News & Events

2017-2018 Budget Review

2017/18 Federal Budget Highlights

To download the full documents please click here for tax and accounting overview and here for a full economic overview

Mr Scott Morrison, the Federal Treasurer, has handed down his second Budget (the government's first of its three-year term). Mr Morrison said the Budget is focused on boosting the economy and households, so that "we live within our means and are able to return the Budget to balance in 2020/21".

The government is proposing to address the housing affordability crisis with a package of tax, superannuation and other measures. Additionally, the Budget contains measures intended to ensure the integrity of the tax and superannuation system.

The full Budget papers are available at www.budget.gov.au and the Treasury ministers' media releases are available at ministers.treasury.gov.au.

The tax and superannuation highlights are set out below.

Housing affordability measures

•      A limited amount of an individual's superannuation contributions made from 1 July 2017 may be withdrawn from 1 July 2018 onwards for a first home deposit.

•      A person aged 65 or over can contribute up to $300,000 from the proceeds of the sale of their home as a non-concessional contribution into superannuation, from 1 July 2018.

•      Deductions for travel expenses related to inspecting, maintaining or collecting rent for a residential rental property will be disallowed from 1 July 2017.

•      Plant and equipment depreciation deductions will be limited to outlays actually incurred by investors in residential real estate properties from 1 July 2017.

•      Managed investment trusts will be able to invest in affordable housing, allowing investors to receive concessional tax treatment, provided certain conditions are met, including that the properties are let as affordable housing for at least 10 years.

•      The CGT discount for Australian resident individuals investing in qualifying affordable housing will be increased from 50% to 60% from 1 January 2018.

•      Foreign and temporary tax residents will be denied access to the CGT main residence exemption.

•      The foreign resident CGT withholding rate will be increased to 12.5% and will apply to Australian real property and related interests valued at $750,000 or more.

•      An annual levy of at least $5,000 will be imposed on foreign owners of under-utilised residential property.

•      A 50% cap on foreign ownership in new developments will be introduced through a condition on new dwelling exemption certificates.

•      The principal asset test in Div 855 of the Income Tax Assessment Act 1997 will be applied on an associate inclusive basis for foreign tax residents with indirect interests in Australian real property.

Tax integrity measures

•      The multinational anti-avoidance law will be amended to prevent the use of foreign trusts and partnerships in corporate structures for tax minimisation, with retrospective effect from 1 January 2016.

•      Hybrid mismatch rules used by banks to minimise tax in cross border transactions will be prohibited from 1 January 2018.

•      The government will provide $28.2m to the ATO to target serious and organised crime in the tax system.

•      The Black Economy Taskforce has delivered an interim report to the government and the government has accepted some recommendations for immediate action.

•      The taxable payments reporting system will be extended to contractors in the courier and cleaning industries from 1 July 2018.

•      Sales suppression technology and software, used to understate business income by deleting electronic transactions, will be prohibited.

•      Funding for the ATO's Black Economy Taskforce audit and compliance activities will be extended until 30 June 2018.

•      A two-year public information campaign from 2016/17 will highlight the government's key tax integrity measures.

Small business

•      Access to the small business CGT concessions will be tightened from 1 July 2017 to deny eligibility for assets which are unrelated to the small business.

•      The $20,000 instant asset write-off for small business will be extended by 12 months to 30 June 2018, for businesses with an aggregated annual turnover of less than $10m.

GST

•      Purchasers of new residential properties or new subdivisions will be required to remit the GST directly to the ATO as part of settlement from 1 July 2018.

•      The GST treatment of digital currency (such as Bitcoin) will be aligned with that of money from 1 July 2017.

•      Access to diplomatic and consular concessions under the Indirect Tax Concession Scheme has been extended.

 

Superannuation

•      The use of limited recourse borrowing arrangements will be included in a member's total superannuation balance and transfer balance cap from 1 July 2017.

•      Opportunities for members to use related party transactions on non-commercial terms to increase superannuation savings will be reduced from 1 July 2018.

•      The current tax relief for merging superannuation funds will be extended until 1 July 2020.

Individuals

•      The Medicare levy will be increased from 2.0% to 2.5% of taxable income from 1 July 2019. Other tax rates that are linked to the top personal tax rate, such as the fringe benefits tax rate, will also be increased.

•      The Medicare levy low-income thresholds for singles, families, and seniors and pensioners will increase from the 2016/17 income year.

•      A new set of repayment thresholds and rates under the higher education loan program (HELP) will be introduced from 1 July 2018.

Other tax changes

•      The foreign investment framework will be clarified and simplified with effect from 1 July 2017.

•      A major bank levy will be introduced for authorised deposit taking institutions (ADIs), with licensed entity liabilities of at least $100b, from 1 July 2017.

•      Businesses that employ foreign workers on certain skilled visas will be required to pay a levy that will provide revenue for a new Skilling Australians Fund from March 2018.

•      The taxation of "roll your own" (RYO) tobacco and other products (eg cigars) will be adjusted so that manufactured cigarettes and RYO tobacco cigarettes receive comparable tax treatment.

•      The government will provide additional funding to Treasury and the Office of Parliamentary Counsel to ensure dedicated drafting resources for relevant legislation.

Read more…

Leading Business Advisory and Accounting firm DFK Everalls has joined together with world leading cyber crime expert Dr Stephen Hill to present an amazing opportunity for small and medium businesses to become truly aware of the dangers associated with Cloud computing and our digital world.

 

DFK Everalls' Managing Director Mr Rob Shelton has today discussed the importance of digital security when operating small or medium businesses.

"Technology and in particular cloud based software has improved local business's and consumer's lives alike over the past decade, however there are a few tips and tricks that Canberra businesses still need to learn about how to stay protected. Too frequently we see innocent errors and online complacency create large threats and potential costs for businesses due to lack of awareness," Mr Shelton said today.

"That is why we have worked with our national connections within DFK Australia and New Zealand to bring Dr Stephen Hill to Canberra to educate businesses in plain English on the do's and don'ts of cyber security and protecting their business.

"Dr Stephen Hill, is the UK's leading expert in cybercrime and data security, and will be providing valuable insights to the business community on the need to navigate and mitigate the risks of working online. Dr Fill has mastered the art of explaining the issues in plain English but is still an incredibly entertaining and exciting presenter who leaves guests  on the edge of their seats during his presentations.


DFK Everalls has brought this to the Canberra community as part of their ongoing passion for protecting and advising businesses in the ACT for 49 years, holding regular briefings on hot topics affecting Canberrans including the recent changes to superannuation laws.

"I urge all business owners to attend the breakfast on 3 May, it is definitely an event not to be missed for the security of your business, regardless of size or industry" Mr Shelton concluded.

Tickets are available now from www.dfkeveralls.com/cybersecurity.

Profit is not a dirty word

It is critical that your business makes a profit. Profit is not a dirty word. Profit it is actually essential to ensure the sustainability of your business. This is for the benefit of your team, your customers & suppliers as well as for the owners of the business.

DFK Everalls Director Melissa Healy says that this is a common problem they see with Canberra businesses, they are passionate to grow but owners consistently get drawn into the day-to-day vortex of their business.

"Many clients come to us with returns and profits stagnating over the last few years because they have become stuck in a rut of working in the business instead of on it," Melissa Healy said

"There are a several easy steps to make sure that your business is primed for profit, bringing with it great personal returns to the owners as well as the team they support.

DFK Everalls will be holding a Boardroom Briefing on improving profitability as the next in their 2017 series.

"In this briefing we will be discussing how proactive business owners can find areas to improve their business and deliver increased profits using practical examples in plain English.

This briefing is designed for business owners at all stages, whether your plan is to build your business or get it ready to sell, improving your profit and returns is critical to ensuring you achieve your goals.

"DFK Everalls is an independently owned accounting firm that has been helping businesses in Canberra for 49 years. This means we know the issues you face because we've been there too! This is why we are best placed to provide business advice to proactive business owners.

 "At DFK Everalls we are able to provide businesses with a full suite of business advisory services including getting started or buying a business, improving profitability and value; through to asset protection and retirement planning. We are also able to provide assistance to businesses with bookkeeping, annual accounts, tax return preparation as well as taxation planning," Melissa concluded.

To secure your place please go to RSVP Here or call 62324588.

What: Boardroom Briefing on Profitablitity
When: 9 March 5:30pm-7:00pm
Where: DFK Everalls, Royal Life Saving House, Napier Close, Deakin
RSVP here

 


2016 Wavelength Small Business Survey

DFK ANZ SME insights  

This year again, firms across Australia and New Zealand  ran Wavelength – the DFKANZ Annual Business Survey and invited DFK clients and small and medium business contacts and readers of our website to complete  an opinion survey. It covers topics such as social media usage, succession planning, business challenges, technology and IT, self-education, marketing and financial trends. Wavelength report will be published in October. This survey will continue to be run each year. 

The key highlights of the survey findings are illustrated in the Wavelength Report documents below and provide a snapshot into the challenges and focus of business owners today. 

See it here:

2016 wavelength report

 


On Wednesday12.30pm AEDT join us for a valuable and practical 60 minute webinar where we'll cover the six immediate and consistent actions you can take to maximise your profitability for business growth and security. You'll leave with new clarity and immediately actionable insights.

You will:

  • Have a clear picture of where you want to be, understanding how to easily measure and review your internal performance through benchmarking, goals and KPI's so you can close any profitability gaps. 
  • See how to leverage the power of your team by delegating the responsibility, power and authority to them to make things happen.
  • Discover how to improve your working capital management so this asset can work harder for you.
  • Recognise how to harness new technologies to help you and your team save time and work smarter across finance, invoicing, CRM software, document management systems and more. 

  • Develop simple ways to grow your revenue through stronger customer relationships 

  • Learn how to identify and avoid the most commonly overlooked profitability drains in your systems and procedures so you can improve both the value of your business and reduce your risks.

 

SEE MORE INFORMATION HERE > http://dfkanz.com/profitability <

 

You will also have the option to claim one of 15 complimentary Profit Improvement Evaluation Sessions with a DFK Business Advisor that are available to all webinar participants!

 

Export Success Celebrated at Awards!

Canberra Region companies who are taking on the world were honoured at last night's ACT Chief Minister's Export Awards.


DFK Everalls are proud sponsors of this event each year, we enjoy supporting the local talent of Canberra, and our clients who were category winners this year.


Each of the finalists in last night's Awards have achieved outstanding growth in international markets over the past year. They have opened doors across the globe, not only for their own goods and services, but for Canberra Region businesses as a whole. 


The ACT Chief Minister's Export Awards recognise the innovation, hard work and success of businesses, large and small, in reaching new global markets. The Awards acknowledge the important contribution Canberra Region businesses make to the local economy through job creation and increased prosperity in the community.

 

The ACT Chief Minister's Export Awards pay tribute to outstanding businesses in both ACT and national categories. 

Winners in the national categories will go on to compete at the Australian Export Awards in November.

 

The following businesses took out the top award in the ACT categories:

  • Exporting Government Solutions: Royal Australian Mint
  • Exporting to Asia: TelSoft
  • Emerging Exporter Category: Dilkara Essence of Australia

 

In the national categories the winners were:

  • Agribusiness: Kokonut Pacific Pty Ltd
  • Business Services: Cogito Group
  • Creative Industries: WildBear Entertainment
  • Education and Training: iSimulate
  • Health and Biotechnology: Aspen Medical
  • Digital Technologies: Seeing Machines
  • Manufacturing: Red Robot Pty Ltd
  • E-Commerce: GymAware
  • Regional Exporter: Shaw Vineyards Estate
  • Small Business: IE Asia Pacific


Winners in each national category will now go on to compete at the upcoming national awards.

The major award of the night - ACT Exporter of the Year - was taken out by WildBear Entertainment, which has dominated the Creative Industries category for the past few years.

WildBear Entertainment is an integrated factual entertainment company, which works across television, theatrical, corporate, education and government communications.


Congratulations to all and good luck to everyone competing in the National Export Awards! 



 


Getting your business sale ready!

Getting your business sale ready!

You have started a business, you've grown its value and now, for whatever reason, you are ready to move on to your next challenge.

If you are thinking about selling your business, make sure you are fully prepared and your business is 'sale ready' so that you get the best possible outcome. We are hosting a free Boardroom Briefing on 13 October, to provide practical information on the steps necessary to get your business in the best condition for sale and the steps involved in actually selling a business. This presentation will be perfect for you if you are interested in selling your business anytime over the next few years - or even just interested in learning how to maximise its value for when you are eventually ready to sell.

You will gain an understanding of the process, timeframe and what a buyer will be looking for so that you can organise your business and sale accordingly to maximise its value.

The presentation will start by helping you understand what a potential buyer is looking for in a business and what you therefore need to do to get your business into a condition such that someone would want to take it over. We then explain how you decide what you are selling – the business and which assets out of your company or the whole company by selling your shares in it. We move on to showing you how businesses are usually valued so that you can be realistic with your expectations and know how much to ask for.

We will also be talking about the marketing process, how to negotiate the terms and conditions and how to prepare the pack of information to help potential buyers understand your business and make a decision.

At DFK Everalls we love helping clients get their business in the right condition so that when the time is right for you to let go you can find a buyer and sell your business for the best price possible.

RSVP to save your seat by emailing coleen.smith@dfkeveralls.com

 

Be prepared before your retirement

If you are like most people, it's likely that you have worked your entire life and have been looking forward to the day when you can finally relax and do all those things you've never had time to do before. However, to ensure your money can give you the lifestyle you want – for as long as you require it – you need to plan ahead. Be prepared for your retirement.

Funding your ideal retirement can be harder than you think- These days people are generally living longer and it is more important than ever to have a plan in place to ensure you will have adequate funds to support yourself during your retirement years. It would not be unusual to live another 30 years after retiring. The question you need to ask yourself is – how long will my money last?
Relying on the Age Pension is a common mistake.The needs of Australia's ageing population is placing intense
pressure on government support for retirees. For most people, the Age Pension is insufficient to provide for a comfortable quality of life in retirement which is why the government provides incentives for people to save for their own
retirement. For this reason, you should really think of the Age Pension as a 'safety net' – and take a
proactive approach to fund your own retirement so that, ideally, you won't have to rely on government funding.

There are various ways you can gain the upper foot, including making the most of your superannuation and
the various taxation advantages it provides. A range of strategies may be appropriate depending on your
current situation and how you see your future retirement. There are many variables to consider, so it's wise to discuss your retirement goals sooner rather than later – a little planning can go a long way.

If you are ready to begin your pre-retirement planning, or would like to review your existing retirement plan, you may find it helpful to attend our forthcoming Boardroom Briefing which will give you an idea of some of the issues and considerations you need to think about when it comes to planning for a comfortable retirement.

The FREE Everalls Boardroom Briefing, on Thursday 22 September at 5.30pm, will appeal to anyone who is considering their retirement and will ultimately help you answer questions such as: Will I have enough money to retire? What kind of
lifestyle do I want in retirement? How can I continue to grow and protect my assets after I stop working?

Limited spots are available, so to secure your seat or for more information, please call 6232 4561 

 

Global Business Camp

Is your business in danger of being left behind?
You can't afford to miss the 2017 Global Business Camp.

Join other forward thinking business leaders to learn some spectacular strategies over this 3 day camp, to help seriously increase your business revenue and profits:

  • The 6 Secrets of any successful business
  • The 5 Key Business Building Strategies
  • Creating the ultimate Customer Service Experience
    Identify small & large changes that have a profound effect on all businesses

Don't wait to be affected, get on the front foot and grow your business now!


QT Gold Coast, 5 - 7 April 2017

Find out more and register online: globalbusinesscamps.com.au
P 1300 883 089
E info@globalbusinesscamps.com.au 

 

Thinking about buying a business? Make sure you get what you pay for! 

So you've decided to take the leap and buy an existing business?


How do you make sure it's the right business for achieving your goals; that you are paying a fair price for it and you get what you pay for.

Before you dig too deep into the details of the new business, stop and make sure that buying a business is actually the right thing to do ie how does it fit into your strategy to achieve your goals?  Then work out if it is better to set one up from scratch rather than buying someone elses!  If you are sure that buying an existing business is the right strategy for you (eg to increase market share, get access to a new geographical area, buying a niche, getting rid of a competitor etc) and it's the right time to buy then you can proceed to review this company in detail to confirm that it is actually the right business for you to buy.

The first step is to work out exactly what you are buying.  Here, we are actually talking about whether for example, your company is going to buy the business assets out of the current business owner's company or whether you are going to buy the shares of that company from the current owner.  There is a very important difference – if you buy the business assets then it is usually pretty clear what you are buying eg goodwill, stock, equipment etc.  If you buy the shares in their company then you become responsible for the whole company including all of its assets but also all of its debts and liabilities.  You need to make sure there are no undisclosed liabilities such as supplier bills or warranty claims.  But the advantage of buying the shares is that you don't have to change bank accounts, ABNs, customer/supplier contracts etc.

Once you've worked what's included and what's not, you can work out how much you are prepared to pay for the business.  Price is not the same as value! The price is what you are prepared to pay while the value is very subjective.  There are five common methods to value a business and it's important to work out which method is most appropriate for that type of business.

The next step is to work out how you are going to pay for the business as well as the necessary working capital to get you through the first few months.  If you don't have enough cash for everything there are a variety of ways you can finance different components.  It is very important to get the right type of finance for each component to minimise interest & fees and get it paid off as fast as possible.

If all that stacks up right then you get to dig a bit deeper to make sure everything is as you expect.  Due diligence involves reviewing both the tangible assets like making sure the equipment is identified and in the right condition; as well as the paperwork like supplier, customer and employee contracts.  You are trying to make sure you get what you paid for with no surprises!

At DFK Everalls we love helping clients find the right business at the right price so that they can achieve their goals."  We are presenting a free Boardroom Briefing, at 5.30pm on Thursday 11th August to discuss all these issues in more detail. 

To secure your place or for more information, visit dfkeveralls.com, call 6232 4588 or email coleen.smith@dfkeveralls.com

 OR, if you cant make it in person, why not login to our Webinar

Wednesday August 17th 12.30pm

http://bit.ly/2adRYQl

 

Self-managed super: is it right for you?

Investing in your future the right way will unlock your financial freedom later on in life.

Make the time now to understand your options, so that you can maximise your retirement benefits. Setting up a self-managed super fund (SMSF) gives you the control to invest and structure your retirement fund.

If you set up a SMSF, you're in charge – you make the investment decisions for the fund and you're responsible for complying with the super and tax laws. This is a major financial decision and you need to have the time and skills to do it

Everalls Wealth Management senior adviser Ray O'Toole says that "a SMSF is ideal for DIY investors who prefer to make their own investment choices for their retirement rather than leave their superannuation to be invested by others. A SMSF can also be more cost-effective in certain circumstances."

"Once we've determined that a SMSF is appropriate we can provide ongoing investment advice and administration support. We can also assist clients who decide that the SMSF option doesn't suit their situation."

"On Thursday the 14th of April at 5.30pm we are hosting a free Boardroom Briefing on what SMSFs are, including the process and criteria involved and, most importantly, if it's right for you."

This seminar is open to anyone who is interested in getting tips and advice on how to better manage their investments, but especially small to medium sized enterprises." 

Limited spots are available, so to secure your seat or for more information, please call 6232 4561 or see www.everallswealth.com.au

With the majority of small businesses failing in their first few years because of poor financial management, DFK Everalls are helping to put the odds in your favour! A free boardroom briefing seminar will be held on Thursday 10 March from 5.30pm at our premises in Deakin. 

Designed for business owners of new or existing businesses of any size, or businesses in the making, the seminar will discuss how to get the most out of your financial statements. After all, how can you make more of a profit if you don't know how it is calculated or where it is coming from? 

The seminar will help you understand the different components of your financial statements, discover important things like why your business isn't making money, or if it is, exactly where the money is coming from and where it's going. 

We've aimed this particular seminar at two groups of people: new business owners who don't have much experience with interpreting financial statements; and existing business owners who just don't quite understand what is going on with their money or how to identify which particular areas of their business needs attention. 

It will be a plain English presentation, so that people walk away with a clear understanding of each element involved in understanding financial statements. This includes profit and loss statements and balance sheets to understand the different accounts and where the numbers come from. During the evening we will also discuss how to interpret statements so that you can identify areas where you can improve your business performance going forward. 

 

 TO REGISTER YOUR SEAT CONTACT US!

 Limited seats available!