He assists clients with property investment and migration issues across international markets including Hong Kong, China and Macau and provides audit, accounting and advisory services for public and private companies in a range of industries, particularly the property, resources, manufacturing and financial services sectors.

Fluent in English, Mandarin and Cantonese, Michael bridges the communications gap between different business practices and cultural distinctions, and is an outstanding facilitator for listed and unlisted companies as well as UHNIs and family offices.

Michael has been a prolific public speaker through the national SW Mandarin Tax & Accounting Update series and our Federal Budget coverage in Mandarin. He regularly presents to Victorian Government guests on ‘Doing Business in Australia’, has participated in The Observership Program, and taken up leadership roles for a number of social groups such as The Museum of Chinese Australian History (current Director and finance committee member), and the Chinese CPA Discussion Group (former Chair).

Michael is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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Key takeaways

• Although there are no key tax measures introduced, direct property taxes will continue to be the source of over 50% of new revenue for the Victorian Government due to increased transaction volume and rising land values (although this is expected to be tampered by forecasted interest rate rises).
• A new Victorian Future Fund will be established to manage the fiscal impact of COVID 19. It will initially be funded from the VicRoads Modernisation joint venture and is expected to have a balance of around $10bn. Investment returns from the Fund is to be quarantined and returned to the Fund to help offset the current debt and return the Budget to surplus by 2025-2026.
• There is a clear focus in this Budget to repair the health system. Included in the Budget is more than $12bn of health-related expenditure including the training and hiring of additional healthcare workers and paramedic staff, funding for Ambulance Victoria to meet growing demand for services and investment to cut surgery waiting lists.
• The two-year Sick Pay Guarantee pilot program will receive $246m in funding to assist provision of a payment of up to five days of sick or carer’s pay at the national minimum wage for insecure work (casual employees).
• $250m provided for a one off $250 Power Saving Bonus to all Victorian households using the Victorian Energy Compare website to locate the cheapest electricity deal. The scheme will run from 1 July 2022 to 30 June 2023.
• A commitment of $111m to support Victoria’s tourism and major events.
• The Victorian Government has allocated $1.8bn to the school building project and plans to continue upgrading schools until it achieves its intended target of 100 new schooling facilities by 2026. The program includes upgrades to 65 schools including 36 special schools, building 13 new schools, additional stages at four more schools, and expanding capacity at two schools to meet enrolment demand.
• The Victorian Government also plans to invest $5bn in early three-year-old childhood education by increasing universal educational access for disadvantaged families as well as providing support to individuals from diverse backgrounds and $131m to assist students from rural areas to access four-year-old early childhood services.

For full overview of the infrastructure measures see our breakdown here.

Victorian Industry Fund to support Victorian Businesses

The Government has introduced a $120m fund to support the advancement of domestic manufacturing and other high priority sectors. Some of the initiatives to be supported by this Fund include:

• $40m to provide grants to support rapidly growing businesses
• $40m of targeted financial incentives to attract investment into Victorian businesses
• $20m for an equity investment pilot fund to attract highly innovative companies particularly in areas such as medical technology
• $7m low-carbon manufacturing grant program to help Victorian manufacturers to compete globally in the renewable energy space
• $4.5m for 300 digital jobs for manufacturing internships to help train Victorian workers in this industry. 

Significant Tax Measures

No significant new tax measures were announced in the 2022/23 Budget although there were minor amendments in relation to:

• Equalisation of gambling tax rates for electronic gaming machine operators

• Exemption from motor vehicle duty for wheelchair accessible commercial passenger vehicles that provide unbooked services.

However, as noted above, the State Taxes are to be a major source of revenue for the Victorian Government. The table below shows the annual revenue expected from State Taxes over the next 4 years.

Opportunities

The opportunity for businesses may come from the expected economic growth although this is not anticipated to be significant. Business sectors such as Medtech, pharmaceuticals and manufacturing should benefit from the increase in funding.

Did the VIC Budget measure up to expectations?

The Budget fell short of providing the required assistance to boost businesses which are facing significant uncertainties.

The Government’s commitment to repairing Victoria’s health system in needed and welcomed. However, the Government has not sought to increase property taxes to decrease the State’s debt and is instead relying on solid economic growth to repair the budget.

Please reach out to one of our experts below for assistance navigating the implications and opportunities this Budget presents for you, your business and your industry.

Contacts

Abi Chellapen

Daren McDonald

Stephen O’Flynn

The post VIC State Budget 2022/23 appeared first on SW Accountants & Advisors.

Daren leads the development and implementation of SW’s proprietary CTS Pillar Two software solution, designed to help multinational groups navigate the complexities of OECD Pillar Two compliance. His team combines deep expertise in tax effect accounting with advanced analytics to automate GloBE calculations, streamline workflows, and enhance the integrity of tax provisioning processes. Daren regularly advises clients on Pillar Two strategy, including the preparation of GloBE Information Returns, transitional safe harbour calculations, and tailored implementation plans.

He leads the International Tax team and advises multinational groups on international structuring, profit repatriation strategies, sale and acquisition structuring, tax consolidation, application of the accruals taxation regime (e.g. CFC, FIF, foreign hybrid, and trust taxation) and other taxation issues.

Daren has a proven track record of delivering innovative tax solutions for his clients. He works collaboratively with them to break down complex tax legislation into simple, easy-to-understand compliance requirements and create tailored solutions that suit the needs of the organisation.

Daren’s experience includes:

• Assisting clients with their annual compliance requirements
• Advising on global transfer pricing strategy and policy
• Delivering international tax and structuring solutions
• Assisting clients with profit repatriation strategies
• Developing tax structures and solutions for M&A transactions
• Advising clients on tax consolidation

Daren is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post Daren Yeoh, Partner appeared first on SW Accountants & Advisors.

With extensive experience in the manufacturing sector we’re well placed to help your business navigate through this challenging period. SW can assist with your strategic business and financial planning global tax and transfer pricing policy formulation, risk analysis and feasibility studies and to help you identify new opportunities to grow your business both here and abroad.

The post Manufacturing appeared first on SW Accountants & Advisors.

Today, there are the added pressures of keeping pace with regulatory changes, meeting franchisors’ increasing sales targets and effectively managing cash flow in response to manufacturers’ changing bonus schemes.

Whether you’re a dealer, manufacturer, distributor, financier or part of the automotive allied industry we have your needs covered. SW offer solutions across a range of issues from audit and assurance to tax compliance to help you deal with business risks and challenges, and give you the competitive edge and financial strength to succeed.

The post Automotive appeared first on SW Accountants & Advisors.

Through the Modern Manufacturing Initiatives program funding is being offered on a 1:1 basis, with the Federal Government contributing up to half the cost of eligible projects. The minimum funding for this round is $1m, with the average grant awarded expected to be approximately $4m.

Grants will be awarded through two funding streams – Translation and Integration.

Translation Grants: awarded to businesses who use new automated technology and equipment to produce new high value-add food and beverage products and production methods.

Integration Grants: available for businesses looking to invest and grow their businesses to support entry into new local and global value chains.

Grant funding received through both schemes can be used toward:

• Eligible plant and equipment
• Contractors
• Prototype expenditure
• Relevant travel
• Certain salary expenditure
• Other costs incurred in the process of completing the project

Application Process

Grant funding is awarded through a competitive process, with applicants having to submit a comprehensive application prior to the 27 April 2021 closing date.

The application is highly complex and must demonstrate the technical and business outcomes of the project in a clear and succinct manner.

Grant applications should be made through the Australian Government’s grants portal.

Who is eligible

Manufacturers in the Food and Beverage sector that are incorporated in Australia are encouraged to apply. Joint applications are welcome provided the lead applicant can fulfil the relevant eligibility criteria.

Partnerships, individuals and government bodies are unable to apply to this fund.

Important dates

Applications to both funds opened on 29 March 2021 and will close at 5pm on 27 April 2021.

How ShineWing Australia can assist

The application process is competitive and complex, with limited funds on offer.

ShineWing Australia’s Government Incentives team can assist in project identification, writing comprehensive applications, and liaising with program managers to maximise your chance of funding success.

Get in touch

To learn more and find out how you can seize the opportunity, contact Sam Morris or John Anderson.

The post Grant alert – Food & beverage manufacturing program appeared first on SW Accountants & Advisors.

Updated: 9 December 2020

The Federal Government is offering manufacturing grants of up to $1M to attract the adaptation of new technologies, modernise manufacturing processes, create jobs and increase productivity in key priority sectors.

Grants are offered on a 1:3 funding basis, with the Federal Government contributing up to 25% of the total project cost. The minimum grant amount for this round is $100,000.

To be eligible, manufacturers must operate within one of the six priority industries:

• Resources technology and critical minerals processing
• Food and beverage
• Medical products
• Recycling and clean energy
• Defence
• Space.

Application process

Grant funding is awarded through a competitive process, with applicants having to submit a comprehensive application prior to the closing date on 21 January 2021.

The application must demonstrate how the funding will improve Australia’s manufacturing capability in the priority sectors, create high-value jobs, and lead to long-term and sustainable business growth.

Who can apply?

• Manufacturers in the key priority sectors are encouraged to apply
• Eligible applicants must be Small to Medium Enterprises with 199 or fewer employees
• Not-for-profits, partnerships, and individuals cannot apply to this round.

Important dates

Applications opened on 4 December 2020 and will be closing at 5pm (AEDT) 21 January 2021.

Please take into account time zone differences when submitting your application.

How can we assist?

The application process is competitive and complex, with limited funds on offer.

ShineWing Australia’s Government Incentives team can assist in project identification, writing comprehensive applications, and liaising with program managers to maximise your chance of funding success.

We had success in Round 1 of this Program so know our way around it!

To learn more and find out how you can seize the opportunity, get in touch with Sam Morris or John Anderson below.

Contacts

The post Grant alert: Manufacturing Modernisation Fund round 2 now open appeared first on SW Accountants & Advisors.