Considered Value NewsletterIssue 139 - Brentnalls SA Newsletter December 2020 |
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Inside This Issue Your Business Survived 2020, How Can You Thrive in 2021?Business Email Compromise (BEC) Scam E-Invoicing Economy $10k Cash Law Scrapped By Senate Don't Let Tax Spoil The Joy Of Gift Giving This Season Tips To A Successful Rebranding Software Corner: Zoom Client News Brentnalls SA News Brentnalls SA for the month of December we are supporting: Make A Wish & Puddle Jumpers Meet Julian Titaro |
Quote "The joy that you give to others is the joy that comes back to you." ~ John Greenleaf Whittier ~ |
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Your Business Survived 2020, How Can You Thrive in 2021?
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As we take the opportunity to look back on the 2020 year, it has been the most challenging year many of us have ever experienced from both a business and personal viewpoint.
While it would be nice to believe that we will never experience a year like this again, the reality is that many challenges continue to exist. The calendar clicking over to 1 January 2021 bears no relevance to the impact of these. Despite positive news regarding economic recovery and vaccines, 2021 will likely have more in common with the year just passed, than the pre-Covid-19 years. Federal and State Governments have implemented a range of stimulus packages related to the Covid-19 recovery. Measures like JobKeeper have provided enormous support to keep people employed, and organisational workforces together, to allow them to continue through the recovery phase. |
A range of other stimulus measures continue to be offered by various Government bodies, for example Instant Asset Write Off, Payroll Tax and Land Tax Relief. These and other measures are aimed to ensure businesses Survived through the Covid-19 period.
Grant funding support can be provided to access professional services to assist with a range of business growth strategies, including:
- business planning,
- marketing,
- e-commerce,
- finance matters,
- workforce planning,
- transformation of business and operating models,
- identification of new business opportunities (including research and development),
- analysis of growth opportunities,
- information technology,
- business future proofing (including how to maximise technology),
- business continuity planning (including both emergency planning and managing occurrences such as supply chain disruptions), and
- other advice as deemed appropriate by the assessment panel where the applicant can demonstrate benefit of transformation and growth to their business.
The team at Brentnalls SA has experience in successfully applying for similar grants on behalf of clients. We can register ourselves as your preferred approved provider and assist with the application process, and execution of the relevant business planning and finance related services. Applications will be considered on a first-in, first-served basis and will close at 5 pm on 17th May 2021 or when the program is fully subscribed.
If you believe your business may benefit from this program and would like to find out more, please contact your Brentnalls SA business advisor for more information.
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Business Email Compromise (BEC) Scam
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We now live in a world where electronic scamming is all too common, so we must remain vigilant to these scammers.
Business email compromise (BEC) in 2019 netted $5.3m across Australia alone. A recent survey by nearly 2,000 small businesses saw 62% of them had seen some level of cyber scamming. Invoice email interception is the most common. Who's behind the keyboard? Finding out "who", is particularly difficult, let alone how cybercriminals achieve the scam. As quickly as malware is installed, it is removed after the fraud has occurred. Police have been investigating BEC scams for many years, unfortunately, justice is far from assured. In most instances, the attackers are from other parts of the world, which puts them out of police reach. Interpol will only investigate fraud matters above $1m, and AFP generally only investigate cybercrime against Commonwealth Government departments, critical infrastructure and information significance. Be Vigilant When receiving email invoices make sure to check that the date sent is the date received, the time transmitted is not delayed by a day or over a weekend. Make sure the email address is the same and look for abnormal differences. Make sure you look up their contact details and do not rely on those on the email or invoice which may be fraudulent. |
Electronic invoicing (E-Invoicing) is the direct, electronic exchange of invoices between suppliers' and customers' financial systems. E-invoicing is seen as an opportunity to streamline invoice transactions and simplify bookkeeping by providing fast, secure and a more efficient way of sending and receiving invoices.
However you prepare your invoices, the person receiving them needs to open the invoice and enter the data, which can lead to human error and opens you are to scamming (BEC). It is an inefficient process and can lead to countless hours fixing errors and chasing customers for payment, which can lead to cash flow issues. E-Invoicing is designed to reduce errors and delays by sending invoices from a suppliers' accounting system direct. It will arrive in the customers' system pre-populated ready for review, approval and payment. Many countries have been rolling out mandatory E-Invoicing standards. With governments and big businesses adopting the process. As this becomes commonplace, it will filter down the business economy allowing smaller companies to reap the benefits of less time manually entering bills and chasing payments. |
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$10k Cash Law Scrapped By Senate
The proposed law to limit cash transactions to $10,000 has been scrapped by the Senate on 3 December 2020.
It was initially proposed that any cash payments made above $10,000 would be a criminal offence, and penalties would be up to two years imprisonment and a $25,200 fine.
There is no indication if the bill will be revived in future, as the government has recognised the impact of COVID-19 on small businesses and the economy and do not wish to impose additional burdens on small businesses.
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The festive season is upon us, and many businesses provide various types of gifts to staff and clients.
Tax laws can be complicated regarding gifts to employees and clients. By having some understanding of these laws will ensure that all enjoy the gift of giving.
The Fringe Benefit Tax rules mean that it's more tax effective to both give a gift and hold a Christmas party, rather than hosting a more elaborate party. A gift and the party are viewed as separate benefits for the $300 minor benefits limit, which means employees can have twice the fun without FBT applying.
Non-entertainment gifts provided to employees are usually exempt from FBT, where the total value is less than $300 inclusive of GST. These include skincare and beauty products, flowers, wine, perfumes, gift vouchers and hampers. That means you can also claim a tax deduction and GST credit.
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Providing entertainment gifts has different tax implications, examples include tickets to the theatre, a movie, sporting event or a holiday. If the cost for each employee is less than $300 GST inclusive, FBT is not payable; however, no tax deduction or GST credit can be claimed.
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With the current business climate, businesses have needed to adapt to a more virtual environment for both their workforce and client needs. Virtual meetings are now the new norm, with video conferencing software, such as Zoom, catering for the increased demand in the platform. While we know that Zoom is simple to use and performs the basic features of video calling, there are some other features to Zoom that may not be so well known. Take for instance, Zoom Rooms. Zoom Rooms integrates with existing A/V hardware in meeting rooms and features many of the user-friendly aspects of the regular Zoom app but at a larger scale. Zoom Rooms has one-touch meeting join, wireless sharing, interactive whiteboard support, and its own scalable and supported hardware that can adapt to meeting rooms of various sizes. Zoom Rooms can be purchased on a per room basis. Another such feature of Zoom that may not be so well-known is the Breakout Room feature. Breakout Rooms allow you to split your Zoom meeting in up to 50 separate sessions. The meeting host can choose to split the participants of the meeting into these separate sessions automatically or manually, or they can allow participants to select and enter breakout sessions as they please. The host can switch between sessions at any time.
If you believe any of these features may be of benefit to your organisation, please visit the Zoom website for further information via the link: https://zoom.us/
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Are you considering rebranding your business in the new year? Rebranding can be one of the most rewarding decisions a business owner can make; however, it does have its risks. Whether you decide to rebrand due to evolving customer needs or competition, ensure you have a clear strategy.
We have compiled some tips to consider when you are looking to rebrand: Market Research Before embarking on your rebranding, test the market by understanding how current stakeholders perceive your brand compared to how you would like your brand to be perceived. Conduct market research into your customers' current wants and needs and evaluate how they and other stakeholders will view a rebrand. Competitor analysis can help you better understand what sets your brand apart and emphasise this when rebranding. |
In undertaking the rebranding process, it's imperative to develop a marketing strategy. Why? To promote and strengthen your new brand. An innovative and original marketing strategy can work wonders for a rebrand. However, ensure anything implemented is in line with your overall brand.
Your marketing strategy should focus on your core values, your purpose, your key strategy, your main message, and why you have made changes to your brand. Ensure you also create a rebranding timeline; this will assist you in coordinating the rollout process.
Communicate
It's essential you communicate your rebrand with all business stakeholders. People are more likely to be receptive to change if clearly explained. Communicate to your staff regularly of any changes or implications that will impact them from the very beginning, as they will become your brand advocates.
It's crucial that you communicate to stakeholders and staff on all aspects of the rebranding as well as what is staying the same.
Communicating changes demonstrates you care about your customers, suppliers and staff. Plus it encourages some valuable feedback along the way.
Some examples of internal campaigns you could use are meetings, videos, blogs, social media and emails announcing the change. You may consider a launch party where clients, employees, media and community members come to celebrate the brand rollout.
The 2020 HIA Awards saw Craig Linke Bespoke Building win the following awards:
- Renovation/Addition Project $550,000-$750,000
- Renovated bathroom over $35,000
- New Kitchen over $55,000
- Commendation for Kitchen of the Year
Congratulations to Craig Linke and your team.
Victoria Altintas-Sheldon from Workzone Traffic Controller has been nominated as the South Australian finalist for Traffic Management Association of Australia-SA Division. Congratulations Victoria from all at Brentnalls SA, and good luck.
GJK Indigenous Solutions were awarded Indigenous Business of the Year 2020. Congratulations from all at Brentnalls SA.
Congratulations to Jordan Bell who was a finalist in the Winnovation Awards 2020 (Women in Innovation) and Rohde's Free Range Eggs who were finalists in the recent SA Food & Beverage Awards 2020.
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Congratulations Rick Albertini | Managing Partner celebrating 20 years.
"I'll never forget the phone call I received by one of the founding partners, Craig Farrow. Craig told me that he and John were starting up Brentnalls SA and that he would like me to join them along their new journey in November 2000. It took me literally 5 seconds to respond with a resounding 'yes'. It has been one of the best decisions of my life.
By July 2002, I was made a partner of the firm. I started to focus on the firm's business strategy, as well as the strategy for our clients. I have always had a passion for business since I was a child. Brentnalls SA has made that dream and pathway a reality.
The most satisfying part of such a growth-orientated business is seeing our young team develop and grow into outstanding professionals, along with our respected and loyal clients.
Getting up every day to be our clients trusted advisor I never take for granted. By achieving their business and personal goals is something I truly respect. I don't think I have ever worked a day in my life.
It has been an incredible 20 years. Watching the firm grow to now almost 80.
I am looking forward to seeing what the next 20 years bring with our energetic and passionate Partnership group and team."
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Congratulations Caitlin Smith and her husband Michael on the birth of Max.
We welcome Edwina Roeger (Intermediate Accountant).
We farewell Belinda Robb and wish her all the best for the future.
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Brentnalls SA for the month of December we are supporting:
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This year we are proudly supporting Make-A-Wish Australia, bringing hope, strength and joy to children with life-threatening medical conditions by granting a cherished WISH. |
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Our staff are supporting Puddle Jumpers this Christmas with presents for children who are disadvantaged by not living with their birth parents. |
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I joined Brentnalls SA in January 2018 as a Junior Accountant while studying a Bachelor of Commerce (Accounting & Corporate
Finance) at the University of Adelaide.
Currently, I am undertaking my studies to become a Chartered Accountant.
Working at Brentnalls for the past 3 years has been a very enjoyable experience which is highlighted by the support that is
provided by the Brentnalls community through work and everyday life.
Outside of work, I enjoy watching and playing sport and I am actively involved in my local soccer club.
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