Issue 125 - October 2018
Self-awareness is an important tool to master in both your personal and professional life. It is especially important for business owners and managers as they are responsible for managing key relationships with staff.
Business owners and managers often develop a management style over time. Depending on the type of style, this can either help or hinder their business.
If you are looking to improve your management skills, understanding your style is important. You do not have to adopt one single management style; you can use different styles for different situations to achieve the best results.
Consider the most common management styles:
Bureaucratic managers direct their team by making sure everyone follows the rules and procedures. This style is common in workplaces with hierarchies where the manager has the final say in every decision. These workplaces usually feature roles with strict responsibilities and decision making capabilities.
It is helpful for environments where safety is of utmost importance i.e. engineering or health-related jobs. A bureaucratic style is not suitable in workplaces that require creativity and agility to succeed such as creative industries.
The democratic style speaks for itself. Management collaborates with the team before making decisions. Employee consensus and cooperation is important in making this style work. Due to the amount of consultation involved, the democratic style can impact efficiency. It can take a while for decisions and solutions to arise as the input of all employees is necessary. However, it is beneficial in promoting a culture of effective communication through discussion and debate. It can also facilitate trust and improve morale as employees feel appreciated by being able to share their opinions and contribute to solutions.
This style instils a fear of consequence as a driving force. There is no leeway for employee feedback and employees are instructed on what to do without any control over decision making. The manager takes on a dictatorial role and motivates staff through threats and discipline. It can be beneficial to use this style during periods of crisis or stress, however in most circumstances, it stifles creativity and innovation. It can also result in low employee morale and limit any room for employee development.
Laissez-faire management, sometimes known as delegative management, is all about giving employees the freedom to do the job themselves. Generally, the manager delegates decisions and allows staff to choose their direction over the work. This style is excellent for creative industries. It can also be useful in industries that have teams of experts, as the manager can trust that their staff have the appropriate knowledge and experience to perform tasks without too much oversight. The downside is that employees need to be committed and responsible for their work at all times as there is very little guidance from their managers. It may not be ideal for workplaces with employees who are not willing to be held accountable for their work. This style can also cause role ambiguity where employees are unsure of their manager's expectations for the role or project.
Personal Property Securities Register (PPSR) Renewal
The Personal Property Securities Act 2009, which created the PPSR, came into effect on 30 January 2012.
This means for many businesses which registered security interests for seven years these registrations will begin to expire in January 2019.
It is important to renew these registrations prior to the expiry date as they cannot be renewed after they lapse and a new registration will need to be made.
For those businesses that have registered on https://www.ppsr.gov.au and hold a login for the website, you can obtain a free "Registrations Due to Expire Report" which will list registrations due to expire within a specified date range.
It is important to keep reminders of expiry dates of all registrations as after expiry you will lose your protection in the event of an insolvency event.
Contact our office for more information or if you require any assistance with the PPSR.
Mandatory 2 Factor Authentication (2FA) for MYOB
2FA is a secure sign in process that combines something you know (your password) with something you have (your phone or tablet, or your email account).
2FA adds a second line of defence, and keeps your data secure.
If you use MYOB, your login now requires mandatory two factor authentication (2FA) to help protect your online identity and data.
If you haven't activated 2FA yet (via mobile app or email) spend a few minutes setting it up now, to avoid being held up next time you access your online MYOB solutions Click here to activate 2FA today!
New Accelerated Depreciation For Primary Producers
A new bill to assist primary producers by making it easier to invest in and stockpile fodder has recently been passed by both houses of parliament. The change will enable primary producers to immediately write-off the cost of fodder storage assets such as silos and hay sheds used to store animal food for your farm, for assets first used or installed ready for use on or after 19 August 2018.
This marks a change from the current law where such assets were deductible over a three-year period. This move now aligns fodder storage assets with water facilities, fencing assets and landcare operations, all of which receive an immediate deduction.
These rules are in addition to immediate deductions available for small businesses purchasing assets for less than $20,000 before 30 June 2019.
Please contact our office to discuss if this may apply to your business.
Major ATO Focus On Work-Related Expenses This Tax Time
This tax time, the ATO will be closely examining claims for work-related clothing, home office and laundry expenses. The ATO believes many taxpayers are making mistakes or deliberately over-claiming.
We make sure your tax return claims are done right. To know more about what you can and can't claim, contact your Brentnalls SA team member.
Invoices and Reminders
We have recently implemented a new system in regards to Brentnalls SA invoices which will make it easier for you to settle your account. This means that debtor statements and reminder emails will be sent from Brentnalls SA via the Cerebiz portal.
Cerebiz also integrates with Eway Payments Pty Ltd, which is a payment system where you can pay securely via credit card.
Should you have any queries or concerns regarding this new implementation please contact our admin team.
Downsizer Superannuation Contributions
In the Federal Budget 2017-18, downsizer contributions were introduced to reduce the barriers for older Australians to move from homes that no longer meet their needs, opening up additional homes for younger Australian families.
Downsizer contributions can be made by individuals 65 years old or over to superannuation funds from 1 July 2018. Up to $300,000 can be contributed to a superannuation fund after selling their primary place of residence that has been owned for at least 10 years.
Despite the name, individuals do not need to buy a new home, or buy a smaller or less valuable house to contribute under these new measures.
What makes downsizer contributions special is that they can be made without meeting the work test, without adding to your non-concessional cap and can even be made if individuals have a total superannuation balance of more than $1.6 million.
Once in your superannuation fund however, the contributed amounts count towards your Total Superannuation Balance which could limit a members' future contributions as a result of the $1.6m cap. Eligibility for the age pension may also be affected by making downsizer contributions as the age pension asset test includes superannuation fund balances but excludes the individual's principal home.
Please let us know if you are interested in learning more about downsizer contributions from our superannuation specialists.
Bradley Barnes and Jade Giang attended Xerocon in Brisbane recently, an annual convention hosted by the Xero accounting software.
The convention allows attendees to learn what's new and what's upcoming within the Xero platform as well as the app marketplace.
There were a few inspirational speakers over the two-days also such as Gill Hicks, a survivor of the 2005 London terrorist bombings, and New York Times bestselling author Mark Manson.
Xero is investing heavily in artificial intelligence and machine learning to drive efficiency and save users time.
These are some of the Xero updates which were announced:
- Profit and loss report now able to show percentage of sale column
- Account transaction report now shows the running account balance
- Ability to bulk import employee details from excel spreadsheet
- New look quote and invoice creation in mobile phone app along with cash in & out graph and current debtor &creditor balances
- Email-to-bills feature where by forwarding a pdf bill to Xero, the bill will be automatically be created and pre-filled with information
- NAB bill payment facility which will give users the ability to pay bills directly from Xero
- Automated bank rule feature where users will no longer need to click "OK" on transactions captured by bank rule
- New invoice creation screen with the ability to hide details of invoice that are not relevant
- Ability to send an Uncoded Statement Lines report straight from Xero
- New features within the app including extra features for bills and ability to see P&L reports
Congratulations to Kym Clarke General Builders on winning the Award 10 for Excellence in a Commercial Refurbishment/Redevelopment up to $5m to at the 2018 Master Builders Awards.
Congratulations to Jumaluk on winning the award for Champion of Citrus at the 2018 Royal Adelaide Show.
Congratulations to AIRR on acquiring The Hunter River Company, great to see the business moving ahead.
Congratulations to Cameron Lowe, Wasleys graingrower and university student who has won the GenAg Future Fund scholarship for his unique vision for the fodder industry.
Congratulations to Anne Stevens on being a finalist for the Churchie, national emerging art prize at QUT Art Museum.
We welcome Shawna Fayad who has joined us as HR Coordinator, Joshua Zigori who has joined us as an undergraduate accountant and Karen Cocks who has joined us as a manager.
||We congratulate Emily Hunt and Jade Giang on recently completing their university degrees.
We congratulate Sally Storey on achieving 15 years at Brentnalls SA and also congratulate Sarah Hall on achieving 10 years.
| Puddle Jumpers hold camps throughout the year for kids who are disadvantaged. During the month of September, Brentnalls SA supported the Puddle Jumpers "Shoeboxes of Essentials". We wish all the children and organisers a wonderful camp holiday.
A charity giving children with special needs the opportunity to gather and share the magic of the Festive Season with a group larger than their immediate circle of family and carers.
I began working at Brentnalls SA in August 2016 as a Junior Accountant. I have now graduated from the University of Adelaide with a Bachelor in Commerce (Accounting), and plan to start the process to become a Chartered Accountant in the new year.
Brentnalls SA has been such a great environment to learn and grow, where I am constantly challenged, supported and continuously learning.
Outside of work you can find me spending time with my family and friends, and making the most of the outdoors.