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Business Blog No 38 – ATO Digital Showcase

Last week I attended the ATO Small Business Digital Showcase at the new ATO Offices in Dandenong.

It is clear that the ATO are working hard to engage with small business and help with your tax and superannuation obligations and improve your overall experience with the ATO.

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The showcase was split into 6 individual showcase rooms with each group of around 15people being taken around the six separate displays areas one group at a time. Key points from the morning showcase are as follows: –

  • The ATO’s Small Business Newsroom will deliver all the latest tax and super news straight to your email inbox. So, I suggest you sign up for this.
  • ‘Alex’ the ATO’s new online Virtual Assistant, will help answer basic tax and superannuation questions.
  • The free ATO app gives quick access from your mobile devices to key dates and frequently asked questions. A voice authentication option is available with a small business record keeping function under development.
  • Your Sole Trader myGov account can be used to manage and view tax instalments, make payments and lodge statements.
  • Sole Traders can now use voice authentication and cloud authentication to access online services.
  • There is an online tool available to help you determine if your workers are classified as an ‘employee’ or ‘contractor’ (and hence clarify your obligations to them).
  • All businesses with employees are now meant to be on SuperStream with the free online super payment clearing service available to pay contributions in one transaction available.
  • A new simpler BAS product has been launched with a Single Touch Payroll product under development.
  • There is an online checklist for ‘taking on a new employee’ at business.gov.au

Some key ATO phone numbers for your reference follow: –

Business: 13 28 66

Super: 13 10 20

24-hour self-help service: 13 72 26

SUMMARY

The ATO are actively trying to reduce red tape for small business. The showcase was a great example of the ATO’s pro-activeness in this area. Jump onto their website at www.ato.gov.au/SBsupport for more information.

Ross – Billson Advisory

Business Blog No 37 – Costing and Profitability

Question?

Do you really know what your products and/or services actually cost?

Do you know the profitability of your products and/or services?

Can you confidently say you know where and from which customers you make or lose money?

Where do you focus your business to improve profits?

Have you ever wondered why your profits may be falling even if you are holding your gross margins?

How many companies are honestly satisfied with the data their costing and quoting systems provide?

Do you know that the core information on which your business decisions are based is your costing data? By definition without accurate costing data, your pricing and profitability analysis will also not be accurate, and hence your business strategy and underlying assumptions may be flawed?

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Solution

You either need to review your existing costing systems, update them and/or undertake an Activity Based Costing (ABC) project!

Once you have accurate costings, you can then identify the profitability of products, services, customers and/or segments. You can price, quote and use the information as a core ingredient to your Strategic Planning process.

Although out of fashion, Activity Based Costing (ABC) remains a key tool for Costing purposes in my view and is as current today as it was when I did my first ABC project 20years ago. In fact, only a few months ago, we completed a successful ABC project for a listed company identifying customer, segment and product profitability across multiple sites.

Checkmate…

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SUMMARY

If there is enough interest, I am thinking of doing a blog series on Activity Based Costing (ABC) as a foundation for business success?

Let me know if you would like such a series. Call on (03) 9847-6834 or email us directly with your views.

Ross – Billson Advisory

Business Blog No 36 – Workplace Flexibility

You may have been hearing quite a bit of reporting on the evolution of the workplace to a more flexible on-demand and freelance style lately? Publicity on this topic has been supported by statistics whereby a recent survey of ASX200 companies identified around half of these top 200 listed companies said around one-fifth, or 20%, of their workforce would be on an ‘on-demand/contract’ arrangement within 3 years (Australian Financial Review).

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A recent McKinsey survey also identified that between 20-30% of working age Europeans and Americans do some form of independent work. They range from ‘free-agents’ who work independently by choice; ‘casual earners’ who by choice are looking to supplement their incomes; ‘reluctants’ who would prefer traditional employment but can’t get it; and the ‘financially strapped’ who do extra work as a matter of necessity.

The Business Perspective

Even the increasing percentage of part-time workers in the Australian manufacturing sector is an indication of the evolution of this dynamic workplace in Australia. It demonstrates how businesses can move to make their labour costs more variable and less fixed, thereby making a business such as a manufacturing enterprise more sustainable and competitive.

Full time staff are becoming more seen as ‘generalists’ with ‘specialists’ only being added only if, and when, their specialised skills are required. So a baseline of permanent full-time employees is supplemented by part-time, casual, freelance, on-demand and contract personnel.

This not only lowers the overall cost of labour for such businesses but enables them to tap into the super-specialists rather than relying on training up or making do with internal staff to do specialists tasks, which they may or may not be equipped to do. For the company, it is a win-win!

Extending this scenario a little further, the ‘flexible’ workplace is also seen a major attraction for businesses to become ‘employers-of-choice’. Workplace flexibility is seen as a key for future business success with technology being both a driver as well as an enabler of workforce flexibility. Employees are also seeking more flexibility in their lives (both inside work and outside work) and companies are working in an ever evolving 24/7 marketplaces. So, to offer a flexible work environment is a big positive to many prospective employees thereby enabling a business to be able to select from a wider range of candidates in theory.

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The Individuals Perspective

It is just not businesses who are enjoying the benefits of this new flexible, mobile and on-demand workforce, individuals who work in such environments are also enjoying this new ‘portfolio careers’. These individuals may be the super specialists whose skills are in demand and so work with a variety of employers, rather than one single entity. Not only do they earn more by doing this, but they thrive on the variety of freelancing, temporary jobs and casual or part-time employment thereby deriving income from multiple sources. These ‘portfolio careerers’ may even opt for unrelated types of income or may also follow a passion that may not in itself pay enough to make a living. A seasonality factor may also be attractive to some individuals such as tax agents for instance.

SUMMARY

So where does this lead us to?

The evolving ‘on-demand’ world we live in is clearly extending into the workplace. It is a winner for both businesses and individuals!

Pardon the pitch, but I can proudly say that Billson Advisory is an example of such a business that enables entities to tap into a part-time/Virtual CFO offering as well as specialist costing skills on a flexible and as-needs basis. Rather than having a full-time CFO on your payroll, use our ‘Virtual CFO’ or specialist Costing services on a weekly or monthly or quarterly basis or ad-hoc basis thus providing a sound foundation for business success.

Ross – Billson Advisory

Business Blog No 35 – Q1 – Forecasts

The first three parts of this four-part series reviewing your first quarter actual results, verses Budget and Prior Year, covered your Profit and Loss, your Balance Sheet and your Cashflow Statement. Now that you have reviewed your actual results for the quarter, you next need to look at your forecasts for the remainder of the full financial year.

Using accounting vernacular, the 3months of actuals plus 9months forecast will give you your 3+9 full-year forecast. When you come to redo your forecasts after Q2, that new forecast will become your 6+6 full year forecast.

Interestingly this is perhaps the most important part of your Q1 review because your historical reports are a reflection on where you have been, whereas the forecast is where you are going based on latest assumptions.

FORECASTS

You have already undertaken a budget process for the year, so you don’t want to go through another budget process to come up with your 3+9 forecast. You do however want to use your budget, and the assumptions on which the budget has been built, as a starting point and adjust it for known material changes, updates, variances or changes to your base assumptions. I recommend using your budget spreadsheet models and rename them to ‘forecast’ and adjust the numbers accordingly to come to your 3+9 forecast.

The development of your phased 3+9 forecasts for the full financial year should be co-ordinated by your CFO/Controller and needs to be presented at your management review meeting to ensure buy-in and sign-off by the management team.

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Profit and Loss (P&L)

As with the budget P&L, sales are the starting point for your full year forecast. You now have the first 3months actual sales so you need to forecast the remaining 9months of the year. Get your Sales Manager to have a look at the budget sales for the 9months to the end of the year and update as required to become your forecast sales. Summing the 9months forecast plus the first 3months actuals will give you your 3+9 P&L Full Year Forecast. The review of sales projections needs to take into account your segment outlooks, forward orders, inflation data, pricing assumptions, economic conditions etc. so that your budget sales figures can be updated to reflect more current circumstances and assumptions and hence become the forecast sales figures.

Based on any revisions to the sales forecast verses the original budget, you will need to make corresponding adjustments to your direct costs (direct labour, overheads and materials if you are a manufacturer). As with sales, you will also need to adjust for other known variations to your budget assumptions to your expenses and overheads. If you need to contain costs to compensate for downward sales revisions, these proactive adjustments need to also be reflected in the forecasts. Similarly, if your business is performing ahead of budget, you might need to consider increases to budget overtime levels, increased manning etc. and reflect these incremental changes in your 3+9 P&L Forecast.

Balance Sheet

Starting with your budget Balance Sheet, run the forecast updates to the P&L into your Balance Sheet to arrive at a prima-facie 3+9 forecast Balance Sheet. Further, adjust your Balance sheet for any other known or pro-active changes to your Debtors, Creditors, Inventory, Capital Spending assumptions etc. and other Bank/Funding requirements to arrive at your phased 3+9 Balance Sheet forecast.

Cashflow Statement

By updating your P&L and Balance Sheet forecasts, you will have a revised phased 3+9 Cashflow Forecast. This is a key report and will make you aware of your funding requirement changes from Budget to Forecast. You need to make sure the forecast funding outcome is both logical and explainable and passes the ‘sniff-test’ when you step back from the detail.

SUMMARY

Use this week to derive your 3+9 full year phased forecasts and understand the variations in your forecasts to your Budget P&L, Balance Sheet and Cashflow Statement. Going forward, you will need to measure your actual results against both your budget and forecast numbers as well as prior year numbers, thus providing a sound foundation for business success.

NEXT WEEK

Now we have completed the four-part Q1 Report suite, we will revert back to our usual newsletter content. If anyone has any issues or questions they would like covered in future editions, please don’t hesitate to contact us.

WE HAVE MOVED

We have recently moved from our Dandenong South location to be more central to our client’s locations. You will now find us at Ground Floor, 203-205 Blackburn Road, Mount Waverley, VIC, 3149. Our new phone number is (03) 9847-6834. As always, if you need any help or want a no obligation chat, don’t hesitate to contact us.

Ross – Billson Advisory

Business Blog No 34 – Q1 Cashflow Statement

This is the third part of a four-part series looking at the first quarter results of the 2016/17 financial year.  Previously, we have looked at the Profit and Loss and the Balance Sheet Reports. This week we look at the Cashflow Statement and undertake a quarterly review of your actual Q1 results compared to the budget and prior year.

Your Accountant or CFO or Virtual/Part-Time CFO should be providing you with your management reports and analysis within a week following month-end in a concise but comprehensive slide deck of six or seven slides/pages. The Cashflow Statement will be one of the slides in the slide deck, which should be presented and discussed at your management review meeting.

In relation to the last two newsletters, it is interesting, but not surprising, to note that the Profit and Loss Statement newsletter received 30% more ‘reads’ then the Balance Sheet newsletter. The pre-occupation with profit is understandable, but Balance Sheet management is just as important as Profit and Loss achievement.

CASHFLOW STATEMENT

I suspect that this newsletter with get less ‘reads’ than the Balance Sheet newsletter, but it really is a key part of this trio of management reports. The Cashflow Statement pulls the Profit and Loss Report plus the Balance Sheet report together to show how the movement in cash balances has occurred during the quarter.

Cash of course is the key number for SME’s, without it, your business will certainly fail, hence the importance of the Cashflow statement cannot be understated.

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Back in Newsletter 20, you created your Budget Cashflow Statement. Using that same format, below is an example of a Cashflow Statement slide showing actual values/movements for the Q1/2016-17 (Column B), Budget for Q1 (Column C) and then the prior year Q1 actual values (Column C); refer Figure 1 below. Graphs and charts can also be used for illustration purposes.

Each variation exception should be reviewed by your Accountant or CFO in the first instance comparing budget and prior year figures and flagging variances/issues. TIP: I use a colour code system of RED (PROBLEM), ORANGE (WARNING) and GREEN (GREAT) as an effective flag for exceptions (refer Figure 1).

By understanding the assumptions on which the budget Profit and Loss and Balance Sheet numbers have been derived, you should be able to understand why your actual Bank Balance figure vary to the budget. At a macro level, in the example I have used over the last two newsletters, we achieved higher than budget profit, and yet our cash balances are well short of budget. The reason for this is we are carrying excess inventories, our Accounts Receivables balances are higher than budget and we are spending in capital faster than budget. Refer Figure 1 below. Actions should be taken to address these issues clearly.

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SUMMARY

Use this week to understand and analyse your Cashflow Statement for Q1 as it is the lifeblood of your business and provides a sound foundation for business success.

NEXT WEEK

Next week will move to the fourth Q1 report, Forecast Report.

WE HAVE MOVED

We have recently moved from our Dandenong South location to be more central to our client’s locations. You will now find us at Ground Floor, 203-205 Blackburn Road, Mount Waverley, VIC, 3149. Our new phone number is (03) 9847-6834. As always, if you need any help or want a no obligation chat, don’t hesitate to contact us.

Ross – Billson Advisory

Business Blog No 33 – Q1 Actual Balance Sheet

This is the second part of a four-part series looking at the first quarter results of the 2016/17 financial year.  Last week we looked at the Profit and Loss, this week we look at the Balance Sheet and undertake a quarterly review of your actual Q1 results compared to the budget and prior year.

Your Accountant or CFO or Virtual CFO should be providing you with your management reports and analysis within a week following month-end in a concise but comprehensive slide deck of six or seven slides/pages. The Balance Sheet will be one of the slides in the slide deck, which should be presented and discussed at your management review meeting.

BALANCE SHEET

The Balance Sheet is a report that shows ‘what you own’ and ’what you owe’ at a point in time, ie September 30th in this case. What you own are your Assets, and what you owe are your Liabilities and Shareholder’s Equity.

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Back in Newsletter 19, you created your Budget Balance Sheet. Using that same format, below is an example of a Balance Sheet slide showing actual values as the end of Q1/2016-17 (Column B), Budget for end Q1 (Column C) and then the actual values as at the end of Q1 for the Prior Year (Column C); refer Figure 1 below. Graphs and charts can also be used for illustration purposes.

Each line of your Balance Sheet should be reviewed by your Accountant or CFO in the first instance comparing budget and prior year figures and flagging exceptions. TIP: I use a colour code system of RED (PROBLEM), ORANGE (WARNING) and GREEN (GREAT) as an effective flag for exceptions (refer Figure 1).

By understanding the assumptions on which the budget Balance Sheet numbers have been derived, you should be able to understand why your actual Balance Sheet figures vary to the budget. Key numbers such as Working Capital should have particular attention, refer Row 4 in Figure 1 below.

Ratios are also an excellent way to identify the health of your Balance Sheet. Some good examples include Stock Turns (if a product based business); Debtors Days Outstanding; Working Capital %; Quick Asset ratio, Return On Funds Employed (ROFE). Your Accountant or CFO should be across the best ratios to use for your particular business.

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That is the beauty of Accounting and the ‘numbers’. When you understand what is behind them, you become more aware of issues in your business and can address them and measure the impact of your actions.

SUMMARY

Use this week to understand and analyse your Balance Sheet as at the end of Q1 to provide a sound foundation for business success.

NEXT WEEK

Next week will move to the third Q1 report, a Cash Flow statement.

Ross – Billson Advisory

Business Blog No 32 – Q1 Profit and Loss

The end of the first quarter of the 2016/17 financial year signals a change in focus for my blog. We circle back to the phased budget we prepared earlier in the series and do our quarterly review of your actual Q1 results compared to the budget and prior year.

Your Accountant or CFO or Virtual CFO or Part-Time CFO should be providing this management reporting and analysis within a week following month-end. The timeliness, interpretation and understanding of the numbers are key, and exceptions should be noted or flagged early for explanation and/or remedial action if required.

In my experience, the financials should be presented in a concise but comprehensive slide deck of six or seven slides/pages. As a guide, try having the P&L and related reporting taking 5 slides, and one slide each for the Balance Sheet and Cashflow. The slide deck should be presented and discussed at a monthly management meeting.

PROFIT AND LOSS

This week we will look at the Profit and Loss statement. The following assumes a manufacturing entity, but is easily translatable to any entity for reporting purposes by ignoring irrelevant lines such as materials.

Ideally your P&L reporting should be in a format which shows actual month and quarter numbers alongside budget month/quarter and prior year month/quarter per the illustration following in Figure 1. Graphs can also be used to illustrate the story too for as the saying goes ‘a picture tells a thousand words’.

Each line of your P&L should be reviewed by your Accountant or CFO in the first instance comparing budget and prior year figures and flagging exceptions (TIP: I use a colour code system of RED and GREEN as an effective flag for exceptions).

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Looking at the details.

SALES

The Sales numbers require a drill down analysis which is a Price-Volume-Mix Variance analysis by category or segment. This should be the second page of your P&L Report and will help explain any variation in sales between actual, budget and prior year.

MATERIALS AND ADDED VALUE

An analysis should be undertaken to understand the material numbers and ratios for such things as Material Purchase Price Variances, Material Scrap and Usage Variances, Stocktake Variances and exchange rate variances for imported materials. With this information, combined with the sales analysis above, you should be in a position to understand what is driving these numbers and why they vary in comparison to the budget and prior year figures.

DIRECT LABOUR AND VARIABLE OVERHEADS

As with materials, you need to further analyse the direct labour numbers and drill down into things such as non-productive time, overtime, labour efficiency and even labour rate variances. It is the same with variable overheads; you need to get into the detail to understand the exceptions and the bigger picture.

GROSS MARGIN

Again, by using all the information and analysis gathered above, you should be able to explain the gross margin variances and also the % variances.

PRODUCTION, DISTRIBUTION, SELLING and ADMINISTRATION OVERHEADS

A dissection of the overheads incurred by the business should be listed in another report with a ‘dice-and-slice’ by department included in the report. Again exceptions need to be flagged and understood.

 PROFIT BEFORE INTEREST AND TAX (PBIT)

Having completed the analysis, the story behind your PBIT should be clear. I hope you can see that by diving into each line of the summary P&L, you build up a concise picture of why your actual profit/loss varies to budget and prior year. The numbers are nothing without understanding the story behind them and they can prove to be an insightful and powerful tool for building a sound foundation for business success.

You might notice my slogan that goes my logo is “going beyond the numbers” and that is exactly what you should expect from your key finance personnel.

Next week will move to the Balance Sheet.

Ross – Billson Advisory

Business Blog No 31 – Agri StartUp

This week, I thought I would follow on from the theme of last week’s blog on food and agriculture, and introduce you to the area of Agricultural Technology StartUp, or Ag-Tech. Things such as the commercial application of drone technology, robotics and sensors to the agricultural sector are examples of such ag-tech.

Given the world’s growing population and finite resource availability, agriculture needs to become more productive and innovative to feed the growing population. Agriculture has always been a key industry for Australia and with the opportunities presented by our location and region, and China in particular, our ageing agricultural producer population is seeking to bring scientists and IT professionals to the industry. Along the way inspiring a new generation of agricultural personnel.

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A new entity has recently been created by a joint venture between the National Farmers Federation and a private equity partner. This new entity creates an Ag-Tech support centre to kick-start start-ups for the sector focussed on developing new agricultural technology.

SproutX

The entity, SproutX, launched recently and is based in Melbourne. It is the first entity of its type in Australia and has received State Government support. It is now accepting applications for its Pre-Accelerator program and will soon be accepting applications for its Accelerator program.

The Pre-Accelerator program is currently open and offers a free 6-week course to prepare start-ups for the Accelerator program itself, by fleshing out ideas, providing mentoring, online lectures and some cash to go towards bringing ag-tech ideas to life.

The Accelerator program itself is backed by a $10million fund. It gives ag-tech start-ups access to all the best practical and mentoring advice, cash grants, distribution opportunities, media, PR and office space in an ag-tech hub with direct access to experts and connections to the agriculture industry. The goal is commercialisation of ag-tech ideas. Applications open in November for this program.

An aside

Ironically, I heard 2016 Casey Cardinia Business of the Year, Australian Fresh Leaf Herbs, co-founder Mr. Jan Vydra speak at a business breakfast last week about the need for evolution of the sector and the challenges of making farming attractive to young entrepreneurs.

The SproutX initiative presents a great opportunity for fledgling agricultural startups to provide a sound foundation for business success, as well as the success of the agricultural sector itself.

Next Week

Due to recent requests, the blog next week will focus on management reporting and analysis covering the end of the first quarter of this current financial year. We will start with the Profit and Loss Report next week.

Ross – Billson Advisory

Business Blog No 30 – Trade Show

I recently attended the Fine Foods Trade Expo at the Melbourne Convention and Exhibition Centre on a cold wet Melbourne Day. You might be wondering what an accountant is doing at such a trade show event?

I find attending such an event gives me a perspective and update on the state of such a key industry. It is a source of ideas and inspiration for me and my clients and, naturally, a place to network with prospective customers.

Officially titled the ‘Fine Food Australia: The 32nd Australian International Food & Drink Exhibition’, the annual four-day trade only event alternates yearly between Melbourne and Sydney.

Over 1,000 exhibitors and 25,000 visitors salivated at the array of available samples alongside over 3,500 interstate buyers and over 700 international buyers from around 50 countries. The 30k SqM of exhibition space was split into 10 smaller zones:- Catering Equipment, Retail Equipment, Hospitality Equipment, Packaging, Baking Food, Fine Food, Meat & Seafood, Free From/ Natural Products, Dairy World, Drinks World and Flavours of the World (International Pavilions).

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Regular demonstrations and educational presentations were in evidence along with the usual networking opportunities. Previous Fine Food Show statistics from the 2014 Melbourne Exhibition identified $90k+ in sales leads were generated from an average 100+ leads for each exhibitor. At $3.5k for a 3metre by 3metre booth, the return on investment is sound. Even if you are not directly in the Food business, it might present an opportunity to think outside the box and figure out how you can get involved in this growing agribusiness sector. Packaging companies, ingredient producers, transport entities, shop-fitters etc. should consider attending.

My Take Out

My take-out and thought provoker to you is ‘Have you considered taking out a stand or booth at trade events or expo’s?’ It might be worth considering as it could present an opportunity to find new customers or expand your business networks.

Do you go to any trade shows or expo’s as a visitor just to get some differing incites, trends and ideas you might apply to your own business to provide a sound foundation for business success?

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Ross – Billson Advisory

Business Blog No 29 – Transfer Pricing

We have all heard the allegations in the media of multi-national entities (MNE) diverting profits away from Australia to lower tax jurisdictions thereby reducing the global tax bill of such MNE’s. Entities such as Google and Apple have been at the forefront of allegations of improper use transfer pricing practices.

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Entities can divert profits using a variety of means. The simplest way of doing this is to overstate the cost of imported products from an overseas MNE subsidiary thereby reducing the profits made by the MNE’s Australian subsidiary. This artificially increases the profits in the MNE supplier country which is in a lower tax regime than the Australian subsidiary thereby reducing the overall tax burden for the MNE. Other more complex methods are catching the ATO’s eye with two announcements last week by the ATO putting entities on notice who try to use a partnership structure to avoid the law, or who use circular financing arrangements to transfer income overseas but keep deductions in Australia.

Organisation of Economic Co-Operation and Development (OECD) Transfer Pricing Actions

The OECD’s Base Erosion and Profit Shifting (BEPS) action plan is the foundation of global transfer pricing practices and was released late 2015. It focuses on taxing profits where consumers live. This puts the OECD at odds with US MNE’s who assert that their global income is essentially American income derived by a US company and that it will decide if, how and when it will be taxed it, irrespective of the locations of end consumers.

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Australian Actions on Transfer Pricing

The Australian Government has already enacted the Multinational Anti Avoidance Law (MAAL) to ensure that large multinational companies operating in Australia are subject to Australian tax laws. The larger MNE’s subject to these provisions have global revenue of $1billion+. In addition, the Government’s 2016 Budget introduced a new Diverted Profits Tax, a 40 per cent penalty rate of tax on large MNE’s that attempt to shift their Australian profits offshore to avoid paying tax. The combined MAAL and the Diverted Profits Tax are expected to raise around $650 million over four years.

For SME’s in Australia, the ATO has released ‘Simplifying Transfer Pricing Record Keeping’ for entities whose Australian income is below $25million. It doesn’t alleviate obligations under the legislation, but allows such entities to self-assess and simplify what would otherwise potentially be costly compliance requirements.

Documenting how costs and prices are determined as well as the decision making process followed in setting cross border pricing remains key. Benchmarking analysis and the arms-length principles remain best options for ensuring compliance.

The new transfer pricing regime remains largely untested in the courts, so please ensure you get good advice on the documentation requirements and methodology used in setting cross border prices if you operate within a structure whereby related entities are located both here and overseas and these entities transact with each other.

Ross – Billson Advisory