ESV – Business advisors and accountants sydney — What we think - ESV

Debt deduction creation rules – the case of lost interest deductions

As part of the changes to the thin capitalisation rules, provisions were enacted with a view to limiting interest deductions were the financing and acquisition of an asset are between related parties or fund a particular payment.

ATO next steps for high net worth reviews

The ATO have a series of programs through which they are targeting taxpayers with a view to raising tax collections. The Next 5,000 program which began in 2019 is focused on making sure Australia's largest privately owned and wealthy groups are paying the right amount of tax.

Valuations and SMSF’s – What’s all the fuss about?

Trustees of SMSF’s could be forgiven in thinking that the rules concerning valuation of assets held by the fund was only required every 3 years when it comes to properties and unlisted investments. This has certainly become the norm from an industry perspective; however, this is not what the regulations proscribe and the ATO are now seeking adherence to the regulations.

Taxing of unrealised gains inches closer

The proposed legislation referred to as “Division 296 tax” is set to apply to superannuation member balances above set values and in doing so apply a tax based on the value of the member balance rather than actual realised income or gains.

Ten Critical Cybersecurity Tips

Every day we see a new headline hitting the news cycle about a new cybersecurity threat or hack. Here are some great insights on cybersecurity.

ESG: a new horizon

In a rapidly changing world where environmental, social and governance issues are taking centre stage. The Australian Securities and Investments Commission (ASIC) has sounded the alarm: Prepare now for mandatory climate reporting.

Empowering Success: ESV's Culture Principles in Action

“Our People” is a two-sided coin encapsulating not just our amazing team members, but also our valued clients. Our culture is a shared experience and is defined by our Culture Principles. So how do our Culture Principles shape and elevate our clients’ experience?

Federal Budget 2024 - our expert analysis

Treasurer Jim Chalmers has handed down his third Budget with a second surplus, again driven by higher commodity prices, low unemployment, and wage growth.

The difference between employees and contractors

How to understand the difference between employees and contractors, it's important for complying with tax, superannuation, and other government obligations.

International Women's Day

While important progress has been made, women face significant obstacles to achieving equal participation in the economy. Without equal access to education, employment pathways, financial services and literacy, how can we ever hope to reach gender equality?

The Secondee Experience

We caught up with our latest Secondee to find out how she found her Aussie adventure. This odyssey sprang to life with a simple “why not” mentality, a testament to the spontaneity that often leads to the most remarkable experiences.

Navigating Compliance and Risks in Intangible Migration Arrangements

The ATO has released their Practical Compliance Guidelines (PCG) 2024/1, outlining their compliance approach and risk assessment in relation to Intangible Migration Arrangements.

Key Changes for Australian Distributors in Software & IP Transactions

The ATO have released a revised draft tax ruling, offering a more detailed explanation of its interpretation of payments linked to software and other intangible property rights.

Navigating Changes in Deductibility and Interest Rates

Businesses and individuals who fail to meet their tax payment deadlines will no longer be eligible to claim a tax deduction for interest paid to the Tax Office if Treasurer Jim Chalmers gets his way.

Australia Proposes Mandatory Climate Disclosure

The Australian Treasury has unveiled draft legislation which is designed to implement a standardised mandatory disclosure of climate-related information by companies.

Super Caps are up!

From 1 July 2024, both concessional and non-concessional superannuation contributions caps will increase after the Australian Bureau of Statistics reported an increase in Average Weekly Ordinary Time Earnings (AWOTE) in the year to November 2023.

When is a tax cut not a tax cut? When it’s an election promise!

In the dynamic world of politics and policy, change is inevitable. However, when it comes to election promises and tax cuts, the recent shifts have left many Australians questioning the impact on their wallets.

Another Super(annuation) Tax!

The Federal Government has released the draft legislation for the latest tax on Superannuation funds, with the proposed new 15% tax on superannuation fund members with balances more than $3 million in super.

SGE’s – A Global minimum tax (“GMT”) and a domestic minimum tax (“DMT”)

As part of the 23/24 Federal Budget the Government announced it will implement key aspects of the “Pillar Two” solution with a view to addressing the tax challenges arising from digitalisation of the economy.

ESV Gives Back

At ESV we believe that businesses should be champions of positive change in their communities, this is a notion we are not just proud of but live and breathe every day. To amplify our impact in the most meaningful way, we roll up our sleeves and rally behind organisations and causes our team is passionate about, championing them all year round.

Hitting the news for all the wrong reasons

Woolworths, Coles, BHP, Best & Less and the RBA are just some of the big names that have hit the front page (for the wrong reasons) when they admitted they underpaid staff.

Minimum withdrawals double

Since 1 July 2023, the temporarily reduced superannuation minimum drawdown requirements for account-based pensions have doubled to pre-pandemic withdrawal rates.

Is the Division 7A game changing again?

The tax landscape is always changing and in the case of Division 7A (think private companies, shareholders and trusts) there have been significant historical changes either as a patchwork quilt of legislation or “simple” interpretational changes impacting taxpayers.

Businesses in Victoria will help fix the Victorian Government’s Covid debt hangover

The Victorian government unveiled a 10-year fiscal repair plan to tackle the debt that arose due to Dan Andrews war on Covid-19.

Will New Zealand citizens be subject to more Australian tax?

From 1 July 2023, New Zealand citizens living in Australia will have a direct pathway to Australian citizenship.

EOFY Checklist

With June 30 being just around the corner, we have put together our annual checklist of items to complete and tax planning opportunities to consider as the 2024 financial year begins.

Who and what is the ATO targeting at tax time?

Each year the ATO announces their focus areas … queue the drum roll please …. for the year ending 30 June 2023 it is:

2023 Federal Budget

In Labor’s first May budget in nine years Treasurer Jim Chalmers has handed down a surplus, the first in fifteen years which has been driven by higher commodity prices, low unemployment and wage growth.

Superannuation consultation paper released

On 31 March Treasury released the consultation paper outlining the approach intended to be adopted when implementing the new tax for individuals with a Total Superannuation Balance (“TSB”) in excess of $3 million.

Thin Capitalisation Changes

The previously announced changes to the rules governing interest deductions (the thin capitalisation rules) have been released this week in the form of an Exposure Draft.

Is superannuation still super?

Jim Chalmers search for more revenue has begun in earnest with superannuation being the first cab off the rank. Whilst politically pitched as being aimed only at 0.5% of the population, with a fixed Total Superannuation Balance (“TSB”) that percentage will only grow, however, is this a broken election promise?

Reminder – Phase 2 Changes to Single Touch Payroll Reporting

The ATO deadline to be Phase 2 compliant was1st January 2022, under this phase the Australian Government requires all employers to report additional information through STP on or before each payday.

Revenue NSW Back Flip

Revenue NSW OSR has quietly done a back flip on the much-vaunted surcharge provisions which apply when a foreign person acquires a property in NSW (surcharge purchase duty) and, or holds a property (surcharge land tax).

Working From Home? Here’s what you can claim and how!

The ATO have recently released further guidance in relation to what an employee can claim when working from home, with the revised guidance increasing the compliance requirements on taxpayers.

Combating identity theft

According to the latest Annual Cyber Threat Report for 2021-2022, by the Australian Cyber Security Centre there was a cybercrime reported every seven minutes. To help combat identity theft, the ATO and the Tax Practitioners Board have developed new client verification guidelines which registered tax practitioners and BAS agents need to follow.

Fringe Benefits Tax in 2023

Most businesses will need to be registered for FBT with entertainment of employees being a common benefit provided, however, this is not the limit. If you have employees or directors and provide them with any of the following you may be liable for FBT.

Having an eye on the future

It’s no secret budgets are an essential tool for business (success). They are an important indicator of your business’s health, however over the last three years setting annual budgets has presented some challenges due to several economic factors including a global pandemic, increased inflation, and challenges with global supply chains.

Reimbursement Arrangements - The ATO’s parting gift for the year

In the season of getting matters dealt with before the end of the year, the ATO have released its finalised guidance on trust reimbursement agreements with the release of Taxation Ruling TR 2022/4 and the companion product Practical Compliance Guideline PCG 2022/2.

Superannuation – is another change on the way?

Superannuation and the rules attaching to contributions and withdrawals has long been an area of legislative change. Recently Assistant Treasurer, Stephen Jones at a AFT Wealth and Super Summit, has raised the prospect of more changes.

Accountants are also talking climate change

In response to the growing global demand for more consistent and comparable disclosures of sustainability-related financial information, the International Sustainability Standards Board (ISSB) was established to develop a comprehensive global baseline of sustainability disclosures for capital markets.

Catching up with our Secondee Ray Gordon

This month we sat down with Ray Gordon, our latest Secondee from Scotland to find out how he’s found the experience.

The changing approach of the ATO

The ATO’s profile and approach to dealing with taxpayers is ever-changing, how the ATO interacts and the methods it uses are also ever changing as noted in its Annual Report. Some of the key observations available from the ATO’s annual report which will affect large taxpayers including large corporates and multinationals include the following three areas.

How we can help with outsourcing to help your business grow

Business owners are considering outsourcing as a solution to fulfill their gaps – to help ensure their business continues to grow sustainably. Once upon a time outsourcing was not the norm and many businesses shun the idea. Now many of the solutions are both practical (and fast) to deploy and focus on delivering great human experiences. ESV offers several outsourced solutions across business advisory, tax, compliance and finance functions.

Spotlight Series: Why ESV was awarded a ‘Best Place to Work’

In our last newsletter, we announced that ESV was named a 2022 Best Place to Work. We’ve had many clients congratulate us and ask ‘why and how’. Over the next few months, we’ll include a story in our newsletter which provides an insight into why. In this spotlight piece, we focus on the bespoke learning and development program we have created for our people

Medico Payroll Tax Ruling

Revenue NSW has shone a spotlight on payroll tax implications for medico’s and other similarly structures professional practices due to a NSW Civil and Administrative Tribunal (NCAT) decision which has been confirmed on appeal. The result of this appeal is set to be reflected in the audit practice of the relevant office’s of state revenue.

October 2022 Budget Whitepaper

Treasurer Jim Chalmers handed down his first (and Labors first in 9 years) budget utilising “family friendly” and “responsible” tag lines, however, the budget is ineffectual in relation to some of the more fundamental problems faced by the Federal budget and households.

What I hope will be in next week’s budget

The countdown is on – Treasurer Jim Chalmers will deliver the 2022-23 October Budget at 7:30pm next Tuesday 25 October. Here is what I hope will be in the budget...

Multinationals under the spotlight

Treasury recently released a multinational tax integrity and enhanced tax transparency consultation paper to follow through on Labor’s pre-election manifesto to target Multinational’s.

Changes to reporting requirements for AFSL holders

Recent advice released by ASIC clarifies the financial reporting requirements for AFSL holders for 30 June 2022. For some AFSL holders, this will mean additional disclosures, and a move to full Tier 1 general purpose reporting, which they may not have been expecting.

ESV named a 2022 Best Place to Work

The 2022 Best Place to Work in Australia list was revealed on August 3 and we’re excited to announce ESV ranked at number eleven (in the top twenty, for organisations under 100 employees). This is a first for us and we are so very proud of this result. It’s a reflection of the culture we have built and the people who call ESV their work home!

Your EOFY Checklist

It feels like I only just finished writing this article for last year, and somehow we are here again, at the start of a brand new financial year.

Whistleblowing Policies

The idea of whistle blowing can sometimes be daunting to both senior executives and the workforce alike. Our human instinct is to fear whistleblowing because whistleblower reports usually mean trouble.

NSW Stamp Duty and Land Tax changes

A number of amendments have been made to the NSW Duties Act and Land Tax Act which will have significant ripple effects.

The rise of home-grown talent

We're thrilled to announce three new strategic promotions who will join our highly skilled Senior Leadership Team; James Raiti as Client Director, Shae Rasmussen as Client Director and Hemant Nisar as Technical Director.

TRIBE Day @ ESV

Something special happened on Tuesday March 15 for ESV. It was our Tribe Day. For the last two years, our firm-wide events have been delivered via a screen. As we all know, it's not the same. On March 15 the team came together (in person) as One Tribe.

The Not So Black & White Nature of Cryptocurrency

As popularity in Cryptocurrency grows, tax implications start to come out of the shadows and can create real life problems for those investing. With the ATO monitoring cryptocurrency investing closely, ATO warnings have gone out to those holding crypto so they become aware of possible tax complications.

2022 Federal Budget Whitepaper

Treasurer Josh Frydenberg has handed down his latest (and potentially last) budget continuing the Coalition’s theme from recent budgets of building resilience in the economy to fund economic and wage growth.

Changes to charity reporting thresholds effective 1 July 2022

Changes to charity reporting thresholds approved by the Council on Federal Financial Relations are effective soon.

$1 billion support package unveiled for NSW businesses

With so many businesses hurting as they start 2022, the NSW Government have announced new programs, grants and rebates to support business recovery in NSW with a $1 billion support package for small to medium businesses.

Covid-19 Small Business Fees and Charges Rebate

The NSW government has been releasing multiple programs to support businesses during the Covid-19 pandemic. In recent weeks the Small business fees and charges rebate was released.

Windfall Gains Tax - One Step Closer to Implementation

The proposed legislation enacting the Windfall Gains Tax (WGT) has been introduced into the Victorian State Parliament. If enacted the WGT from 1st July 2023 impact landowners in Victoria whose land is rezoned.

Are you STP Phase 2 ready?

Employers should be gearing up as Phase 2 of the Single Touch Payroll (STP) roadmap commences. With the complex changes to payroll reporting commencing 1st January 2022, employers should not underestimate the amount of work required for Phase 2 readiness.

Alert for All Directors – Director Id Deadline is Approaching

As part of the 2020 Budget Digital Business Plan, the Federal Government has announced the implementation of the Modernising Business Registers (MBR) programme by the Australian Taxation Office (ATO).

Payroll tax for medical practices

A recent decision handed down by the NSW Civil and Administrative Tribunal (“NCAT”) in the Thomas and Naaz P/L v CCSR case (“Naaz’s case”) has increased concerns that service entities for medical practitioners may have a payroll tax liability.

Scomo scaling back support but Gladys will continue to help NSW (well at this stage anyway)

Earlier today the Federal Government’s Treasurer Josh Frydenberg announced that the Commonwealth will move to wind back support for businesses once 70 per cent of a state’s over-16 population is fully vaccinated and at 80 per cent the support would cease. In NSW this would mean support would stop before the end of October.

Let’s Talk Cryptocurrency – Five Top Tips to Note

The concept of Cryptocurrency is intimidating to most. While the world is full of “self-proclaimed” Crypto experts, it is still difficult to gain a tight grasp on what it actually means in laymen’s terms.

RUOK? Day @ESV

We kicked off our RUOK Day initiatives for 2021 with a firm wide event on how to ask, “RUOk?”. We wanted to inspire and empower our team to meaningfully connect with people around them and start a conversation with those who may be struggling in life.

Further guidance on JobSaver

The evolving nature of the NSW JobSaver program continues with further guidance and clarification being received in respect of the retesting requirements for continued eligibility for NSW JobSaver payments as well as further clarifications on pre-existing issues.

JobSaver changes again – Gladys cuts the purse strings

The NSW government has updated the rules concerning JobSaver eligibility on an ongoing basis with a view to winding back eligibility. The timing of this change could appear to be seen as fortuitous given the dropping of the 11am press conference as announced today.

JobSaver - Update on General Access Concessions

Slowly we are receiving more clarity from ServiceNSW, however, it is not a clean and clear process with conflicting information and guidance being received.

Some positive news, well for now

The ServiceNSW website has just been updated to include the (initial?) rules regarding the extension of JobSaver to businesses with a turnover between $250 million and $1 billion in the tourism, hospitality and recreation industries.

Rent relief mandate extended in NSW with new rules

In light of the Delta outbreak in NSW, the NSW Government announced the reintroduction of national cabinet’s Mandatory Code of Conduct for Commercial Leasing on August 13, 2021.

NSW Covid-19 Support Packages Recap

Given all the changes in definitions and dates we thought it would be beneficial to provide a recap on where we have landed (for the moment anyway) in respect of the eligibility for the NSW Covid-19 support packages. Given the recent announcements in NSW of a state-wide lockdown, and ServiceNSW’s propensity for changing the criteria, it is anticipated that there will be further “refinements” to come.

NSW Government drop the ball!!

The NSW Government have provided an update on the rules for Covid-19 support packages and grants; however, they are still heavily lacking clarity around certain key eligibility and evidentiary issues and are in fact changing some of the guidance previously provided.

NSW Covid-19 Business Support Update

Whilst the programs have been announced for quite a while, there is still a large gap in information to enable many business owners to determine whether they are eligible. This combined with the (best) intentions of ServiceNSW to assist via telephone support has resulted in ServiceNSW being flooded with enquiries resulting in significant delays in responding.

Are you eligible for JobSaver?

The NSW Government have finally released the eligibility criteria to enable businesses to determine whether they are able to access the Jobsaver scheme.

Latest News NSW Covid 19 Business Support

Since Gladys and Scomo held their press conference on 13 July 2021 outlining support for individuals and businesses in NSW affected by the lockdown, further announcements have been made and more detail released.

New car parking FBT changes announced

The latest Taxation Ruling (“TR”) 2021/2 released by the ATO on 16 June 2021 sets out the Commissioner’s view on when the provision of car parking is a ‘car parking benefit’ for the purposes of the Fringe Benefits Tax Assessment Act 1986.

2021 Covid-19 Business Support Grant

Applications for the one-off 2021 Covid-19 Business Support Grant are now open for NSW businesses and close at 11:59pm on 13 September 2021.

Scomo & Gladys to the rescue (well that’s their plan)

This afternoon, Scott Morrison along with Gladys Berejiklian and Dominic Perrottet announced further measures for individuals and businesses in NSW that have been adversely affected by this current Lockdown.

Business support package announced for NSW

New South Wales Treasurer Dominic Perrottet has announced a business support package to help combat the current Sydney Lockdown.

STP Expansion - Are you ready?

The Australian Tax Office (ATO) implemented a STP system on 1 July 2018 for employers with 20 or more employees, and 1 July 2019 for employers with 19 or fewer employees as a mandatory obligation.

Superannuation Guarantee – what does it mean for me?

The 2021 Federal Budget has maintained the legislated increase to the superannuation guarantee (SG), which will increase by 0.5% to 10% on 1 July 2021 and a rise of 0.5 per cent per year thereafter until it reaches 12 per cent by 2025.

Key To Success for FY21

During this financial year, a year like no other, we learnt that we were more capable of adapting than we once thought.

The Importance of Client Feedback

If you run your own business, you understand the importance of satisfying the needs of your clientele. The overall goal is to meet the expectations of your clients in order to sustain long-term relationships where one benefits the other.

Your EOFY Checklist

It’s that time of year again – the end of the financial year is fast approaching!

ESV Gives Back!

Last month ESV was given an amazing opportunity to do their little bit to give back to two exceptional charities – Our Big Kitchen (OBK) and the Lillian Howell Project Inc (Lillian’s).

Sustainability and non-financial reporting: what you need to know

The start of 2021 has seen some major developments in sustainability and non-financial reporting, driven by increased demand for a consistent global framework.

2021 Budget White Paper

Treasurer Josh Frydenberg has handed down his second Covid Budget continuing the position adopted in his original Budget. The Coalition Government has continued to spend money at the expense of the Budget deficit, on the basis that continued spending is required to ensure that the economic recovery is maintained.

What may feature in the 2021 Federal Budget?

Next Tuesday evening the 2021 Federal Budget will be handed down by Treasurer, Josh Frydenberg. The Government have already been out and about spruiking some new initiatives and reminding us of previous announcements that are now imminent.

Annual CFO Accounting Update

On the 25th of March, over 80 like-minded CFO’s and finance professionals came together for our annual CFO Accounting Update. It was great to be back enjoying a face to face event after so many virtual events.

Are you 'Payroll Tax audit ready'?

With the introduction of the JobKeeper scheme in 2020 and the commencement of Single Touch Payroll in 2018, businesses employing Australians are required to provide the Australian Taxation Office [“ATO”], with endless amounts of information.

Features of an effective CSR strategy

Building an effective CSR strategy allows businesses to have an influential impact on causes they’re most passionate about. It can also reinforce a company’s image, empower employees, and boost morale as a result of activism for important social issues.

Professional Firms Allocation of Profits under review

The ATO has suspended the application of its guidelines in relation to the use of structures and Everett assignments as of 14 December 2017 which apply to professional practices such as lawyers, architects, doctors etc.

The 5 rules of record keeping and why 5 years isn’t always enough!

The common position adopted by many taxpayers is that keeping records for 5 years is all that is needed to ensure they comply with their obligations under the tax law. However, there are a number of times when this isn’t always the case.

New Year; New… CSR policy?

The New Year brings the opportunity of reflection and resolution. It allows the chance for individuals to set both business and personal goals that align with their future aspirations. In the accounting world it’s the mid-point of the financial year, which is also a good time to check in on the progress of any goals set last year. Do any of your goals for 2021 include moving the dial on sustainability or corporate social responsibility initiatives? If not, you may want to change that!.

Company Losses – what, how, where and when?

The recent reintroduction of the loss carry back provisions has increased the options available to companies to recover value from tax losses incurred, however, it has not replaced the original loss recoupment provisions which should not be forgotten.

Medium and Emerging business beware

The ATO has been very vocal about its compliance programs for the big end of town whether that be listed companies or more recently high net worth family groups. This has been extended by the Next 5,000 program and is complemented by the Medium and Emerging private groups tax performance program.

Significant Global Entities

As part of the ATO’s push on bringing compliance activities of the “large end of town” up to date, there has been a change to how the penalty regime applies to Significant Global Entities (“SGE”) in respect of the late or non-lodgement of tax forms.

The minefield that is … unregistered schemes and AFS licence

We are often asked if a trustee of an unregistered scheme that promotes units needs to be licenced, as the units are considered a financial product. The answer is generally ‘yes’, a licence authorising the scheme to deal in financial products will be required however there are some exemptions.

And so it begins – the ATO commence their review of JobKeeper eligibility

The ATO have commenced to knock on the door of businesses who have enrolled in and received payments under the initial JobKeeper program.

The Reality of the Federal Budget

The Federal Budget has been delivered and lots of analysis undertaken by all sides as to whether the money spent was too much (Australia will have $1 trillion of national debt), not enough or not targeted in the right place. But what does it all really mean?

FBT + Covid-19 + cars = changes!

The ATO has recently released guidance regarding the impact of COVID-19 on Car Fringe Benefits which may assist employers in mitigating FBT liabilities. Generally, Car Fringe Benefit will arise where an employer makes a car available for the private use of an employee.

Loss Carry Back - How do they work?

One of the levers utilised by the Federal Government in its Budget was the re-introduction of the loss carry back rules. The general rules provide that losses can only be recouped looking forwards.

Who's next on the ATO hit list?

The ATO are not shy about being forward, especially when it concerns its compliance programs for its “clients”. Put another way, the ATO are often very clear about where they will invest their time, energy and resources. Following the big corporate groups and Top 500 Private Groups they have their sights on someone else.

Federal Budget 2020 - our expert analysis

With last year’s Federal Budget reference to being “Back in Black” a long forgotten memory, Treasurer Josh Frydenberg has laid out how the Federal Government plans to kick start the economy and drive growth in a post (or almost post) COVID era.

JobKeeper 2.0 Update September 24

The Federal Government has finally released what is (hopefully) the last Legislative Instrument relating to the implementation of JobKeeper 2.0, which officially commences next Monday.

JobKeeper 2.0 Update September 17

In conjunction with the Legislative Instrument relating to JobKeeper 2.0 released earlier this week, the Commissioner late yesterday released a further three further instruments

JobKeeper 2.0 Update

The Federal Government has released the Legislative Instrument regarding the extension of JobKeeper for the period following 28 September 2020 (“JobKeeper 2.0”).

Current Leaders reflect on turning 30

With any milestone comes an opportunity to reflect on time gone by. From humble beginnings ESV has grown to a firm servicing a variety of clients from Multinationals to ASX listed companies to family groups and individuals across a multitude of industries.

Thoughts from our Founding Partners

ESV was born in 1990 with Graham Einfeld (the E), Robert Symonds (the S) and Geoff Vince (the V). They were a formidable team with a powerful synergy and shared values.

JobKeeper Employee Changes

The first of the JobKeeper 2.0 legislative instruments has been released in response to the announcements earlier this month by the Treasurer Josh Frydenberg.

Is it JobKeeper version 1.5 or 3.0?

In response to the tighter lockdown restrictions imposed on Victoria this week, the Treasurer Josh Frydenberg announced a number of major changes to the JobKeeper program.

JobKeeper Second Phase

The Federal Government have released details of the widely anticipated changes to the JobKeeper program including an extension to its original finalisation date of 27 September 2020.

Fraudsters exploit calamity – test your fraud health

Fraudsters exploit calamity and a global pandemic is unfortunately a perfect breeding ground. Are you vulnerable to fraud? Do you have adequate controls in place to prevent it?

Your checklist for EOFY

It’s that time of year again – the end of the 2020 financial year has finally arrived. After a tough 6 months that no one anticipated, the close of the financial year feels different this time around.

Super Amnesty - Are you a candidate?

There are BIG penalties if employers do not fulfil their Super Guarantee (SG) payments and Charge Statements.

Outsourced CFO Case Study | We have grown with them

We have experience in offering Outsourced CFO services to a diverse range of industries including start-ups, tech companies, manufacturing, wholesale and property clients. We’d like to share a case study ...

The end of an era?

The much anticipated AASB announcement in March that special purpose financial reporting was coming to an end was a landmark day for accountants.

Prevent and Detect

The ripple effects of COVID-19 will undoubtedly have a significant impact on business practices, and it is critical that you take proactive steps to protect your organisation against fraud.

Tips to keeping staff positive in this global pandemic

The notion of positivity amongst staff is one which is always integral in the workplace, however it is now more important than ever considering the recent impact of COVID-19.

The rent related abatements maze due to COVID-19

The International Accounting and Standards Board (IASB) have issued an Exposure Draft ED/2020/2 COVID-19 relating to Rent Concessions.

Foreign residents, OECD and turning a blind eye

As a result of the COVID-19 pandemic, many businesses and people are unable to undertake their normal business operations or perform their work from the usual locations.

Tax forecasting tips for the new normal – whatever that is

Whilst there has been a significant focus on the Federal Stimulus packages as well as payment and lodgement deferrals, business owners should also be looking ahead and planning for a return to “normal” business.

JobKeeper Stimulus - Final Amendments

Late on Friday evening, the Federal Government released what is expected to be the final Legislative Instrument in relation to the JobKeeper stimulus package.

ESV re-affirms their commitment

ESV are reaffirming their commitment to audit and assurance with two recent key appointments.

JobKeeper Update – April 27, 2020

The ATO released guidance over the weekend advising an extension to the enrolment period for the opening two fortnights of the JobKeeper scheme.

JobKeeper Stimulus Package – Alternative Turnover Test Rules

The Federal Government has released a Legislative Instrument today, outlining the “Alternative Tests” available for particular classes of entities to assess their eligibility for JobKeeper purposes.

JobKeeper Stimulus Package Rules Edition 1

The legislative instrument governing the JobKeeper package has been released providing some clarifications on its operation but still leaving many questions to be answered.

Short cut your home office expense claims

The ATO have announced a temporary simplified short cut methodology to claim home office expenses specifically for the period 1 March 2020 to (at least) 30 June 2020.

JobKeeper Stimulus Update April 9, 2020

The legislation giving effect to the JobKeeper package was passed by both houses enabling the Federal Government to implement its widely announced plans.

NSW Government - $10,000 Grant Announcement

The NSW Government has recently announced a number of stimulus packages relating to payroll tax waivers and deferrals. Acknowledging that small businesses cannot access these benefits.

Federal Stimulus Package JobKeeper Payments

The Federal Government has announced its third stimulus package in response to the effects of COVID-19 on the economy. This package is estimated to be worth $130 billion and is focussed on keeping people retained with their employer.

Covid-19 : State and Territory Response @ March 25

Australian States and Territories have now provided an update to their own stimulus packages which focus on small to medium businesses.

Covid-19 : Federal Stimulus @ March 25

The Federal Government has announced its second stimulus package to “cushion the blow” of the coronavirus on the economy. The combined packages are estimated to be worth $189 billion.

States and Territory’s Fiscal Response to COVID-19 - March 17

State and Territory Governments across Australia have also announced today further incentives in response to COVID-19 (Coronavirus) outbreak.

Federal Government Stimulus Package Announcement – March 17

In response to the potential impact to the economy arising from the COVID-19 (Coronavirus) outbreak, The Federal Government have announced a $17.6 billion stimulus package.

Accessing the ATO Portal – Action required

No doubt you have read that the ATO are undertaking an IT upgrade following all of their recent problems. As part of this process that ATO are phasing out the use of AUSkey, the target end date for AUSkey being March 2020. AUSkey is the way through which your computer is identified by the ATO systems.

Disclosure Changes Impacting Uncertain Income Tax Treatments

The term “uncertain” can have many meanings, however, it is vital that general purpose accountants understand and are aware of changes to the ATO’s definition of ‘uncertain’ as it relates to income tax treatments.

Legislative changes impacting SGE’s

The revenue authorities drive to ensure that Significant Global Entities (“SGE”) meet lodgement requirements has been escalated by the introduction of recent legislation into Parliament to correct an unintended consequence in the law.

Behind the scenes of an office move: Interview with ESV’s CEO and Founding Partner

Whether your lease is up, or your current premises are no longer suitable, moving and renovating premises can be exciting, but can also put organisations under severe stress. ESV moved to new premises on November 18, 2019 - gain an insight in the design, build and move processes.

New year, same old super? Make a superannuation resolution.

The new year and resolutions go hand-in-hand and yet, the maintenance of our retirement savings are often overlooked for more glamorous goals.

How process improvement can boost your finance function

Businesses today are operating in a world where increasing productivity is key for success. We’re often told that for a business or organisation to be successful it needs to be continually reviewing, analysing and improving their processes in order to deliver a higher quality product or service, faster and at a lower cost. But what does streamlining your business processes actually mean? How can you do it? And what benefits could it have for your business?

Accessing the ATO Portal – Action required

No doubt you have read that the ATO are undertaking an IT upgrade following all of their recent problems. As part of this process that ATO are phasing out the use of AUSkey, the target end date for AUSkey being March 2020. AUSkey is the way through which your computer is identified by the ATO systems.

Tax risk management is crucial for Corporate Risk Governance

The Australian Taxation Office (ATO) continues to signal its increasing expectation that large private companies will move towards compliance with the stringent corporate governance frameworks required of public listed entities.

TAG Alliances ranked third globally for eighth consecutive year

TAG Alliances® has been ranked one of the top three accounting alliances in the world for the 8th consecutive year, according to Accountancy Age. As a member firm, ESV is proud to be a part of an alliance that has consistently achieved such an elite position. 20 alliances and associations were included, and the rankings are based on the collective revenues of each organisation’s member firms.

Sitting down with our secondee

At ESV we welcome employee secondment through our TIAG alliance network. We believe that the temporary transfer of an employee from another organisation can enrich an employees’ skills and benefit an organisations’ alliances and reputation.

Enjoy your silly season without an FBT hangover

With less than 15 days on the Christmas countdown, employers will be planning their end of year festivities. It is easy to get lost in the excitement of party planning and gift-giving, but it’s vital to consider the tax implications to avoid waking up with a nasty FBT hangover come 31 March.

Moving business premises – Leasing incentives (Part 2)

Accounting for tax implications of leasing incentives is essential to avoiding a hefty tax bill on top of your relocation costs. This article outlines the income tax impacts of lease incentives and the tax deductibility of expenses.

Finding premises for your business – What do I need to consider? (Part 1)

Whether your business is finding its first home or moving, choosing the right premises is critical to your business’ success. This decision can be overwhelming, which is why this article will guide you through the vital commercial and financial factors involved in choosing business premises.

New legislation to change the application of salary sacrificing

The ATO recommends that employers review their salary sacrifice arrangements due to new laws that will come into effect from 1 January 2020. In the new year, employers can no longer use salary sacrificed contributions to reduce their superannuation guarantee obligations, regardless of the amount employees elect to voluntarily contribute to their super funds.

ESV Co-hosts International TAG Alliances® International Conference

ESV was honoured to host and act as a principle sponsor to the TAG Alliances International Conference, held in Sydney between October 30th and November 1st 2019. TAGLaw®, TIAG® (The International Accounting Group), and TAG-SP® (Strategic Partners) combine to form an international, multidisciplinary alliance of independent professional service firms, known as TAG Alliances®. The conference hosts these independent professional service firms from around the globe.

Mind the (generation) gap

Attracting and retaining quality millennial talent is something businesses who want to remain competitive can’t ignore. Why? Millennials, born between 1980 to the early 2000s, are the largest generation in the workforce, will lead businesses in the future and can bring enthusiasm, innovation and fresh perspectives to the workplace.

Top tips and traps to watch when owning or selling UK property

Lisa Spearman is a partner with Mercer & Hole in London. Mercer & Hole is a member of our International Alliance TIAG and Lisa will be joining us when ESV hosts the TIAG conference in Sydney from October 30. The UK has several specific rules relating to real property and we have asked Lisa to highlight some of the key issues to watch.

Additional complexity for Non-resident Trust beneficiaries

The Australian Tax Office (ATO) have recently released two draft taxation determinations TD 2019/D6 and /D7, which address the tax treatment of capital gains distributed by Australian resident trusts to non-resident beneficiaries.

ESV rises up the ranks in AFR top 100 Accounting Firms Survey

ESV Business Advisors and Accountants rose four ranks to the 44th position in the 2019 AFR survey released on 13th November 2019. At ESV we are celebrating yet another year of growth, ranking 3rd overall in percentage revenue for advisory.

2019 Budget Special: Personal Tax

The main aspect of the Federal Budget were the changes announced to personal income tax bandings and rates albeit that some of these are phased in over a long period. The instant changes are focused on the Energy Assistance payments and the doubling of the low to middle income tax offset (LMITO).

To Sell or What to Sell? – That is the question Pt 2

In our last newsletter, with food businesses being the flavour of the month/year from a transaction perspective especially with Private Equity we focused on the issues associated with an asset sale. In this article, we will concentrate on the main issues involved with share sales of food businesses.

To sell or what to sell? – That is the question

With the food business continuing to grow and high multiples being paid, especially by private equity, it is vital that these sale transactions are structured properly and project managed correctly by advisors from the start . A failure to do so can lead to major issues from both a value as well as general deal perspective. When selling a business, there are generally two methods available, an asset sale or a share sale. In this article, we will focus on asset sales and some of the key things you should keep in mind.

CGT for foreign residents

The controversial proposal to remove the entitlement to the Capital Gains Tax main residence exemption for foreign residents has been reignited with the Treasurer confirming that the proposed change "remains our Government's policy". The change originally announced in the 2017-18 Federal Budget was originally introduced on 8 February 2018, however, the bill introducing the law lapsed when Federal Parliament was prorogued for the 2019 Federal election.

Simplifying the processes for SMSF

The Government is aiming to simplify the process for Self Managed Superannuation Funds (“SMSF”) to claim exempt current pension income (“ECPI”) through amendments proposed in the 2019/20 federal budget.

FBT Recap - Utes provided to employees

It's useful to recap on some of the more common areas where FBT liabilities can arise. There are the perennial issues around entertainment, travel diaries and log books for cars, however, this year’s main benefit issue revolved around the changes to FBT impacting on Utes.

Future-Proof your Leadership Skills!

With the ever-increasing number of tests, surveys, self-help books, articles and motivational speeches on leadership, it can be difficult to ascertain what qualities make a great leader. Firstly, it is important to determine why effective leadership is important and what are its benefits.

Our Super Outlook for 2019-2020

The start of the new financial year is often a time where we review our overall financial strategy and set new goals. For many of us, superannuation savings play a significant role when it comes to formulating our financial strategy. Therefore, it is vital for you to be aware of the relevant thresholds and rates as it allows you to effectively plan your strategy without being in breach of the thresholds.

How can an Outsourced CFO help your Business?

As businesses continue to outsource non-core processes and functions in order to focus on the key aspects of the business, we have seen an increase in the use of our outsourced CFO services to provide strategic and day to day assistance to business owners.

AFS Licences revoked for failing to obtain AFCA membership

Australian Financial Complaints Authority (AFCA) is a new one-stop financial service external dispute resolution (EDR) scheme which commenced on 1 November 2018.

Adopting the New Leasing Standard?

The new accounting standard AASB 16 Leases makes significant changes to how operating leases are accounted for, with most operating leases being brought virtually in line with finance leases...

Medical Practitioners – Getting the Structure Right!

Having dealt with a wide range of medical specialists over the years, we have seen many structures established by sole practitioners, a group of doctors and medical practices.

Your Guide to End of Year Planning

It’s that time of year again and for many, the end of the financial year can feel busy and frantic with so many things to complete before 30 June. To help, we have put together a checklist of the key items to complete and tax planning opportunities to consider before...

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Valuations and SMSF’s – What’s all the fuss about?

Debt deduction creation rules – the case of lost interest deductions

ATO next steps for high net worth reviews

Valuations and SMSF’s – What’s all the fuss about?

Taxing of unrealised gains inches closer

Ten Critical Cybersecurity Tips

ESG: a new horizon

Empowering Success: ESV's Culture Principles in Action

Federal Budget 2024 - our expert analysis

The difference between employees and contractors

International Women's Day

The Secondee Experience

Navigating Compliance and Risks in Intangible Migration Arrangements

Key Changes for Australian Distributors in Software & IP Transactions

Navigating Changes in Deductibility and Interest Rates

Australia Proposes Mandatory Climate Disclosure

Super Caps are up!

When is a tax cut not a tax cut? When it’s an election promise!

Another Super(annuation) Tax!

SGE’s – A Global minimum tax (“GMT”) and a domestic minimum tax (“DMT”)

ESV Gives Back

Hitting the news for all the wrong reasons

Minimum withdrawals double

Is the Division 7A game changing again?

Businesses in Victoria will help fix the Victorian Government’s Covid debt hangover

Will New Zealand citizens be subject to more Australian tax?

EOFY Checklist

Who and what is the ATO targeting at tax time?

2023 Federal Budget

Superannuation consultation paper released

Thin Capitalisation Changes

Is superannuation still super?

Reminder – Phase 2 Changes to Single Touch Payroll Reporting

Revenue NSW Back Flip

Working From Home? Here’s what you can claim and how!

Combating identity theft

Fringe Benefits Tax in 2023

Having an eye on the future

Reimbursement Arrangements - The ATO’s parting gift for the year

Superannuation – is another change on the way?

Accountants are also talking climate change

Catching up with our Secondee Ray Gordon

The changing approach of the ATO

How we can help with outsourcing to help your business grow

Spotlight Series: Why ESV was awarded a ‘Best Place to Work’

Medico Payroll Tax Ruling

October 2022 Budget Whitepaper

What I hope will be in next week’s budget

Multinationals under the spotlight

Changes to reporting requirements for AFSL holders

ESV named a 2022 Best Place to Work

Your EOFY Checklist

Whistleblowing Policies

NSW Stamp Duty and Land Tax changes

The rise of home-grown talent

TRIBE Day @ ESV

The Not So Black & White Nature of Cryptocurrency

2022 Federal Budget Whitepaper

Changes to charity reporting thresholds effective 1 July 2022

$1 billion support package unveiled for NSW businesses

Covid-19 Small Business Fees and Charges Rebate

Windfall Gains Tax - One Step Closer to Implementation

Are you STP Phase 2 ready?

Alert for All Directors – Director Id Deadline is Approaching

Payroll tax for medical practices

Scomo scaling back support but Gladys will continue to help NSW (well at this stage anyway)

Let’s Talk Cryptocurrency – Five Top Tips to Note

RUOK? Day @ESV

Further guidance on JobSaver

JobSaver changes again – Gladys cuts the purse strings

JobSaver - Update on General Access Concessions