Vision with Tradition.
That’s Lowe Lippmann.
We’re a premium accounting and advisory firm trusted for over 75 years.
Our clients have been turning to our high-calibre team of chartered
accountants and strategic advisors – generation after generation.
About Lowe Lippmann
Our clients have been turning to our high-calibre team of chartered
accountants and strategic advisors – generation after generation.
Our Partners
& Directors
Our Services
We offer smart strategic advice to help you grow your business, structure it effectively and adapt to change over the long term.
As auditors with integrity and acute attention-to-detail, we'll ensure you stay compliant by meeting every standard.
Using our expertise and intuition, we'll help you navigate tough financial times with smart, swift and timely recommendations.
Our expert accountants will attend to all your tax and compliance needs – while upholding a strong relationships focus.
Whether it's starting a company or complying with ASIC requirements, let Lowe Lippmann oversee all your corporate secretarial affairs.
We can help you navigate the complex world of international tax planning – while supporting you through the administrative hurdles you'll face.
Property Audit & Assurance is our specialty service division born out of our focus and growing reputation in expert audit & assurance services for Owners corporations and managed properties.
Our financial planning aims to provide individual and corporate clients with high quality personalized financial advice and services, covering all aspects of financial planning.
Latest News
Material Accounting Policies: Moving towards less cluttered and more readable financial statements Many entities preparing financial statements are required to comply with AASB 101 Presentation of Financial Statements. This standard requires disclosure of accounting policy information, however from 31 December 2023 the requirement has shifted from disclosing significant accounting policies to focusing on material accounting policy information. This aims to enhance the relevance of financial statements by ensuring that only material information about accounting policies, i.e. information that is essential for understanding the entity’s financial performance and position, is disclosed. Financial statements should no longer have pages of boilerplate words detailing accounting standard requirements included in the accounting policy section. The accounting policies disclosed should be specific to the entity covering: Changes to accounting policies Selection of options with accounting standards Information relating to significant judgements and estimates Development of an accounting policy for a specific transaction not explicitly covered by the accounting standards Accounting treatment for a particularly complex transaction. Instead of a checklist approach, the focus is now on whether the information is material to the users of the financial statements and will result in less pages, less clutter and more focussed information to users which must be a good thing. In addition, restructuring the accounting policy information into the relevant notes means that users have all the information on a particular topic in the one place. During the last few months, we have been working with clients on implementing these changes and have seen reductions in accounting policies (and associated pages of the financials) of between 50 and 80% with positive user feedback on the new structure.
Avoid a tax time shock Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year: let their employer know if they have a study or training support loan, such as a HECS or HELP debt; check they are only claiming the tax-free threshold from one employer; consider whether the Medicare Levy Surcharge may affect them this financial year (ie. whether they have the appropriate private health insurance); check their income tier is correct for their private health insurance rebate; and consider voluntarily entering PAYG instalments and pre-paying tax throughout the year to avoid a large tax bill at tax time for investment or business income. If you would like to discuss or implement any of these steps and strategies in more detail, please feel free to contact our office.
Australian Public Companies: Are You Ready for the Consolidated Entity Disclosure Statement? For years ending on or after 30 June 2024, Australian public company financial statements prepared under the Corporations Act are required to include a Consolidated Entity Disclosure Statement ( CEDS ). This includes not-for-profit companies limited by guarantee who are not ACNC registered. The CEDS aims to provide transparency about entities within a company’s consolidated group through disclosure of information such as the name of each entity, incorporation details, type of entity and tax residency. One crucial aspect of this new requirement is that materiality does not apply, every entity must be included, no matter how small. Directors must make a declaration that the information is true and correct, adding another layer of accountability. The auditors are required to provide their opinion on the CEDS. The CEDS is generally located after the last note in the financial statements and before the auditor’s opinion. This is a new addition to the Corporations Act (s295(3A) legislated with little notice and in collaborating with our clients, we have encountered complexities, particularly in determining the correct tax residency for some subsidiaries. This has often led to detailed discussions involving entities, their tax advisors, and auditors to ensure compliance. We are in the middle of 30 June 2024 reporting season which means it is time to review your group structure and start gathering the necessary information and obtaining expert advice if necessary.
Do You Need an Audit? Practical Guidance for Australian Businesses Navigating whether your business needs an audit can be tricky, but it is crucial to ensure compliance. Determining whether your business needs an audit in Australia depends on a few key factors, including business size, structure, and industry. For large proprietary companies, audits are mandatory if they meet at least two of the following thresholds: annual revenue of $50 million or more, assets of $25 million or more, or 100 or more employees. Public companies and some not-for-profits are also required to undergo audits to comply with regulatory requirements. But what if your business is small or medium-sized? Even if an audit is not legally required, you might still need one. For example, your bank might request audited financial statements as part of loan conditions, or suppliers or governments may want assurance that your financials are accurate and reliable. Additionally, certain industries, such as those regulated by specific state or federal laws, may have audit requirements regardless of entity size. Even if you have no requirement for an audit, many entities choose to have their financial statements audited as part of good governance since an audit isn’t just a compliance exercise to tick a box—an audit can also provide valuable insights into your business operations and financial health as well as improving credibility with stakeholders. If you are uncertain about whether an audit is necessary or could benefit your business, consulting with a professional can clarify your obligations and help you make informed decisions about the potential value of an audit.
Taxpayers can start lodging their tax returns With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the 'green light' to lodge their tax returns. Taxpayers who plan to claim deductions this year should make sure they have the correct records, and, in most cases, " a bank or credit card statement (on its own) isn’t enough evidence to support a work-related deduction claim – you’ll need your receipts ". The ATO reminds taxpayers that the rules regarding how and when they can claim a deduction can change, including in relation to car expenses and working from home costs. Therefore, they should not just 'copy and paste' their deductions from last year, and they may require assistance from their accountant in this regard. The ATO notes that taxpayers using a registered tax agent normally have more time to lodge..
Vic Land Tax exemption for leasing land in primary production business The Victorian Supreme Court has allowed a taxpayer’s successful appeal from a decision of the VCAT and found that it was entitled to an exemption from land tax under section 67 of the Land Tax Act 2005 (Vic) on the basis that the land was used by the taxpayer primarily production land. Section 67 provides an exemption for land located wholly or partly in greater Melbourne, that is wholly or partly in an urban zone, where the Commissioner determines that land held by the trustee of a discretionary trust is used solely or primarily for a business of primary production. The taxpayer, the corporate trustee of a discretionary family trust, was assessed in the 2018 and 2019 land tax years for land tax on the land, which it leased to a Partnership made up of some of the family members. In determining the principal business of the taxpayer, at the Tribunal level (leading to the Supreme Court decision) there was a comparison of the gross income, labour employed, and capital employed in each respective business. The Tribunal found that Mr. M (the key individual involved in the activities on the land, a director of the corporate trustee and one of the partners in the Partnership) undertook the majority of the taxpayer’s cattle farming activity himself and was ordinarily engaged in the business of breeding cattle for sale in a substantially full-time capacity. The Supreme Court considered that the rental payments made to the taxpayer were simply the mechanism for allocating revenue from the sale of cattle to the taxpayer (including that the taxpayer was also engaged in the relevant activities). As such, this resulted in the Supreme Court finding that the taxpayer was “carrying on one integrated primary production business” and the rent received by the taxpayer from the Partnership arose from the taxpayer’s primary production business. The fact that the taxpayer and the Partnership held separate identities did not take away from this conclusion. The Supreme Court also noted that the lease arrangement “was merely instrument designed to allocate revenue from primary production cattle business on land to the taxpayer”.
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