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Considered Value Newsletter

Issue 139 - Brentnalls SA Newsletter December 2020

 
 Celebrating 20 years in business, Brentnalls SA.

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?

A persons hands cupped around a small tree and soil to represent growth, thriving into 2021.
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. 

The Cash Flow Boost was one of the first stimulus measures that provided a welcome cash grant via a business' Business Activity Statement, relating to withholding tax on wages paid. The measure was finalised upon lodgment of your September 2020 BAS.

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.

We are now seeing a range of measures announced to assist businesses to Thrive in the new world. For example, in the South Australian State Budget for 2020-21, the State Government announced a new stimulus program for Small to Medium businesses to access Business Advisory Services through approved providers to develop sustainable and robust expansion plans and strategies.

The stimulus consists of a grant, matching dollar for dollar contribution to eligible businesses, up to a maximum grant payment of $10,000, which will allow them to access professional services in key areas to grow and transform their business.

Specific eligibility criteria apply; however, we believe most South Australian private small-medium businesses who employ less than 100 staff will be eligible.

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.

Further details are available on the Business SA website: https://business.sa.gov.au/Grants-and-support-services/Grants/SME-business-advisory-services. The other states around Australia have announced similar grant initiatives. If you operate a business from another state, we can also assist you in accessing any similar grant programs.

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

Two computers with one computer having a man dressed in black with a fishing rod and hock into the other computer.   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.

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E-Invoicing Economy

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.

  Paper and pen with this invoice written on it.
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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. 
  Red box and silver ribbon tied in a bow.

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.  

If you provide an employee with a gift that is more than $300 GST inclusive, FBT may be payable at the rate of 47% on the grossed-up value, but a tax deduction and GST credit can still be claimed.

Generally, a tax deduction and GST credit can be claimed for non-entertainment gifts to customers and suppliers, provided they are not excessive. The idea of gift-giving is that it will promote the business and create goodwill, leading to further business in future.

Businesses must maintain separate accounts in the general ledger for recording the above transactions to ensure that the correct income tax, GST and FBT treatment is applied.

The best tax outcome for your business this Christmas is keeping to the $300 rule and avoid entertainment gifts when giving to staff, customers and suppliers. Contact our office if you have any questions. 
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  Brentnalls SA Software Corner

 Zoom

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/
Zoom Logo
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Rebranding written in three jigsaw puzzle pieces.     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.

Marketing Strategy 

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. 

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Client News

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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Brentnalls SA News

   
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."

Congratulations to Claudia Binetti, Sarah Mitchell, Liam Marussi-Marks, Lucas Fazzini, Edwina Roeger and Mariah Vagionas for graduating from their university degrees.

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:

Make A Wish & Puddle Jumpers

Make-A-Wish Logo
 

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.

www.makeawish.org.au

Puddle Jumpers Logo

Our staff are supporting Puddle Jumpers this Christmas with presents for children who are disadvantaged by not living with their birth parents.

www.puddlejumpers.org.au


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Meet Julian Titaro

Julian Titaro | Accountant at Brentnalls SA
 

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.

~TOP

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Our services go beyond compliance to find out more about your goals, your priorities and establish plans to grow and protect your future wealth. We will take the time to listen, ensuring we meet your goals, as well as guide you so you have a better understanding of the financial decisions being made. Our services include:

Accounting & Tax
Business Advisory
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Our Partners & Principals want to be part of your team that drives your future success, that provides you with solutions to your challengers. More importantly, who listens and knows exactly where you are going and what you want to achieve financially. 

"Helping you achieve your dreams, is our passion, and our strength is in our dedicated professional team."

 

News & Resources

Our priority is to ensure your kept up-to-date on trends, industry legislations, accounting and tax updates, business advisory information, superannuation and much, much, more. All of which, may have an impact on you and your business. Our resources provide additional supporting information in the following areas: 

Newsletters
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COVID-19 - Information Sheets
COVID-19 - Brentnalls SA Response

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255 Port Road
HINDMARSH SA 5007

PO Box 338
Welland SA 5007 

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P: (08) 8241 8444
F: (08) 8241 8488

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