News & Views

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.
 

Superannuation as a retirement vehicle no longer has the allure of that new-car smell. These days it’s clocked its share of kilometres, the paint job has a few scratches, and in July 2017 when the tax-free contributions were capped at $1.6 million, it was the equivalent of a rear-end prang.

It’s something we all believe won’t ever happen to us. We tell ourselves tax audits happens only to the risk takers. We mistakenly find solace in the seeming randomness of those who do happen to capture the attention of the Australian Tax Office’s auditors, but the reality is that it’s rarely that haphazard. 
 

New Accounting Requirements for Local Government

Several new accounting standards AASB 15, AASB 16 and AASB 1058 apply to Local Government from the 1st July 2019 to create new rules for the way local government recognises income and leases.

These changes will impact on the way contract services, grants, contributions, rates in advance and leases are accounted for and in some circumstances, require local governments to recognise the beneficial value of volunteer services.

The changes bring with them potential for an impact on the 2019-20 Budget, Annual Financial Reports (both 2018-19 and 2019-20) and Monthly Management Reporting.  

To cater for these new requirements, local governments will need effective systems for assessing, recording, and tracking contracts, grants and contributions over their lifecycle.  They may also need to develop systems to record the extent and value of beneficial volunteer services and change the accounting for prepaid property rates.

On 11 February 2019, the Senate Economics Legislation Committee recommended deferring proposed reforms to the R&D Tax Incentive until further analysis and refinement can be undertaken.

The Queensland Building and Construction Commission (QBCC) is returning to the pre-2014 rules where licensees will be required to provide financial information to the QBCC each year. 
 

As Mining Indaba kicks off its 25^th 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.

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

Moving overseas? Be careful of potential tax liabilities on selling your Australian home

Keeping your company records up-to-date is an important yet often overlooked task. Specialist skills are required to provide best-practice solutions and avoid expensive ASIC late penalties. Outsourcing this service is an efficient way to ensure that your company’s ASIC administration is handled efficiently and correctly.

If you took the temperature of the allied healthcare sector this year, it would indicate that it’s ‘heating up’. Physiotherapists, podiatrists and chiropractors operating solo / group clinics with an annual turnover between one and twenty million dollars are all increasingly attracting the attention of private equity firms and listed entities.

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.
 

As part of our ongoing commitment to enhancing our systems and procedures, Moore Stephens will be changing the way we communicate with you about your invoices.
 

What’s on your New Year’s resolution list? Do you want to achieve a better work/life balance? Perhaps strike-off an exotic travel destination on your bucket list? Maybe you intend to finally launch that genius business idea you’ve pondered for months? Or, how about getting your lease arrangements into shape to comply with the new financial reporting requirements under AASB 16?

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.

From the 1^st October 2018, a regular casual employee covered by the 2010 Horticulture, Pastoral and Poultry Processing Awards, can now request to be made permanent part-time or full-time employees.
 

When starting and running a business, be it a family or enterprise, few ever think of the moment they will leave. This is especially true for key players who have invested money and time into the business, often for several decades.
 

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...
 

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. 

Moore Stephens has been announced as the fastest growing mid-tier firm in Australia and fourth fastest growing of any entry in The Australian Financial Review Top 100 Accounting Firms.