William Buck Australia
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
The William Buck Hour could be the most profitable hour you spend this year.
Sweeping changes to financial reporting may impact your financial position and business operations.
Our experts are here to help you understand what you need to know about Safe Harbour legislation.
Check our Private Business Tax Reform resource centre to see how the most significant changes may affect you and your business.
William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
With the skills to help tech companies grow from startup to exit – we provide tailored tech company solutions, supported by access to a range of specialists across numerous service lines and industries.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
The William Buck Health Hour could be the most profitable hour you spend this year.
We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
We’re more than just accountants and advisors, we aspire to create positive change in the lives of our clients and our people.
Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
Whatever your needs, we have the expert resources to create the best outcome for you and your business. As our client, you’ll benefit from our integrated services model that puts you at the core of its business.
We create and implement personal wealth plans and tax strategies that give our clients greater certainty that their financial and personal goals will be met.
Send us a quick message to see how we can change your life.
Full of practical advice, news, opinion pieces and tips designed specifically for CFOs. Join the conversation today.
Our professionals are experts in their fields and are skilled at providing jargon-free, practical and comprehensive advice, allowing you to get to the heart of your matter.
Interested in joining our team? We have positions across Australia and New Zealand for forward thinking, enthusiastic, intelligent individuals.
Looking to join a team that offers more than just co-workers? We’re proud to have built a firm which engenders loyalty and provides an environment in which life-long professional connections and friendships can flourish.
Are you ready to achieve your career goals?
We offer a workplace where striving for excellence and being supported to achieve your professional and personal best, are par for the course.
Are you a proactive and innovative accounting professional interested in joining our team?
We foster a dynamic and respectful work culture, where growth and development are encouraged, and initiative is rewarded.
We’re committed to recruiting outstanding people. Our culture is built on respect and team work, making William Buck a great place to develop a rewarding career. From day one, you will be given every opportunity to realise your full potential.
We boast a culture that values each individual employee as an essential part of the team and places a high priority on helping you reach your full potential, personally and professionally.
Hello. Kia Ora. Talofa. Ni Ho. However, you say it, there’s always a warm welcome at William Buck. Creating an enjoyable environment to spend our days is part of our master plan to create an exceptional place to work.
Applying for a graduate position at William Buck is the first step in a rewarding career.
Our people are the reason for our success. In recognition of this we have comprehensive learning and development programs to ensure our employees are given the right opportunities to grow both as professionals and as people.
Interested in joining our team? Take a look at the answers to some of our most frequently asked questions.
Applying for a role at William Buck is the first step in a rewarding new career.
Here you’ll find the latest business news, thought leadership articles, technical updates and tools to help drive your business performance.
Check out our latest research reports, looking at the key trends and issues faced by the mid-market.
A dedicated area for our Wealth Advisory clients to provide information about their portfolio services.
Our dedicated client portal enables you to share files with your advisor, manage your portfolio and make payments.
The William Buck Tax Rates and Tools App is available for download today.
Check out some of our latest insights and news appearances on our dedicated video channel – William Buck TV
In just one hour our experienced business advisors can prepare an independent assessment of your business through analysis of the key fundamentals of successful growth; your business, your finance and your people.
Check out our latest news articles, looking at the key trends and issues faced by the mid-market.
Sign up to receive the latest insights relevant for your business.
Take a look at our latest research reports.
Packed full of useful features, our free App can help you.
Established in 1895, we’re more than just advisors; offering a full range of services and 360 degree support, we aspire to create a positive change in the lives of our clients and our people.
As a member of Praxity, the world’s largest international accounting alliance, our local team is supported by our extensive network, representing an unrivalled global resource and knowledge pool.
From Western Australia, to New Zealand; and everything in-between; check out our offices, and local team, representing an unrivalled global resource and knowledge pool.
Information last updated 30 April 2020.
Instant Asset Write-Off – for assets up to $150,000
As part of its economic response to counter the impacts of the escalating Coronavirus pandemic, the Federal Government increased the instant asset write-off threshold from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500m (up from $50m). The higher thresholds were initially set to apply until 30 June 2020 but this has now been extended by six months and will apply until 31 December 2020.
Turnover is calculated on a group basis, not a stand-alone basis. Entities are grouped primarily through control relationships, i.e. the taxpayer controls another entity, or is controlled by another entity. Entities can also be grouped through joint control, i.e. where a third-party controls both the taxpayer and another entity. The group includes both Australian and overseas entities. Importantly, ‘control’ may be broader than merely ownership interests and can also include situations where two or more businesses are acting together, or in concert with one another, even if they don’t have common ownership.
Whilst for most Australian-owned private businesses the turnover threshold should be relatively easy to assess, subsidiaries of foreign companies should be particularly careful to ensure that they understand the turnover of the entire group.
The turnover threshold is based on either prior year turnover or current year turnover.
The threshold is for assets which cost less than $150,000. This is measured on a per asset basis, however care will need to be taken where assets are part of a set, or a group of items could be considered a single asset.
If a business is registered for GST, the $150,000 threshold is the GST exclusive amount, while for those businesses that aren’t registered for GST, the threshold is inclusive of GST.
The increased threshold will apply to assets acquired between 12 March 2020 and 31 December 2020. Crucially, the asset must also be used, or installed ready for use, in the taxpayer’s business by 31 December 2020.
Yes. Both new and second-hand assets are eligible for the instant asset write off.
Note that only new assets are eligible for the 50% deduction measure (which is separately discussed below under ‘Backing Business Incentive – 50% accelerated deduction for new assets‘).
For most businesses the benefit of the deduction won’t be obtained until the 2020 income tax return is lodged. For businesses paying PAYG Instalments, an earlier benefit may be able to be obtained by varying these instalment payments, but the risk of penalties for inaccurate variations needs to be considered.
The same timing rules applies. The benefit of the deduction won’t be obtained until the 2020 income tax return is lodged, regardless of whether you have a 30 June year end or a substituted accounting period.
The instant asset write-off is only available in situations where you would otherwise be entitled to claim depreciation deductions. Assets funded from loan finance or acquired under hire purchase arrangements should be eligible. Rental arrangements would not generally be eligible (for the renter).
Yes, when the balance of the small business pool as at 30 June 2020 is less than $150,000.
Yes, this measure is now law.
Backing Business Incentive – 50% accelerated deduction for new assets
A further part of the Government’s economic response is to allow businesses with an aggregated turnover of up to $500M to claim a 50% accelerated deduction for the costs of acquiring new assets. This measure will apply until 30 June 2021.
To be eligible for the 50% accelerated deduction for new assets, a business must meet the $500M turnover threshold, the same as for the instant asset write-off.
The 50% accelerated deduction is available for assets acquired between 12 March 2020 and 30 June 2021. The asset must also be used, or installed ready for use, in the taxpayer’s business by 30 June 2021.
The 50% accelerated deduction is claimed in the year when the asset is first used, or installed ready for use, in the taxpayer’s business.
For most businesses the benefit of the accelerated deduction won’t be obtained until the 2020 or 2021 income tax return is lodged. For businesses paying PAYG Instalments, an earlier benefit may be able to be obtained by varying these instalment payments, but the risk of penalties for inaccurate variations needs to be considered.
No. Only new assets are eligible for the 50% accelerated deduction.
If an eligible asset was acquired on 1 July 2020 for $1 million and the asset would ordinarily be depreciated at 20% per annum, then the following depreciation deductions would be claimed:
The same timing rules apply, regardless of whether you have a 30 June year end or a substituted accounting period.
The accelerated deduction business incentive is only available in situations where you would otherwise be entitled to claim depreciation deductions. Assets funded from loan finance or acquired under hire purchase arrangements should be eligible. Rental arrangements would not generally be eligible (for the renter).
Boosting Cashflow – $100,000 PAYG Withholding rebate
Another aspect of the Government’s economic response is a rebate on payments of PAYG Withholding. This is designed to assist SME businesses maintain their cash flow and so retain their employees.
To be eligible for PAYG Withholding rebate, you must be a business that has an aggregated annual turnover of less than $50 million and makes payments to employees that are subject to withholding obligations (such as salaries and wages).
The rebate will only be available to active eligible employers established by 12 March 2020. However, charities which are registered with the Australian Charities and Not-for-profits Commission will be eligible regardless of when they were registered, subject to meeting the other eligibility requirements.
The turnover threshold is determined on the same basis as for the instant asset write off (i.e. on a group basis and including Australian and overseas entities) but with a $50M threshold.
The turnover threshold is based on the entity’s turnover in the most recent income year (which would likely be the 2018 or 2019 income years for most entities). An entity can also satisfy the turnover requirement where it expects its turnover for the current income year to be less than $50m.
Businesses are eligible for a payment based on their PAYG Withholding withheld from their eligible payments (such as employee salary and wages) during March 2020, April 2020, May 2020 and June 2020. The calculation of the amount differs depending on whether the business lodges their activity statements quarterly or monthly.
The minimum entitlement is $10,000 (provided you make eligible payments such as salary and wages during the relevant periods, even if there is no PAYG withheld), up to a maximum entitlement of $100,000.
The payments will be delivered in two stages, each stage having maximum total payments of up to $50,000 (i.e. up to $100,000 in total over the two stages).
Stage 1 – initial rebates
Quarterly lodgers will be eligible to receive a payment of 100% of the PAYG withheld for the quarters ending March 2020 and June 2020.
To provide a similar treatment to quarterly lodgers, monthly lodgers will be eligible to receive a payment of 300% of their March 2020 PAYG withheld, and 100% of the April 2020, May 2020 and June 2020 PAYG withheld.
The maximum total entitlement for stage 1 is capped at $50,000, the minimum entitlement is $10,000 (provided you make eligible payments during the relevant periods, even if there is no PAYG withheld).
Stage 2 – additional rebates
An entity will be eligible for the stage 2 additional rebate if they were eligible for the stage 1 rebate and they continue to lodge activity statements with the ATO.
The stage 2 rebate that the entity will receive will be equal to their stage 1 rebate amount.
Quarterly lodgers will be eligible to receive 2 further payments, each equal to 50% of their total stage 1 rebate amount. The payments will be credited to their account after lodgement of their June 2020 and September 2020 activity statements. So, for example, if a business had a total stage 1 entitlement of $40,000 and remained active, they would receive a $20,000 stage 2 entitlement after lodging their June 2020 activity statement and another $20,000 after lodging their September 2020 activity statement.
Monthly lodgers will be eligible to receive 4 further payments, each equal to 25% of their total stage 1 rebate amount. The payments will be credited to their account after lodgement of their June 2020, July 2020, August 2020 and September 2020 activity statements. So, for example, if a business had a total stage 1 entitlement of $40,000 and remained active, they would receive a $10,000 stage 2 entitlement after lodging their June 2020 activity statement and similarly $10,000 after lodging each of their July 2020, August 2020 and September 2020 activity statements.
The maximum entitlement for stage 2 is the amount the entity received under stage 1 (i.e. up to $50,000).
The ATO will deliver the payment as a credit to the business upon lodgment of their activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.
The June 2020 activity statement will trigger both the final stage 1 payment and the first stage 2 payment, as calculated above.
The minimum entitlement payment (i.e. $10,000) will be applied to the business’ first lodgment.