News and Views

How will IFRS 15 Revenue from Contracts with Customers impact the software industry?

The International Accounting Standards Board (IASB) published IFRS 1 Revenue from Contracts with Customers in May 2014 effective for reporting periods commencing on or after 1 January 2018.  Since IFRS 15 replaces all the existing guidance on revenue recognition and applies to all entities and industries, there has been considerable confusion (and debate) as to what the likely impacts are going to be across different industries when adopted. 

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.

Getting our heads around new GST regime

New GST laws targeting property developers come into effect on 1 July. Is your company prepared? Taxation specialist Ross Sicuro, director of Moore Stephens, shares his insights.

Announced in the 2017 federal budget, the new GST laws promise to crack down on ‘phoenix activity’ – where companies strip the assets and cash from a business before liquidating and restarting it under a different name.

The business rises from the ashes, but leaves creditors, including the ATO, high and dry.

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.

Are you ready for the new lease standard?

As new accounting standards come into force over the next two years, property companies need to understand the implications for their businesses, says Moore Stephens’ director Ross Sicuro.

From 1 January 2019, a new Australian Accounting Standards Board standard will start to influence leasing decisions.

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...

Greater certainty on company tax rates for small business entities

Update of the previous article, 'Investment companies miss out on tax relief' written by Tim Elliot after the bill was introduced to the Parliament of Australia on the 19 October 2017. 
 

As part of the Government’s Enterprise Tax Plan, the corporate tax rate for small business entities (aggregated turnover of less than $10m) has been;

  • cut to 27.5% for the 2017 income year, 

with the turnover threshold for small business entities;

  • increasing to $25m for the 2018 income year, and
  • again increasing to $50m for the 2019 to 2024 income year.  

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.

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.

Company tax changes, a missed tax reform opportunity?

Have we missed the opportunity for meaningful tax reform?

The recent company tax rate reduction drives a wedge between small companies, with draft legislation and the Explanatory Memorandum not addressing key ambiguities.

In a world that is growing increasingly competitive, Australia requires leadership in tax reform and proper implementation more than ever.

Investment companies miss out on tax relief

** Updated 20 October 2017: Please note this bill was introduced to the Parliament of Australia on the 19 October 2017 and as a consequence elements of this article are no longer correct.  Please refer to our update 'Greater certainty on company tax rates for small business entities' by clicking here.

As part of the Government’s Enterprise Tax Plan, the corporate tax rate for small business entities (aggregated turnover of less than $10m) has been cut cut to 27.5% from FY17, with the turnover threshold for small business entities increasing to $25m in FY18 and increasing to $50m in FY19.

However, there has been significant uncertainty in relation to whether companies receiving primarily passive income (including corporate beneficiaries) constitute small business entities and therefore qualify for the lower corporate tax rate. Recent commentary amongst practitioners has certainly supported the possibility.

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