4. Coach Constructively

• For your good performers, discuss their strengths and achievements. Ask them how they feel about how things are going; this should elicit their honest concerns and positive achievements.
• Frame your feedback in terms of a STOP, START and CONTINUE model for both your good and low performers. Work out what your employee is doing that is not working, what is highly effective and what actions they should take to be more effective. Providing tools and constructive responses you are then enabling your employee to challenge themselves in line with their career objectives. 
• Focus on behaviours, not character faults. When you focus on their character faults your making it personal, focus on their behaviours and align this to future objectives. Give them specific advice with demonstrable behaviours and outcomes.

Lastly, if you are discussing salary during the review (ideally its best to separate this into a separate meeting), discuss it at the beginning of the conversation, so it's not in the employee's mind the whole meeting.

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How important is a farm succession plan?

Succession and retirement planning are often pushed aside as being too hard or when you are too busy running a farm. Retirement and aged care financial planning are intricate, and it is essential that you plan ahead to get the desired outcome.

Often, all the wealth is in the farm, with limited off farm assets, low superannuation and no entitlement to Age Pension.

By planning your exit early, you can maximise the value of your farm business while helping to meet future needs, without the need for a major increase in debt. It can also reduce the complexity of transitioning ownership to the next generation.

When should farm succession planning be addressed?

Farm succession planning should be addressed at least 5-10 years in advance of implementation. Most importantly, a structured approach on how the agribusiness will continue when one generation hands over to the next plays an essential part in actioning your legacy wishes.

Agribusinesses should consider the implications on the structuring of assets appropriately, with tax minimisation and risk management being at the forefront of these. At the same time, the need for and cost of residential aged care should be considered. 

Aged care is partially funded partly by the government depending on an individual's net worth, therefore careful consideration is needed for the expected cost depending on the type of care required. Structuring correctly can minimise this expected cost and any initial capital outlay required, which would likely be paid by the agribusiness.

Mapping out a retirement plan provides for the highest chance for success by:

• being financially independent at your desired retirement age,
• being able to pass your agribusiness on to a successor,
• preparing for catastrophes, and
• realising maximum value in all scenarios.

Aged Care

As outlined above, there are plenty of compelling reasons for getting organised well in advance. Aged Care has experienced a high level of demand as our population grows and we are living longer. The question you should be asking yourself is - Do you want the decision taken out of your control, and made by others?

With such high occupancy rates, it means there may be minimal places available at any one time. Therefore, you may not get the level of care you require when you require it. We recommend registering with My Aged Care early. At the point you notice a decline in health arrange for a health assessment with an Aged Care Assessment Team (ACAT).

Succession & Retirement Planning for Agribusinesses

It is never too early to plan your succession and retirement. Planning can include maximising the sale value of the farm, mentoring your successors, systematising processes, restructuring entities and preparing for life after retirement such as Aged Care.

If you do not want to leave your agribusiness and your wealth to chance, then plan to ensure security for your family, your farm and most importantly, yourself.

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Australian Taxation Office SCAM ALERT

Stay vigilant, there has been reports of email scams. The emails are about JobKeeper and backing business investment scheme payments. 

The emails claim your payment is being reviewed, and asking for you to provide a copy of your driver's licence and Medicare card for completion. 

If you have received an email like this, please contact the ATO to confirm if it is legitimate on:

1800 008 540 or https://lnkd.in/dCS3TdV

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Check Your Land Tax

With the recent changes to land tax, it is more important than ever to check your land tax notice before making any payment. If you are unsure, please send a copy of your notice to your Brentnalls SA advisor to check.

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Square Reader and other Square Products The Square Reader is a wireless and mobile credit card reader that lets you accept chip and contactless cards, Apple Pay and Google Pay anywhere. Unlike most EFTPOS machines, you can purchase your Square device outright rather than paying monthly hire fees for your EFTPOS machine. The starting option is the Square Reader which can be used with your smartphone or tablet via a headphone jack or Bluetooth connection to easily accept debit and credit card payments from customers. This makes it ideal for businesses requiring a portable solution for customer payments. In addition to the Square Reader, Square have other hardware options for your growing business including the Square Stand which is used with an iPad to create a point of sale system, and the Square Terminal which does not require additional connection to your smart phone or iPad. For more information about the device, please view the below link: https://squareup.com/au If you have any questions, please contact our office.

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Xero - Rebuilding Australia the Role of Small Business

Xero recently released a report outlining how the small business economy fared during Covid-19 as well as the opportunities for the revival of the small business sector and how important this will be.

It backs up the fact that small business is the backbone of the Australian economy and hence bore the biggest brunt when Covid-19 hit. It highlights that remote working is now the norm for many businesses and the adoption of technologies has accelerated. The report deep dives into what life was like prior to Covid-19 and focuses on the industries which are showing signs of green shoots and how businesses can position themselves to take advantages of these opportunities.

48% of all small business owners surveyed as part of preparing the report were optimistic about their future prospects.  If you would like to download a copy of the full report, please follow the link below:

https://www.xero.com/content/dam/xero/pdf/media-release/xeros-rebuilding-australia-report-identifies-small-business-successes-and-others-battling-to-survive-covid-19.pdf 

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PAYG Withholding Tax for 2021 Financial Year

The ATO has recently updated the PAYG withholding tax tables for the 2021 financial year to reflect tax cuts made in the federal budget. Employers should make sure they are using the new rates as soon as possible and by the 16 November 2020. Software providers are expected to update their rates shortly. If you have any questions, please contact Brentnalls SA.

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Client News

Congratulations to Darren Gore and his team at Calibre One for being recognized for two awards in the Telstra Awards 2020. SA & NT Enterprise Partner of the Year (2nd year running) and National Customer Excellence Award (first national award). 

Calibre One were the fastest growing partner year on year across the two regions, and noted by Telstra for their innovation in the IT Services sector along with successful partnerships with Microsoft and others in bringing cloud solutions to mid-size business and enterprise customer space. 

   

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Brentnalls SA News

Since 1994 Christmas Party for Special Children in South Australia has held a Christmas Party. This event gives children with special needs the opportunity to enjoy a day just for them and the organisers couldn't do it without the generosity of the business community.

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Meet Jonty Scharenberg

"I joined Brentnalls SA in January 2018 while studying Bachelor of Commerce (Accounting) at the University of Adelaide. I plan on completing my degree at the end of 2021 before beginning my studies to become a Chartered Accountant. Working at Brentnalls has been an enjoyable experience with plenty of opportunities to learn and develop. Outside of work, I enjoy watching and playing a sport, travelling and spending time with my dachshund, Lenny."

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