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Property and Taxes: land tax and principal residence - grey nomads beware

We have had a number of enquires recently about how the “principal residence” exemption for land tax applies when you are away from home on 30 June (the date land tax is assessed in Western Australia), and you have rented out the home in your absence.  

ATO extends work from home shortcut method – here’s what you need to know

The ATO have extended the shortcut method for claiming home office deductions to the 2021-22 income year. Here's what it means if you work from home, what you need to do now. 

Property and Taxes: vacant land deductions - ATO releases new ruling

The Australian Taxation Office (ATO) has released draft taxation ruling TR 2021/D5 which considers the ATO’s view on non-deductible expenses associated with vacant land. From 1 July 2019, certain taxpayers are denied a tax deduction for outgoings in relation to vacant land unless the land is used in a business, or another exclusion applies. Deductions which are denied by the operation of these provisions include interest expenses, council rates, land taxes and maintenance costs. Importantly, certain entities are not impacted by these provisions including (but not being limited to) companies and managed investment trusts.  

Property and Taxes - subdivisions and developments

Whether it’s after being left a property, buying a new block of land, or realising that you’d be better off selling some of the acreage attached to your home, many people around Australia may at some point find themselves embarking on an exercise to leverage their real estate to its best advantage.  

Director Identification Numbers: Alert

All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director identification number (director ID). From November 2021, company directors will be able to start applying for a Director Identification Number (DIN) through the Australian Business Registry Services (ABRS) website.

2021-2022 ACT BUDGET: AT A GLANCE

Andrew Barr MLA, Chief Minister and Treasurer of the Australian Capital Territory handed down the 2021-22 ACT Budget on 6 October 2021.

Jobkeeper - Reporting requirements for all listed entities

The Treasury Laws Amendment (2021 Measures No. 2) Bill 2021 (TLA2) now requires listed entities and subsidiaries of the listed entities to separately disclose the amount of Jobkeeper payments they received during a financial year to the market.  

Moore Australia (WA) Joins with GROBUSINESS Chartered Accountants

Moore Australia is pleased to announce Gary Ogden and his practice GROBUSINESS Chartered Accountants has joined the Moore Australia (WA) team.

Time to Cash Flow Forecast in NSW

As NSW will soon start to exit lockdown, business owners need to plan for the Government’s announcement to reduce and end the JobSaver payments. Cash flow is going to be one of the key issues many businesses will face over the coming months.  

Preparing for Single Touch Payroll Phase 2

The Australian Taxation Office has announced that it will be deferring the start date for the Single Touch Payroll (STP) expansion which was intended to commence from 1 January 2022. Under the STP expansion – Phase 2, employers are required to provide additional information as part of the STP lodgement process.  

2021-2022 WA State Budget: At a glance

Western Australia’s Premier and Treasurer, Hon Mark McGowan MLA handed down the 2021-22 Western Australia State Budget on Thursday, 9 September 2021. In his speech, the Treasurer stated that Western Australia’s net operating surplus was stronger than expected, at a record $5.6 billion.

Supporting corporate well-being in a lock-down world

In a lock-down world, how do you connect with your team, become physically active, and remain mentally healthy? Find out how  the team at Moore Australia’s Sydney office have been looking for new ways to remain connected and support mental and physical wellbeing.

Changes to employee superannuation fund choice rules

Superannuation fund rules will change from 1 November 2021.  Under the new rules, employers will have to refer to the ATO to check an employees stapled fund before making payments into their default fund.

Proposed changes to the tax residency provisions for individuals explained

Recently, the Government announced that it would “modernise” the individual tax residency provisions in the 2021-22 Federal Budget. Whilst we are yet to see any draft legislation in relation to this, the Government did mention that the rules will be based on the recommendations made by the Board of Taxation.

QLD COVID-19 Business Support Grant: Sole Traders

The Queensland government, in conjunction with the Federal government, has announced an upcoming support package for non-employing sole traders.  This expands on the support previously advised for eligible small and medium businesses and large tourism and hospitality businesses.

Families to Benefit from SMSF Changes

Previously families with more than four family members were limited from having the entire family in the one Self-Managed Superannuation Fund (SMSF). However, this has now changed, from 1 July 2021, the maximum number of members has now increased from four to six members.

Virtual AGM Rule Extension

Red tape relief that allows companies to hold their Annual General Meetings virtually has been extended until 31 March 2022

APPLICATIONS OPEN: QLD COVID-19 Business Support Grant

Applications for the 2021 COVID-19 Business support grants are opened at 12noon (midday) Monday 16 August 2021.   Previously, the Queensland Government announced financial support for small and medium businesses impacted by the lockdown order which commenced at 4pm on Saturday 31 July 2021 for 11 local government areas (LGA’s) around Brisbane and has been extended to the Cairns and Yarrabah LGA’s

Property and Taxes - managed investment trusts

Managed Investment Trusts are registered schemes established and managed by sophisticated Trustees holding an Australian Financial Services License. They enable investors to pool capital to collectively acquire large scale commercial, retail and industrial properties. Operations are typically limited to passive investment income (leasing). Entities are typically set up as up as unit trusts which provides investors with clearly defined rights to income and capital, yet retaining access to Capital Gains Tax (CGT) concessions.  

Victorian Business Support Package

On 28 July 2021 the Victorian Government announced a $400 million support package, jointly funded by the Commonwealth Government. The package is designed to provide support to Victorian small and medium businesses experiencing financial hardship from the recent lockdown.   On 6 August 2021 the Victorian Government announced additional payments for previous recipients of the Business Costs Assistance Program Round Two and Round Two July Extension.   Further support was announced on 12 August 2021.  

Grant Alert: NSW Research and Development Fund

Eligible businesses may access up to $1 million in funding under Investment New South Wales’ new Research and Development Fund in the government’s bid to stimulate the development of innovative products that directly address the impacts of COVID-19.

Grant Alert: COVID-19 TechVouchers

The New South Wales government's COVID-19 TechVoucher program provides support funding for technology-rich startups, scaleups, or small-medium enterprises to collaborate with Publicly Funded Research Organisations (PFRO) to accelerate the commercialisation of innovative R&D products and services that address ongoing disruptions.

SA COVID-19 Additional Business Support Grant

The new South Australian COVID-19 Additional Business Support Grant - will deliver about an extra $40 million in support to an estimated 19,000 local businesses in eligible industries.

South Australian Landing Pad Program

We provide support to businesses wanting to establish a presence in South Australia. The South Australia 'Landing Pad' program is available for international and interstate companies.

Grant Alert: Modern Manufacturing Initiative – Manufacturing Collaboration Stream

The Australian Government is offering co-funded grants up to $200m to encourage business investment in major manufacturing projects. International investors, businesses and researchers are invited to partner with Australian organisations under the program.

QLD COVID-19 Disaster Payment

The federal government’s COVID-19 Disaster Payment has been extended to South East Queensland individuals who live in the 11 Local Government Areas (LGAs) that have been declared as hotspots for the period from 31 July to 8 August 2021.

QLD COVID-19 Business Support Grant

The Queensland Government have announced financial support for businesses impacted by the lockdown order which commenced at 4pm on Saturday 31 July 2021 for local government areas in Southeast Queensland.

Property and Taxes: Self-Managed Superannuation Funds

Self-managed superannuation funds are commonly used to purchase property. The superannuation environment provides a concessional tax environment on earnings and capital gains, so many find it attractive to invest in a specific property using their accumulated superannuation balance.

NSW COVID-19 Business Grant

The NSW Government has introduced a number of measures to support businesses affected by the recent COVID-19 restrictions. One of the key measures is the 2021 COVID-19 Business Grant. Read more about who can claim, what criteria apply and how to apply. 

Updated: NSW JobSaver scheme

Service NSW recently released some further guidance on the JobSaver scheme which is now available to impacted businesses in NSW. Today the Prime Minister announced an expansion to the scheme to include additional support for more businesses.

ATO Ruling TR 2021/D4 - Software and Royalties

The Commissioner issued a draft ruling, TR 2021/D4, which considers whether receipts from the licensing and distribution of software, qualify as royalties.

Property and Taxes - commercial property considerations (Part 2)

Following on from part 1 of our Property and Taxes – Commercial Property Considerations article, we will be exploring additional tax considerations for commercial properties. The tax rules surrounding commercial properties are quite complex and often not fully understood.  

Moore APAC Mid-Market M&A Report for Q4 FY21

With 158 deals published in Q4 we saw an average deal size $34.94M – up over $3M from Q3 highlighting increased confidence, demand and market participation. Read more in our Q4 report. 

Update: NSW government releases further information in relation to COVID-19 support

Update on 16 July 2021: The New South Wales government has released some further information in relation to certain relief announced as part of their economic support package on 13 July 2021 for businesses and individuals impacted by the extended lockdowns.  

Further COVID-19 support announced by NSW and Federal governments

The NSW and Federal governments announced further support for businesses and individuals impacted by the extended lockdown in New South Wales.  

Getting the best out of LinkedIn in Professional Services

LinkedIn can be a really valuable business and professional development tool, it provides opportunities to connect with peers, colleagues, others in the industry and new clients to generate sales, share ideas and build your network.

The business benefits of the Indigenous Procurement Policy (IPP)

The Indigenous Procurement Policy (IPP) was initiated on 1 July 2015. The key focus of this Federal Government policy is to boost Indigenous entrepreneurship and support business development. This is achieved through creating more opportunities for Indigenous Australians to participate in the economy. Note also that State governments have adopted similar policies.

UPDATED: NSW COVID-19 Support Package eligibility

Eligibility criteria for the COVID-19 support grants was released by the NSW Government yesterday.  Including an overarching turnover test, businesses who have seen a minimum 30% decline in turnover may be eligible for one of the grants available. 

Moore Australia welcomes 4 new Directors and 3 Associate Directors as part of anniversary celebrations

Moore Australia is pleased to announce the appointment of four new Directors (Partners) and three Associate Directors, as it celebrates its first anniversary after rebranding from Moore Stephens in July 2020.

COVID-19 NSW Support Packages

In recent days many communities have been asked to adhere to government mandates of compulsory masks and lockdowns.  Both the NSW and Federal governments have announced support packages to businesses and individuals affected by the COVID-19 pandemic.  Find out more about what is available in our blog.

NSW State Budget: 2021-22

On 22 June 2021 New South Wales Honourable Dominic Perrottet delivered the 2021-22 state budget, focussing on COVID safety measures along with targeted spending to assist small business and large spending packages on infrastructure and disaster recovery. 

Queensland State Budget: 2021-22

On 15 June 2021, the Queensland Treasurer Cameron Dick delivered the 2021-22 state budget, following Queensland's nation-leading success in managing the economic health challenges posed by the COVID-19 pandemic, the government is focused on the states economic recovery plan sooner and stronger.  

Moore Australia welcomes ATO announcement of cryptocurrency data matching

Moore Australia today welcomed the announcement of the new ATO data matching programme, geared at cryptocurrency.  The data matching programme will obtain client identification details and transaction details from cryptocurrency designated service providers, and will extend to the 2023 financial year.  

Year End Tax Planning for Businesses

With the end of the 2020-2021 financial year fast approaching, there are many tax planning strategies that as a business owner you need to consider and have in place before 30 June 2021. If you haven’t done so already, now is the time to review your tax affairs to ensure you have taken advantage of relevant reliefs available to you, addressed items that need to be done, and considered planning opportunities. Our team has worked together to prepare a handy ‘Year End Tax Planning Guide for Businesses’ which is available for you to download.

Moore Australia client debuts on the NSX with $4.2m IPO

Congratulations to our client Smart Auto Australia Limited for making its debut on the National Stock Exchange in Sydney yesterday. “We are thrilled for Smart Auto Australia, and their NSX listing today”, says Moore Australia (WA) Managing Partner, David Tomasi.  

Cryptocurrency - tax issues to consider for individuals

We may not understand the dynamics of how cryptocurrency works (very few do), but the last few days and weeks have highlighted the volatility of the cryptocurrency market. Whilst we are not economists and cannot explain how a couple of tweets can cripple the crypto market, we are well placed to advise you on the tax ramifications of buying and selling cryptocurrency.  

The Inconvenient Truth about Sustainability

World leaders are adopting tough emissions targets in an attempt to significantly reduce the impact of global warming by 2050. However, question marks remain over how the necessary reductions can be achieved.

A sharper focus on intangibles

The taxation of intangible assets is a complex area of taxation and further complexity is added where there are international related party dealings in respect to these assets. Significant legislative and interpretative changes are being made in relation to the taxation of intangibles which impact taxpayers.  

Property and Taxes - Commercial property considerations (Part 1)

Beyond its immediate impact, the COVID-19 pandemic also shook up the commercial real estate market. The long-term ramifications of this will be felt for a while. For example, with many employers incorporating flexible work from home policies, there has been a substantial shift in how businesses factor in the importance of and need for spacious offices. In addition to the impact the pandemic has had on the commercial office sector, a substantial impact can also be seen on the retail sector with the increasing number of vacancies in retail spaces over the last 12 months. With all these long-term issues engulfing the property market, owners of commercial properties will be considering offering generous lease incentives to attract prospective tenants.  

Superannuation Guarantee: Employer considerations

The superannuation guarantee rate will increase from 9.5% to 10% from 1 July 2021.  We look at how this impacts businesses and give practical tips for employers to consider in the lead up to the change.

FRC APPOINTS MOORE AUSTRALIA DIRECTOR TO AUASB

Moore Australia is proud to hear the Financial Reporting Council (FRC) has announced the appointment of Moore Australia Director, Michelle Shafizadeh to the Auditing and Assurance Standards Board (AUASB). As the independent Commonwealth body responsible for developing, issuing, and maintaining auditing and assurance standards in Australia, the AUASB is recognised as contributing to enhanced credibility in external reporting through independent auditing and assurance.  

2021-2022 Victorian State Budget

On 20 May 2021, the Victorian Treasurer Tim Pallas handed down the 2021-22 Victorian State Budget. A number of tax-related measures were announced in a Budget that is designed to assist Victoria in bouncing back from the pandemic, with a focus on creating jobs and caring for Victorians, particularly mental health initiatives.  

Helping Victorian Schools Meet Their Reporting Requirements

Victorian schools, are you ready for the VRQA Financial Management Guidelines? 

Moore Global appoints David Tomasi, Moore Australia (WA) as new global leader

Moore Global, one of the world’s leading accountancy and advisory networks, has today announced five of its sector leaders have been appointed Global Leaders. As part of this group, David Tomasi, Managing Partner for Moore Australia (WA), has been appointed Global Leader, Energy, Mining, and Renewables.  

2021-2022 Federal Budget Report

Treasurer Josh Frydenberg handed down the 2021-22 Federal Budget on 11 May 2021, heralding the post-pandemic economic recovery.   A key focus of the Budget is economic recovery and delivering more jobs to Australians. It is estimated that this Budget will help to create more than 250,000 more jobs by the end of 2022-23.

2021-2022 Federal Budget Summary

Need to know the key takeaways from tonights Budget? We've put together a summary of all the major budget announcements.

Moore Australia welcomes Right-of-Use lease asset inclusion in calculation of Net Tangible Assets

Moore Australia welcomes the changes implemented by ASIC on 30 April, to counter the confusion caused by AASB 16. The introduction of AASB 16 resulted in the recognition of right-of-use assets (ROU) and lease liabilities.  The issue, which arose for Australian Financial Services (AFS) licensees, was whether ROU assets would be included in the calculation of their net tangible assets (NTA).

White Paper: Fighting Zoom Fatigue

Over the past year we have all become intimately familiar with digital conferencing, and ‘to Zoom’ has become a comfortable verb. But as we have discovered the opportunities these new platforms offer, many people are still coming to grips with how to host meetings and conferences effectively and most are drier than my husband’s stir fry. Zoom fatigue is a thing. In order for your webinar to hit the right note it is important to plan well. This article explains some of points Moore Australia has learnt over the past year.   

Australia reminded to claim COVID 'Working from home' tax deductions

Moore Australia today reminds individuals in Australia to keep a diligent log of the hours they worked from home during the recent COVID-19 lockdown.  This will help them claim their allowable tax deductions when it becomes time to submit their tax return.   

Moore Australia issues guide for foreign investors to Australia

Moore Australia, Australia’s most respected and connected professional services firm, has today issued a guide to support foreign investors looking to do business in Australia.

Covid-19 and the implications on Fringe benefits Tax

The COVID-19 Pandemic continues to have a significant impact on many businesses around the World. In Australia, the unprecedented crisis is forcing employers to reconsider the benefits provided to staff and the resulting Fringe Benefits Tax (FBT) implications.

Peregrine Gold debuts on the ASX

Moore Australia congratulates Peregrine Gold Limited, for listing on the ASX earlier today.   “A huge congratulations to Peregrine Gold for making its debut on the ASX – an excellent milestone and pleasing result, following an oversubscribed Initial Public Offering,” says Moore Australia (WA) Managing Partner, David Tomasi.   “It was great to see Peregrine Gold Limited close at $0.245 - comfortably above its IPO price of $0.20,” says Moore Australia (WA) Corporate Finance Director, Peter Gray.

Moore Australia client debuts on the ASX with $10m IPO

Moore Australia congratulates client Kincora Copper, for its successful listing on the Australian Stock Exchange (ASX) today.“We are delighted to see Kincora Copper, which is already listed on Canada’s TSX Venture Exchange, dual list on ASX this morning with a $10 million Initial Public Offering (IPO),” says Moore Australia (WA) Managing Partner, David Tomasi.  

Start-ups - where do I start?

Every successful business begins with a simple thought, an inventive idea or identifying a niche in the market which grows into a viable and commercial operation. For those looking to start their own business, it can seem a daunting task with a seemingly endless web of information available. However, seeking appropriate professional advice and assistance early on will simplify the process and allow you to focus on turning your idea into a reality. Two critical issues to consider during the early stages when launching your start-up business will be what entity or structure the business will operate, and how to fund the business through each stage of its lifecycle. These two considerations will form part of your business plan and the pitch to potential investors.  

2021 Fringe Benefits Tax Update

Whilst some aspects of life transition to a new “COVID-normal”, the Australian Taxation Office (ATO) continues to highlight its understanding of how COVID-19 is impacting business, and communicate some of the changes and administrative concessions relevant to employers for the Fringe Benefits Tax (FBT) year ending 31 March 2021 and beyond.  

Property and Taxes - interest deduction is not always obvious

Interest paid is usually the largest tax deduction against rental property income, and in a lot of cases creates an overall loss, which may lead to an overall reduction in income tax payable. Taking out a loan to buy an investment property and claiming the interest charged as a tax deduction seems to be a simple proposition, however, as with anything in relation to tax, there are some complications. It is crucial to be aware of a few rules, especially when the expectation of tax deduction creating tax savings is one of the main deciding factors in purchasing an investment property.  

NSW Flood support

In response to the heavy rain and significant flooding that occurred in NSW in March 2021, there are a number of financial support programs available to businesses and individuals potentially affected by heavy rain and flooding.

New simplified disclosure standard for For-Profit and Not-for-Profit Tier 2 entities

Recent changes to Australian Accounting Standards will mean that many for-profit entities will need to prepare General Purpose Financial Statements (GPFS) for the first time, and are no longer able to prepare Special Purpose Financial Statements (SPFS). The changes have been introduced as part of AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities. These changes aim to clarify and improve financial reporting requirements, which should also support improvements in audit quality.

Fringe Benefits Tax changes - what to look out for

When it comes to Fringe Benefit Tax, not a lot has changed in recent years. However, from 1 April 2021, a few additional concessions and exemptions have been afforded to taxpayers.

New SME Recovery Loan Scheme

On 11 March 2021, the Government announced a new SME Recovery Loan Scheme which will assist eligible businesses to access finance to maintain and grow their businesses when JobKeeper concludes at the end of March 2021.The Scheme builds on the framework established in the two phases of the Coronavirus SME Guarantee Scheme, and is specifically targeted at SMEs currently receiving JobKeeper (i.e. the scheme is only open to certain recipients of the JobKeeper payment between 4 January 2021 and 28 March 2021).

Motor vehicles and logbook requirements

In most cases, having a valid car logbook is beneficial for both: claiming a personal tax return deduction for work related travel cost using your own car and calculating the taxable value of a car fringe benefit, when the car is provided by an employer. Record keeping requirements in this area are strict, therefore, we believe it is a good opportunity for us to detail or remind you of your record keeping requirements under this method.

Tips for the FBT year end - car fringe benefits

With the Fringe Benefits Tax (FBT) year ending on 31 March 2021, here are a few issues in relation to car fringe benefits to look out for during the 2020-21 FBT year.

Investing safely in Cryptocurrencies

Over the last six months we’ve seen an increasing popularity in cryptocurrencies such as Bitcoin and Ethereum. This is due to varying factors such as the maturing of regulatory environments, companies moving their treasuries into Bitcoin and investment groups such as BlackRock looking towards the sector for investment. It is also often cited that the rise in popularity of these deflationary digital currencies is at least in part due to the unprecedented amount of quantitative easing occuring around the world. 

Allocation of professional firm profits - the compliance approach

Following several years of deliberation, the ATO has finally released draft Practical Compliance Guideline - PCG 2021/D2 that sets out the ATO's proposed compliance approach to the allocation of profits by professional firms. The guideline explains how the ATO intends to apply compliance resources when considering the allocation of professional firm profits or income in the assessable income of the individual professional practitioner (‘IPP’). It also assists the IPP to self-assess against the risk assessment factors set out.

Moore Australia (WA) client joins ASX with $6M IPO

Moore Australia congratulates client Singular Health, for making its debut on the ASX today.

Property and Taxes - inheritance nuances

They say trust is hard earned but easily lost. The same can be said for a person’s wealth. Death and taxes (the only two certainties in life) are topics not often discussed within family groups around the dinner table. However, I strongly advocate that family members have discussions regarding wills and wishes while they can, to avoid unintended tax implications eroding the asset pool upon succession due to a lack of communication or well considered advice.

Payment Times Reporting - what you need to know

The new Payment Times Reporting Scheme (PTRS) applies from 1 January 2021 and requires certain entities (including but not limited to) companies to publicly report on their payment terms and practices for their small business suppliers. This is achieved primarily through the imposition of a bi-annual reporting requirement whereby effected entities must provide details of their payment terms for small business. This information is then published on a public register which can then be accessed by any interested party.

Incentivising key employees and retaining talent

Forward thinking businesses understand that retaining key loyal staff, especially in the current environment is critical to business survival and igniting growth, but how do you keep staff happy in such difficult trading conditions?

Director Identification Number requirements explained

2020 saw the Government enact the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth). The legislation sets out the legal framework for the new director identification number (DIN) regime. Learn more about DIN as Noé Vicca outlines the requirements and action required.

Lead advisory and cross-border transactions in the post-pandemic era

With a ‘new normal’ to how transactions are being executed in the post-pandemic era, Asia Pacific (APAC) is seeing a flurry of M&A activity across the region. Find out more about our Lead Advisory Services offered by the Moore Australia Corporate Finance Division, as well as how cross-border transactions in the APAC region differ and what makes them successful.

OECD releases Transfer Pricing Guidance for COVID-19

The Organisation for Economic Co-operation and Development (OECD) released guidance on the transfer pricing implications of the COVID-19 pandemic.  Nghi Huynh from Moore Global's member company Arminino in America summarises the key points in her blog.

What is a Discretionary Trust?

Many of Moore Australia’s clients have discretionary trusts. For some clients, understandably discretionary trusts can be hard to get their head around given they are largely driven by historical trust law and from a tax perspective, some complicated tax law.  

Property and Taxes - unpleasant surprises

The Australian Taxation Office (ATO) state that "the most common capital gains tax (CGT) event happens when you sell or give away a CGT asset such as real estate, including your family home, holiday home, investment property, hobby farm or vacant block of land". Nearly all investors are aware of CGT in relation to investment properties, but the situation is different in relation to other properties, especially family homes.

A message from the VIC CEO

As the year comes to a close, we reflect on another 12 months of steady growth and development for Moore Australia (VIC).

Manufacturing Modernisation Fund Round Two

The program guidelines and key funding details have been released for Round Two of the Manufacturing Modernisation Fund, which aims to help Australian manufacturers scale-up, compete internationally and create jobs.

2020-21 Victorian State Budget

On 24 November 2020, the Victorian Treasurer Tim Pallas handed down the 2020-21 Victoria State Budget. The aim of the Budget is clear: to protect and create jobs, look after families, build strong and connected communities and build towards a strong economic recovery.

2021 Queensland State Budget at a glance

Queensland Treasurer, Cameron Dick, delivered the state's 2020-21 budget yesterday, on the same day the borders opened to New South Wales and Victorian travellers.  Similar to budgets released by other states, the focus is on creating jobs, while also focussing on “rebounding from COVID-19 impacts” and celebrating the success of Queensland in response to the pandemic.  

Homebuilder program extended

On 29 November 2020, the Federal Government announced that the HomeBuilder program will be extended to 31 March 2021. The HomeBuilder program provides eligible owner-occupiers a grant to build a new home or substantially renovate an existing home.

The JobMaker Scheme

The Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 received Royal Assent on 13 November 2020. Final Rules governing JobMaker will be released after public consultation, therefore the information provided in this document is based on the draft rules.  

Free one-on-one business advisory sessions to support inner-city businesses impacted by COVID-19

Moore Australia (VIC) is proud to partner with the City of Melbourne to support inner-city businesses impacted by COVID-19.  

2020-21 New South Wales State Budget

The New South Wales Government delivered their 2020-21 budget this week with a focus on creating jobs and securing the future amidst the COVID-19 pandemic.

Case Study: Successful Sale of a General Medical Practice

Planning and executing an effective exit strategy is not just about the outcome; it’s also about being supported by an expert team who focus on more than just financials. This successful case study demonstrates how we manage this process. 

Northern Territory Budget 2020-2021

Chief Minister and Treasurer Michael Gunner delivered the NT Budget yesterday, stating that his 2020 budget covers 3 objectives – controlling the virus, protecting jobs and kick-starting the economy. In his speech, the Treasurer said “While the Australian economy is forecast to shrink by a further one-and-a-half per cent in this financial year, as the worst effects of the crisis are felt, in the Territory we are expected to hold about steady, contracting by just 0.1 per cent.”

South Australian State Budget 2020-2021

Treasurer Rob Lucas delivered his third State budget for the Marshall Liberal Government yesterday, with the main focus on economic recovery by creating jobs and inspiring confidence in business and households. 

Loss carry back rules for companies

The loss carry back rules for companies which were announced in the 2020-21 Federal Budget are now law. The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 (the Bill) received Royal Assent on 14 October 2020.

Temporary Full Expensing Provisions

The temporary full expensing (TFE) of depreciating assets measure announced in the 2020-21 Federal Budget is now law. The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 (the Bill) received Royal Assent on 14 October 2020. The TFE provisions allow eligible businesses with an aggregated turnover of less than $5 billion to claim a tax deduction for the full cost of an eligible depreciating asset purchased between 6 October 2020 and 30 June 2022 (the relevant period).

Manufacturing Modernisation Fund

The Federal Government recently announced $52.8 million in funding for Round Two of the Manufacturing Modernisation Fund.

QLD Wage Theft: Legislation passed

Queensland parliament recently passed part 1 of the Criminal Code and Other Legislation (Wage Theft) Amendment Act 2020.  This law was brought in to protect employees from intentional wage theft from employers. 

Agribusiness and the Research & Development Tax Incentive

The ATO’s Research and Development (R&D) Tax Incentive encourages companies to engage in R&D and provides tax offsets.  Companies can see real tax savings and increase cash flow when undertaking eligible R&D activities. 

Updated PAYG Withholding Tax Tables

The Australian Taxation Office (ATO) have updated the PAYG withholding tax tables to reflect the income tax cuts announced in the Budget last week.

Transfer duty exemption for Queensland small business restructures

Small business owners in Queensland who restructure their business on or after 7 September 2020 may be eligible for full or partial duty exemption on the transfer.

2020-21 Western Australia State Budget: At a glance

The Western Australian State Budget for 2020-21 has been released. Find out what this year's budget means for you.

2020-21 Federal Budget Report

Treasurer Josh Frydenberg handed down the 2020-21 Federal Budget on 6 October 2020, a deficit of $213.7b for the year, taking net debt to $703b or 36% of GDP. The Government laid out their recovery plan focused on creating jobs, rebuilding the economy, and securing Australia’s future. The key taxation, superannuation and social security measures are summarised within the following report.

2020-21 Federal Budget snapshot

Need to know the key takeaways from tonight's Budget? We've put together a snapshot of all the major budget announcements.

Should the Stamp Duty rules be reformed?

Stamp duty (or transfer duty) is a financial burden that may deter individuals and families from entering the property market and acts as a barrier to investment opportunities. It raises the issue of whether stamp duty is still appropriate in the modern economic landscape and calls for replacing stamp duty with a broad-based land tax are getting louder. This issue was considered by NSW Treasury in a recent report NSW Review of Federal Financial Relations -Supporting the road to recovery (the NSW Report).

Implications of COVID-19 on Transfer Pricing Policies

The continued economic impact of COVD-19 in Australia, Asia Pacific and the wider world has naturally forced or accelerated the process of businesses to review their existing operations and commercial arrangements. Companies have taken stock on the impact of COVID-19 on their financials, business models and supply chains.  

Should a review of GST be on the table?

Last week we asked about the future of GST in Australia and as we expected, more than 65% of the respondents felt that change is required. As we come out of COVID-19, revenue collection will be high on the Government’s agenda, primarily to fund the cost of stimulus funding. On numerous occasions, our leaders have stated that they are against increasing taxes and want to encourage consumer spending in Australia. There are media reports of personal tax rate cuts being brought forward to reinvigorate the economy. ​Our GST system is complex and needs improvement. There have been some minor adjustments, such as making certain foreign suppliers of goods and services in Australia being liable for GST, but there is scope to make some targeted changes to improve the efficiency of the GST system. Read more about our thoughts and the options available.

JobKeeper 2.0: The rules explained

The Coronavirus Economic Response Package (JobKeeper Payments) Amendment Bill 2020 was recently passed by Parliament to facilitate the extension of the JobKeeper Scheme to 28 March 2021. The Treasurer has subsequently released amended Rules for the Scheme, which were registered on 15 September 2020.  

Is it time to 'fix' corporate tax rates once and for all?

Last week we asked what the future of the corporate tax system of Australia should look like. More than 64% of respondents felt that Australia should have a single corporate tax rate set at 25%.  The upcoming Federal budget is going to be important for business. Hopefully the Government will carefully consider some issues which in our view require immediate reform. Read more about our thoughts on the complex dual corporate tax system is complex, and why we should be moving towards a single lower corporate tax rate.

Brisbane office merger with Vicca Chartered Accountants

Moore Australia expands Brisbane operation, confirming merger with Vicca Chartered Accountants.

Understanding who your customers are is essential for your business

Knowing and understanding your customers is key to successful marketing and can give you a profitable advantage. Take some time now to understand your valued customers and you'll be more likely to attract more. 

The fundamentals of a business budget

We believe having a budget is essential for business success. Talk to us about creating a useful budget in your accounting software as a practical business management tool. We’d love to help you start planning for a great 2021 financial year!

Common BAS Errors will impact your business

Errors on your Business Activity Statement may result in you paying too much GST or not enough. Is your business growing in complexity, or are the compliance obligations becoming challenging? We can help make it effortless and accurate every time.

COVID-19 and Fringe Benefits Tax

As a result of COVID-19 and changed working conditions, employers may be providing benefits to employees that are not usually provided in a ‘normal’ year. Fringe benefits tax (FBT) may be applicable if you provide benefits in addition to salary and wages. There are exemptions and concessions available that can reduce (or eliminate) the amount of FBT you pay that are outlined in this article.

COVID-19 and Fringe Benefits Tax

As a result of COVID-19 and changed working conditions, employers may be providing benefits to employees that are not usually provided in a ‘normal’ year. Fringe benefits tax (FBT) may be applicable if you provide benefits in addition to salary and wages. There are exemptions and concessions available that can reduce (or eliminate) the amount of FBT you pay that are outlined in this article.

COVID-19's impact on doing business globally

The coronavirus pandemic has changed the world. In addition to its significant health implications, COVID-19 has caused massive disruption to businesses and the global economy.

Issues company directors should be aware of during COVID-19 and beyond

The last few months have had far reaching implications for many businesses across Australia. Whilst some businesses are starting to show signs of recovery, there are a few ‘ticking’ timebombs you need to be aware of as a company director. Directors may be personally liable for certain actions by the company including situations of insolvent trading and failure to meet employee (PAYG and superannuation guarantee), or GST obligations (in certain scenarios). The Government has provided some relief for directors in relation to insolvent trading due to the impact of COVID-19, but it is important to look out for issues not necessarily covered by the relief.

Live streaming and the tax consequences

Live streaming is an increasingly popular activity and these days there are big bucks involved. But what are the tax consequences?   A person who is broadcasting their online activity in real time is ‘live streaming’. This form of entertainment has developed into a massive industry for video gamers and other creatives, with recent COVID-19 ‘stay at home’ restrictions leading to a surge in viewership and the number of people streaming online.  

JobKeeper 1.0: Changes you need to be aware of

The Federal Government recently announced the expansion for the eligibility of the current JobKeeper Scheme.   As part of the changes announced, the Federal Government introduced changes for employees eligible for the JobKeeper Scheme from 3 August 2020. On Friday 14 August, the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 7) 2020 (the Rules) were registered which commence from 15 August 2020. 

Kylie Maher appointed as Independent Member of the AASB/AUASB

We’re pleased to announce Kylie Maher, Director Governance and Risk Advisory, has recently been appointed as an Independent Member of the joint Audit Committee for the Australian Accounting Standards Board (AASB) and Auditing and Assurance Standards Board (AUASB) for a three-year period.  

Why Not-For-Profits must make a profit

Funding of Not-For-Profit Organisations is changing towards “in arrears” instead of "in advance”. For that reason, NFP’s may need to increase profits to sustain operations.

Moore Australia (WA) client joins ASX with $26 million IPO

Moore Australia congratulates long-time client DUG Technology Limited for making its debut on the ASX today.

Revenue vs Capital: two sides of the coin

The ongoing debate of capital vs revenue was recently raised in a Full Federal Court case - Greig v FCT [2020] FCAFC 25. The case highlights the continuing difficulty in the capital vs revenue distinction. This area of law falls within a grey zone where the outcome turns on the facts of each situation.

JobKeeper 2.0 Revision

Following the Federal Government’s announcement regarding changes to the proposed JobKeeper 2.0 Rules, due to take effect from 28 September 2020, Treasury issued an updated factsheet this morning. Changes made to the original version of JobKeeper 2.0 are outlined below.

Taxable payments annual reporting obligations

Businesses who make payments to contractors in relation to certain services may be required to prepare and lodge the Taxable payments annual report (TPAR) which is due for lodgment by 28 August 2020.  

National Scheme adopted for Queensland Cooperatives

Queensland parliament passed the Co-operatives National Law (CNL) Bill 2020 in June 2020, confirming the states acceptance and joining of the national CNL scheme for the operation of cooperatives. Queensland was the last state to adopt the legislation.  

Important changes for QLD Incorporated Associations

In June 2020, the Queensland Government passed a number of significant changes to the Associations Incorporations Act 1981. The changes were designed to modernise the requirements and reduce red tape for associations registered with the Australian Charities and Not-for-profit Commission (ACNC).   

Portable Long Service Leave for Community Services Industry

On 17 June 2020, the Queensland government passed a bill extending Portable Long Service leave (PLSL) to the community services sector, bringing this sector in line with existing schemes including building and contract cleaning industries, though format of the community services PLSL has significant differences.  

JobKeeper 2.0 and the next phase of stimulus activity

The Government has released some further detail on what the future of stimulus will look like in Australia.

Australia: how we are faring during COVID-19

We're lucky to be in Australia and even more so in these times with a global pandemic of COVID-19. Businesses have struggled, people have self-isolated and the Government has done its best to prop up businesses with the Jobkeeper payment and other stimulus measures. The economy has suffered greatly, and it will take time to revert to pre-COVID times. Due to our geographical isolation and quick actions of Governments, we were able to contain the number of cases of Coronavirus to a degree, however, with the recent spike in Victoria, we need to remain vigilant. A second wave is occurring, and it is up to states and territories to contain this and keep strategising to reduce the detrimental impact on our economy.

Superannuation Amnesty Window is closing

The Superannuation Amnesty which provides employers with an opportunity to “come clean” and declare unpaid or late superannuation guarantee (SG) payments to the Australian Taxation Office (ATO) is scheduled to end on 7 September 2020. 

Accounting for NDIS advance payments

In March 2020, eligible NDIS providers effected during the COVID-19 pandemic received advance payments to assist with their immediate availability of funds. Our Audit and Assurance team look at how you should account for this in your 30 June 2020 annual report.

Planning for the worst - what happens when the stimulus runs out?

Businesses who are currently in receipt of stimulus payments have less than three months to get their cashflow in order. 

Tax planning into the 2021 financial year

The end of the 2020 financial year is here and for many of us, it may be a year best forgotten.  How do you make sure you and your business start 2021 in the best possible way?  Planning!

Budgeting and cash flow management in uncertain times

With a new financial year upon us, we are hopeful that the world, and our economy will start to thrive again. The impact of COVID-19 may have taken its toll on your business through the end of the 2020 financial year, and rather than focus solely on the loss we are optimistic that you will start to see new opportunities, new ways of doing business and new ideas emerging.

Small Business: Getting Back to Business

In March 2019 the Minister for Employment and Small Business, Shannon Fentiman MP released a media statement declaring that small business contributed $113 billion to the Queensland economy and employed 44% of the private sector workforce.

Superannuation contributions – don’t leave it too late

With 30 June fast approaching, it is necessary to be aware of the timing issues that may impact superannuation deductions and your contribution caps. In general, provided the relevant conditions are met, superannuation deductions can only be claimed in the year the superannuation fund receives the contributions.

Adaption Grant Program – Round 2 opening 1 July 2020

The Queensland government is extending the Small Business COVID-19 Adaption Grant Program, with applications opening on 1 July 2020, find out how you can start preparing now and get in early.

Protecting capital losses – common issues with related party loans

The last few months have been tumultuous for Australia and within the tax world, we have seen a raft of new legislation being introduced to save the Australian economy. However, in trying to stay agile and keeping up to date with the changes, we may lose sight of the usual hidden issues contained within our complex tax system. One of these is the personal use assets provision and its impact on the capital gains tax (CGT) treatment of loans advanced by individuals (or any other entity) to prop up struggling businesses.

Extension of the Instant Asset Write Off and how it applies to motor vehicles

The Government has announced that it will extend the instant asset write off (IAWO) to 31 December 2020 for asset purchases below $150,000. Businesses with an aggregated turnover of less than $500 million are currently eligible for the write off and it is intended that this announcement will be legislated soon.

HomeBuilder – the Government’s new $25,000 grant

The Government has announced a new $680 million HomeBuilder package designed to spark life into the residential construction industry by encouraging the building of new homes and substantial renovations.

South Australian Land Tax changes are coming. Are you prepared?

Changes to the Land Tax Act 1936 (South Australia) come into effect on 30 June 2020. Amendments to the Act have been focused around changes to aggregation and additional tax on land held in trusts.

Small Business COVID-19 adaption grant program from QLD Government

The Queensland government has announced a small business grant program for eligible small and micro businesses who have been impacted by COVID-19 shutdown restrictions announced by the Government.

Discovering and developing Intrapreneurs

Does your business talk the innovative talk but struggle to walk it? If so, it could be that you don’t have enough Intrapreneurs in your organisation. And even if you have them you might not know who they are or what to do with them.

Northern Territory's Jobs Rescue and Recovery Plan - Business Hardship Package

The Jobs Rescue and Recovery plan's Business Hardship Package is the latest initiative to help Northern Territory (NT) businesses that have experienced significant hardship as a result of the COVID-19 pandemic. Support is available to Territory businesses with a turnover less than $50 million who can demonstrate a reduction of turnover of 30% or more due to COVID-19.

Working from home? Tax deductions explained

Employees working from home due to COVID-19?* Updated 29 April 2021 With an increased number of employees working from home in the face of the coronavirus pandemic, home office expense claims are expected to rise significantly for the 2020 tax year. If employees are required to work from home, they may be able to claim a tax deduction for expenses they necessarily incur related to performing their work duties.

COVID-19 and local business

Now more than even it’s important we show and demonstrate our support for local businesses and seriously consider the importance of ‘Australian made’ and changing the conscious choices we have made that have impacted our economy by rebuilding our manufacturing capability.

New South Wales land tax relief measures

The NSW government has introduced measures to help soften the blow for landowners who pay land tax in NSW. The relief is to support residential and commercial tenants impacted by the COVID-19 pandemic.

Moore Global Survey reveals COVID-19 impact on business

Moore Global Survey reveals COVID-19 impact on business. Big changes in the way businesses operate after COVID-19.

Queensland $400 million land tax relief package

The Queensland Government has announced a $400 million land tax relief package intended to support and relieve commercial tenants and landowners through the COVID-19 crisis.

Rental Assistance – Code of Conduct for commercial tenancies

The Federal Government released a code of conduct (the Code) for commercial tenancies and its purpose is to impose a set of good faith leasing principles for application to commercial tenancies.

JobKeeper payments update

The Coronavirus Economic Response Package Omnibus (Measures No. 2) Bill 2020 (the Bill) was passed by Parliament to introduce the JobKeeper payment.

Support for self-managed super funds impacted by COVID-19

The government has introduced a series of measures to support individuals and businesses during the Coronavirus pandemic.  But what about self-managed super funds?  This article explores what measures are in place and how they are accessed.

Insolvent trading, safe harbour and directors’ duties

The federal government recently announced temporary changes to insolvency laws for businesses effected by the COVID-19 health crisis. The provisions provide relief for those in financial distress to assess the impact on their business and seek further advice.

COVID-19 impact on landlord/tenant

COVID-19 has created both business and personal disruption. Our Directors offer an insightful opinion piece which looks closely at the recently proposed rental waivers and the impact on both the landlord and tenant.

New South Wales Government Small Business Support Grant

The New South Wales Government has announced a further $750,000 COVID-19 Small Business Support Grant, specifically targeting industries such as retail trade, accommodation, food service, real estate to assist businesses who have been significantly impacted by this health crisis.

Navigating COVID-19 - Governance & Risk Advisory for NFP's

Effective governance and risk management is critical for NFPs to help navigate the Coronavirus (COVID-19) pandemic crisis. Your community, organisation , partners and donors are now facing a significant number of critical risks and recognise we are in a crisis scenario.  Risk management at this time is a proven and effective tool to guide NFPs in their planning, mitigation and response to the issues and challenges they will be facing now and in the next few months. 

Government’s Third Stimulus Package designed to save Australian jobs impacted as a result of COVID-19

On 30 March 2020, the Government announced a $130 billion wage subsidy to combat the impact of COVID-19 on the Australian economy. The Government has provided further support to Australian businesses and encouraged businesses to keep their workers employed by providing a “JobKeeper” payment to eligible employers for eligible employees.

COVID-19 and the impact on your contractual obligations

The course of the COVID-19 pandemic and the ultimate effect on our lives is nearly impossible to predict.  The associated impacts have prompted businesses to consider their contractual obligations and whether force majeure provisions may apply.  Our head of Legal, Alexander Nielsen, explains further.

Northern Territory Stimulus #2: $50 Million Small Business Survival Fund Explained

The Territory Government’s $50 million Small Business Survival Fund is specifically targeted at supporting industries such as retail, hospitality, tourism, and entertainment businesses, including beauty parlours and gyms, who are bearing the brunt of this national crisis. 

South Australian Stimulus #2 - $650 million in support funds.

The South Australian Government has announced they are adding $650 million to the first support package of $350 million announced a fortnight ago.

Navigating the COVID-19 crisis – cyber and technology risk – you are vulnerable

The National Cyber security committee lifted on 25 March the threat preparedness level to level 4 – lean forward – which means that the threats and activity are escalating and likely to increase and organisations must increase their monitoring.

Northern Territory Stimulus #2 - Small Businesses Survival Fund Announced

COVID-19 is doing more damage to our Territory economy than any natural disaster ever has. In response the Territory Government will deliver a $50 million Small Businesses Survival Fund to help Territory businesses survive the unprecedented economic impacts of the coronavirus outbreak.

COVID-19 Economic Response Package receives Royal Assent

The Coronavirus Economic Response Package Omnibus Bill 2020 received Royal Assent on 24 March 2020 and is now law. The package included various changes which were announced in the two stimulus packages released recently by the Government.

Geelong Council announce COVID 19 support measures

Geelong Council met on Tuesday night and agreed to a series of immediate measures to help local businesses and the community cope with the impacts of the Coronavirus pandemic. 

Government’s 2nd Stimulus Package Announced

The government announced a second stimulus package worth $66 billion in an attempt to deal with the impact of COVID-19 on the Australian economy.

Governance and Risk: Navigating the COVID-19 Crisis

Effective governance and risk management is critical for organisations to help navigate the Coronavirus COVID-19 pandemic crisis. Organisations worldwide are now facing a significant number of critical risks and recognise we are in a crisis scenario. Risk management at this time is a proven and effective tool to guide organisations in their planning, mitigation and response to the issues and challenges they will be facing now and in the next few months. Given circumstances can change daily dynamic governance is needed to respond and mitigate these emerging risks and issues.

Coronavirus Outbreak – The potential financial reporting implications for the year ended 31 December 2019

The recent outbreak and spread of the coronavirus has now disrupted many businesses globally and has had a significant impact on financial markets. This publication focuses on the potential accounting and financial reporting implications of coronavirus that management should take into consideration when preparing the financial statements for the year ended 31 December 2019. Different considerations will apply for later accounting periods e.g. for financial statements for periods ending 31 March 2020 or other accounting periods with a reporting date subsequent to the outbreak taking place.

Northern Territory Stimulus #1 - Jobs Rescue and Recovery Package

The Northern Territory (NT) Government is delivering a $65 million Jobs Rescue and Recovery Package to help stimulate the economy and keep Territorians in jobs.This package is the second phase of the response to the significant economic impact of COVID-19, and is complementary to initiatives offered by the Australian Government to all jurisdictions.

Superannuation Amnesty – six months to get your employer obligations in order

The Bill introducing the superannuation guarantee (SG) amnesty received Royal Assent on 6 March 2020 and employers have until 6 September 2020 to correct any historic non-compliance with their SG obligations.

Government’s First Stimulus Package Announced

Earlier today the government announced a $17.6 billion stimulus package in an attempt to deal with the impact of coronavirus on the Australian economy. Please note the below measures are subject to the relevant legislation passing through parliament. At this stage, parliament is not scheduled to resume untll 23 March.

South Australia Stimulus #1 - The Economic and Business Growth Fund

South Australian premier, Steven Marshall, has announced a $350m package in response to the COVID-19 outbreak.

Changes to current/non-current classification of loans and other liabilities

Currently, under AASB 101.69(d), an entity needs an ‘unconditional right’ to defer settlement of the liability for at least twelve months after the reporting period before it can be classified as non-current.  This is an extremely high test to pass and has resulted in many loans being classified as current (most loan arrangements are rarely unconditional). 

Sparking the EV Revolution: Key issues for mass adoption of electric vehicles

Spare a thought for Nikola Tesla. The Serbian/American scientific genius and rival of Thomas Edison, whose inventions continue to define how we use electricity today, died an impoverished and relatively unknown figure in a New York hotel during the second world war.

AUSkey is changing - are you ready?

The deadline for myGovID is fast approaching, with only six weeks before the ATO turns off AUSkey at midnight on Friday 27 March 2020.  

Upcoming changes to foreign purchaser duty

Looking to purchase residential property in a discretionary trust? You may be subject to additional duty from 1 March 2020. The foreign purchaser additional duty provisions have been in effect since 1 July 2015, but the Commissioner has been applying a ‘practical approach’ until now. 

Can your company still protect you?

Asset protection is one of the primary reasons companies are used. A company is a separate legal entity and the corporate veil provides protection to the directors, however, in limited circumstances the protection afforded to directors is lost. The traditional instances where director protection is lost were breach of fiduciary duties (i.e. doing what’s in the best interests of the company) and trading whilst insolvent (i.e. being unable to pay company debts as and when they fall due). In addition to what the Corporations Law (the act that governs company conduct and director responsibilities) provides as exclusions from protection of directors, the Australian Taxation Office (ATO) has always had the weapon of the dreaded Director Penalty Notice (DPN).

What is a Family Constitution and how can it assist our family?

Many clients are concerned that if something was to happen to them, what would happen to their assets, their children and their family legacy? Some lay awake wondering if their family is equipped with the right tools to manage short and long term needs once they are no longer able to. Often they will ask the same question…..is having a Will and Estate Plan enough?  

Why you need to plan your exit to maximise your valuation

Finish as you started. It’s a well-known quote on social media, but when it comes to exiting a business, seldom put into practice. In the heady days of a new business, owners understand the importance of good planning to ensure their future success.

Five emerging trends in Energy, Mining and Renewables

With increased emphasis on corporate social responsibility and digitalisation, companies within the Energy, Mining and Renewables industry are expected to be acutely aware of the trends that are impacting their industry. Our global leaders have outlined the 5 trends they expect to see emerge over the next 12 months and into 2021.

No tax on the family home? Maybe not for expats…

出售自住房是免税的吗?外国税务居民不一定再享有税务豁免

Big Data and Big Oil

Few industries need and produce richer, greater volumes of data than oil and gas: terabytes of the stuff from the geological exploration and appraisal process; the complex modelling and measurement applied to daily onshore and offshore active operations;  the electronic brains behind the delivery of cargoes, coordinating the thousands of tankers and pipelines taking the raw product from field to refinery; and then, of course, the digital monitoring and sensors needed to support the refining and processing of the crude and gas into petroleum and LNG.

Superannuation obligations and you

Big brother is watching... With the roll-out of Single Touch Payroll now finalised for many employers, it’s never been a more important time to ensure that you’re complying with your employee obligations.

Amendments to peppercorn and other below market lease amendments for the public sector

The Australian Accounting Standards Board (AASB) issued AASB 2019-8 Amendments to Australian Accounting Standards – Class of Right-of-Use Assets arising under Concessionary Leases in late December 2019.

What is The Fair Work Information Statement?

A Fair Work Information Statement (FWIS) is a document issued by the Fair Work Ombudsman (FWO) that gives new employees a general overview of the National Employment Standards (NES) and conditions of employment.

AFS Licensees are subject to financial condition requirements

ASIC recently announced that right-of-use assets are intangible for the purpose of calculating net tangible assets (NTA) requirements for AFS licensees.  

New Partner to join Moore Stephens from Office of the Auditor General

It gives us great pleasure to announce the appointment of Michelle Shafizadeh, previously Assistant Auditor General - Technical and Audit Quality, as a new assurance Partner, joining the leadership team within our Perth office effective 20 January 2020.

Super guarantee opt-out for high income earners with multiple employers

The Government has passed legislation that provides a possible exemption from employer superannuation guarantee requirements, where the individual is a high-income earner with multiple employers.

No tax on the family home? Maybe not for expats…

Amendments to the availability of the Capital Gains Tax (CGT) main residence exemption for foreign tax residents were passed by the Senate on 5 December 2019, imposing new restrictions on the main residence exemption for CGT events happening on or after 9 May 2017.

Changing superannuation landscape for employers – are your superannuation obligations in order?

The Australian superannuation landscape is changing. With the introduction of Single Touch Payroll the Australian Taxation Office (ATO) has access to more real time data than ever before. In addition, recent and proposed changes to tax laws means it might be time to review your employer superannuation compliance.

R&D Tax Incentive Update

Proposed changes to the Research and Development (R&D) Tax Incentive were introduced to Parliament on 5 December 2019. Read more to learn what these proposed changes include.

Developing a business case

So, you’ve had THE idea. You may have been mulling it over for years or it suddenly appeared, as all good ideas do, while taking a shower. Now the very thought of this idea has you unable to sleep because it represents endless possibility. You’re eager to turn this idea into action and to get it launched. The only problem is that while you’re an expert in developing apps/pre-fabricating modular building materials/distilling craft gin, when it comes to financial modelling it’s all gobbledygook.

An inside look at mining and exploration

Review of ASIC Report 641 - An inside look at mining and exploration initial public offers.

A Message from Steve Sakkas

As the year comes to a close, it is fitting to reflect on another 12 months of strong growth and development for Moore Stephens Australia.

Nathan Reichstein CA announced as latest President's Prize winner

Nathan Reichstein CA awarded the 2019 CA ANZ President’s PrizeThe prize recognises contributions to the profession and their communities by young CAsAll “amazing” 2019 Regional Advocates acknowledged

Legal Professional Privilege – what is it and how easy is it to use?

Legal Professional Privilege (LPP) can protect a taxpayer from having to produce certain documents during ATO audits or legal proceedings. However, without care the privileged status of documents can easily be lost.   This article explains how LPP arises, how it can be lost, and how you can preserve a document’s privileged status. 

SA Land Tax Bill Passes Parliament

Last week the South Australian state government passed the much amended land tax bill. Since announcing the land tax reform in June’s budget, Treasurer Rob Lucas has worked with a number of political factions and special interest bodies through what has been a very public consultation period.   With the passing of this legislation, South Australia has moved from the state with the highest land tax marginal rate to presumably a state with a more competitive investing and business environment. But, as always the devil will be in the detail …

Important Announcement: David Holland appointed as Board Member of the AASB

We’re very pleased to announce our very own David Holland, Head of Technical Accounting, has been appointed as a new member of the Australian Accounting Standards Board (AASB) effective from 1 January 2020.

Changes to Capital Gains Tax – Is your home still your castle?

The Australian dream has long been to own your very own castle. This has long been part of the Australian psyche and is reflected in the tax exemption for the “family home” in tax law.Capital Gains Tax (CGT), broadly does not apply to a property you call “home”.

Property deduction changes - All you need to know

In the 2019 Budget changes to property deductions were announced. In typical budget fashion, the announcement was light on detail and couched around the phrase “integrity improvement”. The changes are focussed on holding costs for vacant land.

Recent Land Tax Changes in Victoria

The Victorian Government has recently enacted changes to the land tax rules in respect of contiguous land in metropolitan Melbourne. From 1 January 2020, the principal place of residence (PPR) exemption will no longer apply to contiguous land unless the PPR land and the contiguous land are in regional Victoria. 

Bursars – what accounting changes are on the horizon that may affect you?

We are in the middle of a period of significant change in accounting standards. This article highlights the impact of three new accounting standards upon schools, which bursars should begin preparing for.  

Ensure your company is clean as a whistle

In the flurry of activity that comes with a new financial year, you may have overlooked a significant announcement from ASIC about its changes to the Corporations Act to better protect whistleblowers. Even if you’re confident everything is ‘above board’ in your business, the new requirements are noteworthy for all public companies and large proprietary companies because it states there must be a compliant whistleblower policy in place by 1 January 2020, and made available to all employees.  

Digital Transformation within the Mining Industry

Amidst the current challenges of the global economy, the mining sector has a sense of optimism.  Demand has been supportive of gold and iron ore prices, and minerals used for batteries will remain in focus, not least due to the ongoing growth in the electric vehicle markets.  Long term fundamentals underpin future demand. Alongside a favourable outlook for mining demand, the cost side of the sector is being impacted by the application of technology – enhancing margins and reimagining processes which in some cases have endured for decades.

Important Announcement

On 9 September 2019, Moore Stephens International publicly announced the Moore Stephens network will become Moore, a transition to take place globally over the next 12 months.   Here in Australia, Moore Stephens will adopt the new brand from 1 July 2020.

Business sales – Net Working Capital and cash adjustments

Looking at selling your business? If you think that agreeing on the business’ value is the hard part, think again. Many owners overlook the question of the purchase price’s net working capital adjustments, let alone how much cash to leave in a business at the point of sale. These areas are not only complex but can often be a major source of tension towards completion of a business sale. So, while it’s best to ensure you have a skilled advisor on hand to help you navigate your way through, this article will help you understand some of the considerations involved before you head to market.

Ask the Expert: Options to extend leases under AASB 16

A business has a 5+5+5 year lease (i.e. 5 year minimum non-cancellable period with two 5 year options to extend).  The option to extend is their choice. Should the lease term be 5 years, 10 years or 15 years? David Holland, National Head of Technical Accounting looks at the options to extend leases under AASB 16.

Working together to connect food and entrepreneurship

Introducing the Agri Food and Wine Category: An initiative of Moore Australia and eChallenge Australia Tapping into the South Australian entrepreneurial ecosystem the Australian eChallenge connects the business community to students, academics and the general public.  The eChallenge: Agri Food and Wine is designed to generate new ideas to address local and worldwide problems using anything from software, hardware and other technologies to chemistry, marketing and farming.  

Removal of Special Purpose Financial Statements – Does it impact you?

The AASB has issued ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.  ED 297, if approved, will remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to lodge special purpose financial statements (SPFS) with ASIC (i.e. directors can no longer self-assess that they are a non-reporting entity).  Current estimates from the AASB predict 7,295 companies will be impacted by these changes.

Disclosures Required Under RDR Are Set to Tumble

ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities proposes to replace the current Reduced Disclosure Requirements (RDR) framework with a Simplified Disclosure Standard. All entities currently using the RDR framework will fall into this new regime. It is important to note the proposals in ED 295 are closely linked to those expected in the forthcoming Exposure Draft on the proposed removal of special purpose financial statements (SPFS). To read more, please follow the link

Proposed changes to tax effect accounting in relation to leases and decommissioning obligations

If you thought accounting for leases under the new AASB 16 was complicated have you even considered the tax effect accounting implications?

Network growth and new appointments 2019

Moore Stephens Australia (MSA) is proud to announce our new Director appointments for 2019 and the introduction of a new legal services division.

Moore Stephens Victoria deepens focus to include legal services

Moore Stephens Victoria has expanded its already extensive offering, with the launch of its new legal services division this month. Headed by Alex Nielsen, an accomplished lawyer with over 10 years’ experience in corporate, tax, real estate and asset management matters, the division will enable a multi-disciplinary approach for its growing clientele.

A note from Steve Sakkas, CEO Moore Stephens Victoria

As we launch into a new financial year and ask ourselves ‘what’s next?’, I want to take a moment’s pause to thank our clients and our partners for their support this past year.  

Ask the Expert: Sub Leases

A Not-for-profit organisation provides services to remote communities in regional Australia.  In order to attract staff, they rent several houses (at market rates) for periods of 5-10 years from external parties.  Staff then rent these houses from the NFP organisation on a short term basis (normally 6 months at market rates). How is this dealt with under the new AASB 16?   David Holland, National Head of Technical Accounting looks at the impact of the new AASB 16 leases standards on businesses with sub leases.  

What does Australia need to do to stay ahead?

As we look towards the future, it is broadly agreed that Australia cannot continue to rely on luck and location alone. The most recent economic survey by Credit Suisse placed Australian’s as the second wealthiest people on the planet, closely behind Denmark.

SA Budget 2019-20: At A Glance

Taking advantage of low interest rates and following in the footsteps of our mainland counterparts, South Australia will increase debt by $7 billion over the next four years to fund a massive $11.9 billion infrastructure spending program.   The second Marshall Government budget — and the sixth for Mr Lucas — whilst short on surprises, looks to save money across a range of portfolios and programs, with select areas of Government spending increasing. Here’s our rundown of the key measures. 

SA Budget 2019: At a glance

It is the second budget delivered by Steven Marshall's State Government, with promises of funds for those wanting to get into the housing market and a new hospital. Treasurer Rob Lucas said if his latest budget were a person, it would be wearing "overalls and a high-vis vest". Find out what this year's budget means for you.

How incremental innovation can drastically help your business

If you are that person who thinks to be innovative your business needs to create the next great thing in the form of a new product or a new service, you are missing the whole point. Every business can bring innovation into its corporate culture just by adopting a ‘do better’ or aka incremental approach to innovation. Small changes in processes, service delivery and products can add huge value to your business with minimal impact on the expense items in your P&L. In fact, when done well, incremental innovation can be extremely profitable.

2019 WA State Budget

The Western Australian State Budget for 2019/20 has been released, with changes across the board.

Is your company ready for its public debut?

Are you ready to take your company public? Moore Stephens’ latest corporate advisory recruit Benjamin Yeo has spent more than a decade skilfully guiding clients through the intricacies of preparing Initial Public Offerings (IPO) and outlines what’s necessary to successfully transform your company from private to public.  

Understanding travel expenses for your Not-for-Profit organisation

Many NFP boards have set out to attract not only industry professionals but also legal, tax and media specialists to assist them in achieving their aims while minimising risk. While volunteer board members may not expect to be rewarded for their services, the absence of any remuneration can leave them unduly out of pocket.

I’ve worked really hard and things are taken care of…or are they?

You’ve worked really hard for a long time, made big sacrifices…family time, early mornings, late nights, taken risks and it has paid off. Time for you to enjoy the fruit of your labour that has been made possible by your sacrifices.   Unexpectedly something comes out of the woodwork and you find yourself in a legal battle. You didn’t expect this and suddenly everything you’ve worked so hard for could be gone. Have you done everything you can to protect your assets?

Australasian Oil & Gas - Industry Whitepaper

Australian Oil and Gas Exhibitions converence (AOG 2019) was held in Perth from 13 to 15 March 2019. Following the conclusion of AOG 2019, Diversified Communications Australia released an Industry Confidence Whitepaper on the state of play of the Oil and Gas Industry in Australia.

IFRS 16 Leases and the Mining Industry

The International Accounting Standards Board (IASB) issued IFRS 16 Leases on 13 January 2016.  Revising the lease accounting requirements was first added to the IASB’s agenda in 2006, since then a number of exposure drafts have been issued and hotly debated.

Should Loans be Classified as Current or Non-Current?

Issue Loans that are in breach of covenants often pose difficult accounting considerations as to whether they should be classified as either current or non-current in the Statement of Financial Position. This publication will highlight the key factors you should consider when deciding whether a loan should be classified as either current or non-current.  

Upcoming Federal Election – Potential big changes ahead

Tax will be one of the big ticket items of this year’s Federal Election. With this in mind, many clients are questioning the potential impact of tax changes on their personal and business affairs.  

Moore Stephens Team Reflects On The 25th Annual Investing In African Mining INDABA

Moore Stephens partners from across Africa and the world gathered at a bumper Investing in African Mining Indaba in Cape Town in February. This year’s 25th anniversary Indaba was marked by more optimism than in the past few years.   “It was a lot more positive this year,” said David Tomasi, Global Sector Leader for Energy, Mining and Renewables (EMR) for Moore Stephens International. Moore Stephens partners from across Africa and the world gathered at a bumper Investing in African Mining Indaba in Cape Town in February. This year’s 25th anniversary Indaba was marked by more optimism than in the past few years.   “It was a lot more positive this year,” said David Tomasi, Global Sector Leader for Energy, Mining and Renewables (EMR) for Moore Stephens International.

Not so private practice

If you’ve been in the unfortunate physical state to warrant a visit to your local physiotherapist or podiatrist recently, you may have noticed the mismatched waiting room furniture and dog-eared reading material has been replaced. Instead, you’re more likely to find thoughtfully designed lounge areas that maximise the opportunity to sell wellbeing products to a captured audience, not to mention herb-infused water served with a not-so tatty glossy.  

After the trust is gone

At Moore Stephens, we’re left optimistic by the 76 recommendations of Commissioner Hayne’s final report. Why? The report endorsed what we’ve always believed – compliance is critical to putting our clients' needs first.

Mining Indaba - Risks and Reflections

As Mining Indaba kicks off its 25th anniversary, let’s look at how risks associated with the mining industry in Africa have changed. Whilst some of our observations may seem like common knowledge, it is worth reflecting on the risk landscape to ensure we are ever mindful of the constant need to remain relevant and reset.

Tax Alert: Payroll Tax Changes South Australia.

Effective: 1 January 2019 (Assented to on 25 October 2018). From 1 January 2019, businesses with annual taxable wages of up to $1.5 million will not be liable for payroll tax, and those with taxable wages between $1.5 million and $1.7 million will benefit from a reduced payroll tax rate.  

$2b package from Federal Government to Boost Small Business Loans

A joint media release from Treasurer Josh Frydenberg and Minister for Small and Family Business, Skills and Vocational Education Michaelia Cash announces a 2-tiered proposal for Australian small businesses to access growth and investment funding.

Attention all Pty Ltd Companies with Revenue less than $50million

More good news relating to the reduction of “Red Tape”!  If your revenue is under $50m, your assets are less than $25m or you have less than 100 employees then read on...  

Five Facts About Doing Business in Asia

Much hype has surrounded the Asian economic growth since it all began in the 1960s with a series of strong economic expansions known as the “Asian Miracle”. Many now predict that the 21st century will be remembered as the “Asian Century”.  Undeniably, Asia presents enormous business and investment opportunities and much has been talked about 'doing business in Asia’ to best realise the opportunities coming out of this region. 

Reduction in Corporate Tax Rate

Changes, changes and more changes - Bringing forward the company tax cuts Following on from the various changes to company tax rates earlier in the year, the Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 was introduced and passed by the Senate relatively quickly last week. The Bill proposes to bring forward the tax cuts for small and medium businesses. The Bill is currently awaiting Royal Assent.

Tax Alert: Expansion of the taxable payments reporting system

The ATO have expanded their taxable reporting system to include courier and cleaning industries (previously applied to property & construction industry only). This initiative forms part of the black economy taskforce  and we expect to see further industries impacted in the future.

Lithium Report

WA is strategically placed to take advantage of increased lithium demand created by the ever growing battery industry. By 2025 it is expected the lithium-ion battery market will reach a value of USD $93.1 billion, equating to a CAGR of 17.0%. This demand uplift will be driven by increased consumption and development of electric vehicles, portable consumer electronics and grid storage systems.

Death and Taxes

As much as we would like to think we are immortal, the truth is the opposite and if you pass away without a will, the complications you leave behind are significant. If you do not have a will, the time it takes for the administrator of your estate to gain control of the assets is also much longer.

8 Steps to Improve your Cyber Security

While technology presents countless efficiencies in business, it also brings with it a variety of risks. With exponential growth and innovation in this space, effective IT Risk Management & Cyber Security processes are vital.

A World of Uncertainty

We live in an uncertain world   Trade tensions, country leaders who do not follow the status quo, wars and rumours of wars…   It can be easy to adopt a “bunker mentality” and hunker down for a long, cold economic winter ahead. Curiously, it’s not all bad news for Australia...

Swimming with Sharks

Insights and analysis from ‘The Shark Tank’ – season four Another ferocious season of Shark Tank has come to a close with Season four, which ran from 15 May 2018 to 7 August 2018. The season aired 13 episodes containing 52 proposals that were pitched to the panel of Sharks. Of the 52 proposals, 33 were successful in obtaining one or more offers from the sharks. However, 20 proposals came up empty handed with 1 contestant declining the offer proposed and 19 proposals receiving no offers at all.   The team from the Moore Stephens Corporate Advisory division has gone along for the ride to provide a summary of the key metrics for this season, along with the key insights derived.  

Moore News

Moore Stephens Newsletter for August 2018

Company Tax Cuts and the National Energy Guarantee

What a week it’s been. We now have a new Prime Minister after a week where we saw the government confirm it will not proceed with pushing company tax cuts through the Senate nor bring them to the next election. Similarly, the National Energy Guarantee has been put on the back burner.   We have to wonder whether politics and votes now have greater influence on policy, than convictions and what is best for the economy.

Manganese: Is it the Forgotten Battery Mineral?

Peter Gray and Josh Snow from Moore Stephens WA in conjunction with industry partners have been researching further into manganese, a key battery component, looking to determine if it is in fact the “forgotten battery mineral”. Moore Stephens WA has extensive experience dealing with entities involved in the processing and development of metal-ion batteries, with practical knowledge designed to further understand the industry and its patterns and trends.

AASB/IFRS 16 Lease Standard Calculator

Moore Stephens has developed a model to help you calculate and apply the new AASB/IFRS 16 Lease standard.

FoodSA Summit 2018: From Milk to Cream

Tim Sargent (Moore Stephens South Australia) and Ulli Spranz (B.-d Farm Paris Creek) on ‘the good, the bad and the ugly’ of preparing a multi-million dollar business for sale and the practicalities of succession planning.

Stuart Whitehead joins Moore Stephens

With over 20 years’ experience in the delivery of Strategy Consulting, Performance Improvement, Information Systems and Corporate Finance engagements; Stuart Whitehead has joined the Moore Stephens Victoria team as a Director to head up the new Consulting division.

Trojans now arrive by email!

At the end of a busy day Adel was preparing to go home. She is an office manager at a very successful small family business that sourced and supplied quality aftermarket parts for air conditioning repairs.   Just before Adel closed down her computer she received an email from her boss, the owner, David. In the email David asked Adel to arrange an urgent $50,000 transfer to a supplier that night...

The 'Netflix' Tax

Originally dubbed the “Netflix Tax”, from 1 July 2017, foreign businesses are liable to charge Goods and Services Tax (GST) at a flat rate of 10% on imported services and digital products supplied to Australian consumers ie. “B2C” sales.  GST is an indirect consumption tax that is similar to Sales tax/VAT. This development has caught many US on-line and e-commerce businesses on the hop with the main impacts being that it will bring many new taxpayers into Australia’s GST “net” and in most cases Australian customers will have to cough up more to cover the GST.

2017-18 South Australian Budget Wrap

Treasurer Tom Koutsantonis has revealed his fourth budget, the last before the 2018 state election. Voters have been wooed with community grants, infrastructure spending, apartment affordability measures and some extra payroll tax relief for business. Whilst the big banks –  today's headline story  - and foreign investors (neither of whom vote) have come out the biggest and very sore losers.

Five minutes with Jo Austin, one of our 30 year firm veterans!

Joanne (Jo) Austin first joined the firm in 1987, straight out of school and looking for work. Initially just a small business with six people operating out of an East Perth house, Jo has been with the firm for 30 years and has seen it grow from six people to close to 100; from East Perth, to Osborne Park, and finally into the Perth CBD. We caught up with Jo on her 30th anniversary to ask her a few questions about her time with the firm.

Moore Stephens are successful at the Accountants Daily’s Australian Accounting Awards 2017!

Moore Stephens is proud to announce that James Fitzgerald, Senior Accountant, won the Young Accountant of the Year award at the 2017 Australian Accounting Awards, partnered by Thomson Reuters.

ASIC clamps down on ‘non-lodging’ proprietary companies to confirm their status

The Australian Securities and Investments Commission (ASIC) are targeting proprietary companies that have not lodged financial statements for FY 2016. Over the past fortnight, there has been an increase in activity by ASIC in targeting large proprietary companies and foreign controlled small proprietaries that are not lodging financial statements. ASIC is requesting said companies confirm their ‘non-lodgement’ status or lodge the ‘outstanding’ financial statements.  

Ringing in the New (FBT) Year

April marked a new Fringe Benefits Tax (FBT) year – and with the new year comes new rules and rates that apply to your business if you take advantage of fringe benefits for your employees.

Identifying the Different Types of Fraud

Though harmless (and even unintentional) it may seem, fraud is one of the most common crimes that affect not only businesses, but the individuals as well.  

Autumn Home Shopping

Finding the perfect property isn’t always easy, and as the colder months approach, the number of homes available for purchase starts to subside. The reduction in house stock can swing the pendulum to favour the seller as buyers fight for the smaller number of properties.

A better workplace

The Budget sees the Government place emphasis on generating ongoing employment opportunities for all Australians.

Client Story – Jeremy Nichols, Composure Group

When asked to describe his life using a film title, Jeremy Nichols, Founder and Managing Director of the Composure Group, answered “Life is Beautiful” and it’s not hard to see why. Jeremy has qualifications in Health Management and a MBA, he played for Melbourne FC during University and has been on the Board of the Club for 4 years. He founded Composure in 2013 after 20 years in the consulting industry. The group has a deep knowledge of human behaviour in an organisational context. They bring passion, energy and intelligence to helping organisations to play at their best, with a vision  based on Strategy, Culture and Leadership. When dealing with clients Jeremy sees culture as the elephant in the room “We all know it’s there but we’re not willing to confront it, we are not willing to talk about it, we are not willing to actually deal with because it’s often confronting”. He recently spoke with some of our younger staff members at Moore Stephens Vic.  

Claiming depreciation on investment property

Rental property investors have access to a range of tax strategies. One such strategy, which is often underutilised, is claiming depreciation as a tax deduction. Property expenses, such as depreciation and capital works expenditure, can be deducted over a number years, adding to a significant return for property investors come tax time.  

Moore Stephens are finalists for Accountants Daily’s Australian Accounting Awards 2017!

Moore Stephens is proud to announce that we have been shortlisted for the prestigious Australian Accounting Awards, partnered by Thomson Reuters.  

Extracting extra value from your existing assets

Some of the simplest strategies to improve property value and tenant retention are found by unlocking the idling capacity in your existing assets, says Moore Stephen’s director Ross Sicuro.

Moore Stephens Tax Alert - Redundancies and ETPs

Redundancies are, unfortunately, a part of doing business. Over the last year or so, there has been a lot of movement within the Western Australian job market with employments being terminated or being made redundant.  As an employer, it is critical that you understand what your responsibilities are. To help you, we have undertaken various reviews of calculations for Employee Termination Payments (ETP) and genuine redundancies

A ride to raise - Moore Stephens supports Beyond Blue

Beyond Blue, together with Charity Car Events, host an annual awareness event across New South Wales ‘Beyond Bitumen’. For the second year in a row Alan Quinlan, IT Manager at Moore Stephens NSW participated in the event and helped raise just over $10,000 of the more than $200,000 raised by Beyond Bitumen tour.

Crowd Sourced Funding: What you need to know about the new CSEF legislation

“The passing of the crowd-sourced equity funding (CSEF) legislation for Australian Small Business is great news, particularly in the current environment where it can be difficult to raise capital. However, there is likely to be some work required to ensure that companies are ready to access CSEF” Davide Costanzo, Moore Stephens - Director, Tax and Business Advisory

Shock for landlords as land tax skyrockets

Over the past month soaring property values have seen landlords hit by steep increases in landlord taxes. A number of landlords, property owners and lessors have been shocked when confronted with sharp increases in land tax bills this month. The State Revenue Office (SRO) argues that 2016 was a revaluation year, which means your site value will most likely increase in 2017.  

Finding a home loan when you’re self employed

Working for yourself has many perks and rewards, however, when it comes to applying for a home loan, being your own boss often sends up a red flag to banks and other lenders. Why? A salaried employee has a regular, steady income and is less likely to experience the cash flow volatility of a small business owner, contractor, entrepreneur, tradesperson or freelancer. Being proactive and accessing specialist advice, self-employed applicants can also enjoy a successful and hassle-free road to securing a home loan.

Investing in property through an SMSF

It is vital for those with a self-managed super fund (SMSF) to carry out the necessary checks before purchasing a property in their SMSF, especially where borrowing is involved. Our experienced advisors have listed a number of checks to consider before purchasing a property with your SMSF.

6 Steps to safe guard your business from online fraud

While technology presents countless efficiencies in business, it also brings with it a variety of risk. With exponential growth and innovation in this space, regulation and risk management are working tirelessly to keep up.

News Alert: Sunday and public holiday penalty rates will be reduced for hospitality, retail staff, Fair Work Commission rules

The Fair Work Commission has ruled today that Sunday and public holiday penalty rates will be reduced for hospitality, retail and fast food workers.  

Sunday and public holiday penalty rates will be reduced for hospitality, retail staff, Fair Work Commission rules

The Fair Work Commission has ruled today that Sunday and public holiday penalty rates will be reduced for hospitality, retail and fast food workers.  Saturday penalties will not be changed at this time.

Splash out support for cystic fibrosis swim-a-thon

This Saturday (25 February 2017) Moore Stephens’ director Matt Free will get wet—and a bit puffed along the way—for a very good cause.

Be careful using the ATO like a bank overdraft

Individuals and businesses with cash flow difficulties sometimes use the ATO like a bank overdraft. They deliberately don’t pay their taxes on time and whilst they may incur interest in doing so, it allows them to use the monies owing to the ATO for other purposes. Up until now, the ATO have been very slow at chasing outstanding monies owing to it but this may change. Soon they will be able to disclose tax debt information to credit reporting bureaus which may have serious and inescapable consequences.  

The possibilities and pitfalls of joint venture partnerships

International investors looking towards the safe haven of Australian shores are increasingly entering into joint venture partnerships. Moore Stephens’ foreign investment specialist James Tng unpacks the obstacles and opportunities.

Breaking down the looming superannuation reform

The super reforms that will commence on 1 July will have significant consequences for all Australians. Now is the time to take stock of what is changing and understand what you can do to ensure a secure retirement. 

Wake up Australia- become PPSA compliant and register your interests! A message to owners of commercial assets who allow others to have possession of their property

When will owners of plant and equipment and other commercial assets who allow others to hold or use their property realise they need to do a PPSR registration if they want to protect themselves? Despite repeated warnings about the risk of not registering and a number of court decisions that have made the situation clear, it appears that the message that owners need to register their security interests on the PPSR is still not getting through. The recent WA Supreme Court decision of Flown Pty Ltd v Goldrange Pty Ltd 2016 WASC 419 has once again has highlighted the problem. The case involved a commercial lease situation and certain plant and equipment that was “owned” by the lessor that were on the leased premises. The lessor had earlier provided a loan of $460k to the Lessee for the purchase of the plant and equipment that was secured by the plant and equipment and guaranteed by the directors of the lessee.

New Director Announcement South Australia

Mid tier firm Moore Stephens South Australia has announced a new Director appointment, in line with its planned growth trajectory for the year 2017.   Lynette Spry, previously manager of taxation commenced her new role as Director from January 1.  

Swimming with the Sharks - Insights and analysis from season two of Shark Tank

Channel Ten’s Shark Tank was back for a second season, aired between 8 May and 7 July 2016, and featured budding entrepreneurs pitching their business ideas to venture capital investors (the ‘Sharks’). Moore Stephens’ Victorian Corporate Advisory Team took this opportunity to once again swim with the Sharks and gain an insight into the minds of both entrepreneur and investor.

Moore Stephens Victoria - End of year wrap up

I would like to take this opportunity to thank our Directors, team members and clients for making 2016 a tremendous year of development and growth for our firm. I am proud of the efforts of our team, and am appreciative of the industry at large for our continuing success.

Mastering the basics of a solid marketing plan

Marketing is a crucial component of a small business’ success yet many business owners fail to create a marketing plan.

Changing the structure of your business

Some Australian small business owners may now be able to apply the small business restructure roll-over concession upon restructuring their small business.

Around the Moore Stephens Victoria Offices

Over the course of 2016 the Victoria office have had a number the generous contribution by our staff, and friends of Moore Stephens, in raising donations for various charities over the past year. 

Being late with your superannuation guarantee payments will cost you

​Employers be warned.  If you are late in making superannuation payments for your employees the consequences can be far ranging, from missing out on eligible tax deductions to Company Directors potentially being held personally liable for any unpaid Super Guarantee Charges (SGC)

Budget Super Changes passed into Law

After months of uncertainty, the Senate has passed the Federal Government's superannuation reform package. The initial proposal from the May 2016 Federal Budget has seen significant amendments. Much of the change has a commencement date of 1 July 2017 and generally speaking, the superannuation environment will be more restrictive after July 2017. This provides superannuation fund members with a seven-month window to take advantage of the existing provisions and best position their superannuation assets to provide maximum benefits into the future. The opportunity is significant and the time to act is now.

What will Trump mean for Australia?

Trump’s election campaign had many focus areas with some radical ideas and all eyes will now be on which of these come to fruition. So, what will Trump mean for Australia? To a large extent, it will be business as usual. 

Superannuation Reform: Government scraps retrospective $500,000 Super Cap

A contentious package since it’s announcement back on budget night, this week Scott Morrison finally succumbed to the reality that retrospectivity in superannuation is no winning formula.

Profit and Cash Flow: What's the Difference?

We often hear from business owners who report a healthy profit at year end, but scramble to pay their bills on time throughout the year. This scenario is especially common for start-ups and companies that work on long-term projects. These types of businesses tend to have a long cash conversion cycle that causes a significant disconnect between cash in the bank and the profit reported on income statements and tax returns. Here’s why.

Transitional Provisions for SMSFs

The Government will apply transitional arrangements to SMSFs affected by the retrospective aspects of the Federal Budget’s proposal to limit non-concessional contributions. In the 2016-17 Federal Budget, the introduction of a lifetime cap of $500,000 on non-concessional superannuation contributions, including contributions since 2007, was announced. 

Reviewing your Personal Insurance Policy

Reviewing your personal insurance policy may seem like a monotonous task, however, a periodic review can ensure your policies are high quality, competitive and are still right for you.

Avoiding SMSF Disputes

Self-managed super funds (SMSFs) can be vulnerable to disputes, especially when family members are involved.   If left unresolved, disputes surrounding SMSFs can result in a hefty bill. SMSF disputes may be caused by various relationship breakdowns, for example, those funds with parents and siblings as members and trustees, or in cases where there is simply a clear difference of opinion.

ATO Targeting SMSF Tax Avoidance

The Australian Tax Office has its sight set on an emerging tax avoidance tactic being taken up by a number of self-managed superannuation funds.  The ATO has warned individuals (at or approaching retirement age) not to use a strategy known as diverting personal services income (PSI) through their SMSF to minimise or avoid their income tax obligations. 

Drummoyne Devils take on the host nation in Rio

Moore Stephens NSW is a proud sponsor of the Drummoyne Water Polo Club. Congrats to Aidan Roach, Tyler Martin and Mitch Emery three ‘Drummoyne Devils’ currently doing Australia proud in Rio as members of the Australia men’s water polo team - the Aussie Sharks. For all you water polo fans out there, get all the news and results from Water Polo Australia.

Paperless Record Keeping- Best Practice

The ATO reminds us on its website that by law, business operators have to keep records, which “explain all transactions, be in writing, be in English or in a form that can be easily converted, and be kept for five years”. Some records, especially in relation to capital gain tax events, may need to be kept for longer. Clients sometimes tell us about their frustration in relation to this record keeping burden. They tell us about running out of space for the piles of paper. However, the ATO tells us that “be in writing” also means “in electronic format” and that “the principles are the same”.    

MS South Australia & Northern Territory Newsletter - July 2016

How are South Australia and Northern Territory economically this year so far? What are the key outcomes of the 2016/17 Federal Budget? Does Brexit pose an opportunity for the Australian food industry? and are you up to date with the new rules around buying and selling properties over $2 million? We have it all covered in this newsletter, download your copy today!

Moore Stephens to open in Geelong

We are delighted to announce that Moore Stephens is opening an office in Geelong. 

If you are buying or selling property over $2 million – New rules now apply

From July 1 2016, all Australian residents, selling property with a market value over $2 million (GST exclusive) will need to get a clearance certificate from The Australian Taxation Office (ATO). From 1 July 2016, a 10% withholding tax will apply when foreign residents sell certain types of Australian property. If  you are selling Australian property, the new rules assume you are a non-resident unless you have a clearance certificate from the ATO. Without this clearance certificate, the purchaser must withhold 10% of the purchase price and pay this to the ATO.

South Australian State Budget 2016/17: Key take-outs for Business

Late last week The Hon. Tom Koutsantonis released the 2016/17 South Australian state budget. A budget aimed at “transforming South Australia into a modern, high technology and globally competitive economy - which will create more jobs for South Australians”.  As expected it is a fairly benign budget with the government still focused on the successful implementation of last year’s many measures. This year the new business initiatives focus on much needed job creation and, together with the extension to exisitng payroll tax rebates announced a few weeks ago and the stamp duty reductions announced last year, we hope the measures will deliver a much needed confidence boost to SA business. with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpufToday’s announcements, along with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year, will give many the confidence to back their vision and grow. - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpufToday’s announcements, along with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year, will give many the confidence to back their vision and grow. - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpuf

Splitting super with your spouse

Since change is an inevitable part of Australia’s superannuation system, taxpayers should always be aware of and on the lookout for super strategies that they can take advantage of.

Buyer beware: the new risk to clients funding insurance in super

It may be hard to believe but we’re almost on the home straight of what has felt like the longest election campaign in recent history. And while both of the major parties have unveiled a number of policies over the past two months on key issues ranging from higher education, to innovation, penalty rates – and of course, “jobs and growth” – one of the most debated and divisive policies continues to be the government’s proposed changes to superannuation.

Getting rebranding right

Rebranding can be one of the most rewarding decisions a business owner can make, but it is risky business.

Impairment testing and DCFs – What’s the narrative?

The focus of this post is on forecasts and discounted cash flows (DCF) that clients typically use to justify the carrying amount of goodwill in their books as part of testing for impairment.  My view is: before you even get to the mechanics of the DCF, ask what’s the business narrative?  

To have and withhold – obligations for buying foreign resident owned assets

From 1 July 2016, acquisitions of certain taxable Australian property from foreign residents will be subject to a 10 per cent withholding tax (WHT).  The objective of the new rules is to assist the Australian Taxation Office (ATO) in collecting the capital gains tax liabilities of foreign residents who have Australian property holdings or interests.

Federal Budget: Super shake-up

This year’s Federal Budget saw a raft of changes to superannuation with introduced measures intended to improve the sustainability and integrity of Australia’s superannuation system.

Brexit - what does it mean for Australia?

Last week many of us received a shock regarding the referendum result of the UK exiting the EU. Many of the experts did not predict this result, and neither did the Prime Minister of the UK from the looks of it.

End of Year Tax Planning Checklist 2016

End of Year Tax Planning Checklist 2016 This paper summarises various items that may need consideration, prior to 30th June 2016, for effective tax planning.   

Keeping it in the family

While the ATO continues to crackdown on tax minimisation strategies, quite a few legal pathways to paying less tax while preserving wealth for retirement or estate planning purposes still exist. Family trusts have significant tax saving abilities that make them an attractive tool for wealth creation.

Insurance traps in your super

Insurance arrangements in super can create a few surprise outcomes for members who leave big superannuation funds to start their own self-managed super fund yet leave a portion in their old fund.   Members need to be wary of the traps that can cause a loss of cover. As insurance is a complex financial product members need to understand the benefits, risks and the costs entailed when entering into insurance cover in large superannuation funds.

ATO imposes stricter guidelines for SMSF borrowing

Self-managed super funds (SMSF) have until 31 January 2017 to conform to the ATO’s new rules on related party loans.    A guidance paper released by the Tax Office stated that related-party loans e.g. family trusts or private companies to SMSFs now must be at interest rates of 7.75 per cent for shares and 5.75 per cent for property.

Doing Business in Australia- new video

This video offers practical information about doing business in Australia. Moore Stephens WA Director James Tng provides an overview of all relevant tax issues that will arise and covers regulations you need to be aware of to maximise the chances of success in Australia. 

Non-Resident Withholding Tax Regime

From 1 July 2016, disposal of certain Australian property by non-resident Vendors will be subject to a non-final 10% withholding tax. The purpose of this is to assist in the early collection of tax from foreign residents and encourage them to meet their tax obligations in Australia. The tax is required to be withheld by the Purchaser and remitted to the Australian Tax Office (ATO).

Business Valuations - your information matters

What information is important so you get the most out of your business valuation? How do we conduct our business valuations? Find out all you need to know by watching this short video.

Globalisation and the tax system- how taxation affects individuals moving to and out of Australia

The world has shrunk and the business is more fluid than ever. Business has changed and e-commerce has revolutionised the way business is done and where business is conducted from. In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia.

Federal Budget Update – 9 May 2016

As you may be aware, the Federal Election has now officially been scheduled for 2 July. The election will be a double dissolution election, the first since 1987.

Understanding unfair dismissal

The number of unfair dismissal applications lodged last year suggests that employers are still struggling with unfair dismissal laws. Around 14,800 unfair dismissal claims were filed in 2015, keeping the Fair Work Commission (FWC) very busy. And while most cases were settled before a formal hearing, they do create an unproductive distraction for employers.

Revisiting super basics for employers

For many employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business. However, those who fail to meet their super obligations risk facing severe and even damaging liabilities. Employers who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee's wages. If an employee is under the age of 18 or is a private or domestic worker, they must work for more than 30 hours per week to qualify. The minimum an employer must pay is called the super guarantee (SG)

Philanthropy for Family Offices

We have entered a new era of modern capitalism where high net worth philanthropists are using their wealth to generate social, economic and environmental returns.

New CGT rules when selling or buying a business

Recent changes were made to the CGT treatment on the sale and purchase of businesses involving ‘look-through earnout’ rights. On 25 February 2016, a new law was enacted to deal with the tax treatment of earnouts for vendors and purchasers.

Don’t understate your profits! How early exercise behaviour can reduce employee option cost

The Moore Stephens Victoria Corporate Advisory division has responsibility for assisting clients with their financial modelling and this article focuses on the unlisted employee options component and requirements under Australian Accounting Standards.The Moore Stephens Victoria Corporate Advisory division has responsibility for assisting clients with their financial modelling and this article focuses on the unlisted employee options component and requirements under Australian Accounting Standards.

A Reflection on Leadership

What is the meaning of leadership? What makes a good leader? Theories abound and have done so for decades. At Moore Stephens we seek to show leadership by setting a strategy that employees can identify with, and goals they feel motivated and empowered to achieve. Our strategy hinges on simple goals: providing a full service offering... being known for personalised service… connecting people… building better businesses and growing wealth for our clients.

Victorian State Budget Announcement

The Victorian State Government  delivered its 2016-17 Budget on Wednesday with proposed big spending on good hospitals, reliable roads and public transport and securing jobs in growing industries throughout the state.

Business Growth and Values

Business growth: it’s something most (we would hope, every) business owner wants to achieve. Yet it can also strike fear in the heart of those the business relies on – the customer.

FBT and Logbook Requirements

FBT – Log book requirements With the FBT year-end fast approaching, it may be a good time to review your internal procedures to reduce the FBT liability for your business. As a firm, we prepare numerous FBT returns for clients across various sectors and one of our most frequent recommendations is for our clients to keep log books for their motor vehicles. With the change to statutory percentages in 2011, the costs of owning motor vehicles in an entity (companies or trusts) have increased and keeping a log book may be a better option than to use the 20% flat rate where the business usage for the vehicles are high.

Ease of Doing Business in Australia

We are often asked the question “how easy is it to do business in Australia?” The World Bank Group annually ranks all countries for the ease of doing business and Australia currently ranks in the top 15 amongst the 217 countries measured. Considering Australia is a developed country that also has the hallmarks of low sovereign risk, a stable economy and competitive currency value, this bodes very well for those looking to do business in Australia.

UK Investment Property - Time to put the rent up?

HMRC are introducing new rules which will restrict the amount of tax relief available to landlords for finance costs relating to residential properties.These changes do not extend to furnished holiday accommodation.You will only be affected by these changes if you have a loan on your investment property. 

The hero working for you

At Moore Stephens New South Wales, we value our staff’s ability to exemplify our firm’s values: accessibility, reliability, honesty and dedication.

$40,000 saved in Payroll Tax

Moore Stephens New South Wales was able to promptly prepare and lodge a payroll tax rebate registration application that resulted in a significant cash windfall for their client.

ATO lodgement due dates 2016

The lodgement end dates for individuals are detailed in the following table:

Working together - the reinvention of the ATO

Late last year, Moore Stephens Victoria  supported the AustralianTaxation Office (ATO) and then subsequently hosted a Key Agent meeting by our Directors with several senior ATO executives to enhance collaboration with our firm and ultimately to deliver a better client experience.

Financial model reviews reveal interesting insights

My previous article about the Moore Stephens Victoria Corporate Finance team was on work we had been doing during winter on Initial Public Offerings (IPO), reverse takeovers (RTO) and an expert witness report.  Some of that work carried over into Spring with a successful outcome for a number of those clients.  In this article I am writing about some of the interesting work we have been doing with financial forecast modelling – primarily for financiers.  I also find this somewhat encouraging that a number of our clients are out there getting finance for expansion and new businesses. 

Wealth Management – Market Update

2016 has seen markets across the US, Eurozone & Asia suffer losses in excess of 5% and up to 14% while Australian Shares have fallen over 6%. This has seen markets fall to levels seen throughout the second half of 2015. Concerns are centred around the Chinese economy, the US Federal Reserve raising interest rates and the impact of the rising US dollar against the falling Chinese Renminbi. The falling oil price has also effected markets and has again raised concerns over emerging markets.

Building better bank relationships in 2016

Does your banker wake up every morning thinking about you and your business?  Do any of your suppliers and partners?  Is your banker a true advocate of your business?

Bright ideas need money

Innovations don’t just happen. Bright ideas need planning, organisation and money – lots of money.

Accounting for the Healthcare Industry

Adam Dyson, a Partner at Moore Stephens New South Wales, has learnt a thing or two over the years about good health from health industry clients, among them podiatrists, dentists, physiotherapists and chiropractors.

Our thoughts on the Innovation Reforms

Prime Minister Malcolm Turnbull’s pre-Christmas unveiling of the National Innovation and Science Agenda promises to encourage Australia’s ‘give it a go’ culture.

The importance of looking ahead

Moore Stephens New South Wales’ Audit Partner Elizabeth Perez makes no apologies for asking some hard, pointed – sometimes even uncomfortable – questions of clients and this one is a regular.

Budget update brings cuts to the health and aged care sector

On Tuesday the Federal Government announced that the health and aged care sector has been targeted for savings in a budget update that forecasts deficits bigger than expected in May 2015.

Financial Reporting

Upcoming Changes to Contributions and Leasing Standards. The Australian Accounting Standards Board (AASB) is currently considering the responses it has received from constituents regarding its proposals in ED 260: Income of Not-for-Profit Entities.

What’s next for the $20k write off

The small business $20,000 depreciating asset write-off was announced as part of the 2016 Federal Budget and was passed by the Senate in June 2015. Now that many small business owners are turning their minds to their 2015 Income Tax Returns what does this mean for you?