Australia

Tax

Selling your tourism or hospitality business and paying no tax

16 February 2021
When selling your business there are a number of key areas that should be addressed in order to get the best outcome for you.

Federal Budget implications for the R&D Tax Incentive

20 October 2020
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.

Space: The final frontier for GST?

16 October 2020
The Technology and Innovation team at RSM share practical GST insights from within the developing Australian Space Industry. Goods and services tax (GST) in Space - is the supply of new and developing technology taxable?

Second opportunity - asset write-off extension

17 August 2020
The recent extension of the $150,000 instant asset write-off threshold to 31 December 2020 has given business entities with a turnover of under $500m a second opportunity to access significant tax savings when purchasing equipment.

RSM Australia brings together Sheffield Resources and Yansteel in joint venture

14 August 2020
RSM Australia brings together Sheffield Resources and Yansteel in a transformational joint venture for the Thunderbird Mineral Sands Project.

Accounting for changes in tax rates

30 July 2020
Corporate Tax rates for smaller Australian companies are set to fall over the next few years. How should the changes in tax rates be reflected in financial statements?

The ATO Director Penalty Regime

15 June 2020
The ‘corporate veil’ separates the rights, obligations and liabilities of a company’s Shareholders / Directors from those of the company itself.

State governments unveil tax relief during natural disasters

16 March 2020
The oft-quoted maxim is that the art of tax is to pluck the goose so as to maximise the amount of feathers but minimise the amount of hissing.  

Concessions for primary producers impacted by drought

25 October 2019
Australian farmers have been struggling with drought conditions resulting in crop failures and lack of feed and water for livestock.

'Exempt' Motor Vehicles Caught Under Fringe Benefits Tax

25 October 2019
Fringe Benefits Tax (FBT) arises when an employer provides a benefit to an employee (including Directors) in place of salary or wages and may include the provision of a benefit to an employee’s associate.  

GST nuances – from the world’s oldest profession to it’s newest

13 March 2019
Almost 20 years on from the introduction of GST in Australia by then-Prime Minister John Howard and who’d have thought that robust deliberation on its application continues.

Interpretation 23: Uncertainty over income tax treatments

19 June 2017
The AASB is set to issue Interpretation 23: Uncertainty over Income Tax Treatments.  The new Interpretation is applicable for periods beginning on or after 1 January 2019.

Seven tax planning tips to help your small business with a 2017 tax plan

7 June 2017
With the end of yet another financial year fast approaching, now is the final chance for small businesses to get their 2017 tax planning in order.

Increase of the Small Business Entity Turnover to $10m

11 April 2017
The Government has announced that it will accept changes made by the Senate to the Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016. The Bill will likely be passed by the House of Representatives in the next parliamentary session.

Small business tax cuts pass Parliament, but no relief for larger corporates

3 April 2017
On Friday 31 March 2017, following an extended sitting of the Australian Senate, the Government achieved another political victory in the face of the brinksmanship which passes for the current Parliamentary process; a deal was struck with the Senate crossbench to pass a watered down version of the Government’s key economic policy initiative –the reduction of the c

Australia’s Diverted Profits Tax now a reality

28 March 2017
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.

Software Based R&D Claims – Uncertainties From ‘Agile Development’

21 March 2017
Recent examples of ‘agile development’ from the R&D Tax Incentive administrator have brought uncertainty to the start-up sector. Taxpayers must be more vigilant than ever in how Software R&D claims are prepared. What Is the R&D Tax Incentive?

Deductions for Mining & Petroleum Exploration Expenditure

15 March 2017
The Australian Taxation Office (“ATO”) have recently issued Taxation Ruling TR 2017/1 to provide guidance on the application of both section 8-1 and section 40-730 of the Income Tax Assessment Act 1997 (“ITAA1997”).