Mining and Resources
Mazars has a comprehensive service capability in the mining industry developed through long associations with clients with both Australian and overseas mining interests and in supplier relationships to the industry. We support our mining clients across a range of service areas including:
Whether your business is a listed company, large proprietary company at the beginning of its business journey, or a subsidiary of a multinational company, an audit is essential to know that your results are fairly presented. For companies looking to offer an IPO in the future, an audit is essential to present a properly disclosed track record of results and is a requirement for an ASX listing.
As a leading independent firm, Mazars is uniquely placed to provide audits for joint ventures and report to each of the venturers' auditors, whilst maintaining independence from the various ventures' auditors. We also have substantial experience in responding to referral instructions from auditors of parent companies and joint venture partners and utilise industry leading electronic audit software to ensure efficient delivery of our audit assignments.
Financial Reporting and disclosure advice
The challenging disclosures required for the mining industry requires expert advice and assistance. Differing ownership interests and joint ventures unique to the mining industry will necessitate differing disclosures. It is important to understand what disclosures are required before completing financial statements to ensure that release of results can be achieved on time and audit costs can be kept in check.
The mining industry is frequently presented with a challenging tax. Specialist tax deductions through capital write-offs for mining and exploration ventures and complex GST issues as well as State royalties require expert advice to lead you through the 'mine field' of taxes. For international clients with Australian mining interests, we can also assist to structure your investment in the most efficient way to minimise taxes internationally.
Mazars can also assist with salary packaging and employee share scheme advice as well as look after the tax affairs of mining executives and personnel.
General Operations and Administration
Whether you are a small explorer with limited personnel, or a subsidiary of an overseas company getting started in Australia's mining industry, you need to ensure that the business is being operated correctly in accordance with the law and that the myriad of compliance is being taken care of. Mazars can assist you to take care of all your compliance requirements in a variety of ways. Our services can range from acting in an outsourced CFO / Financial Controller role to assisting with regular compliance and includes:
- Book Keeping / outsourced accountant or accounting support
- Budgeting and financial modelling
- HR advice
- Preparing monthly / quarterly activity statements (GST returns)
- Preparing quarterly royalty returns
- Preparing Fringe Benefits Tax returns
- Preparing annual income tax returns and financial statements
- Corporate Secretarial
- Assistance with ASX compliance (regular reporting including preparation of half year and year end financial report)
Specialist PNG Mining/Oil and Gas Tax and Business Services
Mazars Tax and Business Service Partner, Peter Maletz has considerable experience in the Mining/Oil & Gas Sector in Papua New Guinea (PNG) having acted for Ok Tedi Mining Ltd, Misima Mines Ltd, Placer Ltd, Chevron Niugini, Mitsubishi Oil, Porgera Joint Venture Ltd, Lihir Gold, Kutubu Joint Venture and many of the junior explorers. Our firm currently acts for a large number of service providers to the resources sector in PNG and has close connections with all of the major operators. We regularly travel to PNG to assist clients with their requirements.
Mazars in Australia has a number of staff who are fluent in various foreign languages. In particular, our China Desk and Korean Desk specialise in assisting international clients who wish to commence business in Australia. We also look after the Australian income tax obligations of expatriate employees working in Australia.