Monthly Archives

July 2016

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Don’t Miss Your Chance to Hear Brendon Smart at the ProNet National Conference

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Brendon Smart from the Smart Group, runs a 5,000ha property in Keith South Australia.  Brendon will provide insight into ‘successfully working with the next generation’, which the Smart Group have been actively working on for the last 20 years.  This has been achieved by firstly deciding to change the way the business managed people, introducing a quality management program and providing more responsibility and autonomy to staff.  The Smart Group also established a family board, with a mix of independent directors and family members.  The board is similar to that of any major public company with reporting requirements and the like in place.  Brendon believes that no family business is sustainable unless you have a sustainable family.  You can read more on the Smart Group here or click here to register your spot at the ProNet National Conference.

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6 Tips to start the New Financial Year

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It’s the start of a new financial year, so let’s get going with some smart habits to help you along your way.

Tip 1 – Filing Old Statements
Start with a simple clean up.
Archive old tax statements, paperwork and financials. You will need to keep written evidence for five years from the due date of lodging your tax return – or five years from the date you lodge your tax return – whichever is later.
You also need to be able to show how you got those figures – in some cases you may be required to provide written evidence so ensure you keep all receipts and relevant paperwork.

Tip 2 – Filing New Statements
If there is just one new financial habit you adopt this year, make it this one. File all new statements, invoices for the new financial year.
This can be simply done by placing into some plastic pockets under a new month each time or into a ring binder under A to Z tabs.
If you utilise spreadsheets for your business, set up new ones.

Tip 3 – Remit the Previous Years Wages to WorkCover and Submit Estimate for this Financial Year
It’s that time of year to summarise the total wages and number of employees in your business and certify these with Workcover. This can be done online using Online employer services.
They will then estimate your total workcover premium for the year.
You can pay your WorkCover insurance premiums online using Online employer services.
You can update your Estimated Rateable Remuneration for 2016/17 at any time throughout the year using Online employer services. You can also recalculate your premium with your updated estimate.
Check with your Worksafe provider for lodgement dates.

Tip 4 – For Businesses – Check you Payroll Tax Threshold
Payroll tax applies if you pay wages in Victoria and your Australian wages exceed the monthly threshold of $47,916.
In South Australia when the Australian wages bill exceeds $50,000 in any month, payroll tax will apply.
Tasmania threshold states that their total wages paid in Australia are greater than $1.25 million per annum.

Tip 5 – Invest your Tax Refund for Your (future) Self
Consider redirecting your tax refund into a managed investment before you have a chance to spend it. It only takes a few minutes to set up an online investment account with your nominated bank.

Tip 6 – Chart of Accounts
Now is a good time to revise your chart of accounts and remove or make inactive any chart items you are no longer using. It helps with coding if you keep a copy of your chart printed out for easy reference.

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Farm Safety

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By Lachlan Polkinghorne

Have you ever been lectured to about farm safety?  Statistics published recently show us that it is one of the most dangerous occupations – incredible isn’t it.  Such a sedate activity yet seemingly so dangerous.

I have a relative who is an experienced pilot. At one time he travelled the country providing briefings to other pilots on the subject of safety. The causes of aircraft accidents always interest me, particularly as I fly commercially regularly. The common factor in all accidents is that there is always a combination of factors which lead to the accident – it is not just one single event. Lack of preparation, change in weather events, pilot running late and hurried, too much weight, poor personal judgement, too much air in the fuel lines – all factors which if combined, can lead to an accident.

Farming accidents are the same. Many years ago I was a witness and active participant in a tractor rollover. We all lived to tell the tale but incorrect ballast, incorrect hitch, and some inexperienced operators combined to produce a spectacular result – it all happened very quickly as accidents do. It is the system and environment which sets up the accident.

There is a certainty in all of this. OHS is going to become a compliance requirement. Just as most of us are required to submit a tax return and substantiate our financial information, farmers will be required to submit an annual audit of OHS systems in their businesses.

join our team 2

Senior Accountant, Business Advisor, Client Pleaser, Strategic Thinker!

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Would you like to work for a company that does things a little differently?
Are you stuck in a job with a glass ceiling?
Do you like to work in a vibrant team?
Do you aspire to be a partner in a financial services company?
Do you like working in accounting and advisory, yet seek that something that is out of the norm of the industry?

If you answered ‘yes’ to any of the above ,read on…..

ProAdvice is on a journey and growing fast.
We are seeking a new Senior Accountant to join our team. We do things a little differently here, we are not stuck in time and we love to embrace change.
We are vibrant and have a multicultural team and are looking for a new team member who aspires to be a partner and lives our accounting world outside of the stereotype.

This is your chance to be part of something amazing and to put your own signature on an exceptional team. If you want to know more, here are the details:

Who you are:

You will work alongside one of our Executive team who is a leader himself, and is recognised as a mentor within and outside of the firm. Feeding off his wisdom while supporting with your organisational skills will be a great combination.

We  know you will be qualified with industry qualifications such as CA or CPA, and that you will be well experienced in compliance accounting. But these only provide the base for the job.

You will hit the ground running, and immediately take up the responsibility of working with a unique group of clients. Confidence, combined with a drive to help expand the company is what we seek. Your people skills will be vital to your success.

Your ambition will be a great asset. You can join a group of next generation leaders by picking up some wisdom from the current set, then sending them on their way.

Developing new systems and being prepared to change is a big part of this job. But that is easy compared to the challenge of bringing others on the journey. You will be able to show others the benefits of new ways of managing the business. Imagine yourself training some of our younger team.

It will be important  for you to be familiar with the common accounting packages such as Xero and MYOB. But it goes further than this, if you can combine compliance with management accounting, that will put you at the top of the list.

If you are not able to produce a set of financial accounts, and are not well experienced in compliance accounting, then this job is not for you.  You will be advising clients on how they can grow their businesses and how they can best meet their own challenges.

 

A little about us:

ProAdvice Pty Ltd is a company which provides business coaching and compliance accounting to a large range of clients. We do focus on building the business capacity of our clients, not just ‘doing’.  We have a long history in education. Each year, we provide an annual conference, and a number of regional seminars to educate and promote success stories.

No, it is not a company encrusted by +60 year olds. And if you are worried about gender balance, more than fifty per cent of our staff are female. Yes, some of the staff have been with the company since its inception in 2005 and we are looking for some new blood. This is  a great opportunity.

We are a family flexible company. Of course, this works both ways. When there is a bubble of work then there is only one option, but we also know that family is the first priority for many people.

Geelong is a great place to live with many choices. Forget the high cost of real estate in the big smoke. You can enjoy the inside view of Corio Bay and a range of suburbs with near proximity. You can attack the surf at Jan Juc or Ocean Grove, al of which are close to  our office. Perhaps some of the growing satellite towns such as Moriac, Bannockburn, or Inverleigh are appealing. And, the range of education choices for children is only limited by your budget.

So congrats if you have read through to this point and if you have a smile on your face, you know you need to apply for this position ASAP. Make the trip down the highway to sunny Geelong, bring your surfboard, bikes and family.

Send us your CV and cover letter and we’ll speak to you soon.

Scheid

PIRSA “Dairy Recovery & Concessional Loans”

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By Chris Scheid.

 

Hi MG suppliers,

 

Below is the link for PIRSA “Dairy Recovery & Concessional Loans”.  To get to the core bits for you:

For “Drought Concessional Loans” start at Part A

For “Dairy Recovery & Concessional Loans”, start at Part B (page 28)

 

“Dairy Recovery & Concessional Loans” – eligibility:

  • supplier of MG (or Fonterra)
  • have borrowed up to 50% of ‘eligible debt’ (securitised debt to bank/processor)

 

“Dairy Recovery & Concessional Loans” – what can you use it for:

  • debt restructuring (eg creditors, term loans), new debt, productivity enhancements, operating expenses (eg employed labour, creditors but ‘operating expenses’ up to a limit – eg not owners labour) a combination of each –

 

“Dairy Recovery & Concessional Loans” – assessment criteria:

  • demonstrate repayment capacity and commercial viability (these are the antithesis and these tight assessment conditions by PIRSA caught many SA graziers out for Drought Concessional loans such that we have only had $3.7m of $60m drought concessional loans allocated with the scheme finished now 30/6/16  ie PIRSA thought graziers were (too) commercially viable, so no concessional loan OR they thought graziers were not commercially viable enough (ie could not repay debt even with the concessional loan) and so no drought concessional loan
  • securitised debt

 

“Dairy Recovery & Concessional Loans” – Features:

  • Pay up to a max $1m eligible debt (eg $3m of eligible – securitised – debt x 50% concessional loan = $1.5m but maximum concessional loan $1m);
  • 10 years (1st 5 years interest only, then P&I); interest at (today) 2.71%;
  • Security – registered mortgage over land (your bank maybe OK to give away the security + debt now but consider that asking them to take debt and security back in 10 years time is like another ‘loan application’ in their eyes)
  • Lodgement date – open ended but ‘first come, first served basis’

 

http://pir.sa.gov.au/__data/assets/pdf_file/0020/278003/SA_guidelines_-_Dairy_and_Drought_20160630.pdf

 

No doubt the SA Rural Financial Counselling Service will be there to support SA dairy farmers with application assistance

http://www.ruralbusinesssupport.org.au/

 

Hope that is of some help.

See many of you during the upcoming Dairy Farm Monitor data collection

Regards

Chris