What have been your highlights of the past year?
The past year has been a challenge for the team at Clark Rubber, thanks to an economic downturn.
“Christmas and summer have been especially hard – these are normally our busy season,” Jaymie said. “Every retailer is struggling.”
Times might be tough now, but there’s hope for the future.
“With commercial and industrial plants opening in Greenbushes and other areas, we’re hoping there will be some more cash flow in Bunbury,” Jaymie said.
“We also really appreciate all of the local community support, and the commitment and dedication of our staff.”
Should you think that this could be an option for you (ie you are considering selling your home in the near future), please contact our office to make an appointment to discuss these measures.
At major sporting events like these, Energy Images take a team of photographers to the location, provide an action photography service for the client, and generate images for the marketing and promotion of the event and the organisation. They also provide a team photography service, sometimes photographing over a hundred teams – and then printing, laminating and returning photos within 48 hours.
“We have good systems and good people,” Dale said.
What do BHR Papalia do for you?
“BHR Papalia are wonderful in how they guide and advise us,” Dale said.
“What Justin and Lindsay do is answer lots of our questions in regards to the future of our business, what assets to purchase, and how to guide our business in the right direction. We’re staying very strong, because they give us all the information about all the possible scenarios to guide us. They’re very transparent, which is what we like.”
Dale said that as photographers, the camera is the only physical asset. “The rest of the business is customer relations, creativity, and dealing with high end clients,” he said. “Anybody can press the button on the camera. It takes more skill to drive the business. I’m photographing the Premier, the Treasurer, CEOs – swimming in that pool of clientele, you have to be just as professional, just as smart, just as charismatic.”
What have been your highlights of the past year?
Another major client of Energy Images is the Satterley Property Group – which means that Dale’s images end up on major billboards from Perth to Busselton.
“It’s quite special to see your images being put on a major billboard. This is something that has gone through many eyes, been assessed by many people at many levels to get to this point,” Dale said.
“I’m also getting my images in the National Mining Chronicle, which is wonderful to see.”
Energy Images are dealing with the Committee for Economic Development of Australia (CEDA), and another client who owns 170 Telstra stores. They do a lot of media coverage, store openings, corporate portraits and headshots – many of which are on display in stores.
“They want their business to reflect that they are looking after their clients,” Dale said. “Businesses utilise my images to reflect their link with their clients. Corporate portraits are the business cards for the digital age – they put a face to the name. When you walk in, you immediately know who you want to talk to, and that’s what makes imagery in the corporate world so important. We have the ability to provide the imagery that reflects the feeling of the business and the culture of the workplace. In an era of social media and websites, imagery is more important than ever today.”
If you are the sole director of a private company (a company with PTY in the name) you must be an Australian Resident. The Corporation’s Act 2001 require that all private companies have at least one director whom resides in Australia. This doesn’t stop you from being able to travel overseas for a holiday, but it does put a spanner in the works if you are intending on being away for an undefined period of time. Don’t panic, you can still maintain your directorship, you just might need to put on a second or third director that is a resident in Australia.
We often find our clients overlook having a HELP (Higher Education Loan Program) debt or a TSL (Trade Support Loan) at the time they decide to move. Unfortunately, simply moving overseas does not enable you to run away from your repayment obligations. In 2016 the government put in place changes to the compulsory repayment of HELP and TSL debts. As a result, if you are living overseas and are earning more than the minimum repayment threshold you are still required to make compulsory loan repayments, just like you would if you were living in Australia.
Due to these changes you must now lodge an overseas travel notification form with the Australian Tax Office, notifying them of your date of travel, intended date of return and updated contact details. Each year you must then lodge an Australian Income tax return or notify the ATO that you are not required to lodge.
Other items that you might like to consider are:
While all of the above can seem confusing and totally irrelevant, it’s important to not forget the ATO. The easiest way to ensure that you are `dotting your I’s and crossing your T’s' is to have a quick chat with your accountant when life changes start coming to view. We can help point you in the right direction and avoid any nasty surprises.
Think Water supplies irrigation needs to 90 per cent of the market gardens on Old Coast Road. They provide water and dewatering pumps to mineral sands and coal operators in the mining sector, and maintenance and water solutions to a number of schools and government department clients.
In addition, Think Water retails household irrigation solutions from their shopfront on Denning Road in Bunbury, and carries out irrigation design and installation.
What does BHR Papalia do for you?
Think Water have been through a tough time following the collapse of a Perth building company during a major project. The collapse resulted in a number of local businesses, including Think Water, not being paid for their work.
“Losing money is tough for small businesses,” Karen said. “Some of those businesses had to close their doors. It was a really hard year.”
Think Water engaged Kiko Willers from BHR Papalia to help them out.
“Kiko gave us monthly meetings, and got us back on track,” Karen said. “We started with getting our costs down, and reviewed our business structure. Kiko’s been great, I don’t think we could have done it without him.”
Karen said the economy had now picked up, and the future is looking brighter.
What’s your advice for other businesses doing it tough?
“When things are looking good you tend to just keep on doing what you’re doing,” Karen said.
“But as soon as you realise you’re struggling, you need to ask for help. If we’d got help 12 months earlier, we wouldn’t have got to the point we did. When you’re in trouble, just reach out and get the help you need.”
The biggest stress point for small business owners is the fact they are striving to survive. This can be due to increasing competition, financial commitments, tax liabilities, changing regulatory environment or keeping up with evolving technology.
Knowing what to expect, managing your time and planning ahead will significantly reduce the time you may now spend on worrying
As accountants we are familiar with the issues that business owners deal with on a daily basis. We understand that these issues can have a significant impact on the mental wellbeing of yourself and the people around you. The good news is, we are here to offer you some guidance to simplify your business and tax affairs and hopefully give you some piece of mind in doing so.
How can your accountant assist you with maintaining your mental health?
Support the wellbeing of your employees
If you employ staff it is important to provide a positive, healthy and safe working environment for your employees, where everyone can be well and thrive. By creating a strong workplace culture and supporting your employees, your staff will generally feel happier and perform better at their jobs. A survey done by the Anxiety and Depression Association of America showed that happy employees are 12% more productive than unhappy ones - so it’s worth showing you care about your employees’ mental wellbeing.
Here’s what you could do:
Don’t forget the reasons why you started your own business, what drives you and what’s important to you as a person, and always remember to stay passionate about what you do.
Where to get help
Good mental health and wellbeing allows you to live your life in a positive and meaningful way and cope with life's changes and challenges. Besides reaching out to your friends and family, read these Tips to Keep Good Mental Health.
There are many organisations that can provide information and support to help you with your mental health and wellbeing:
Suicide Call Back Service
Business in Mind
Mates in Construction
From 1st November 2019, businesses need to ensure their gift cards comply with the three year minimum expiry date. This means allowing existing stocks of gift cards to run down until then, and reviewing production of new gift cards to ensure they comply with the new regulations.
Meeting the new disclosure requirements means ensuring the expiry date, supply date, and a statement about the period of validity are prominently displayed on the card.
In addition to these requirements, post-supply fees, such as administration fees for using the card, should not be charged.
Once the new regulations are in effect, gift cards that do not meet the new conditions could incur a penalty of up to $30,000 for a corporate body, or $6,000 for non-corporate entities, in addition to possible infringement notices from the ACCC.
If a business changes hands or becomes insolvent, the gift card must still be honoured.
Source: Your Knowledge November 2018
Who can appoint an enduring guardian?
To make an Enduring Power of Guardianship you must:
Who should I appoint as an enduring guardian?
The person you appoint as your enduring guardian must also be 18 years of age or older and have full legal capacity. You can appoint more than one enduring guardian as joint enduring guardians, but they must act jointly. This means they must reach agreement on any decisions they make on your behalf. If you plan to appoint more than one enduring guardian it is important you consider their ability to work together on your behalf. You may also appoint substitute enduring guardians who would take over decision-making responsibilities in the event one or more of your enduring guardians was unable to continue in the role.
What decisions can my guardian make and when?
Your EPG will only be used if and when you become unable to make decisions for yourself.
You choose the decisions your enduring guardian will be able to make.
This would include enabling your enduring guardian to:
How do I appoint an enduring guardian?
You will need to complete an enduring power of guardianship form. You can find an EPG kit here.
What is an Advance Health Directive (AHD)?
An AHD is a legal document which enables you to make decisions now about the treatment you would want (or not want) if you became sick or injured and could not communicate your wishes. The AHD is a document that contains your decisions about your future treatment. It applies to medical, surgical and dental treatments including palliative care and life-sustaining measures. It only comes into effect if it applies to the treatment you require and only if you could not communicate your wishes at the time the treatment is required. An AHD is at the top of the hierarchy of treatment decision makers, which means that if you have appointed an enduring guardian, the health professionals will be bound by your AHD. An AHD takes priority over the decisions of your enduring guardian for the treatment stated in the AHD.
How do I make an AHD?
You can find the forms on the Department of Health’s website.
The Hierarchy of Decision Makers
If you have any queries regarding AHDs or Enduring Guardianships, please make an appointment with us or your advisor.