News for 2009 and older
Passing of NGER Act should not be underestimated
For most businesses, the reporting deadline of 30 October 2009 for the National Greenhouse and Energy Reporting (NGER) Act 2007 passed with little or no fanfare, but it is something that business owners are likely to hear more about in the coming months.
The NGER Act is the cornerstone of the Australian response to climate change and is the precursor to the Emissions Trading... [more]
[16 Dec 2009]
Working capital management needs to be maintained
Just because many Australians believe the Global Financial Crisis (GFC) is over does not mean that good management practices put in place during that time should cease.
Businesses have tightened up or had to tighten up the management of working capital in 2008 and 2009 as a result of the GFC. Practices implemented include:-
Rolling 12 month cash forecasts;... [more]
[16 Dec 2009]
Preparing your business for the silly season
While New Years Resolutions have become part of our pop culture, and just as easily forgotten in the real world, taking the time to spring clean your business before the silly season hits will pay immediate benefits by improving profits, cash flow and stress levels.
Our top ten things for business owners to do before the Christmas rush:
1. ... [more]
[16 Dec 2009]
Managing business risks in 2010
“RSM Bird Cameron warns organisations to prepare now for the unexpected in 2010. As 2009 saw company performance affected by natural disasters, the global financial crisis (GFC), rising bad debts and budget deficits, the firm is encouraging businesses to see these as warnings that they need to re-evaluate risk management for 2010.
RSM Bird Cameron™s director for ri... [more]
[16 Dec 2009]
Using investment allowance for farm sheds
Having already taken advantage of the 50% investment allowance by acquiring bigger and better machinery, many farmers may have inadequate shed storage facilities for these valuable assets.
A new farm machinery shed may also be eligible for the 50% investment allowance.
According to RSM Bird Camerons agribusiness director Geoff Hall, farm buildings used in farmin... [more]
[14 Dec 2009]
CGT Concessions for Succession Planning
Small business capital gains tax (CGT) concessions can provide significant taxation benefits for farming families considering a succession plan to pass the farm to the next generation.
Succession planning traditionally has focused on how best to protect the family assets in building a plan by which farming families transfer assets from one generation to the next.
... [more]
[14 Dec 2009]
Business Acquisition and Impairment Review
RSM Bird Cameron’s 2009 Business Acquisition and Impairment Review, released today, has found a significant decrease in Australian M&A activity during the 2009 financial year. The review found the total cost of business acquisitions had reduced by more than 50 per cent, due to the impact of the global economic crisis.
The inaugural annual review anal... [more]
[09 Dec 2009]
Deferred Delivery Contracts Essential for Farmers
With Grain buyers offering premiums for early commitment pool contracts, many farmers will be reviewing their grain selling opportunities now but must consider taxation and other factors.
Whilst committing to a pool now may guarantee up to $15 per tonne premium, there is no guarantee as to the total dividend that a grower will receive during the life of the pool.
... [more]
[07 Dec 2009]
SMEs are yet to feel the full force of the global financial crisis (GFC)
As the global financial crisis tightens its grip on the economy, insolvency practitioners are warning that small and medium-sized (SMEs) companies are yet to feel the full effects of economic upheaval and low availability of finance.
RSM Bird Cameron’s partner of turnaround and insolvency Peter Marsden said that the number of insolvency cases in the firm’s Sydney practic... [more]
[18 Sep 2009]
Introduction of ETS may be likened to paying GST of 12% instead of 10%
With the Federal Government agreeing to separate the renewable energy legislation from the emissions trading bill, farmers will have to contend with a barrage of complex issues on the Emissions Trading Scheme (ETS) for what will effectively be another form of GST.
The Federal Government White Paper on the ETS estimates the Government revenue shall be $11.5 billion in the 201... [more]
[26 Aug 2009]
Investment Allowance Tax Feast Ends Soon
Businesses may have until 31st December 2009 to feast on tax deductions provided by the Federal Government for the purchase of new plant and machinery but RSM Bird Cameron Director Geoff Hall is advising taxpayers to check the menu first.
All hopes of claiming a full 50% investment allowance tax deduction hinges on the business turnover and the timing of purchasing the new p... [more]
[26 Aug 2009]
Carbon credit system taxing to Australian agriculture
Farmers could be hit with significant tax bills from free or subsidised carbon credits allocated under the emissions trading scheme (ETS).
The Federal Government is reported to be looking at increasing compensation to big polluters such as the coal industry and this may be in the form of carbon credits.
Significant pressure is also being applied by farmer organi... [more]
[26 Aug 2009]
Financial statements and balance sheets under severe scrutiny this year
With the 30 June financial year end fast approaching, the impact to an entity’s financial statements as a result of the global financial crisis will need to be rigorously assessed and actioned by directors and management.
Some of the accounting areas of focus for directors and management revolve around balances which require significant estimates and judgements... [more]
[20 Jul 2009]
Investment Allowance Incentive Delivers Up To 50% Tax Break
For business owners it’s a once in a ‘recession’s lifetime’ opportunity to get more bang for your buck! If you are a business owner and in need of investing in NEW plant and equipment or machinery, acquiring a NEW motor vehicle (including demonstrators) or upgrading your computer hardware then now is the time to buy in order to take advantage of an additional 30-50% in tax ... [more]
[20 Jul 2009]
New borrowing rules for Superannuation funds can increase your wealth
The May 2009 budget announcements significantly reduced the contribution limits for all Australians. Whilst the proposed non concessional limit’s indexation to $165,000 per annum was wound back the concessional limits were cut in half.
As of 1 July 2009 concessional contributions per annum for those under 50 is $25,000, for those over 50 it is $50,000. This is reduced to $... [more]
[20 Jul 2009]
Federal Budget impact on Small Business
A $57.6 billion budget deficit is centred on propping up an economy faced with the collapse of the mining boom and the global financial crisis. The massive nation building infrastructure spending of $22 billion on roads, rail and ports further highlights the degree to which our economy has become reliant on government spending to support it. Australians face working longer and hard... [more]
[13 May 2009]
Investing in Bank Shares
Some people might think that investing in bank shares today is a good idea. This article takes a devil’s advocate position against those that might think it is a good time to buy.
The starting point after the crushing reduction in share prices in 2008 and 2009 is “Have we got to the stage that bank shares are a good long term investment?” or, in other words, “Is it t... [more]
[02 Apr 2009]
RSM Bird Cameron Economic Drivers Survey findings released
89% of businesses owners concerned about business viability
RSM Bird Cameron today released the findings of its Economic Drivers Survey. The survey polled Western Australian taxi “Drivers” to gauge the current sentiment of passengers in the lead up to the New Year.
Even in this festive time, respondents to the survey indicated that businesses and... [more]
[02 Jan 2009]
O’Callaghans Business Advisers Joins RSM Bird Cameron
RSM Bird Cameron today announced its intention to merge with O’Callaghans Business Advisers, strengthening its presence in the Riverina Murray Region and reinforcing the reach of RSM Bird Cameron nationally.
Both firms have an established presence in the region and the merger presented the ideal opportunity to draw on over 40 years of combined local knowledge and experienc... [more]
[04 Nov 2008]
RSM Bird Cameron “Doing Business in China” the real deal forums
RSM Bird Cameron, the largest mid-tier accounting firm in Australia will conduct a national series of ‘Doing Business in China’ forums from October 7-9.
As the world’s economies become more integrated, China has evolved into one of the dominant countries for business and investment. The RSM forum examines how Australian companies can successfully leverage their busines... [more]
[07 Oct 2008]
RSM Bird Cameron predicts more pain to come in the credit crunch
Neil Cribb, head of RSM Bird Cameron’s Turnaround and Insolvency Group, today said alarming signs being experienced in the middle markets signalled the real sting in the global credit crunch may still be on its way.
“Over the last couple of weeks we have experienced circumstances whereby financiers are not renewing term loan facilities and are pushing for refinancing or ... [more]
[11 Sep 2008]
Loan reclassifications
Amidst the masses of commentary around the likelihood of asset write-downs this reporting period as a result of the current economic environment, there is another issue that has received less attention but is just as likely to cause concern for entities. This relates to classification of loan funding where: the loan is due for refinancing or renegotiation; or there has been a breach of c... [more]
[10 Sep 2008]
SME Owners Not Prepared for Retirement
New research sponsored by RSM Bird Cameron has found that the majority of SME owners do not have adequate superannuation provisions for their retirement.
In its second national study of small and medium enterprise owners across Australia, entitled Think Big - Creating and Realising Wealth from your SME, RSM Bird Cameron found that 40% of SME owners have no other superan... [more]
[16 Nov 2007]
SME Owners Risking Wealth Realisation
New research sponsored by RSM Bird Cameron has found that the majority of SME owners do not have an exit plan to realise the wealth they have created in their businesses.
In its second national study of small and medium enterprise owners across Australia, entitled Think Big - Creating and Realising Wealth from your SME, RSM Bird Cameron found that for SME owners who do ... [more]
[16 Nov 2007]
Succession Planning Daunting SMEs
New research sponsored by RSM Bird Cameron has found that SME owners find completing a succession plan one of the hardest tasks they undertake.
In its second national study of small and medium enterprise owners across Australia, entitled Think Big - Creating and Realising Wealth from your SME, RSM Bird Cameron found that planning for the day when the current owner is no... [more]
[16 Nov 2007]
SME Growth Constrained by Access to Capital
New research sponsored by RSM Bird Cameron has found that SME owners find access to capital the most significant barrier to growth.
In its second national study of small and medium enterprise owners across Australia, entitled Think Big - Creating and Realising Wealth from your SME, RSM Bird Cameron found that 23% of SMEs cited access to capital as the leading barrier, f... [more]
[16 Nov 2007]
Business Planning for SMEs Can Double Growth Rates
New research sponsored by RSM Bird Cameron has found that SME owners are missing out on growth opportunities because they do not complete business plans.
In its second national study of small and medium enterprise owners across Australia, entitled Think Big - Creating and Realising Wealth from your SME, RSM Bird Cameron found that 74% of SMEs do not complete a business ... [more]
[16 Nov 2007]
SME Owners Value Lifestyle over Wealth
New research sponsored by RSM Bird Cameron has found that SME owners are motivated to start their businesses by lifestyle considerations more than wealth creation.
In its second national study of small and medium enterprise owners across Australia, entitled Think Big - Creating and Realising Wealth from your SME , RSM Bird Cameron found that the desire for independence ... [more]
[16 Nov 2007]
SME Owners Work Hard But Won't Retire Rich
New research sponsored by RSM Bird Cameron has found that SME owners are largely short-changing themselves in terms of creating wealth from their business, and ultimately realising that wealth.
In its second national study of small and medium enterprise owners across Australia, entitled Think Big - Creating and Realising Wealth from your SME, RSM Bird Cameron found that whil... [more]
[16 Nov 2007]