper payment scheme | 22 April 2020

22 April 2020
This webinar analysed the JobKeeper payment scheme unveiled by the Australian federal government in response to the Coronavirus (COVID-19) pandemic. There has been a lot of rapidly developing information circulating at the moment about COVID-19.

The JobKeeper payment for your SME business

21 April 2020
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

21 April 2020
With the recent release of the Mandatory Code of Conduct (the Code) governing commercial leasing arrangements, landlords and their tenants are required to engage in good faith negotiations in respect of rental reductions in the form of waivers and deferrals to help mitigate the financial stress and hardship s

Assisting commercial landlords with the impact of COVID-19

21 April 2020
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

Emergency Cash Grants for VIC small businesses

15 April 2020
On 21 March 2020, the Victorian (VIC) State Government announced a one-off $10,000 emergency cash grant for small businesses impacted by COVID-19.

Emergency Cash Grants for NSW small businesses

15 April 2020
On 3 April 2020, the New South Wales (NSW) State Government announced a one-off $10,000 emergency cash grant for small businesses impacted by COVID-19.

Emergency Cash Grants for SA small businesses

9 April 2020
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.

Webinar: JobKeeper payment and eligibility requirements | 9 April 2020

9 April 2020
This webinar analysed the JobKeeper payment and eligibility requirements unveiled by the Australian federal government in response to the Coronarvirus (COVID-19) pandemic. There has been a lot of rapidly developing information circulating about COVID-19 and Government support packages.

Accessing Superannuation: The practicalities

9 April 2020
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.

The “Proportionality Principle” for landlords and commercial tenants

7 April 2020
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'

7 April 2020
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

3 April 2020
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?

A calm approach to crisis: develop smart plans and avoid rash decisions

1 April 2020
The past couple of months have certainly been a rollercoaster as we adjust to a new way of working, and evaluate the effect that our national response to the health crisis will have on our livelihoods. 

For farming operations, failing to plan is planning to fail

1 April 2020
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.

Webinar: Stimulus package 3 & JobKeeper information | 31 March 2020

31 March 2020
This webinar analysed the third economic stimulus package unveiled by the Australian federal government in response to the Coronarvirus (COVID-19) pandemic and also information around the JobKeeper payments. There has been a lot of rapidly developing information circulating at the moment about COVID-19.

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

31 March 2020
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

30 March 2020
*This page was last updated on 30 March. For more information, click here.

Market perspectives and the three golden rules in the face of COVID-19

30 March 2020
It is late March 2020, and the market has certainly been on a roller coaster ride, down by over 25% from the peak.

Family Law Property Settlements – potential impact of COVID-19

30 March 2020
Valuations for Family Law property settlements. Valuations are prepared as at a specific date based on circumstances and financial information known at that point, so it’s possible that valuations prepared a month ago or more may no longer be relevant - particularly for sectors which have been impacted more severely than others b

Show me the money - integrity measures advise a cautious approach to stimulus packages

27 March 2020
The Omnibus Bill 2020, covering both Government Coronavirus Economic Response Packages, has received royal assent and is now law. While this will become an accountant’s bible at a time where people are seeking instant cash flow, it is advised that advisers proceed with caution.

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

27 March 2020
*This page was last updated on 27 March. For more information, click here.

Self-Managed Superannuation Funds and loan relief

26 March 2020
With the financial impacts of the COVID-19 pandemic increasing, many are looking for loan relief in an attempt to manage cashflow.

Home office security essentials and tax deductions during COVID-19

26 March 2020
To minimise the spread of COVID-19, businesses across the globe are hurrying to implement remote working for employees.

Webinar: Stimulus package 2 | 25 March 2020

25 March 2020
This webinar analysed the second economic stimulus package unveiled by the Australian federal government in response to the Coronarvirus (COVID-19) pandemic. There has been a lot of rapidly developing information circulating at the moment about COVID-19.

COVID-19 and a remote workforce - steps to securing your organisation against cyber-attacks

24 March 2020
The global fear surrounding COVID-19 has forced many organisations to develop ‘Coronavirus Plans’ and consider alternate working methods. In an effort to protect the health of employees during this uncertain time, it is also critical to consider the cyber security health of your organisation.  

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

23 March 2020
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.

COVID-19 – Proactive steps to protect your business

23 March 2020
Coronavirus (COVID-19) is a once in a 100-year event with a sudden and significant impact, prompting a financial crisis in markets and businesses across the world. The global nature of the crisis means that supply chains are disrupted, while revenue in many industries has collapsed. 

ASIC confirms two-month extension for AGMs and supports use of technology

23 March 2020
Public companies with a December 2019 year-end would usually have until 31 May 2019 to hold their Annual General Meeting (AGM).  The restrictions on travel and on large gatherings in place as a result of COVID-19 may make it difficult to meet this requirement, and therefore ASIC have confirmed that they will provide relief fro

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

23 March 2020
*This page was last updated on 23 March. For more information, click here.

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

23 March 2020
*This page was last updated on 23 March. For more information, click here.

Income relief – Coronavirus Supplement

23 March 2020
Coronavirus supplement

Superannuation-related stimulus measures

23 March 2020
The second government stimulus package has included some measures specifically aimed at superannuation.

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

18 March 2020
*This page was last updated on 18 March. For more information, click here.

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

18 March 2020
*This page was last updated on 18 March. For more information, click here.

NSW State Government’s COVID-19 Stimulus Package - what you need to know

18 March 2020
*This page was last updated on 18 March. For more information, click here.

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

17 March 2020
*This page was last updated on 17 March. For more information, click here.

Economic impact of COVID-19 on the Aged care and health sectors

16 March 2020
The coronavirus will put immense pressure on the Australian aged care and health sectors. Given older people are most at risk from the virus, Australia’s aged care facilities have urgently put in place controls to avoid the spread of the virus ahead of a potential outbreak.

Economic impact of COVID-19 on Manufacturing in Australia

16 March 2020
The Australian manufacturing sector is expected to have a significant slowdown and is one of the first industries to experience sluggish growth, as supply chains are disrupted through the closure of factories across major manufacturing suppliers such as China, Korea and Japan.

General economic impact of COVID-19

16 March 2020
The coronavirus (COVID-19) outbreak, starting in China and spreading across all corners of the globe, will have a major impact on both the Australian and international markets.

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

16 March 2020
The construction sector is expected to face significant difficulties sourcing construction materials, primarily based in China, and other parts of Asia due to the outbreak of the Coronavirus (COVID-19).

Economic impact of COVID-19 on agribusiness

16 March 2020
The coronavirus (COVID-19) represents significant short-term risks to international demand for Australian meat and fisheries products and is expected to cause medium level disruption over the longer term.

Protecting you, protecting our staff

13 March 2020
At RSM, we will always prioritise the safety of our staff, clients and valued contacts. In the wake of announcements around the COVID-19 places, RSM has put in place a series of measures to ensure we are minimising any risk.

Government boosts support for health providers and communities in response to COVID-19 threat

13 March 2020
The Australian Government has unveiled a comprehensive $2.4 bn health package to protect all Australians, including vulnerable groups such as the elderly, those with chronic conditions and Indigenous communities, from the coronavirus (COVID-19). 

Government Stimulus Package

13 March 2020
The Federal Government has announced a $17.6 bn economic stimulus package proposed to support businesses, keep Australians in jobs and support households. 

COVID-19 Pandemic Response Planning

12 March 2020
On the 30th of January 2020, the World Health Organisation (WHO) officially declared a Global Public Health Emergency in the wake of the continued spread of COVID-19 (formerly known as the Coronavirus) throughout Mainland China, Asia and Europe.