BOTTOM LINE THE
PROTECTING YOUR ASSETS
TOP 8 TIPS TO RUNNING A SUCCESSFUL FAMILY BUSINESS Construction
Accounting:
Streamline Your Construction Business
Plus
FINANCIAL COACHING: HELPING YOUR BUSINESS THROUGH TOUGH TIMES
Avoid The 3pm Slump
Brought To You By:
Business Planning
Outline and Benefits
Why we developed this service. Success is about planning; we want to help you achieve success. • Do you have a current Business Plan? • Have you set realistic and measurable goals? • Do you have clear strategies to achieve your goals? • Do you regularly review your goals in regard to changing circumstances?
A Business Planning session will require you to take time out from day to day activities in the business to focus on the business. Together we will review your past performance and clarify future direction. You will set solid and realistic business goals and define strategies for achievement. At the end of the session you will have a one page Business Plan which will act as a guide map to ensure you are on course for success.
Who should have a Business Planning session? Every business should have a Business Plan. Would you like: • To increase the level of growth, profitability and cashflow in your business? • Support to unlock your business potential? • A clear outline of what you need to do to unlock this potential? • A document against which to measure your progress?
What is involved? You’ll attend a four hour planning session facilitated by Marsh Tincknell. The key issues covered include: • Discussing and setting both personal and business goals for the next 12 months • Discussing and agreeing on an action plan with strategies to support achievement of goals • Identifying Gross Revenue Targets and Key Performance Indicators • Identifying opportunities and vulnerabilities in your business that need to be managed • Establishing a 90 Day Action Plan to address immediate critical issues We'll provide you with pre-work, which you will need to complete prior to the Business Planning session to ensure you identify any issues that need to be discussed. That way we can prepare any information required prior to the session.
Achieve financial success to maximise your freedom of choice.
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marshtincknell.com.au
When should I have a session? Any time is a good time to develop a Business Plan if you don’t have one, however it's particularly relevant at the start of a new financial year. If you're contemplating a major change in your existing business or starting a new venture, a Business Plan is crucial. You'll also require a Business Plan to support any financial applications.
CALL US NOW ON 07 3422 8000 to discuss the preparation of your Business Plan.
Benefits of a Business Planning Session • Review and set the direction of the business • Eliminate procrastination • Identify common goals amongst a number of directors (if applicable) • Identify and prioritise your key goals • Create strategies to achieve your goals • Identify what you will need to achieve your goals • Set timeframes for achieving your goals • Develop a tool to communicate your business goals and vision with your team • Divide your goals into short term and long term - quick wins vs. key projects • Develop a template to review actual performance against targets • Create a platform to develop Financial Forecasts • Use your Business Plan as a basis for you to set team members’ individual goals / targets
Achieve financial success to maximise your freedom of choice.
marshtincknell.com.au THE BOTTOM LINE
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Contents 6
FINANCIAL COACHING: HELPING YOUR BUSINESS THROUGH TOUGH TIMES
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ELLIOT & HARVEY SOLICITORS: KEEPING ON TOP OF YOUR LEGAL MATTERS
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HOW TO AVOID THE 3PM SLUMP + ZUCCHINI SLICE RECIPE
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ASPIDES PATENT & TRADEMARKS: PROTECTING YOUR ASSETS
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CONSTRUCTION ACCOUNTING : STREAMLINE YOUR CONSTRUCTION BUSINESS
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TOP 8 TIPS TO RUNNING A SUCCESSFUL FAMILY BUSINESS
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SMALL BUSINESS VIEW PODCAST: GLOBAL SHOCK, LOCAL IMPACT
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NEWS BLAST: ECONOMIC STIMULUS
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NEWS BLAST: SUPER GUARANTEE AMNESTY
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MARSH TINCKNELL STAFF PROFILES
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Advertising Enquiries: READ PUBLISHING Published By: READ PUBLISHING Distributed By: READ PUBLISHING Designed By: READ PUBLISHING
Every business should have a business plan to unlock your business potential.
ALL RIGHTS RESERVED Reference to any specific commercial product, process, or services by trade name, trademark, manufacturer, or otherwise, does not constitute or imply its endorsement or recommendation by READ PUBLISHING. Links outside of this publication are provided for user convenience and do not constitute or imply endorsement, recommendation, or favouring by READ PUBLISHING. The publisher or any of the editors, writers or contributors will not accept responsibility or liability for the correctness of information or opinions expressed in the publication. All material submitted is at the owners risk and while every care will be taken the publisher does not accept liability for loss or damage. No person, organization or party can copy or re-produce the content on this site and or magazine or any part of this publication without a written consent from the editors’ panel and the author if the content, as applicable. The publisher, authors and contributors reserve their rights with regards to copyright of their work.
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FINANCIAL COACHING:
HELPING YOUR BUSINESS THROUGH TOUGH TIMES
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Most of us have heard of financial coaches but many of us are still unsure of the role that they can play and the benefits they may yield for our business.
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e are all more familiar with traditional models of financial planning, including retirement funds, taxes, investments and superannuation but increasingly, there is a new domain known as “financial coaching” which is emerging as a distinct service helping businesses to grow and expand in new ways.
So what exactly is financial coaching? Financial coaching is an assets building program encouraging clients to build positive financial behaviours and to motivate them to achieve business goals. Financial coaching provides encouragement and support and focuses on ongoing behaviour change, goal setting and goal monitoring. Financial coaching is not a ‘get rich quick’ scheme. It is quite the opposite, in fact, it is all about long term planning, goal setting and accountability.
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A good financial coach will provide their client with educational insights, practical experience and will focus on long term, proven sustainable wealth building principles. A financial coach is not there to do the work for you, but to keep you on track and motivated while you achieve your end goal.
So how can financial coaching help benefit your business? Financial coaching can assist your business in a plethora of positive ways including: ● ●
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Helping you to develop a deeper understanding of your business. Allowing you to better monitor and manage your cash flow.
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Setting goals and encouraging you to work towards achieving them. Encouraging you to adapt a growth mindset. Identifying existing errors and finding solutions to combat them and prevent further future errors. Developing custom reports that allow you to identify and capture specific information that you might help make business decisions easier. Helping you assess the long-term implications of business decisions hence allowing you to make more informed decisions. Providing independent financial advice. Identifying specific issues that need to be identified and actioned within your business.
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Looking at ways to reduce administration time and costs hence freeing up time and money for business growth and development. Holding you accountable and ensuring that you meet the targets and goals that you have set. Recording and reviewing your progress and assessing actions that could be taken to ensure that you stay on track.
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Providing ongoing support and feedback as well as expert advice and motivation.
Financial coaching is leading the way in assisting so many business owners to rethink how they are working, to look at things slightly differently, to dig deeper to understand their business better and motivate them to step outside their comfort zone to achieve their full business potential.
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ELLIOT & HARVEY SOLICITORS:
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DIRECTOR OF ELLIOTT & HARVEY LAWYERS, DOMINIQUE HARVEY IS KNOWN FOR HER ABILITY TO IDENTIFY THE CORE ISSUES AND PROVIDE PRACTICAL AND COST-EFFECTIVE STRATEGIES TO HER CLIENT’S LEGAL ISSUES.
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n her tenth year of practising law, Dominique is committed to getting the best results for her clients.
Dominique is a general practice lawyer at the forefront of all cases at Elliott & Harvey Lawyers. Although her notable interests are in family law, estates, property, commercial, and all types of disputes, she says Estate Planning and Business are her clients greatest concerns right now.
Estate Planning Everyone needs to be concerned about how their assets can be preserved without losing either value or being subjected to unnecessary tax assessments that are avoidable. Planning starts from Wills, whether straightforward ‘mum and dad’ wills with the structure of everything to partner then to children then to grandchildren if any. Estate planning is the process of documenting how you would like your estate distributed, to who and by who, upon your death. Then, for tax purposes, people set up Trusts in order to quarantine assets from heavy tax assessments or for asset protection or from previous relationships or bearing in mind blended families, from more than one marriage.
Then there are really complex structures that need very careful thought and consideration which are set up, such as hybrid trusts, mostly set up to minimise tax as advised by tax experts. Also, there is a need to consider what happens when someone does not have the capacity to manage their own affairs, or when someone goes overseas and is out of the jurisdiction where things need to be attended to, and the answer usually lies in Powers of Attorney and the aims sought to be achieved. There are Enduring Powers that go beyond the date that someone loses capacity and General Powers that have specific goals, time limits or things that the person wishes to achieve.
Business Businesses are structured in all sorts of ways, individual names, partnerships or corporate ventures where one party is a corporate trustee and the other an individual. The reason for choosing each structure, or for NOT choosing a structure, lies mostly in tax outcomes. When we talk of planning in business, we really mean succession planning, what happens when one partner or director dies, or wants to sell his share, or tries to take clients away and how to protect against any eventuality that impacts the business and its viability. THE BOTTOM LINE
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Succession planning for business starts immediately when the business is being set up, as choices must be made as to the business structure that will be created. There are many documents that cater for business planning; Shareholder agreements set out the share structures, how new shareholders are introduced into the business, what happens when someone dies. Share sale agreements deal with how shares are bought and sold within the business if it’s an organisation which has shares in its capital structuring. Partnership agreements set out the rights and obligations of partners. Again, Trusts are a big part of the business structuring that corporate entities think about. These are complex matters brought about by complex wishes of those who create the business and then think about how to go about the business.
The current uncertainty simply highlights that good advice and good documentation are crucial to the success or otherwise of most commercial arrangements. The other safeguards really revolve around getting the tax outcomes right and that is a hugely difficult endeavour which we seek to explain and resolve in comprehensible language so as to smooth the path to the goal of succeeding. This is a stressful time and people often forget to keep on top of their legal matters during times of uncertainty. Dominique can help clients to focus on what’s important in life, despite engaging in legal matters which can be daunting and stressful. Her aim is to support and empower you and guide you through what is a complex legal system and bring your legal matters, no matter how complicated or simple, to a resolution.
Business operations can include supplier agreements, distribution agreements, licensing agreements, involvement in the purchase and sale of property. Businesses employ staff and then need employment agreements, which set out the terms of employment and the benefits that that employee can commend in terms of holidays, bonuses, leave of various sorts, hours of work, key performance indicators and many other issues that arise
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DOMINIQUE HARVEY ehlaw.com.au
HOW TO
AVOID THE 3PM SLUMP THE BOTTOM LINE
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t’s rolling around to 3pm, and the vending machine begins to beckon you.The sweet treats are starting to shout your name down the corridor. You’ve hit the dreaded afternoon slump. You may have started your day full of energy, but by mid-afternoon you feel exhausted. It’s perfectly normal to experience different levels of energy throughout the day, but there are certain foods you can eat to help you avoid the post-lunch slump. The energy slump is part of our normal circadian rhythm. Our natural reaction is to crave a sugar hit to help bring our energy levels back to normal and help us soldier on through the rest of the day but reaching for the right foods throughout the day can help us power through. SNACKS Look to have a high protein snack in the afternoon. Foods that are high in protein and healthy fats will keep you feeling fuller for longer and the body takes longer to break down protein and digest it.
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Boiled eggs
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Unsalted nuts
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Greek yoghurt
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Low fat cheese
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A can of tuna
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Bananas
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Most fruits contain a variety of sugars (glucose, fructose and sucrose) and fiber – a good combination for a source of energy. Pack a banana in your lunch and save it for when you’re feeling drained later in the day. Whole wheat toast is a great option. Glucose is the best energy source for the brain and central nervous system. You can find glucose in carbohydrates like whole wheat and other grains. Pair some low GI carbs with protein and your snack is sorted. Below are some of our favourite combos: ●
Wholegrain crackers and low-fat cheese
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Corn Thins with ricotta
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1 x tub of yoghurt and a piece of fruit
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Tzatziki dip with crispbread
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1 x slice of low fat cheese on seedy toast
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Small handful of roasted nuts
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Natural peanut butter and a banana
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Hummus and wholegrain crackers
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Celery and nut butter
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Hummus and crudites
ZUCCHINI SLICE If you fancy creating something delicious and healthy at home to have on hand in the fridge, you cant go past savoury slices. They are so easy, versatile with flavours and they keep well for a few days to grab on the way out the door. Try our Zucchini Slice to help get you through the work day slump.
Recipe for Success
INGREDIENTS
INSTRUCTIONS
● 6 eggs
1. Preheat the oven to 180°C. Line a 20 x 30cm baking tray with baking paper.
● 1 cup grated zucchini ● 1 cup grated cheddar cheese
2. In a large bowl, whisk the eggs, add the remaining ingredients and season to taste.
RECIPE NOTES
3. Pour the contents into the prepared tray and bake for 25 minutes or until nice and brown.
● ½ cup self-raising flour
Grated into this onion, carrot, corn or sauté a little leek or bacon. Remember these are lovely served cold in the lunchbox.
4. Allow to cool slightly, then serve sliced with a simple little salad.
Enjoy! THE BOTTOM LINE
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ASPIDES PATENT & TRADEMARKS:
PROTECTING YOUR ASSETS 16
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spides is ancient greek for “Shield.” If there’s one detail you can’t afford to overlook in running a long-term successful business, it’s protecting your assets effectively. We are not talking about your equipment, vehicles, or even equity, we are talking about protecting your ideas. Aspides Patent & Trademark Attorneys, George Hatzis and Jaime Massang have been in the game for over 2 decades. Their trademark, patent and design attorney and commercial lawyer’s goal is to help local businesses of all shapes and sizes be protected against IP infringement. When kicking off a new business, an energetic new owner goes to the accountant or solicitor to get advice on the contracts and the entity set up and general asset planning and tax planning. Then fast forward a few years, when the owner wants to sell and get some of their hard earned capital back, they find that most of their goodwill is built up around them (personal goodwill) and or usually with a business name, however with a trademark, they have secured the brand of the business Australia-wide. This is attractive to a buyer who is then able to take the business forward and grow further - that is far more valuable.
“We have seen a rise in self-filing, but this has introduced a lot of problems because we are having to unravel those issues. In today’s world, it has been made easier to get online and register your trademark, patent or design but you still need to do the preparatory steps and investigations which are lacking when someone acts for themselves,” George told Bottom Line magazine. George has over thirty-five years experience as a solicitor and Jaime has been a registered Patent and Trade Mark Attorney for twenty years, so, between the two of them, there is more than a half a century of experience where they compliment the other’s skills and attributes. George and Jaime are driven to provide the best service to all their clients, while still maintaining their promise to go above and beyond to achieve that end. “For one client, we managed to obtain over twenty granted Patents under the Patent Cooperation treaty in relevant countries of interest. This was a great outcome,” George said. “A client recently saw us about a dispute he had been involved in with a major international public company who came down hard on them, threatening action involving an abuse of the company’s registered name,” he said.
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“Another client saw us after registering multiple domains and business names only to find out when they saw us that the Trademark was already taken and registered in Australia. These are the sorts of situations we are trained to help with.” Aspides audits your company or brand’s goods or services and tailors their advice and application to your business. Often businesses with innovative ideas or services struggle to find IP services that adapt to their smaller scale startup model. It’s important to find an effective approach to protecting your business’s intellectual property, which is not often top of mind for company owners.
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Ensuring the correct IP protections are in place is a vital step in creating and maintaining a successful business. Avoiding the pitfalls in the first place is the best way to protect your business. “Even a small outlay by a client to investigate and do preliminary searches goes a long way towards certainty for the client. Our fees start at $330, which is favourable to the alternative and is rolled into and incorporated into the application fee for that client, so they really get the best of both worlds,” George said.
CONSTRUCTION ACCOUNTING: STREAMLINE YOUR CONSTRUCTION BUSINESS THE BOTTOM LINE
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WHEN IT COMES TO ANY BUSINESS, GOOD ACCOUNTING IS VITAL TO ITS SUCCESS. THIS IS ESPECIALLY TRUE WHEN IT COMES TO THE CONSTRUCTION INDUSTRY AS CONTRACTORS AND BUSINESSES FACE SOME FAIRLY UNIQUE CHALLENGES WHEN IT COMES TO ACCOUNTING.
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ypical businesses such as restaurants, hairdressers or chemists sell products and or services from a fixed location. The overheads and costs associated with the goods and services are hence largely fixed meaning that accounting for that business is fairly straightforward. Things get a bit more complicated when it comes to the construction industry – a business that moves around to multiple locations and which is hugely customised. As such, the construction industry has to constantly monitor and take into account changeable factors such as the costs of materials, travel costs, clearing costs etc. making the accountancy practices slightly different to that of other businesses.
HERE ARE SOME OF THE KEY FACTORS THAT MAKE CONSTRUCTION ACCOUNTING DIFFERENT TO REGULAR ACCOUNTING: Sales: Most businesses have a range of “stock” or “standard” products or services that they sell. For instance your local butcher may sell mince meat for $12 per kilo and rump steak for $35 per kilo, whilst the hairdresser opposite charges $50 for a wash and blow
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dry and $80 for a haircut. There is not the same streamline of sales in the construction business as they offer such a wide variety of services from consulting, building, to design, architecture, planning and the supply of materials. These sales are not standard but are customised for each particular job, making it impossible to have set sale prices. Cost of goods sold: Regular businesses are able to simply account for the cost of the goods sold. This is not so easy for the construction industry as they incur many costs, both directly and indirectly from jobs and from a range of categories, which need to be factored into their accounting schedule. Expenses and overheads: Businesses such as butchers or chemists have a fairly clear distinction between what are the cost of goods sold and what are the cost of overheads. In the construction industry, the lines become blurred and there is a real overlap between these two categories, making it a more difficult task for accountants to decipher. Some overhead costs might actually merge into the cost of goods sold if it is in relation to a specific project, meaning that it is difficult to exclusively distinguish between these two categories – each job needs to be looked at individually.
Break-even point: Many regular businesses have a very clear relationship between income and expenses, making the breakeven point easy to calculate. The goal posts are constantly changing in the construction industry with so many variable factors, which makes it essential that each individual job or project is looked at specifically to determine a breakeven point. In construction, there is no magic number or generic formula that establishes the break-even point.
It’s not going to work or at least it’s not going to work well.
HOW TO GET IT RIGHT
The easiest way to streamline this is to implement a software solution that allows employees to easily and cohesively submit data on costing through a platform that is integrated with your accounting software. This will not only save on time and paperwork but it will also ensure consistency and help your business to be profitable.
Because construction accounting is not like regular accounting, it is firstly essential that you acknowledge and accept that it is different. Trying to adopt regular accounting methods to the construction industry will be like trying to fit a square peg into a round hole.
Once you have acknowledged the difference the next thing to do is to clearly identify and understand the different types of costs associated with working on various projects. Once that is done you need to effectively categorise those costs and identify the differences between what are overheads, what are expenses and where there might be a crossover.
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TOP 8 TIPS TO RUNNING A SUCCESSFUL FAMILY BUSINESS
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unning a business is tough but running a family business poses a unique set of challenges. Whatever the family ties – parents, spouse, siblings or children - running a family business requires discipline and planning as well as recognition that family dynamics can be fragile. Keeping this in mind here are our top 8 tips for running a successful family business!
TIP #1 Set
boundaries
When you are in a family business it is very easy to let the business and family time merge into one and talk business 24/7. This is where boundaries come in. It is really helpful to set boundaries around where and when you will have business discussions and to draw a line between work and personal time.
TIP #2 Treat it as
a business, create a structure and allocate roles and responsibilities
Often in family businesses there is a huge emphasis on the ‘family’ component and a lot less on the ‘business’ aspect. This is a really common pitfall that needs to be realigned. Creating a structure within the company and clearly identifying various roles and responsibilities of different family members as well as establishing
a reporting or accountability format will go a long way in keeping the business on a professional footing.
TIP #3 Establish
clear and manageable communication channels One of the key ingredients to any successful business is successful communication amongst employees. This is even more vital in a family business where people and feelings can get personal. Establish set protocols for communication such as weekly meetings to encourage a free flow of regulated communication. Ensure that there are set of standards that need to be kept in order for things to remain professional. By doing this you will hopefully limit disagreements and disputes.
TIP #4 Don’t take
advantage, be fair and put things in writing Many family businesses could not survive without the dedication and hard work of family members who are willing to go above and beyond to make their business a success. This is where being fair and reasonable is really important. Make sure that hard working family members are recognised and rewarded accordingly and avoid favouritism. Avoid setting the standards lower of higher for various family members – make sure you set the bare to certain level and that you stick to it. Avoid handshake agreements with family members and THE BOTTOM LINE
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rather put things in writing so that there is no miscommunication regarding expectations.
TIP #5 Seek external
advice
Sometime business decisions can be a bit to close to home when you are operating a family business so it is often a very good idea to get a fresh perspective by way of some professional advice. Seeking guidance from outside professionals can be a really beneficial reality check for family businesses.
TIP #6 Establish
a clear succession line and long term business plan A family business without a clear longterm business plan and succession line is simply asking for trouble! The future generation needs to know exactly where the business is heading and who will be at the helm. It is a good idea to get outside assistance when working out the long-term company plan and have it formally and legally documented.
TIP #7 Encourage
outside experience If you have children or younger family members looking to join your business it is really helpful to encourage them to seek some external experience first. This not only allows for them to gain some workplace experience but it 24
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also teaches them what is involved in holding down a job and adding value to a company. Getting experience elsewhere will offer them a very valuable perspective before entering the family business.
TIP #8 Appreciate the
benefits of being in a family run business
There is no doubt that family businesses can prove to be challenging in many ways and it can often be a real balancing act trying to combine personal and professional but there are also HUGE advantages to being part of a family business that you should never loose sight of. Family businesses can provide easy access to invested human capital, which is always the most important commodity in any business. They can also provide flexibility and support that other businesses don’t. Firms run by trusted and cohesive family members can be amongst the most successful businesses in the world.
SMALL BUSINESS VIEW PODCAST:
GLOBAL SHOCK, LOCAL IMPACT COVID-19 HAS ROCKED SMALL BUSINESSES THROUGHOUT AUSTRALIA. THE EXTENT OF THE CHALLENGE HAS BEEN, FOR MANY, UNPRECEDENTED – FROM LOSING CUSTOMERS, STAFF, REVENUE AND CASH FLOW TO OUTRIGHT CLOSURES. In a new podcast with Ana Marinkovic, Customer Executive of NAB Business Direct and Small Business, Australia’s largest business bank looks at how business owners are coping, what they’re doing to innovate and adapt, and where they can go for help or more information. Click below to listen now.
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NEWS BLAST
ECONOMIC STIMULUS DELIVERING SUPPORT FOR BUSINESS INVESTMENT â—? $700 million to increase the instant asset write off threshold from $30,000 to $150,000 and expand access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. For example, assets that may be able to be immediately written off are a concrete tank for a builder, a tractor for a farming business, and a truck for a delivery business. â—? $3.2 billion to back business investment by providing a time limited 15 month investment incentive (through to 30 June 2021)
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to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct an additional 50 per cent of the asset cost in the year of purchase. These measures start today and will support over 3.5 million businesses (over 99 per cent of businesses) employing more than 9.7 million employees or 3 in every 4 workers. The measures are designed to support business sticking with investment they had planned, and encouraging them to bring investment forward to support economic growth over the short term.
CASH FLOW ASSISTANCE FOR BUSINESSES ● $6.7 billion to Boost Cash Flow for Employers by up to $25,000 with a minimum payment of $2,000 for eligible small and mediumsized businesses. The payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff, between 1 January 2020 and 30 June 2020. The payment will be tax free. This measure will benefit around 690,000 businesses employing around 7.8 million people. Businesses will receive payments of 50 per cent of their Business Activity Statements or Instalment Activity Statement from 28 April with refunds to then be paid within 14 days. ● $1.3 billion to support small businesses to support the jobs of around 120,000 apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer that employs that apprentice. STIMULUS PAYMENTS TO HOUSEHOLDS TO SUPPORT GROWTH ● $4.8 billion to provide a oneoff $750 stimulus payment to pensioners, social security,
veteran and other income support recipients and eligible concession card holders. Around half of those that will benefit are pensioners. The payment will be tax free and will not count as income for Social Security, Farm Household Allowance and Veteran payments. There will be one payment per eligible recipient. If a person qualifies for the one off payment in multiple ways, they will only receive one payment. Payments will be from 31 March 2020 on a progressive basis, with over 90 per cent of payments expected to be made by mid-April. ASSISTANCE FOR SEVERELYAFFECTED REGIONS ● $1 billion to support those sectors, regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education. This will include the waiver of fees and charges for tourism businesses that operate in the Great Barrier Reef Marine Park and Commonwealth National Parks. It will also include additional assistance to help businesses identify alternative export markets or supply chains. Targeted measures will also be developed to further promote domestic tourism. Further plans and measures to support recovery will be designed and delivered in partnership with the affected industries and communities.
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NEWS BLAST SUPER GUARANTEE AMNESTY: NOW IS THE TIME TO GET PAYROLL RIGHT
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he superannuation guarantee (SG) amnesty provides employers with a one-off opportunity to “self-correct.” Now is the time to ensure that your payroll is correct and there are no hidden SG issues looming. The amnesty applies from 24 May 2018 (the date of the original announcement) until 6 months after the legislation receives Royal Assent. Employers will have this period to voluntarily disclose underpaid or unpaid SG payment to the Commissioner of Taxation.
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The amnesty applies to historical underpaid or unpaid SG for any period up to the March 2018 quarter. To qualify for the amnesty, employers must disclose the outstanding SG to the Tax Commissioner. You either pay the full amount owing, or if the business cannot pay the full amount, enter into a payment plan with the ATO. If you agree to a payment plan and do not meet the payments, the amnesty will no longer apply. The amnesty only applies to “voluntary” disclosures.
ON
SPOTLIGHT
Meet the Team
The company’s goal is to become one of the top 5 most sought-after places to work in Australia. What makes it so enticing to work at Marsh Tincknell?
PETER MARSH Founder
Marsh Tincknell believes in building a trust culture, based on mutual respect for their team and their clients. Peter Marsh founded the firm in 1989, driven by a vision he shared with friend David Tincknell to provide a personal service in the world of accountancy. The quest started with genuinely understanding the individual needs of clients, rather than a “one size fits all� approach. From those humble beginnings Peter, in company with his fellow Directors, has grown the firm to the point where it is now one of the largest and most sophisticated suburban accountancy practices in the country. Peter is as passionate about the growth and development of Marsh Tincknell as he is about the businesses of his clients, constantly searching for new and improved systems and processes to help the practice realise its full potential. We sat down with Peter to find out a little more about the man behind the business.
We believe if we look after our team, our team will look after our clients. It is important that we look at all avenues to ensure that we provide a happy and enjoyable place to work which allows our team to grow and develop. We believe that we have succeeded in this by the fact that we are very proud of our loyalty board in our reception which lists all of the team members who have been with us over a long period of time and we have special celebrations throughout the year for our long serving team members. Marsh Tincknell is who it is today because of our team. How have you handled the last few months of isolation? The last few months have been a challenging time, however it does reinforce the importance of balance in every aspect of our lives. It has given me personally and the team more time at home to spend with our families and many of our team members have excelled and thrived during this time in balancing their home life with their work life, being extremely productive throughout this period. I personally find the balance of some work in the office and some work at home to be great, allowing me to manage the team and do the things I need to in the office, but also allows for some quiet time at home to simply get in and get important matters attended to.
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Meet the Team
Where would you love to visit when it becomes possible again - overseas or in Australia? I am an avid camper/caravanner and love nothing more than pulling the van up in the bush or at our favourite destination, Moreton Island, and just sitting back in the tranquillity of nature and reading a great book. We will be heading off again in our van to enjoy this wonderful country that we are so privileged to call home. I do also enjoy visiting other countries around the world to get a different perspective on how cultures integrate with their societies and how they both are similar and different to ours. I am a frequent traveller to the United States and find it fascinating that a country that is only a few hundred years old still has very different cultural aspects in all of its 51 states. It is interesting to see how each state in its own right has much to offer, but also how the people of each state are very different to those of their neighbours.
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Have your children inherited your interest in finances? I certainly am a family man. My children have all grown and developed in their particular interests, although none have decided to follow in my footsteps in the journey of becoming an accountant. They all do manage their finances well and it is always pleasing to see them sitting down to plan budgets and achieving goals, so some of my career and life in the accounting world has rubbed off. The best Sunday is... Sundays are my relaxing day and I look forward to the occasional game of golf with a few mates. When golf is not on, I enjoy nothing more than sitting down and having a nice breakfast, reading the paper and then sitting in the park reading a great novel for the day. I use it as a day to recharge the batteries and be in a positive mindset for the week ahead.
ON
SPOTLIGHT
Meet the Team
my career. How do you unwind outside of work?
Sophie Fairlie Accountant
Marsh Tincknell’s philosophy is that work is simply an activity that helps build lifestyle and ultimately, creates enjoyment. They believe we work to live, not live to work. With this as their ethos, the company goal of becoming one of the Top 5 most sought-after places to work in Australia is surely not far out of reach. Team member, Sophie Fairlie has been part of Marsh Tincknell since 2010, starting as an undergraduate and building her career to become a Senior Accountant and Bookkeeping Manager. We chat to Sophie about what fuels her in life, both in career and outside work. What drives you in your career? Marsh Tincknell is a great place to work - the firm and its culture really drives you to want to improve and build your career. There is so much support and guidance provided by the staff and directors that surround you, it is impossible to not want to strive for your best. I also find enjoyment with helping others and clients, the ability to do this also drives me to want to continuously improve in
My latest passion outside of work has been fitness. I like to workout in the afternoons, as it allows me to zone out and disengage from work at the end of the day. My competitive side helps me to push myself to my limits and set hard goals to achieve. What positives have you taken from the few months of isolation? There have been positives with both work and personal life to come out of it all. At work, it has allowed me to learn a lot more about managing a team and delegating tasks. My bookkeeping team has shown me their hidden strengths and has allowed me to move more into a managerial role in the team. At home, it has been re-connecting with the people in my community. I have had a lot more family video chats than ever before, and built stronger friendships with the neighbours. The perfect Sunday is‌. My weeks tend to be non-stop with work, gym and home life, so ideally I like to get everything done by Saturday so that Sunday can be a lazy day for me. My perfect Sunday would involve a nice sleep in until mid-morning, leading into a slow paced day. I have a number of Audio Books to listen to so I tend to play them while doing some light yard work or a puzzle. If motivation hits, I will go for a run or to the gym for a weights session. THE BOTTOM LINE
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Brisbane Accountants that map your journey to peace of mind, financial success and freedom of choice 32
THE BOTTOM LINE
