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Celebrating Our 20th Anniversary
in Business


Celebrating 20 Years in Business Brentnalls SA Accountants and Advisors

Since November 2000, Brentnalls SA has been instrumental in providing Advisory, Taxation and Accounting Services throughout Australia.

Brentnalls adopted it's name in recognition of Thomas Brentnall (1840-1937) who was the inaugural President of the institute of Chartered Accountants.

Our Partners, Principals, Associate and a team of over 60 dedicated staff would like to say:

Thank you for
supporting us in Business for
20 years.


Celebrating 20 years in business, thank you for supporting us in business.

NOTE:

Look out for our fact sheets, newsletters, social media (Facebook & LinkedIn) and presentations in which
we'll continue to share the wealth of knowledge and expertise we have acquired in our 20 years.

QUOTE

"To be successful, you have to have your heart in your business, and your business in your heart."

- Thomas Watson Sr CEO of International Business Machines

Key Takeaway:

Success won't come your way if you don't try your absolute hardest for it.


  Considered Value

Issue 133 - February 2020



Changes to Super Guarantee Requirements for Employees who Salary Sacrifice Super

New legislation was passed on 1 January 2020 which ensures that the superannuation contributions made by an employer on their employees' behalf are not reduced by salary sacrificed amounts.

Before the legislative change, the superannuation guarantee was calculated on the salary and wages for the employee, excluding any salary sacrificed amounts. They were technically allowing an employer to reduce the mandatory superannuation guarantee amount. For example, an employee who earns $10,000 per quarter has $2,000 salary sacrificed into super. The minimum superannuation guarantee amount which an employer was liable for was calculated on the $8,000 paid as salary and wages. As the $2,000 was already paid by the employer (via salary sacrifice), it removed the potential liability for superannuation guarantee charge.

From 1 January 2020, you will no longer be able to reduce the superannuation guarantee base amount by an employee's salary sacrifice to super.

To ensure you will not have a shortfall and be liable for super guarantee charge (plus penalties), we recommend you:

  • review your payroll software to ensure that the calculation of super guarantee is done correctly, and
  • ensure employment agreements adequately consider the correct super guarantee amounts.

If you require any further assistance on this measure, please contact this office.

 

Open Banking Changes

From July 2021, all banks will be required to open up banking information to accredited third parties, with consent from account owners. This means, customers will have control of their data, making it easier to switch products and find better deals.

Currently, it isn't straightforward for customers to get hold of their full financial data and for banks to send that data to each other and other providers. Open banking will allow customers to request their data be sent to other banks, financial institutions and authorised organisations when they want.

Some practical examples where open banking can be used:

  • To switch from one bank to another, 
  • To pre-populate all scheduled payments and payees when setting up new savings and transaction accounts,
  • To analyse spending patterns to identify the best savings account or credit card,
  • To get a holistic up-to-date view of your financial situation, and
  • To easily compare bills to identify and switch utility providers. 

Open Banking Changes Timeline for releasing this information.

The timeline for releasing this information


Our Invoicing Process Change

Over the last year, we have made changes with the way we send out our debtor statements. We are now making the same changes to our invoicing, which gives you an additional payment option. 

Our invoicing Process Change - EmailYou will receive an email from Brentnalls SA reminder-service@cerebiz.com which will include a copy of the invoice and the payment options. The extra payment option is a system called eWay Payments Pty Ltd, meaning payments can be made securely via credit card through the eWay portal.

If you receive an email from the above, please do not disregard as spam. However, if you suspect it is not legitimate, please contact our office to discuss before clicking on the pdf or any links.

Should you have any queries regarding this, please contact your Brentnalls SA team member.

 

Microsoft Windows 10 Update

Microsoft has released security updates for the Windows 10 application. The Australian Cyber Security Centre recommends that updates be applied urgently. Learn more about the update via the Microsoft Guide here:

https://support.microsoft.com/en-au/help/4027667/windows-10-update

 

Here's Why You Shouldn't Abbreviate to 20 on Legal Documents

In the past, it has been acceptable to shorten the year by not writing it in full for example 03/01/20. However, we are now warned that this shortening habit could open you up to significant risk of fraud.

The concern is around the ease of which you can add on a date from the last two decades. For example: 03/01/20 to 03/01/2019. This allows scammers a chance to defraud you.

With this in mind we suggest that you make a new habit by completing the full year on any document that you sign. 

Better to be safe than sorry!

 

Advisory Boards - The Saviour For Family Business

Family businesses are often run by one or two people at the head of the family and have an informed decision-making process. While this can be fine for small businesses at first, more mature and growing family businesses can benefit from a more formal board structure. 

Board meetings may sound tedious; however structured get-togethers can make the difference between success and failure. In family businesses, it is wise to ensure that all major decisions are based on informed data/analytics and receive due scrutiny.

The advantage of regular advisory board meetings, which include family members, key personnel, advisors or trusted business associates reduces the load on the critical decision-makers. Also, they assists with intergenerational involvement, and reduce resentment if things don't go to plan. All board members get to have their say and 'buy-in' to crucial decisions, giving them a higher chance of success. 

Regular board meetings cover many aspects of business management, including:

The outcomes of advisory boards include: 

  • Design a profitable business model that is robust enough to sustain adversity and capitalise on opportunities.
  • Focus on entrepreneurial business development that addresses weaknesses and positions the business to capitalise on opportunities.
  • Quarantine time for working on the business. Instead of continually being dragged into the day-to-day operations.
  • Develop a governance culture and compliance obligations across the company.
  • Build a marketing and branding strategy for the business.
  • Develop and continuously review the business plan.
  • Become an Employer of Choice by designing and implementing human resource plans that attract and retain employees.
  • Increase the professionalism and accountability of the business.
  • Implement business case methodologies that scope tangible and intangible benefits of an investment.
  • Implement performance measures, including key performance indicators.

Advisory Boards tend to meet quarterly with structured annual plans, standard agendas, action lists to govern outcomes and follow up. They should also annually review their performance and achievements. 

If you think an Advisory Board could help your business, please contact us for more information.



Software Corner:

ATO Deduction App myDeductions



First made available in the 2016 Financial year, 'myDeductions' is a record-keeping tool within the ATO app that has progressively developed over time. 

It can now track and record a range of tax deductions throughout the financial year. 

Primarily a tool to assist individual taxpayers, it can be used by employees, non-employees and sole traders alike to record their:

  • Expenses and Deductions,
  • Vehicle Trips (Motor Vehicle Logbook),
  • Income (if a sole trader), and
  • Photos of invoices and receipts.

These records can then be emailed to tax agents to assist in the preparation of income tax returns or uploaded and prefilled directly into a tax return ready for review and lodgment. 

However, if you are a sole trader in primary production activities or earning personal services income, data can be recorded and shared via email. Note: it should not be uploaded to prefill your tax return. 

The tool is free and can be accessed here:

    https://www.ato.gov.au/General/Online-services/ATO-appmyDeductions/

    If you have any questions, please contact our office.

 

Brentnalls News

Shali Manolev | Partner is celebrating 20 Years at Brentnalls SA.

"Doesn't time fly! I started my career in February 2000 working as a junior accountant at Hinks & Smith before moving with Craig Farrow and John Crouch when Brentnalls SA was established in November 2000. Over the last 20 years of my career, I have seen many changes in tax policies, worked with multiple clients in many different capacities and grown both professionally and personally.

Thank you to all the partners, staff and clients who have supported me over this journey." 

- Shali Manolev | Partner

 

We congratulated our recent CA Graduate, Jade Gurung.

 

We welcome Alyssa Clapp as a Junior in the Administration Team.

We welcome Ivy Hoang and Dino Mirascija, who are here as our CA Achievers for 2019. Ivy and Dino will be spending four weeks work experience with us.

We warmly welcome Rocco Lagana and Luke Furlan who will be starting on 10 February as Junior Accountants.

Sadly we say goodbye to Stefan Sapio who has been with us since 2011. We would like to thank Stefan for his contribution to the firm and wish him well for the future.

We also farewell Joshua Zigori who is moving back to Sydney. We would like to wish Joshua all the very best for the future.

This month Brentnalls SA is supporting: CFS Foundation

In the past few months, we have witnessed the devastation from bushfires around Australia. The volunteer firefighters risk their lives to save human life, farmland, animals and houses/infrastructure. We want to say:

Thank you for what you have done and continue to do.

 

https://cfsfoundation.org.au/

 

 

 

Meet Vanessa Willans


I started working at Brentnalls SA in August 2017 as a Team Administrator for the Brentnalls Health team and Danny Haydon | Principal. I previously worked at Bernie Lewis Home Loans as an Administration Manager and Director. Over the years, I saw the introduction of the Internet and Social Media, which I became very interested in and as such, started my own business. I then became very passionate about Marketing.

In July 2018, a Marketing Team was born, and I moved into a new role as Marketing & Communication Co-ordinator working alongside Sally Storey | Partner and Bradley Barnes | Principal. I feel very blessed to be working with such a fantastic group of people. Brentnalls offers a positive, supportive and inclusive culture which has allowed me the opportunity to spread my wings.

Outside of work, I take great pleasure in spending time with my beautiful family, my fur family and lovely friends. I was fortunate enough to hike in Peru's Andes & Machu Picchu in 2011 and I love this quote: 

"The secret of getting ahead is getting started." 

- Mark Twain

 

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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.


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We are not just your accountant, we are your business advisor, here to support you and your business. We specialise and focus within the following industries:

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255 Port Road
HINDMARSH SA 5007

PO Box 338
Welland SA 5007 

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F: (08) 8241 8488
E: admin@brentnalls-sa.com.au

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