Year End Tax Planning for Businesses 2023-24
Our annual Tax Planning For Businesses guide is available now. A handy reference when reviewing your tax affairs to ensure you address any items that need to be completed and considered in your planning.
Will your convertible notes become a current liability?
The use of convertible notes in debt fundraising activities may be impacted by changes in the financial reporting definition of current versus non-current liabilities.
Enhancing accounting policy disclosures
The requirements around accounting policy disclosures have had minor amendments, shifting the terminology from significant accounting policies to material accounting policies. Read more about the change.
Payroll updates for employers from 1 July 2023
There are a couple of changes that will impact payroll procedures from 1 July 2023. As an employer, it is important that you are aware of and prepared for the changes to avoid penalties. Are you ready?
Year End Tax Planning for Businesses 2022-23
With the end of the financial year for 2022-23 fast approaching, there are many tax planning strategies business owners should consider and have in place before 30 June 2023.
Now is the time to review your tax affairs (if you haven't already) to ensure you have taken advantage of relief available to you, addressed items that need to be completed and considered your planning opportunities.
Our team have prepared a handy year end tax planning guide for businesses, now available for you to download.
Accounting for Cloud Computing and SaaS Arrangements
The accounting for Cloud Computing arrangements by users can present challenges, to both determine the appropriate classification of the arrangement and accounting for the associated costs.
Accounting for Portable Long Service Leave
Portable long service leave has become more prominent as staff shift to short term contracts. The accounting for these arrangements can be complex and will depend on the specifics of the scheme.
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.
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.
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.
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.
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.
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.
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)
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.
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?
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?