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"It is our choices, that show what we truly are, far more than our abilities.

- J.K Rowling

  Considered Value

Issue 121 - April 2018


Are You A Small Business Start-Up Or An Existing Business Looking To Expand?

Starting out can often mean spending copious amounts of time paper shuffling or dealing with many phone calls with government offices. The Australian Government has recognised how valuable your time is when starting up a new business or expanding into a new area. Based on this they have launched a new service to help you identify what business licences and permits you may need. This service is called ABLIS.

ABLIS is the Australian Business Licence and Information Service designed to help businesses find all the local council, state and federal government licences and permits that will aid your business with one simple search.

The service offers the use of either a guided search by answering a few questions or if you already know what you need, then you can search for the licence registration forms and compliance information.

Whether you're starting out, expanding or would like to make sure you've got what you need, ABLIS can help.

Learn more and start searching here: https://ablis.business.gov.au

 

Privacy Laws-Mandatory Reporting Of Notifiable Breaches From 22 February 2018

The aim of the Privacy Act is to protect personal information about individuals handled by organisations. 

From 22 February 2018, businesses with an annual turnover of more than $3 million or who deal with Tax File Numbers (TFN's) need to comply with the Notifiable Data Breaches scheme under the Privacy Act 1988 in addition to the existing obligations. 

If a data breach involves personal information and is likely to result in serious harm to any individuals, you will need to notify both the individual involved and the Office of Australian Information Commissioner (OAIC). 

Businesses are required to take reasonable steps to destroy or conceal information that is no longer needed, and to protect existing information.  A breach can occur when personal information held by an organisation is lost or subjected to unauthorised access or disclosure.  Examples of a data breach include when: 

  • A device containing a customer's personal information is lost or stolen 
  • A database containing personal information is hacked 
  • Personal information is mistakenly provided to the wrong person 

Penalties can apply for a breach of the new regime of up to $360,000 for individuals and $1.8m for Companies. 

How we can assist? 

We can assist your business to understand the risks and evaluate the need to review your obligations under the Privacy Law, and guidance on preparing a Data Breach Response Plan. 

Please contact your Brentnalls SA team member for further information.

 

ATO-Making myGov Work For You

More and more Australians are signing up to MyGov to manage their Medicare, Centrelink and other Government relationships.

But if you have linked the ATO to your MyGov account, it will change the way the ATO communicates with you. You may not receive notices in the post as they will be directed to your MyGov inbox. 

At Brentnalls SA, we download your electronic notices from the ATO daily and send you copies of these so you don't miss anything, however we strongly suggest that you log in regularly to check your inbox for communication from other Government agencies. This is to ensure that you do not incur penalties in relation to not actioning any items raised by the ATO or any other Government Agency.  

Learn more at https://my.gov.au/mygov/content/html/about.html 


GST Withholding on New Residential Property Transactions














On 9 May 2017, the Government announced measures to strengthen GST compliance by requiring purchasers of new residential premises or new residential subdivisions to remit GST directly to the ATO as part of the settlement process. Whilst the bill has yet to be passed in Parliament, it is set to apply from 1 July 2018.

Under the current law, where GST is included in the sale price, developers are required to remit the collected GST directly to the ATO as part of their usual activity statement reporting requirements. Some developers are failing to remit this GST to the ATO despite having claimed GST credits on their construction costs. This new measure takes away the requirement from the developer's perspective and places the obligation on the purchaser to withhold the correct amount of GST to pass onto the ATO. 

On 9 May 2017, the Government announced measures to strengthen GST compliance by requiring purchasers of new residential premises or new residential subdivisions to remit GST directly to the ATO as part of the settlement process. Whilst the bill has yet to be passed in Parliament, it is set to apply from 1 July 2018.

Under the current law, where GST is included in the sale price, developers are required to remit the collected GST directly to the ATO as part of their usual activity statement reporting requirements. Some developers are failing to remit this GST to the ATO despite having claimed GST credits on their construction costs. This new measure takes away the requirement from the developer's perspective and places the obligation on the purchaser to withhold the correct amount of GST to pass onto the ATO. 

In determining the amount that must be withheld in the purchase transaction, it must first be established if the developer is using the margin scheme. If this is the case, 7% of the contract price is to be withheld. If the margin scheme is not being used, the withholding rate is simply 10%. As most purchasers utilise a conveyancer to complete their purchase, the impact from these changes on the purchaser should be minimal, with the conveyancer dealing with the ATO. 

The new withholding obligation will only apply to new residential premises, not including premises that have been substantially renovated even though GST can sometimes apply to these. 

For further information, please contact your Brentnalls SA team member.

 

Team Building Day

 
Brentnalls SA held their bi-annual team building day at Sprout Cooking School in March. Teams were asked to prepare dinner and dessert for staff in what was a great experience thoroughly enjoyed by all.


Van D'am Racing Update

Brentnalls SA are proudly sponsoring Van D'am Racing. 

Who are they and what do they do? 

We caught up recently with Lachlan Ambrose – Team Principal at Van D'am Racing to find out more about Van D'am Racing.

Van D'am Racing is SA's only Elite Mens U25 Development Team. They have a focus on developing young riders so they can take that next step both on and off the bike.

2018 sees Van D'am Racing supporting 11 riders, all but two riders are based here in Adelaide whilst also pursing university degrees. 

Van D'am Racing has many achievements over the years. A highlight was when they won the Young Riders Classification at the Tour of the Great South Coast. 

2018 brings more staff working on getting the process and structure right, which will undoubtably have a flow on effect for their riders. By sticking to their guns, believing in their riders and giving them the opportunity to excel as a team and individually, they believe positive results will follow. Van D'am would love to be in the top 5 teams nationally for 2018. 

The commitment by all riders and support team is big, with last year seeing approximately 40 days interstate/overseas, racing in New Zealand, Tasmania, Victoria, Queensland, Australian Capital Territory and New South Wales, as well as locally.

Brentnalls SA would like to wish Van D'am Racing all the very best for a successful 2018 campaign.

 

Software Corner:



 

What is it?

Microsoft Power BI is a desktop and cloud based software for both trading and service businesses. Power BI enables the user to better manage and control their business through in-depth understanding of business analytics in live interactive reports and dashboards.

Who can it help?

Power BI can help all businesses no matter their size. The versatile platform can give rich interactive reports for all businesses. This application enables users to see how their business is performing in real time, make decisions, solve problems and seize opportunities as they arise.

Benefits

Microsoft Power BI can assist in analysing data from various sources including local Excel spreadsheets, shared Excel spreadsheets as well as cloud services and online accounting systems such as MYOB and Xero. 

Power BI promotes more effective control over all areas of the business including: 

  • Ability to create reports with holistic views of key metrics as well as drill down detailed metrics on various segments of your business;
  • Instantly know when your business needs your attention with real-time Power BI dashboards;
  • Ability to ask questions of the application and get responses in the form of charts and graphs;
  • Enable confident decisions with a single view of your business;
  • Power BI Groups lets you collaborate with key stakeholders to ensure that everyone uses the right data; and
  • Mobile data apps for viewing your dashboards on smartphones and tablets.

Power BI integrates with QuickBooks Online, Xero and MYOB, allowing you to sync your real time data to your Power BI file to help control your business from wherever you are.

Pricing

Microsoft Power BI is free for the desktop only version as well as the basic cloud version. The Pro Cloud version which allows for sharing of dashboards as well as other features is priced from $9.99 per user per month. If you would like more information about Power BI and how it could be used in your business, please contact our office.

 

Client News

Congratulations to Andy Kalleske from Atze's Corner Wines on having their 2015 Estate Grown Shiraz (Barossa Valley) selected in the Wine Enthusiast, The Enthusiast 100 of 2017.

Brentnalls News

We welcome Claudia Binetti, Rafal Stawick, Aman Syed and James Dimasi who have joined us as undergraduate accountants.



Sophie Gaspari and Jess Jurek participated in the Cancer Council's Relay for Life in February, where they, along with their teams walked for 20 hours straight. Their teams helped to raise $13,222 of the $150,383.45 total. 














   
  We recently had Melanie Tate and Elyse Moon from Puddle Jumpers Incorporated join us for a morning tea. Brentnalls SA assisted the Puddle Jumpers team by getting involved in their annual   food drive. We are pleased to announce that as a firm we were able to present them with 455 cans to assist with their great cause.









 

This month Brentnalls SA is supporting: Hutt St Centre


Hutt St Centre is a place of hope and opportunity, helping people facing homelessness to rebuild their lives, without judgement.

 

 

 

Meet Ian Lintag

 

I was born in the Philippines but have lived in Australia for almost all of my life. I enjoy watching basketball, spending time with friends and family and play field hockey in my spare time. I also love to travel and have recently come back from a cruise around the South Pacific. I hope to be able to visit my extended family in the Philippines sometime this year or next. 

I started working at Brentnalls SA in July 2016 as a Junior Accountant.  I am studying at the University of South Australia for a Bachelor of Commerce (Accounting). I am hoping to complete my studies mid-way through next year and go on to become a Chartered Accountant. 

I love working in the atmosphere here with many others at Brentnalls SA still studying and working full time. You really get the feeling that everyone genuinely wants you to succeed and enjoy your time working at Brentnalls SA.

 

 

 

 

 

       

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The information provided in this newsletter does not constitute advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances. Brentnalls is not a partnership or a joint venture. Instead, the business of Brentnalls SA is independently owned and operated and it is an independent member of the Brentnalls Affiliation of Accounting Firms. Individual member firms do not accept responsibility or liability for the actions or inactions of any other individual member firm.

Industry Focus

We have a deep understanding of the issues facing small to medium enterprises but we recognise that to be trusted business advisors we also need to understand the industry you work in.

You need to be confident that your advisors are up to speed on the issues and challenges that you face.

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