Bi-Annual: Summer 2022
Welcome to the first edition of
THE FULL ACCOUNT -
RSM's newest local newsletter.
2022 was a special year for RSM, commemorating 100 years of continued service in Australia.
We see echoes of our history in so many of the clients we work with every day, a fact which is both humbling and inspiring. We began as the quintessential husband-and-wife small business in Perth in 1922, surviving wars and pandemics through our focus on people and clients.
We are proud of our achievements, but humble in the knowledge that we would not be where we are if not for you, our trusted and valued clients. We are honoured to have been voted #1 Best Accounting & Consulting Firm (>$200m) for the fourth year in a row in the Client Choice Awards.
Thank you for being part of our history – we look forward to creating a new story together as we move into the future.
On behalf of all of us at RSM, we wish you a wonderful festive season.
We are very grateful for your support and wish you happiness and health in 2023.
We hope you have enjoyed our quarterly newsletter. If you have any friends or family that you would like to subscribe, please encourage them to sign up here. In addition, if you have any feedback around topics you’d like us to cover in future editions, we’d love to hear from you - just click here.
Best regards,
RSM Team
RSM TEAM NEWS
CHRISTMAS COLOURING IN COMPETITION
To be in the running for our Christmas prize, you have to have your completed colouring in back to your local RSM office by 16th December OR email your page in with your child's name and the location of your nearest RSM office to Jody.Williams@rsm.com.au.
CENTENARY CELEBRATION
This year, RSM has celebrated its 100th-year birthday milestone.
Our offices around the country got together to celebrate our centenary with colleagues and clients.
RSM was started in 1922 by husband-and-wife Edgar & Jessie Woolcott in St Georges Tce Perth, providing tax and accounting services to businesses and farms throughout the regions.
In 1932, the first regional office was opened in Bunbury, and the second in Katanning in 1938. RSM offices were established in 60 WA towns and regional centres in the ensuing years, including surrounding towns Kojonup, Tambellup, Gnowangerup, Dumbleyung and Wagin.
To view RSM's full history, click here >
THE LATEST INSIGHTS
Stamp duty: Family farm exemption
Sam Mohammed | 5 min read
A farm is a significant, if not the most significant, asset held by many farming families. Ensuring that the farm and farming business are passed down to the next generation of farmers within a family without a substantial stamp duty cost requires careful up-front and ongoing planning, typically with the support of an experienced adviser.
What is Carbon Farming and how can you benefit from it?
Joanne Gilbert | 4 min read
Carbon farming is an established industry within Australia that is generating increasing interest across the agricultural sector most recently due to the new Labour government’s greenhouse gas reduction targets. With opportunities for farmers to improve their own farming practices to increase carbon storage and reduce their own emissions, what is often not known are the significant economic benefits that may be available to farmers in engaging in carbon farming projects.
Contractor versus employee – what has changed and what does it mean for your business
Rick Kimberly & David Collins | 7 min read
There have been some significant changes to the approach for determining whether a sole trader contractor engaged by your business is an employee or a contractor at common law. In short, previously formed positions on contractors may no longer be accurate.
Should I be outsourcing?
Laura Phillips | 7 min read
Have you ever heard yourself say “there just aren’t enough hours in the day"?
With no time to focus on your business, it might be time to think about outsourcing. The 21st-century hustle culture has us trying to fit so much into the day that we are all quickly becoming hamsters on a never-ending spinning wheel, trying to master everything around us.
RSM’s Jo Gilbert: Working in the cloud to get a better lay of the land
Joanne Gilbert | 8 min read
With Xero and farm financial management system Figured, RSM and its clients are always on the same page. But that’s just the start. RSM is on a mission to help its clients better understand what matters most to their businesses, and cloud-based accounting and financial management systems play a key role.
Pay Your Super First
Simon Brown & Steffie Wallner | 4 min read
SuperStream and more recently Single Touch Payroll (STP) have both been significant changes to the payroll compliance framework for employers.
SuperStream requires that payments of superannuation to employee’s superannuation funds are done electronically. STP requires that employers report their employee’s payroll details electronically to the ATO at each payrun. The various software providers have supplied solutions that work efficiently, and the disruption to most employers has been minimal.
Avoid the surprise from tax that might ruin your Christmas party
Joanne Wynne & Leena Gurung | 7 min read
With the festive season around the corner, it is the time of the year when employers want to reward their employees’ hard work with Christmas parties and gifts. Before the celebration starts, employers need to be aware that such employee benefits generally attract Fringe Benefits Tax (“FBT”). However, there are certain benefits that are exempt from FBT so that employers can still reward their employees without worrying about big tax bills post-Christmas.