Moore Stephens Resource Centre

At Moore Stephens Australia we pride ourselves on being experts and leaders in our field and we offer a wide range of quality resources for our clients and interested parties.

Please select from our list of expert commentary, submissions, newsletters, surveys, videos and webinars for more information on the current market and in-depth information and analysis around audit and assurance, taxation and more.

Please see our resources below, or select a specific publication from the list to the right.

Format: 2014-04-18
Format: 2014-04-18

Resources

Economic and Market Outlook - April 2014

Our latest Economic and Market Outlook sets out our views on the state of the global economy and the prospects for financial markets.

Treasury to protect taxpayers on discontinued measures

Over the last decade, the government has become accustomed to announcing significant tax changes well in advance of legislative enactment. In many instances these tax changes are “effective” from the date of the announcement. This means that if/when the law is introduced the changes operate on a retrospective basis. 
 

IRS extends date to register for US ‘FATCA’ reporting purposes

On 2 April 2014, the US Internal Revenue Service (“IRS”) released Announcement 2014-17, extending the registration date for taxpayers, to be included on the initial IRS list of compliant Foreign Financial Institutions (“FFIs”).

The registration date was extended from 25 April to 5 May 2014.

 

Australian Taxation Office embarking on Project DO IT

As previously foreshadowed, the ATO announced this project on 27 March 2014 as an initiative to allow taxpayers to come forward and voluntarily disclose unreported foreign income and assets and face reduced scrutiny and penalties.

Investment insights - the behaviour gap

Hello and welcome to this month’s edition of Investment insights.

This time of year is when Morningstar releases the annual review of managed funds performance and compares it to the market. However, in this month’s feature article, we take a slightly different look at these numbers and compare the returns that were reported by the funds with those that the investor actually receives. Whilst that sentence may sound strange with hidden fees or the like inferred, the answer is actually quite simple - the problem is the investor!

Autumn Wealth Management update

Welcome to our autumn Wealth Management update.  This edition covers the following topics:

  • Trauma Insurance - do you need it?
  • Superannuation pensions & Centrelink - proposed changes

The key questions dealerships need to ask themselves to protect their business from fraud

In the article Fraud: The Enemy Within, published in the AADA magazine Automotive Dealer, John Gavljak talks about the importance of managing internal control risks, and outlines the key questions dealerships need to ask themselves to help protect their business from fraud.

SME Property Masterclass - Useful GST and Income Tax updates

Sydney partners Scott McGill and Martin Booth recently took part in the Tax Institute - SME Property Masterclass seminar, presenting papers on Income Tax and GST respectively. 
 
You may find the attached papers on GST and Income Tax useful and thought provoking.
 

 

FATCA - The Omnibus Edition

Non-US financial institutions including banks, investment funds and trusts that have US sourced income and investments need to prepare to ensure they are ready when new withholding taxes (at 30% of US source income or gross proceeds) are phased in on 1 July 2014.  This document outlines the requirements of the Foreign Account Tax Compliance Act (FATCA) and the timetable that must be maintained in order to ensure there is no withholding from income / proceeds after 30 June 2014.

Featured

Moore Stephens Announced as a Finalist in the BRW Client Choice Awards

 

Outstanding client feedback has won Moore Stephens a place as a finalist in the BRW Client Choice Awards.

This year’s finalists were selected by more than 42,000 respondents from a pool of 87 professional consulting firms, 38 of which fell into the government and community category.

As one of four finalists in the category, ‘Best provider to the government and community sector,’ Moore Stephens Not for Profit sector has been ranked ahead of any of the big four professional consulting firms.

Marco Carlei says, “This industry-driven accolade is tangible proof that Moore Stephens is achieving its vision to be a leading mid-tier financial advisory services firm and first choice in our target markets.

“We have been a finalist twice in the past three years, which clearly shows we’re on the rise when it comes to the important job of fulfilling client expectation, but still a way to go to reach consistent results.”

The BRW Client Choice Awards are compiled in conjunction with leading professional services consulting group Beaton Research + Consulting.

Now in its 11th year, Australia’s most prestigious professional service awards are a shining symbol of client service excellence.

Mel Anderson, director of Benchmarks at Beaton Research + Consulting, says, “The Client Choice Awards are unique in that, unlike most other awards programs, they are not based on carefully constructed submissions from firms designed to highlight their best – and hide the worst aspects of their performance.

“Rather the Client Choice Awards are judged on the basis of feedback provided directly and independently by clients who have used the firms in the last 12 months. This method of judging gives the Client Choice Awards their great credibility; more than any others for professional services firms. What better way to judge client service excellence than to directly ask those who have experienced it?”

The winners of this year’s Client Choice Awards will be announced at a cocktail function in Sydney on Wednesday 19 February. Coverage of the winners will be run by BRW and the Australian Financial Review online and in print in the Financial Review and other Fairfax media.

 

Moore Stephens Audit Transparency Report for the year ended 30 June 2013

Moore Stephens’ inaugural audit transparency report for the financial year ending 30 June 2013 is now available to view. This report has been prepared in accordance with the requirements set out under section 332B of the Corporations Act 2001. The legislation was enacted in 2012 and was designed to provide greater transparency into the operations of audit firms, thereby giving audit clients the ability to make more informed decisions when selecting an audit provider.

A Golden Vision?

In case you missed the news this month, the price of gold has had its biggest fall in 30 years which has raised some interesting questions about its status as a safe haven.

Treasury Submission: Exposure Draft - Tax Laws Amendment (Cross-Border Transfer Pricing) Bill 2013

Please see (attached) our comments and recommendations submitted to Treasury in response to the recent announcement of Treasury’s second phase of the transfer pricing reform process as announced by The Hon David Bradbury, MP, on November 22 2012 - (Exposure Draft – Tax Laws Amendment (Cross –Border Transfer Pricing) Bill 2013: Modernisation of transfer pricing rules)

Transfer pricing reform in Australia

Taxpayers must now deal with layer upon layer of complex legislation (and OECD guidance) if they are to comply with the Australian Taxation Office recommended transfer pricing documentation requirements; they must do this if they are to take appropriate defensive action to reduce or avoid horrendous non-deductable penalties that may otherwise potentially apply.

Please open the attached PDF to read the full article.

Moore Stephens submission to the NFP Sector Tax Concession Working Group

Moore Stephens have written a submission responding to the discussion paper from the NFP Sector Tax Concession Working Group. The submission was lodged with Treasury late last week.

ACNC opens its doors and is ready for business

On Monday 10 December 2012, the newly established Australian Charities and Not-for-profits Commission (ACNC) was officially launched by the Assistant Treasurer, the Hon. David Bradbury MP. This followed the legislation receiving Royal Assent on 3 December 2012 and the announcement on 7 December 2012 of the formal appointment of Ms Susan Pascoe AM as the Inaugural Commissioner of the ACNC. Since opening it has already registered its first new charity.

Moore Tax News - Changes to Part IVA

On 16 November 2012, the Assistant Treasurer released draft legislation and explanatory material amending the general anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1936. The proposed changes are a response to a number of recent judicial decisions that the Government believes have undermined the effective operation of Part IVA.

Part IVA applies where a taxpayer has obtained a ‘tax benefit’, directly or indirectly, from a ‘scheme’ in which a person participated for the sole or dominant purpose of securing a ‘tax benefit’ for the taxpayer. The primary changes proposed by the draft bill will recast the definition of a ‘tax benefit’.

Everything's on Sale!

This month we take a look at retail and the recent Black Friday and Cyber Monday sales in the U.S. following their Thanksgiving Holiday.

Transfer Pricing – Unfinished Business...

On 22 November, 2012 the Federal Government released a further Exposure Draft of proposed amendments to Australia’s transfer pricing rules.

This Exposure Draft forms Phase II of the proposed changes to Australia’s transfer pricing rules.

The Exposure Draft is titled: Tax Laws Amendment (Cross-Border Transfer Pricing) Bill 2013: Modernisation of transfer pricing rules.