114 APRIL 2016
OUTWARD BOUND AUSTRALIA INSPIRING AUSTRALIANS Find out how you can fund a program or inspire people (p.5)
IT'S JUST THE POWER OF LOVE ... DDCS discusses love and the powers of attorney (p.8)
EFFECTIVE BOARD SELECTION Why you don't just appoint your mates (p.12)
BACK IN TOWN DPR Accountants are back in the ACT COVER STORY (p.19)
A FEAST FOR THE EARS
9 771833 823005
$7.95 inc. GST
Music and food to shine at Canberra International Music Festival (p.16)
AUDIT COMMITTEES AND AUDITORS
DO YOU DOUBLE HANDLE YOUR BAS?
RSM's Ged Stenhouse shares his expert knowledge (p.14)
Tailored Accountants, Harry Hoang, explains why you should (p.25)
WINTER IS COMING … Game of Thrones has a lot to answer for. I’m sure that it has certainly spiced up a lot of sex lives and given some of us sore necks as we peer, head tilted, wide eyed and open mouthed at the screen. But what is it that is at the chore of the success of this fabulous show? I believe it is the looming deadline of Winter. ‘Winter is coming’. Nothing focuses the mind better than a deadline. A looming deadline makes you reverse engineer the things you need to do meet your deadline and achieve your goal. It makes you set lists and goals and allocate tasks and resources. It makes you build alliances and prioritise and manage your time. Deadlines make you reassess the priorities in your life so that you can make your deadline and achieve the best result possible. Deadlines make you look at what is important: friends, family, relationships, money etc. Deadlines will get closer and closer and as they do your focus will narrow and your determination will become stronger. Your team will focus as the funnel narrows and the deadline becomes clearer and starts to burn more brightly. Things that seemed important will be jettisoned. Better, faster and more efficient ways will be found to achieve tasks. You and your team will be singularly focused on meeting the deadline. Your business will run like a well oiled machine. Everyone focused and pointing in the same direction. There will be setbacks, there will be issues to resolve, there will be failure. But set deadlines, put in place the structures, people and resources to achieve them and take the first step on an exciting journey. It may not include orgies, dragons and control of the Iron Throne but, Winter is coming. Why not set some goals you want to achieve by the first day of Winter? Our cover story ‘Back in Town’ is a great story about Peter and Ross Beames and David Rae journeying to Batemans Bay for 12 months and then bringing their new business, DPR Accountants and Advisors, back to Canberra (page 19). Tim Benson, Publisher Send all comments to: firstname.lastname@example.org
3 Smart time management tips In the March edition I outlined 3 time management tips. Based on the feedback I have outlined a couple of extra bonus tips to assist business owners better manage their time. Kristin Miller General Manager Smart Business Guardian
❶ Turn off notifications and alerts during business hours. There is absolutely no way you can focus and get anything done properly if you keep letting yourself get interrupted by notifications and alerts all day. Switch them off and focus!
❷ Tune out from broadcast media. Mainstream news, tabloid media, blog posts, podcasts, TV shows, etc. This material is great when you want some downtime or have free time but if its productive business growing activities you want to focus on, this media will only distract you. If you are using these sources for business be selective and targeted in your choice. ❸ Proceduralise and automate wherever possible. If you repeat tasks write a step by step procedure that you can refer back to whenever you need to recall how to undertake something in your business. This has the benefit of reducing time to undertake tasks yourself, and also shifts you into a position to outsource certain activities. You may also be able to find tools to assist in automating parts of your procedures. For more details read our blog on ’10 Smart Time Management Tactics and Strategies’ at http://goo.gl/8gMksV +61 (0)2 6162 1187 49 Phillip Avenue, Room C205, Watson, ACT 2602 smartbusinessguardian.com
CONTENTS 26 BUSINESS LAW Sitting pretty? – can you caveat your debtors property? by Bradley Allen Love Lawyers
FEATURES 05 A minute with Jon D’Almeida by Outward Bound Australia 06 Do you apply to an industry, business or just a job? by PCA People
06 Hays Canberra raises $13,000 for charity 07 What makes a property investor happy? by Hatch Property Australia 07 ACS Canberra Branch 2016 by Australian Computer Society 08 Choosing the one – new love and powers of attorney by DDCS Lawyers 10 Scarlett Financial: one organisation to maximise your financial well-being
for mates’ by HorizoneOne Recruitment 14 Maintaining audit quality: 10 things audit committees should check with auditors by RSM 16 Adventures in dining at the Canberra International Music Festival by Canberra International Music Festival COVER STORY
30 STRATA MANAGEMENT What if we train our staff and they leave? by Vantage Strata
A2B: ASSOCIATIONS TO BUSINESS 32 CANBERRA BUSINESS CHAMBER Travelling together to reach destination 2030
ADVICE FROM THE EXPERTS
30 SPORT ACTEWAGL sees the light by YABBA.guru
31 WEBSITES Digital marketing and your business by SYNAPSE Worldwide
19 BACK IN TOWN by DPR Accountants and Advisers
28 REAL ESTATE What will happen if Labor stops negative gearing? by Maloney's Property 29 RECRUITMENT Gender inequality divide: do men need to open their eyes to the problem? by Hays Recruiting
by Scarlett Financial 12 Effective board selection – ‘not jobs
27 FAMILY LAW I can’t afford to fund my family law litigation – what can I do? by DDCS Lawyers 28 INTELLECTUAL PROPERTY Collaboration in ICT projects - managing the risk and reaping the rewards by Arete Group
26 BUSINESS SUSTAINABILITY Upgrading to LED lighting will brighten your electricity bills by Actsmart Business recycling. energy. water.
25 ACCOUNTING Taking a bite out of new FBT meal benefit rules by RSM
G2B: GOVERNMENT TO BUSINESS
25 BOOKKEEPING Double-handling’ – the secret to preparing an error-free Business Activity Statement (BAS) by Tailored Accounts
34 CHIEF MINISTER'S MESSAGE Confidence in ACT’s economy continues to grow 36 BUSINESS NETWORKING
EDITOR / PUBLISHER
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Man Bites Dog Public Relations (‘MBD’) owns the copyright in this publication. Except for any fair dealing as permitted by the Copyright Act 1968 (Cwth), no part of this publication may be reproduced without the prior written permission of MBD. MBD has been careful in preparing this publication, however: it is not able to, and does not warrant that the publication is free from errors and omissions; and it is not able to verify, and has not verified the accuracy of the information and opinions contained or expressed in, or which may be conveyed to readers by any advertisement or other publication content. MBD advises that it accepts all contributed material and advertisements contained in this publication in good faith, and relies on various warranties and permissions provided to it by the persons who contribute material and/or place advertisements. Those warranties and permissions include that neither the material and/or advertisements are misleading, deceptive or defamatory, and that their use, adaptation or publication does not infringe the rights of any third party, or any relevant laws. Further, MBD notifies readers that it does not, nor should it be understood to endorse, adopt, approve or otherwise associate MBD with any representations made in contributions and/or advertisements contained in the publication. MBD makes no representation or warranty as to the qualifications of any contributor or advertiser or persons associated with them, and advises readers that they must rely solely on their own enquiries in relation to such qualifications, and be satisfied from those enquiries that persons with whom they deal as a result of reading any material or advertisement have the necessary licences and professional qualifications relating to the goods and services offered. To the maximum extent permitted by law, MBD excludes all liabilities in contract, tort (including negligence) and/or statute for loss, damage, costs and expenses of any kind to any person arising directly or indirectly from any material or advertisement contained in this publication, whether arising from an error, omission, misrepresentation or any other cause.
F E AT U R E
Get involved today
1. Talk Program Design To your needs
A minute with Jon D’Almeida Chief Executive Officer, Outward Bound Australia
utward Bound is an experiential learning opportunity utilising the outdoors as a classroom to help people realise that they have greater capabilities, skill sets, strengths and potential than they know. Our programs are an educational process. We provide our participants with the chance to experience adversity by throwing them challenges with other people who they may or may not know, on problems that are not readily solvable - all within unknown environments. Outward Bound is unlike other outdoor recreation centres. People come away with a lot of outdoor skills but it’s really about the educational process and the fact of “Getting people to realise that they are 80% gold is really worthwhile.” The education process comes down to helping people realise that every aspect of what they are about comes from cultures, upbringing and experiences they have faced in their lives. “When people come on an Outward Bound Program this is what we tap into.” Overcoming false senses of entitlement, recognising how actions affect others and building resilience are just some of things that an Outward Bound Australia program may address. “A brilliant time to come on an Outward Bound program is when the social norms
of your life shift dramatically; the transition into adulthood, your first job or your first promotion into middle management or having children.” Other tremendous times to consider Outward Bound programs are when someone has experienced trauma in their life. For example, we run programs for women of courage and people who have come through domestic violence. We can provide an Outward Bound program that captures what they need to realise their value and potential. Outward Bound Australia is always looking for partners and funders who are genuinely involved and interested in people development. It can be within a Commercial, NGO, University or Schools context. We work with organisations such as Australian Indigenous Mentoring Experience (AIME), The Smith Family, Karralika Programs and Menslink. All of our work relies on donations from our corporate partners, trusts and foundations, as well as individual donors. Become involved with us today. We offer a range of programs for corporate organisations, community groups, sporting teams, schools and families. We also have a range of open enrolment programs for youth and adults which run during most holiday periods. We have locations in Canberra, Northern New South Wales, Victoria and Western Australia.
2. Sponsor or Donate Empower Australians
Interested in funding a program to empower an individual/s or donating to Outward Bound Australia? Contact us on 02 62355700 firstname.lastname@example.org Listen to the extended interview: www.outwardbound.org.au/interviews/ www.outwardbound.org.au
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Do you apply to an industry, business or just a job? By Sandy Gibbs
et’s cover off what you do when you’re considering that next ‘great’ role. Often we hear “I want to make a career change”. Funnily enough, this happens when it’s a candidate rich market and employers are spoilt for choice. And too often we hear “I’m happy to take a pay cut”. Some people will discuss a significant drop, tending to happen when market competitiveness is high. However, little consideration is given to the impact of these statements. Think about your strategy! Ask yourself “ What do you want, but more importantly, WHY?” Many people can’t answer ‘why’. A sense of entitlement may develop and one believes a promotion is deserved; Roles may be chosen out of necessity or desperation; And then there’s the “I hate where I work” reason. Some thought provokers: • If you want to make a career change, use the skills you have now to get into your preferred industry or business. Then, work on developing the new capability set. • If it’s about where you work, seek out the culture you need. Jobs develop, but
cultures rarely change, not in the short term anyway. Know what matters and do your due-diligence. Get to the interview and ask the questions you need – don’t make a call based on others’ opinion. You need to qualify an employer for yourself. If you’ll take a pay-cut, be practical. You can give a ‘desperate’ impression and undervalue your actual capability. It can also make employers nervous, questioning if you’re a flight risk. Work out what you don’t want! You may need to try a few things to get the answer. A contract market is good for this, but a word of advice: whatever you do, do it well - Canberra is small. Write your own resume. If you need to, seek assistance in relation to the context to best deliver your capabilities, but know your content! Use a resume as you should – to sell your experience. Don’t use motherhood statements. Use fact and figures to demonstrate your achievements. If you read your content and anyone could have written it – rework it!
• Don’t align a resume only to the advert or job description. It will look like every other application! You never know who the reader is – those extra capabilities included could be the difference between you and others! Whatever you do - don’t take a ‘cookie cutter’ approach! Have a plan and ‘own’ your career - it’s no one else’s job!
Sandy Gibbs Branch Manager PCA People a division of DFP Recruitment
T: (02) 6257 1010 http://www.pcapeople.com.au/
Hays Canberra raises $13,000 for charity
Hays Make-a-Wish Golf Day winning team: Mile Petrevski (Maxim), David Newling (Geocon), Brendan Thomson (Hays), Gerard Boundy (Maxim)
ecruitment firm, Hays Canberra, recently raised $13,000 from their annual golf day for their charity partner, the Make-A-Wish Foundation. Make-A-Wish Australia was founded in 1985, and has granted over 8,000 wishes to children with life threatening illnesses. Make-A-Wish gives seriously ill children hope for the future, strength to face the challenges of their illness, and joy from their 6
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incredible wish experience. $6500 was raised by the 130 attendees and Hays Canberra matched this amount dollar for dollar. The Hays Canberra charity golf day was held at Federal Golf Course. “I would like to thank Canberra’s senior business executives that attended our charity golf day for making it a great success,” Jim Roy, Hays, Regional Director said. Funds were raised throughout the day through a mix of raffles, auctions, and games. The highest bid item was a 2016 signed Brumbies jersey of course for $600. Great prizes and raffle items were provided generously by Canberra businesses and included: Auction items • GWS Jersey • 2016 signed Brumbies Jersey • Canberra Cavalry Jersey • Accommodation voucher & breakfast for two Crown Plaza • 2 nights Accommodation, Dinner & Fishing Charter Voucher Pleasurelea Tourist Resort
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• Master Builders full page advertisement Raffle • Accommodation voucher & breakfast for two Realm Suite - Hotel Realm • Voucher weekend family ski hire Rhythm Snow Gear • 2 Initial Chiropractic Consultations Canberra Spine Centre • Voucher for Morgan’s Group • Voucher for Ellacure • Voucher for Canberra Yacht Club • 3 x vouchers for Anytime Fitness Winning Team • $200 voucher dinner & drinks Hellenic Club Longest Drive • $100 voucher Double Shot Longest Drive Female • $250 voucher/beauty package @ Browlab Nearest to the Pin • $100 voucher Ellacure • $100 voucher The Meating Room “I’d like to also thank the great team we have at Hays Canberra for getting behind this annual charity event and contributing to the local community,” Jim said.
What makes a property investor happy?
t would be easy to answer this question by saying increasing their wealth exponentially and securing their financial future. But with more than 14 years’ industry experience advising clients on property investment, Managing Director of Hatch Property Australia, Julie Cumming knows that key factors such as fear and mistrust often prevent a property investor from achieving their goals. “By examining all variables, the good, the bad and the ugly, we are able to take out the fear of the unknown, and empower our clients with specialist knowledge of how to mitigate risks and make better property buying decisions,” Julie says.
“We do not take a “cookie cutter” approach to property investment. Rather, we identify a range of suitable scenarios that will best fit our client’s circumstances. “We show how different properties deliver different outcomes and which of these, or combination of these, will enable our clients to achieve their long term financial and lifestyle goals.” “Importantly, we also run through hypotheticals which illustrate how any significant changes to a client’s personal circumstances and external factors, such as interest rate rises, will affect them,” Julie added. Hatch Property is an independent property investment buyers’ agent with a focus and expertise in the Canberra, Brisbane and Melbourne markets. “We currently have investor clients nationally and internationally from as far afield as the Czech Republic, Hong Kong, Tokyo and Oman. Trust is critical to this process. Our clients know we have their best interest for a successful outcome as our purpose and mission.” “We can also recommend a range of
independent, experienced, ethical and trusted para-service providers along the way which we oversee on our client’s behalf.” By doing this, our client’s legal, financial, accounting and property management needs are met with similarly reliable expertise, without the conflict of interest inherent in the “one stop shop” business models. Hatch Property Australia is now based in Melbourne. Managing Director, Julie Cumming, is a recognised expert in the field and has been publishing articles on property investing for several years and served on the REIACT board. For more information: Julie Cumming E: Julie@hatchproperty.com M: 0404 453 397 www.hatchproperty.com
ACS Canberra Branch 2016 Annual Conference “Drones, Droids, and Robots” - 23 August 2016, National Convention Centre
Dr Tim Turner FACS Branch Chair, Conference Chair, ACS Canberra
nce again, the Canberra Branch of the Australian Computer Society (ACS) is holding an annual conference to bring its members and other IT professionals up to date with major issues and innovations in the IT industry. Conference chair and Canberra Branch Chair, Dr Tim Turner, FACS, said “The conference theme of Drones, Droids and Robots is drawn from National Science Week. It’s application to our conference lies around the obvious central matters of drones, droids and robots but also includes ideas like automation more broadly, machine learning and artificial intelligence, sensors and the internet of things, the data that
arises from those sensors and autonomous machines and its analysis. We will also explore the ethical issues around machine learned decision making and the behaviour of autonomous machines.” The ACS is partnering with several like-minded organisations in arranging and presenting the conference. Members from associations such as Women in Information and Communication (WIC), the Data Management Association (DAMA), Information Technology Educators of the ACT (InTEACT), the Australian Institute of Management (AIM), and the International Institute of Business Analysts (IIBA) will all be welcomed to streams and events offered by these partner organisations on the day. Arrangements are well underway with a growing number of exciting speakers identified for the conference. The ACS Canberra Branch is especially pleased to be able to announce that Mr Jon Cumming, Chief Digital Officer for the ACT Government and Mr Miguel Carracos, Partner at Boston Consulting Group, will be delivering keynote
addresses, along with the ACS President, Mr Anthony Wong. The Chief Minister of the ACT, Mr Andrew Barr, MLA, Patron of the ACS Canberra Branch, will speak at the dinner that concludes the conference. Registrations will open soon. Keep watching our events page: http://www.acs.org.au/branches/ canberra/events Sponsorship opportunities exist for organisations interested in supporting IT professionalism in the ACT, especially around the conference theme. For all information about the conference, please contact: Ms Jenalle Wei, ACS Canberra Branch office Jenalle.email@example.com, 02 6143 5503.
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F E AT U R E
Choosing the one – new love and powers of attorney By Alison Osmand
here is no denying how wonderful it is to fall in love again and to be making life plans with your new partner. It really is difficult to imagine storm clouds gathering on your horizon at some stage in the future. However, it is at this time that it is best to have those difficult conversations with your new partner about the “what-if’s” of life. Often, these are the “big issues”. These are the issues like: “What will happen if I become ill or incapacitated?” “Will you support me and how will you support me?” “Will you consult my adult children about my care and health needs with the decisions you are making about me?” “What if one of us cannot live at home anymore?” These conversations are made even more difficult in circumstances where there are family tensions among your respective adult children. In addition to considering your estate plan at this stage in your life, it is also vitally important to put in place a Power of Attorney. Your Attorney has a very important role in acting in your interests when it comes to financial matters and health care issues, especially if there comes a time where you cannot make decisions for yourself. Your Attorney need not be your new partner, but it is important to remember that your Attorney will be making decisions that 8
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“In appointing your Attorney, consider the person you trust the most to make sensible decisions in your interest having regard to the overall dynamics of your family situation.” will have an impact on you and your partner’s life and your assets. This is specifically relevant if it is necessary to liquidate assets to fund health care or a placement in a residential aged care facility. Your Attorney has all the powers that you do and they effectively ‘step’ into your shoes. It is also very important for adult children to know where they stand in the overall family dynamics and whether or not any decision making will be falling to them, or, if they will be excluded. Adult children sometimes feel isolated or marginalised from their parents when they re-partner. It is a good idea for you to talk to your children about the reasons why you have chosen your particular Attorney. In appointing your Attorney, consider the person you trust the most to make sensible decisions in your interest having regard to the overall dynamics of your family situation. If you appoint more than one Attorney, it is important that your Attorneys are able
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to cooperate and work together in your best interests. If you do not make an Enduring Power of Attorney and later lose the ability to make decisions for yourself, it is common that an application is made for a guardian and manager to be appointed. This is a potential conflict zone if your partner and children do not get along or see eye to eye. This angst can be reduced by having a carefully considered Enduring Power of Attorney in place. DDCS Lawyers can assist you in preparing Enduring Powers of Attorney, as well as provide advice about who should be appointed and what powers or directions should be given. To find out more, contact us on (02) 6212 7600. Alison Osmand is a Senior Associate of the firm. 18 Kendall Lane, New Acton, Canberra phone (02) 6212 7600 firstname.lastname@example.org www.ddcslawyers.com.au
Make Golf at Federal part of your Business Plan
We invite you to consider Federal Golf Club as a venue to hold your next great Corporate Golf event Golf days are a great way to:
Recent event and partnerships include:
+ Give back to valued clients
+ Mercedes Benz Canberra
+ Recognise and reward your high performing team members
+ Raise money for your nominated charity
+ Sporting Heads of Mission
+ Provide networking opportunities for your clients and business partners
+ Canberra Business Chamber
At Federal we provide:
+ Snowy Hydro Southcare Helicopter Service
+ Flexible Corporate Golf Day options
In addition, if you have clients visiting Canberra who may be looking to include a game of golf while here, enquiries can be made on email@example.com
+ An opportunity for your clients and guests to play one of the Capital Regions best courses
FGC-B2B0416 Streamline Creative
+ A wide range of catering options + An off premises facility for team bonding, motivating and engaging team members
+ Hays Recruiting
+ 104.7 | Mix 106.3
F E AT U R E
Scarlett Financial: one organisation to maximise your financial well-being Risk Consultant Scott Nash, Director Scott is an experienced general insurance broker. He has extensive knowledge of the insurance industry its underwriting processes, claims administration and policy terms. He is also a specialised insurance broker to business owners, farming operators and commercial property owners. Scott is dedicated to sourcing the right cover for his clients by understanding their business and the risks that need to be managed.
carlett Financial is an innovative financial services group created to help people make smart investment decisions earlier so they can experience financial security and more lifestyle choices throughout their lives. It is pretty unique in that it provides the integrated services of Wealth Management, Property Investment, Mortgage Broking and Insurance within the one firm. With each service having specialised consultants that collaborate their specific knowledge to provide their clients with a comprehensive and professional plan. “Too often we had heard people regret not doing more with their income, confused about where they stood financially and not knowing how to get started. People needed guidance on how to make the most of their finances and a smart strategy to help them reach their aspirations,” Nathan Nash, founding Director of Scarlett Financial, explained. With access to a group of specialists within the one organisation Scarlett Financial’s clients are able to have a complete understanding of their financial position and implement a co-ordinated wealth creation strategy. “Our comprehensive service provides our clients with direction and purpose in order to achieve financial security and greater lifestyle choice,” Nathan said. Finding the right financial advice is paramount to achieving a client’s aspirations and is one of the most important decisions in your life. “At Scarlett Financial we understand the importance of this decision and have constructed an organisation that you can rely on to achieve the best possible financial outcomes,” Nathan outlined. 10
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Scarlett Wealth Nathan Nash, Founding Director Nathan’s role is a recent innovation in the financial services industry and has evolved through a strong demand for wealth creation strategies that involve a collaborative approach to shares, managed funds and direct property. Nathan has over 16 years experience in the financial services industry. He has extensive knowledge in advising wealth accumulators and small business owners on how to build financial security and maximise lifestyle opportunities through to retirement. Scarlett Finance Justin Mcilveen, Director Justin has been working in the Financial Services industry for over seven years. He has a Bachelor in Communication, a Diploma in Financial Services and Diploma in Finance and Mortgage Broking. Justin’s passion is building rapport with clients, providing tailored solutions and then watching their wealth grow. Justin’s vision is to create a stress-free experience for his clients and to build long lasting relationships by providing excellent customer service whilst saving his clients money. Scarlett Property Michael Gilbert, Director Michael provides strategic wealth creation advice through property investment. His insights on vital issues such as the type of property, location, and property value ensure his clients make a smart property investment. Michael has over 20 years experience in the property industry and extensive knowledge in property building, development, and investment. He is also a strong negotiator with extensive auction experience and is a university graduate of the Executive Negotiation Program.
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SCARLETT FINANCIAL’S FIVE STEPS TO SUCCESS: 1. Specialist advice Scarlett Financial provides you access to specialist consultants in Wealth Creation, Property Investment, Mortgage Broking and Insurance. Scarlett Financial consultants are industry experts with practical experience and an in-depth knowledge of their respective industries. 2. Unbiased advice Scarlett Financial combines direct property investment, shares and managed funds in a complimentary strategy. Unlike other advice firms who consider only one option such as property or shares, Scarlett Financial considers all asset classes based on market conditions and each individual’s personal situation. 3. Coordinated strategy Scarlett Financial is a group of specialist consultants who work cohesively to deliver optimum outcomes for their clients. A unified strategy will ensure their financial position is complimentary structured. 4. Simple management With all financial specialists within the one organisation clients can save time and gain a complete understanding of their financial position with consolidated reports. 5. Calibre of staff Scarlett Financial employs the highest calibre of staff and provides a professional and accessible service to their valued clients.
Canberra Level 5, 7 London Circuit, Canberra ACT 2601 02 6169 4051 firstname.lastname@example.org Sydney Level 12, 95 Pitt St, Sydney NSW 2000 02 8249 8399 email@example.com
SE ASON 2016 Chief Conductor and Artistic Director Nicholas Milton celebrating his tenth year with the CSO. The ActewAGL Llewellyn Series exemplifies the breadth of human emotion and experience, while the Saturday Series features diverse programs with popular appeal.
ACTEWAGL LLEWELLYN SERIES
11 & 12 May
6 & 7 April
NIGEL WESTLAKE: Cudmirrah Fanfare SCHUBERT: Symphony No. 7 in B minor—Unfinished BEETHOVEN: Symphony No. 9 in D minor
/01 MOZART Benjamin Northey Conductor Virginia Taylor Flute
MOZART: Symphony No. 31 in D major—Paris JONATHAN DOVE: The Magic Flute Dances—Concerto for Flute and Orchestra NIGEL WESTLAKE: Out of the Blue TCHAIKOVSKY: Suite No. 4 in G major—Mozartiana
Stephen Mould Conductor Soloists from Opera Australia
Nicholas Milton Conductor
17 & 18 August
Nicholas Milton Conductor Artistic patronage ActewAGL
Indira Koch Violin Wolfgang Emanuel Schmidt Cello WEBER Der Freischütz—Overture BRAHMS Double Concerto for Violin and Cello in A minor DVOŘÁK Symphony No. 7 in D minor
2 & 3 November
CSO Direct (ticketing) 6262 6772
Artistic patronage ActewAGL
Kristian Chong Piano
NIGEL WESTLAKE Shimmering Blue RACHMANINOV Rhapsody on a Theme of Paganini TCHAIKOVSKY Symphony No. 4 in F minor
SATURDAY SERIES Saturday 20 February
/01 SHELL PROM PICNIC CONCERT
Saturday 2 July
/02 ICON WATER OPERA GALA In collaboration with Opera Australia 7.30pm, Llewellyn Hall, ANU Stanley Dodds Conductor Soloists from Opera Australia Saturday 8 October
/03 CANBERRA WEEKLY MATINEE MAGIC BEATLES IN SYMPHONY Saturday 8 October 2.00pm, Llewellyn Hall, ANU Guy Noble Conductor
With support from the Embassy of the Kingdom of the Netherlands 5.00pm, Grounds of Government House. Gates open at 3.45pm Marc Taddei Conductor Alan Vivian Clarinet
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F E AT U R E
Effective board selection – ‘not jobs for mates’ By David Harrington
here are no doubts that the highest performing organisations have an even higher performing Board. One of the toughest challenges facing many organisations, particularly those in the non-profit (or ‘for purpose’) sector, is how to move from an elected representative Board of Directors to an appointed skills-based Board. The process of Board selection is becoming increasingly professional as many organisations face fundamental threats to their sustainability. Reforms to Government funding models and increased competition for available dollars are driving major changes to the way these organisations operate. A broader diversity of skills are now required of both the Board and the CEO. Many organisations now advertise their Board positions with professional recruiters to run high quality, involved selection processes. These are designed to target the specific skills, competencies and personalities required for success. So what do organisations look for when recruiting new Board members? We are often asked this question by candidates looking to secure their first Board position or by CEO’s struggling with ineffective Board members. What needs to be considered first are the skills and knowledge required by the Board, followed by a careful review of the strengths and weakness of current Board members to ascertain where any gaps may be.
Key attributes that today’s Boards are likely to require are;
Commitment - Board responsibilities can be hard work Being a Director extends to more than just attending a monthly Board meeting. Strong Board members are active and invested. They attend meetings, they come to events, they stay well informed and they take action on the organisations behalf. This often includes being an active, visible promoter of the organisation and fundraising as sustainability can be a key focus. Accountability – taking responsibility It is expected that Board members understand good governance, as well as their legal and regulatory obligations. The Board is 12
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accountable for the performance and direction of the organisation. It is imperative that Board members recognize this and adjust their approach to reflect. Great Judgement – it’s a must Board members have a responsibility to consider the needs of a wide range of stakeholders. They spend time thinking about problems and working towards solutions. Strong judgement helps to navigate difficult situations and to meet expectations of conflicting parties. Board members should have ample experience exercising good judgement. Well-Networked – communicate with influence Great Board members have a wide network to leverage and they will actively do so to support the organisation’s strategies and growth. They have a strong personal brand and they can introduce new business partners, customers and talent to the organisation. Relevant Context – ability to understand and contextualise quickly A great Board member will develop relevant context quickly in order to offer actionable and on-point advice. Understanding the organisation, its operating environment, its business model and its stage of growth are all key areas that a good Board member will become familiar with quickly. This is an especially important skill if they have no prior experience within the industry that the organisation operates. Be a Coach, Mentor, and Sounding Board Board members are often required to play the role of coach and mentor for Executives within the organisation, and they must be well equipped to do so. A strong coach or mentor does not dictate what needs to be done or how to do it. They ask questions and pose challenges designed to help their protégé see problems they may not have identified and encourage different perspectives. They use their wisdom and experience to help lead the Executive team towards appropriate actions. Style and Approach – always professional A good Board member won’t always agree on every issue. They will however effectively communicate with other Board members and the Executives. Talented Directors know how to invite candour into Board discussions without appearing rude, arrogant or pushy. They can argue their point without making it personal. The Board members need to be able to work collaboratively to address issues. No Ego please The best Board members leave their ego outside of the Boardroom and truly act in the best interest of the organisation, not themselves. They are life-long learners who remain committed to continued personal and professional development. There are no doubts that there are many other qualities that go into making a great Board member. What really defines ‘great’ will depend on the specific needs of the organisation. However, as the process for recruiting new Board members becomes more specific and streamlined, these core competencies are no longer a wish list but standard requirements.
Sourcing talent is a science, not a sales game
Please contact David Harrington Director at HorizonOne Recruitment on 02 6108 4878 or firstname.lastname@example.org Level 1, 27 Torrens Street, Braddon www.horizonone.com.au
F E AT U R E
Maintaining audit quality: 10 things audit committees should check with auditors
he purpose of an audit is to confirm the validity of financial statements and help determine the value of an organisation. The auditor’s role is to express an objective opinion on whether the organisation’s management has fairly presented the information in financial statements. Investors, partners, and customers will make decisions based on the auditor’s review, so it’s critical that the review be based on accurate, complete, and comprehensive information. One of the ways to ensure the quality of the audit is to diligently oversee the external auditors. It is the organisation’s responsibility to provide reliable information as a basic prerequisite. At the same time, it is essential that the auditor presents a fair and balanced view of the organisation so that all stakeholders, including investors, the public, and the organisation itself, can have confidence in the organisation’s value. Some organisations prefer to rotate the external audit firm to get more value from the audit process. This is an accepted approach but firm rotation alone will not achieve the desired objectives, particularly if rotation takes place among a small number of firms. Organisations will get more value from their audit if the board is more involved. The internal audit committee must take ownership of the process to ensure that the outcome is a conscientious, independent, accurate audit. Audits cover a much broader range of issues than simple financials. The audit should consider a holistic view of the company’s health, including specific feedback on areas such as going concern, impairment assessments, inventory valuation, and intangible assets. To ensure the audit covers all key areas and delivers value, audit committees should ask their auditors 10 questions:
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F E AT U R E
“Organisations will get more value from their audit if the board is more involved.”
1. What are the business and industry risks faced by the company? Context makes the audit more useful for stakeholders. Understanding the business and industry risks is important for forwardlooking decisions. 2. How are the risk management processes being assessed? Assessing the organisation’s risk management processes could affect financial reporting. It is important to be clear regarding how these processes will be assessed and what frameworks will be used to evaluate them. 3. Are any significant changes in the scope of the audit being planned compared to last year, including identification of high-risk areas from the previous year? A change in audit scope year-on-year makes it difficult for stakeholders to compare audit reports from previous years. At the same time, it is essential to alter the scope to suit the changing market conditions, or economic and operational risks. 4. What different business practices, customs, and governance matters have been identified? Organisations operating in other jurisdictions, such as foreign markets, must consider how the practices, customs, and governance matters of different areas need to be addressed. Including these considerations in the audit is essential. 5. Are there any areas that represent significant tax exposures, and are there any jurisdictions where the tax rate is so abnormally low that it could cause reputational risk? While most organisations aim to reduce their tax burden wherever legally possible, there can be an issue with public perception if companies are seen to be paying less than their fair share. Auditors should identify tax areas of concern so that companies can take appropriate steps to either minimise the
burden or explain abnormally low tax rates. 6. Are there any areas of operation that are particularly susceptible to fraud, and how has the firm modified its audit approach to address this? Corporate fraud is on the rise, and new technologies and business processes are creating more opportunities for fraudsters to profit. By identifying areas susceptible to fraud in the audit process, companies can take steps to protect themselves and investors from losses resulting from fraud. 7. How is the audit firm addressing IT risks in its audit approach, and how does it rate the organisation’s IT controls? Similarly, the risk of being targeted by cyber criminals continues to grow, along with IT risks that are not malicious, such as user error. Minimising these risks is part of good corporate governance, and the audit process must take this into account. 8. Are there any areas where the audit firm is maximising collaboration with internal auditors to fully utilise their knowledge of risk and operating environments within the organisation? While the audit firm provides an independent evaluation, they can achieve a fuller and more accurate view of the organisation if they leverage the existing knowledge of the internal team. Internal and external teams should set goals and expectations around collaboration to achieve the best possible result. 9. How do the organisation’s accounting policies compare to others in the market? Benchmarking is an important part of understanding the organisation’s place among competitors. If the audited organisation has aggressive accounting policies compared with competitors, this could be a danger signal for investors. It could indicate that the company is overstating its value in a flat or depressed market, for example. If the organisation has
conservative accounting policies, it could mean there is hidden value in the company. 10. Are there any areas where company processes were ineffective or inefficient, and how should they be remedied? Successful businesses are always looking for ways to improve. The audit process should facilitate improvement by identifying areas for improvement. If the audit committee decides to meet with auditors without management present, they could ask the following questions: 1. Did management provide full and transparent cooperation for information requests? This helps clarify the validity and trustworthiness of the audit, since an audit based on incomplete or inaccurate information is less useful. 2. What is your view of the competency, integrity, and resourcing of the finance team? An inadequate finance team can spell disaster for an organisation. If the audit firm identifies issues in the team, companies can address them sooner and potentially avoid negative outcomes. By working closely with the external audit firm, companies can derive significant value from audits. The audit committee must take ownership of the process and communicate clearly with the firm in order to get a clear, accurate audit report that reflects the business’s true value. To discuss, please do not hesitate to contact Ged Stenhouse, National Head of Assurance & Advisory and Partner in the RSM Canberra office, on 02 6217 0300 or email@example.com.
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F E AT U R E
Adventures in dining at the Canberra International Music Festival TAMBUCO - Image supplied
ndulge your senses with music, art, wine and food at the 2016 Canberra International Music Festival (28 April – 8 May). Over the course of eleven exhilarating days, musicians from around the world will gather in Canberra to create a feast for the eyes and ears, bringing music and food together in perfect harmony in a series of culinary adventures. The Chefs of Canberra Festival Gala Dinner, the Festival’s annual celebrity dinner, kick-starts the 2016 Festival at the National Arboretum on Thursday 28 April at 6:30pm for 7:00pm start. Canberra loves classy food and appreciates a fabulous location, so the Festival is offering Canberrans a feast - a three-course degustation meal prepared by some of the finest chefs in Canberra and six musical virtuosos for a taste of what’s to come. For Roland Peelman, Festival Artistic Director, the Chefs of Canberra Festival Gala 16
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Dinner represents all the good things in life: “This dinner has great food and drink matched by superb musicians and supreme conviviality. Now that the Festival has become such a prominent fixture in the calendar, this is the best way of starting the Festival with a bang!”
of the world’s greatest percussion ensembles, Tambuco use every conceivable means to play percussion. “working wonders with myriad instruments and even the musicians’ bodies (hands, wrists, fingertips, voices).” The Washington Post Tambuco are supported by the
“working wonders with myriad instruments and even the musicians’ bodies (hands, wrists, fingertips, voices).” The Washington Post Throughout the evening, six artists from the Canberra International Music Festival will perform for the guests. Direct from Mexico City, is Tambuco percussion. Described as one
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incomparable James Crabb (UK) on accordion and golden boy, Andrey Lebedev (Australia/ UK) on guitar. The chefs in the kitchen this year are Sean
F E AT U R E
“Beautifully refined, with gorgeous tone… musically and technically flawless.” Soundboard Magazine Andrey Lebedev - Photo: Shannon Morris
Rupert Boyd - Photo: Matthew Fried
EVENT DETAILS Name: Canberra International Music Festival 2016 Dates: Thursday 28 April to Sunday 8 May Tickets: cimf.org.au For enquiries, call 02 6230 5880 (Mon-Fri 9.30-12.30) CHEFS OF CANBERRA FESTIVAL GALA DINNER Date: Thursday 28 April 2016 Time: 6.30pm for a 7.00pm start Cost: $200 per person, including a threecourse degustation meal, beverage package and performance Venue: National Arboretum Bookings: cimf.org.au FESTIVAL SUPPER @ MUSE Date: Tuesday 3 May 2016 Time: 8.30pm Cost: $65 per person, including a two-course late night supper (including wine, coffee/tea) and performance Venue: Muse, East Hotel, 69 Canberra Avenue, Kingston, 2604 Bookings: Book online - https://www. trybooking.com/KXXE
McConnell and Dan Flatt from Monster at Hotel Hotel, John Leverink from Boathouse by the Lake and Podfood, and F.J. Bodel from The Conservatory. Joining them in the kitchen is the team from Ginger Catering. Last year’s Chefs of Canberra Festival Gala Dinner was a sell-out success and this year is expected to be no different, with tickets selling fast. If you are looking for a more casual intimate dining adventure, the Festival and Muse welcomes home Canberra-born, New York based classical guitarist Rupert Boyd in the Festival Supper @ Muse (TUE 3 May, 8.30pm) “Beautifully refined, with gorgeous tone…musically and technically flawless.” Soundboard Magazine. Described as “truly evocative” Boyd, a graduate of the ANU School of Music returns to his old stomping grounds of Canberra to participate in Canberra’s premier music event, and to promote his new CD Fantasías. The evening includes a two course late supper (including wine, coffee/tea) with live music performed by one of the most acclaimed musicians of his generation. Spaces are limited
so book your tickets today. The Poacher’s Way Festival Trip (Thursday 5 May, 9.00am to 3.30pm) takes you through the beautiful rural surrounds of Canberra. Travel by coach to Bungendore Wood Works Gallery and admire some of Australia’s best craftsmanship, plus coffee and sublime music. Journey on, where at Eden Road Wines more music and wine tasting awaits. The final stop of this Festival Trip is Poachers Pantry where our Festival artists offer exquisite musical morsels followed by a delightful two-course lunch and champagne. 2016 CANBERRA INTERNATIONAL MUSIC FESTIVAL A vibrant fusion of expertly created music, iconic performances both daring and intimate, exceptional music mixed with culinary surprises – that’s the Canberra International Music Festival: 28 April to 8 May 2016, an annual treat for Australia’s culture vultures. Full program information and tickets are available at cimf.org.au
POACHER’S WAY Festival Trip Date: Thursday 5 May 2016 Time: 9.00am to 3.30pm Cost: $120 per person, all inclusive (transport, morning tea, wine tasting, 2 course lunch with champagne and wine plus three concerts) Venue: Departing from Canberra’s inner south Bookings: cimf.org.au
2016 VINNIES CEO SlEEpOut REgIStRatIONS NOw OpEN thuRSday 23 JuNE Join over 100 industry and business leaders. REfRESh yOuR pERSpECtIVE IN 2016.
Register online ceosleepout.org.au Photograph by Wanderlust73
BACK IN TOWN Peter & Ross Beames together with David Rae returned to Canberra in July 2015 to operate as DPR Accountants and Advisers. Having spent 2015 trading from Batemans Bay as part of the contractual restraints of leaving their previous firm all three and their staff were delighted to return to the Canberra region at the start of the 2016 financial year.
he forced ‘sea change’ gave Peter, Ross and Dave the opportunity to re-engineer their respective Practices to focus on their areas of specialisation as well as providing tailored accounting, tax and investment packages to their clients. “Batemans Bay was a wonderful relaxed environment to contemplate the future for our Practice but the time away from family, friends and community kept us eager to return in July 2015. We are all delighted to be back in Canberra full time,” comments Peter.
Do you miss anything about the Bay? “I miss sitting by the Clyde River to have my lunch each day, there is no more picturesque vista than the view back towards Long Beach with the moored boats bobbing on the tide in the foreground. I also miss the cooling sea breeze on hot summer days and the warmth of the winter sun. But missing those aesthetics pales into insignificance compared to the satisfaction we get from positively influencing our clients’ financial lives.”
Photography: Kasra Yousefi
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“Batemans Bay was a wonderful relaxed environment to contemplate the future for our Practice but the time away from family, friends and community kept us eager to return in July 2015. We are all delighted to be back in Canberra full time” Peter Beames, Director Peter Beames Director/ Owner Chartered Accountant Registered Tax Agent
Have you changed your approach at all after your year away? “Our market focus remains the same,” volunteers Ross, “We are dedicated to dynamically providing the Canberra region SME market with a suite of services designed to maximise profits and build wealth in the most appropriate corporate structure. We take the view that assisting a client’s wealth
“We take the view that assisting a client’s wealth build starts with analysing profit performance and providing insightful profit improvement advice on a timely basis.” Ross Beames, CA, Director 20
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build starts with analysing profit performance and providing insightful profit improvement advice on a timely basis. Improved profits can then be channelled and tailored to each specific client situation and the goals we assist them in setting. We have also implemented Xero accounting software solutions for the vast majority of our clients and combined that with bolt on modules to enhance the automation and integration of various business functions. Xero have recognised our achievement in this area by making us a Gold Partner, one of only a handful to achieve this status in our region.” During the 12 months away David was invited to appear on ‘The Investment Series’ TV program which will screen soon on the Sky Business Channel. “Being invited to present on the show was one of my highlights during what was a difficult year with all of the travel required to the Bay for work during the week. The show has provided a public opportunity for me to demonstrate how I focus on ensuring our clients get the best returns from their investments for the least risk. Our approach mitigates risk by proportionally spreading investments across the appropriate asset classes to suit the specific needs and risk profile of the client. The last 2 years have been a minefield in the investment markets and we are really pleased with how well our client’s portfolios have performed in the face of global economic volatility,” David explained. Moving forward DPR continues to plan
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Dave Rae Director/ Owner CERTIFIED FINANCIAL PLANNER® SMSF Specialist Advisor™
to compliment its core services with market leading specialisations in: • Business Valuation • Business Succession Planning, and • Wealth Succession Planning. “Business Succession Planning is the process to guide business owners in optimising the outcomes from the sale
“The last 2 years have been a minefield in the investment markets and we are really pleased with how well our client’s portfolios have performed in the face of global economic volatility” Dave Rae, Director
or transfer of their business. This process quite often involves transferring to another generation of family members or the management of the business. The process requires empathy for what each party desires to achieve. The whole process can often take several years to successfully engineer and implement the plan. In many cases this avoids the need for a market sale to exit the business. Providing these services calls on all of the skills and experiences of my career and although challenging is terribly satisfying when positive outcomes that change lives are delivered,” Peter outlined. According to Dave the years leading into and after a client’s ‘retirement date’ are critical from a planning and returns point of view. The decision to retire either through the sale of a business or stepping down from a career brings about a new set of challenges. There is a level of uncertainty due to the shift from salary/business income funding your lifestyle to being reliant on your investment/ superannuation assets. Typically you find yourself asking questions such as: • How much can I afford to spend every year? • How long will my money last? • Can we afford to gift/loan some money to our kid’s or grandkids? Pre retirement, these decisions don’t take as much thought because you can always work longer. As well as the financial questions, you also need to think about how you want to spend your time? Travel, volunteering,
learning, health and fitness etc. Post retirement we typically see three phases of lifestyle being active (hobbies, family, travel), passive (less travel, possible downsizing) and frail (less mobile, health). The financial requirements for each phase will vary. “In structuring your strategy, it’s important to ensure that you remain in control of your lifestyle decisions. Take too much risk and factors beyond your control such as global economic conditions could dictate they way you live,” Dave said. There are a number of planning strategies that can be used to achieve retirement goals and provide peace of mind. “An example would be using an income stream to fund your needs and investing in growth assets to fund wants. Exploring the alternatives and deciding which is appropriate for each individual client is the key,” says Dave. DPR has also made sure it has capacity to take on more clients. “We have deliberately put together a team of staff with strong capabilities and the scope to take on more work”, says Ross,” We are open for business and focused on providing our clients, both existing and new, with the best financial outcomes possible.”
Ross Beames, CA Director/ Owner Chartered Accountant Registered Tax Agent
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It’s not all about the bottom line.... “There is no distinction between how we go about delivering pro bono work and the provision of services to fee paying clients – they are all treated equal and with the same priority. We highly value our engagement with Soldier On and Global Sisters” Ross Beames, CA, Director
“It’s not all about the bottom line!” stated Ross when outlining the significant investment made by DPR Accountants & Advisers in providing pro bono financial accounting and taxation services to the not for profit sector. DPR Accountants and Advisers currently provides a full suite of accounting, taxation, business advisory and consulting services to organisations such as Soldier On and Global Sisters. Importantly, DPR Accountants and Advisers estimate they have provided approximately $75,000-$100,000 of pro bono services to Soldier On and Global Sisters since the establishment of DPR in September 2014, and the provision of pro bono services to these organisations comes with the same level of prioritisation and service that fee-paying clients receive. “There is no distinction between how we go about delivering pro bono work and the provision of services to fee paying clients – they are all treated equal and with the same priority. We highly value our engagement with Soldier On and Global Sisters.” Ross said proudly. When asked about the cost and sustainability of performing work for organisations such as Soldier On and Global Sisters, Ross is adamant the benefits far outweigh the costs. 22
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“Whilst our level of involvement with Soldier On and Global Sisters is significant, the combination of which places the usual ongoing demand pressures on our skilled resources, it can be of no coincidence that our firm continues to win a significant number of new high end ‘A’ class clients whilst providing these pro bono services. There is also so much to be gained by our staff in working with highly talented individuals who choose a career path in the not for profit sector.” The principals of DPR encourage all readers of the B2B magazine to check out the amazing work being done by Soldier On and Global Sisters:
DPR are located at Suite 6 Football House 3-5 Phipps Close in Deakin. For more information, please contact Dave, Peter or Ross on 6108 4544. www.soldieron.org.au
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Taking a bite out of new FBT meal benefit rules
‘Double-handling’ – the secret to preparing an error-free Business Activity Statement (BAS)
Sitting pretty? – can you caveat your debtors property?
by Domenic De Marco, RSM
by Harry Hoang, Tailored Accounts
by Mark Love, Bradley Allen Love Lawyers
BUSINESS SUSTAINABILITY 26
Upgrading to LED lighting will brighten your electricity bills
I can’t afford to fund my family law litigation – what can I do?
by Actsmart business recycling. energy. water
by Carrie Gan, Dobinson Davey Clifford Simpson Lawyers
INTELLECTUAL PROPERTY 28
Collaboration in ICT projects - managing the risk and reaping the rewards
What will happen if Labor stops negative gearing?
Gender inequality divide: do men need to open their eyes to the problem?
ACTEWAGL sees the light
What if we train our staff and they leave?
Digital marketing and your business
by Shaun Creighton, Arete Group
by Peter Maloney, Maloney's Property
by Jim Roy, Hays Recruitment Experts Worldwide
by Paul Smith, YABBA.guru
by Chris Miller, Vantage Strata
by Sam Gupta, Synapse Worldwide
ACCOUNTING by Domenic De Marco
Taking a bite out of new FBT meal benefit rules Are you part of a not-for-profit (NFP) health organisation that offers benefits to its workers in exchange for lower wages? If so, you need to know that the Federal Government has introduced changes to fringe benefit rules from April 1. In particular, salary-sacrificed meal entertainment benefits in FBT exempt or rebatable organisations will be capped at $5,000, and will also become PAYG-reportable at tax time. Given that some qualifying NFP employers may offer meal benefits to their workers in exchange for reduced wages (and lower tax liabilities), the changes mean that many employers in these organisations may need to review their salary arrangements, and reconsider whether salary sacrificing will still be beneficial to their organisation and their employees. The meal entertainment benefits include meal expenses and event catering – including dining out, holiday meals, and catering services. The changes will affect public benevolent societies, health promotion charities, public hospitals, NFP hospitals, and public ambulance services that are FBTexempt or that qualify for FBT rebates. The rules up until now Under the pre-April 2016 rules, there is an overall cap of $31,177 on packaged salary-sacrificed benefits in public benevolent societies and health promotion charities, and $17,667 for public and NFP hospitals and public ambulance services. Up until now, meal entertainment expense benefits have been uncapped and have had no bearing on the overall cap. So let’s say a health worker in one of these organisations had salary sacrificed $20,000 per annum in exchange for reduced wages and meal benefits. Prior to the changes, this would have been FBT-exempt and nonreportable, and would have not been taken into account when determining whether the cap (of either $31,177 or $17,667) had been exceeded. How this will be different However, all this is about to change. The government has introduced a separate grossed-up cap on meal entertainment benefits in a salary-sacrificed arrangement of $5,000. So, in our example, the first $5,000 of meal benefits would not be taken into account when determining whether the overall cap had been exceeded, but the remaining $15,000 may be. The total $20,000 of meal benefits – which includes the $5,000 – also needs to be reported on the PAYG summary for the employee. Here is an overall summary of the changes: • A separate grossed-up value of $5,000 for salary-sacrificed meal entertainment benefits for NFP entities that are FBT-exempt or able to access FBT rebates. • Meal entertainment benefits exceeding the $5,000 grossed-up cap will count towards an employee’s existing FBT exemption or rebate cap. • Removal of access to elective valuation rules when valuing meal entertainment benefits. • All meal entertainment benefits to become PAYG reportable fringe benefits. It’s vitally important for employers to be aware that the changes have now come into effect, to avoid the risk of not complying with the new rule.
We are here to help If you have any questions, please contact Domenic De Marco, Accountant at RSM Australia, on 02 6217 0356 or email@example.com.
BOOKKEEPING by Harry Hoang
‘Double-handling’ – the secret to preparing an error-free Business Activity Statement (BAS) One of our clients recently asked us why we spend two to three hours to prepare one set of business activity statement (BAS) each time, when we can easily export BAS from MYOB. He believed that we should not be ‘doublehandling’ as this wasn’t cost-effective. Since I started Tailored Accounts in 2009, I have always insisted on ‘double-handling’ because we always come across errors each time we review our clients’ BASs. Most of the time, the mistakes in their lodgement were in favour of the Australian Taxation Office (ATO). Correspondingly, in my response to the client, I explained that we didn't want him to lose his hard-earned money over BAS errors. Let me share with you the detailed steps and measures that we take to prepare our clients’ BASs: 1. Check to ensure all bank, credit card, overdraft, loan, and petty cash accounts are reconciled with the original bank statements at the end of every BAS quarter. 2. Print the monthly profit and loss (P&L) report for the BAS quarter and check for abnormalities in income or expenditure in the three months. Also, compare this quarter’s P&L report with the P&L report from the previous quarter in the same financial year, as well as the P&L report from the same quarter but previous financial year to detect any unexpected transactions. 3. Print out the balance sheet as at the end of the BAS quarter. Note the balances for the wage and salary, payroll, payable, Super expense and payable, and PAYG and GST accounts, and investigate any abnormalities. 4. Proceed to perform other reconciliations by cross-checking payslips and accounts payable, accounts receivable, and payroll in the general ledger. 5. Generate the general ledger exceptions report to review any abnormal transactions. This report will indicate any differences in the GST codes for the same types of purchases or sales by comparing the current transactions with previous transactions. 6. Review capital purchase transactions in the quarter, paying special attention to transactions related to equipment finance, lease, and rental. 7. If you are using Xero, you should not lodge your BAS until you have generated the GST reconciliation report. On the last day of the BAS quarter, ensure that your GST payable is reconciled with the GST amount in the balance sheet before you lodge your BAS. 8. Print the BAS and compare with it with last quarter’s BAS and the BAS of the same quarter in the previous year, and ensure that your GST, PAYG, sales, and purchases are consistent across all three BASs. 9. Lodge and pay your BAS on time to avoid penalties, and record the BAS payment in your accounting system. If you encounter issues when completing your BAS, why not drop by the nearest Tailored Accounts office in Canberra, Goulburn, Sydney, or Brisbane? Other than bringing our expertise closer to you as we expand beyond Canberra, Tailored Accounts gives you peace of mind by managing your business’ finances.
Harry Hoang is Tailored Accounts Executive Director M3 Building, Level 1, Suite 127, 24 Lonsdale Street, Braddon ACT 2612 Australia T: 02 6169 5196 | M: 0434 196 607 E: firstname.lastname@example.org | www.tailoredaccounts.com.au
BUSINESS LAW by Mark Love
Sitting pretty? – can you caveat your debtors property? It’s a common scenario: you’re owed money and your debtor is refusing to pay. Surely the next step is to protect your debt by lodging a caveat over the land they’re sitting on, right? Wrong. The mere existence A caveat is a form of statutory of a debt is no basis for lodging a caveat. If you lodge a caveat without injunction; a ‘notice to beware’ reasonable cause, then you could end up compensating your debtor for that flags to the world that your actions. A caveat is a form of statutory someone other than the injunction; a ‘notice to beware’ that flags to the world that someone other property owner holds an than the property owner holds an equitable interest in the land. equitable interest in the land. Where properly lodged and recorded on the property title, a caveat will thwart registration of any other interests, and prevent the property from being transferred or otherwise dealt with until the caveat is removed; it effectively freezes all dealings with that property. However, before you can properly lodge a caveat, you must have a “caveatable interest”. Whilst there is no comprehensive definition of that term under ACT law, it must always constitute an “interest in the land”. A debt does not give the This could be a purchaser protecting their interest pursuant to a sale creditor any proprietary interest contract before the purchase is settled, a trustee registering an interest in the land, being merely a held pursuant to a trust deed, a charge granted over your property as part of contractual right to sue for the a guarantee, or a formal or informal return of the money. A debt is mortgage. The mere existence of a debt will not be sufficient. A debt does not a caveatable interest. not give the creditor any proprietary interest in the land, being merely a contractual right to sue for the return of the money. A debt is not a caveatable interest. If you register a caveat without a valid caveatable interest, the Land Titles Act 1925 (Act) confirms that you could be liable to pay “just compensation” to the owner. Such compensation could extend to the owner’s legal costs or far more where a sale or lease of the property is lost or delayed. If you’re considering extending credit or entering a credit arrangement with a customer or client, and want to ensure you have a “caveatable interest”, then make sure you get security over the land at the outset, upfront and in writing. Such security is much more likely to be granted at the time the credit, goods or services are provided, than later on when things go wrong. If you’ve got developing concerns about an existing debtor, ask for additional security before granting further credit. Be proactive and protect yourself early; if you wait until the money runs out, then you could be out of luck.
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Upgrading to LED lighting will brighten your electricity bills Saving money and keeping costs under control – it’s what smart businesses do. If you operate from a separate business premises (not home), and have fewer than 10 full-time equivalent staff or electricity bills under $20,000 (incl. GST), you could be eligible for Actsmart’s Business Energy and Water program. Actsmart will conduct a FREE energy and water assessment of your business, and provide a report detailing where energy is used and how to use less to save money. Better yet, Actsmart offers a rebate of up to $5,000 on a 50-50 cost basis to help your business upgrade inefficient equipment. Replacing outdated equipment is particularly worthwhile when it results in significant ongoing savings for your business. One activity with potential for significant savings in most businesses is lighting. The emergence of reliable, dimmable, multi-purpose LED lighting has transformed the lighting market. LEDs can now replace virtually any kind of lighting – globes, downlights, tubes, strips, floodlights, spotlights, and even warehouse hi-bays. The cost of LED lighting has fallen dramatically in the past two years, making them affordable. Where there is halogen or fluorescent lighting, LEDs can now do a better job while using 50-80% less electricity, and can also save money for your business through reduced maintenance and replacement costs. Altogether this means large ongoing financial savings, especially for businesses that have lots of lights, or that use lighting for long periods of time. Actsmart has recently supported some lighting upgrades that have achieved remarkable savings. For example, Pope’s Electrical and Data Supplies in Fyshwick recently replaced nearly 450 fluorescent tubes with a mix of LED tubes, LED downlights and LED hi-bays. As a result they more than halved their electricity bills compared to this time last year. Another example is Anytime Fitness, a gym in Fyshwick that is open 24 hours a day. They replaced fluoro tubes with LED downlights, and their electricity bills for January and February 2016 are 65% lower than they were at this time last year. LED lighting upgrades can transform business electricity consumption, substantially reduce electricity bills, maintenance and replacement costs, and increase business profit. Here are a few general tips regarding lighting: • Use natural light wherever possible. • Turn lights off when not needed. • Keep luminaires clean to maximise light output. • Consider de-lamping, but observe Australian Standards for light levels. There are more success stories from ACT businesses that have reduced their energy and water consumption at the Actsmart sustainability hub: actsmart.act.gov.au You can also find us on Facebook at Actsmart – Canberra or follow us on Twitter @SustainableCBR for more information on programs and resources available for your business.
For more tips, information and resources visit the Actsmart Sustainability Hub (actsmart.act.gov.au) and follow us on: Facebook: Actsmart – Canberra Twitter: @SustainableCBR Contact number:13 22 81 Email: email@example.com Actsmart – helping your business make changes for a sustainable future.
Mark Love, Legal Director, Business Law 9th Floor, Canberra House, 40 Marcus Clarke Street, Canberra ACT 2601 E: firstname.lastname@example.org T: 02 6274 0810 | www.bradleyallenlove.com.au
by Actsmart Business
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P EA R
I can’t afford to fund my family law litigation – what can I do? This is a common question faced by many people who separate. Litigation can be expensive and it is not uncommon for one person to control most of the parties’ wealth in a relationship. In this situation, the person who does not have control of the parties’ wealth or who earns a much lower income than the other party, is at a disadvantage. So, what can be done? The disadvantaged party can apply for a Court order to give them access to funds before the litigation is concluded. This can be done in two different ways. Applying for an interim costs order This is an order made specifically to allow one party to access funds for the purpose of funding their litigation. The funds can come from a variety of sources – for example, it could be a cash payment from the other party, proceeds from the sale of a joint property, or from the parties’ savings. When applying for an interim costs order, the Court will consider many factors, including: • The applicant’s and the respondent’s financial circumstances to assess whether the applicant actually needs an interim costs order and whether there are sufficient funds in the asset pool for this purpose; • The applicant’s inability to fund their legal costs and the consequences of this; • Whether the applicant has made enquiries for alternate financing and the outcome of those enquiries, for example, can the applicant borrow money from a family member? • The applicant’s estimated legal costs. When an interim costs order is made, it is important that the quantum of the costs order and the purpose of the order is specified. This ensures that the party receiving the funds, do not receive a “blank cheque” to use as they please. Applying for an interim property settlement order This order allows one party to receive funds as an interim property settlement. This means that the -funds will form part of any final property settlement ultimately received by that party. For example, if that party receives $300,000 as an interim property settlement, and the Court ultimately orders they should receive $1m as a final property settlement, then they will only get a further payment of $700,000. There is no obligation for the funds to be used to finance the party’s litigation. The matters that the Court must take into account when considering an application for interim property settlement are different from those for an interim costs order. It is important to seek specialist advice about these matters, particularly because the different types of orders can have different impacts on the outcome of the final property settlement.
Carrie Gan is a Lawyer of the firm 18 Kendall Lane, New Acton Canberra City ACT 2601 T: (02) 6212 7600 E: email@example.com www.ddcslawyers.com.au
by Carrie Gan att Farrah, Simon Rees and Ant Moore, three mates from the University of Canberra, dream to make the best Marlborough New Zealand wines for the Canberra market has been achieved. With legendary winemaker Ant Moore at the helm, his unconventional winemaking techniques have brought out unique characters of the fruit and terroir, on 100 acres in Marlborough, to make Pear Tree crafted wines.
If you are in a liquor outlet looking for a great Marlborough wine, try a Pear Tree and help support local wine business Rogue Wines.
From the plains of Marlborough to your next special event. Contact: 0403 317 692 firstname.lastname@example.org www.roguewines.com.au
INTELLECTUAL PROPERTY by Shaun Creighton
Collaboration in ICT projects - managing the risk and reaping the rewards It is common for people or companies in the ICT industry to “team” up for various reasons. There are a wide range of examples such as: a. a software / app developer subcontracting some development of code; b. an incorporated or an unincorporated joint venture being formed for an ICT project; c. software / hardware or other ICT products being sold through a re-seller. The rewards in the above examples are clear, however what are the some of the risks, unless the risks are addressed and mitigated by a suitable contract? In scenario (a) above, who owns the code the subcontractor develops? The answer is that unless there is an agreement in place to the contrary, the subcontractor retains ownership of all copyright in the code, and the head developer merely has an implied licence to use that code for the purpose it was created for. There may be a number of unintended legal consequences which follow. For example, the head contractor may have agreed to assign all copyright to the end client (which would not be unusual). The head contractor may also provide a warranty (promise) that they own all IP that is created and provided to the end client. Here, the head contractor would immediately be in breach, since they are not capable of assigning all copyright to the end client, for the simple reason that they do not own it. In scenario (b) above, there are a number of legal risks to consider and address in a suitable contract. These include, who owns any IP that is created by the parties under the joint venture, what is the scope of licenses to Unless there is an agreement use background IP, how must confidential information be protected, what is the in place to the contrary, the allocation of risk between the parties, are any restraints after the joint venture subcontractor retains ownership there comes to an end, and what are the of all copyright in the code, and specific rights and responsibilities arising from the relationship. the head developer merely has In scenario (c) above, again, there are a number of (different) legal risks an implied licence to use that to consider and address in a suitable contract. These include, who is code for the purpose it was responsible for defects in the goods created for. / services, what is the commission structure and payment terms, what branding can or can not be included with goods / services, are there territorial restrictions on where the re-seller can operate, is the re-seller engaged on an exclusive or non-exclusive basis, and again, are there any restraints after the relationship comes to an end? Our expertise in the relation to the ICT industry is highlighted by our staff including lawyers with more than 10 years experience drafting and negotiating ICT related agreements, plus we have a lawyer with a computer science degree with developing expertise in ICT law.
Contact us on 02 6162 1639 or email@example.com for a no obligation and free of charge initial discussion about your possible legal requirements.
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REAL ESTATE by Peter Maloney
What will happen if Labor stops negative gearing? Firstly let me state very clearly that I am not a part of any political party. I was in real estate last time Paul Keating stopped negative gearing in the late 80’s and that was such a disaster it was cancelled in less than 12 months. It ended because investors stopped buying residential property and rents went up alarmingly as this was the principal reason the then Labor government canned the tax. It seems as every time a so called “property boom” comes to an end politicians want to add an extra tax to property. The press love to talk up property booms but fail to mention the fact that the median sale price in Sydney did not rise from 2003 till late 2010. That Negative gearing makes is tough going for the investor getting a investing in real estate a viable return of less than 3%. For the past 30 years a third of Canberra’s population have lived in rental option and it keeps rents down properties this demand has remained because it adds to the supply. fairly constant. Without negative gearing investors will not invest in Other than super how are residential stock and with the constant working class Australians going demand from tenants this will push rental prices up. to provide for their retirement The second part of the argument to stop negative gearing is that negative so they will not require a gearing is pushing up the prices for 1st home buyers. The major reason that first government pension? home buyers struggle is that taxes and charges from governments at all levels add to the cost of a new home. The HIA worked these costs out a couple of years ago to be around $135,000. My gut feeling is the residential real estate market fits into 3 main categories each taking up about a third of the market 1st home buyers, existing owners changing property and investors. So the impact of taking a third of your buyers out of the mix will have a big negative impact particularly for established homes. Labor is saying investors can still buy new properties but once the investor decides to sell, they really will not be able to sell that property to another investor so where will their capital growth come from? Negative gearing makes investing in real estate a viable option and it keeps rents down because it adds to the supply. Other than super how are working class Australians going to provide for their retirement so they will not require a government pension? I run a large property management portfolio in the ACT and I can tell you the vast majority of my owners are working Mums and Dads that have taken on an extra mortgage. They would not have been in a position to buy an investment property without negative gearing. The above is my personal opinion based on a 30 year career in Real estate and I am not a financial planner. Always happy to answer your real estate questions firstname.lastname@example.org
Contact Maloney’s on 6232 0100 email@example.com www.maloneys.com.au
RECRUITMENT by Jim Roy
Gender inequality divide: do men need to open their eyes to the problem? Last month many people and organisations here in Canberra celebrated International Women’s Day (IWD). While we have a lot to celebrate every IWD, many people would argue that progress towards workplace gender equality can still be hindered today by people, more often than not men, who fail to see any problem. Here at Hays we surveyed 603 Australians and found that far fewer men than women believe that female employees face any gender-based inequality at work. Moreover while men still dominate senior roles there is almost no difference in female and male ambition for such roles. Our survey found that 91 per cent of men think there is equal pay between genders compared to 50 per cent of women. 83 per cent of men said the same career opportunities are open to equally “Given that the majority capable colleagues regardless of gender compared to 49 per cent of women. of people in executive and 89 per cent of all respondents, both senior management roles are men and women, said the most senior person within their organisation is male still men, it’s difficult to see and 65 per cent said that their line manager is also male. how gender parity can be Given that the majority of people in executive and senior management accelerated when many of roles are still men, it’s difficult to see those in positions of influence how gender parity can be accelerated when many of those in positions of do not see any inequality issue influence do not see any inequality issue to begin with. to begin with.” Our survey also found that female and male ambition for management and director roles is nearly identical. 43 per cent of women and 44 per cent of men aspire to reach director or MD/CEO level. But only 51 per cent of women feel they have the opportunity to self-promote and communicate their ambitions in the workplace, compared to 60 per cent of men. I find it interesting that there is little difference between male and female ambition for reaching senior positions. But being able to promote your achievements is a key part of successful career development and reaching such roles. When only half of women feel they have the opportunity to selfpromote and communicate their ambitions, employers must do more to ensure opportunities are communicated to all and recognise and draw out the skills and ambitions of those around them. The 2016 IWD theme is ‘pledging for parity’. This year IWD calls for everyone, both men and women, “to pledge to take a concrete step to help achieve gender parity more quickly”. Are you ready to #PledgeForParity? Our ‘Gender Diversity Report’ with the full findings and analysis is available on our website www.hays.com.au or contact us on 6257 6344. http://www.internationalwomensday.com/Theme
I NEED SOME MUSIC WHO DO I CALL? Peter Funnell has over 40 years of local knowledge in bands and entertainment. In one phone call your music and entertainment needs are easily taken care of.
BANDS / COMEDIANS / STREET THEATRE Smooth Ops
“The dance floor was not left empty for a second to only then be blown away with the Bagpipes for your rendition of “The Voice” and “Long way to the Top”.
“Canberra based vocal harmony trio inspired by the music, look and feel of girl groups from the 30s, 40s, 50s and 60s. The Stilettos will deliver a superb performance”.
The Socialites “These guys rock, highly recommended for a great night of dancing”. “You guys sure know how to pack a dance floor”.
“We received the best feedback about Hit Parade. They were outstanding. Normally no one dances at this event”.
“Tony Hayley was absolutely brilliant! He turned a good night into a great night! Not only was his voice amazing but he picked the mood so well”.
Winner of National Competition at the Crown Casino in Melbourne for Corporate Cocktail Party Magic. Sleight of hand and illusion a speciality.
Peter Funnell ENTERTAINMENT SPEAKERS ENTERTAINERS BANDS
Jim Roy, Regional Director 5th Floor, 54 Marcus Clarke Street, Canberra T 02 6112 7663 | F 02 6257 6377 E firstname.lastname@example.org
P (02) 6251 5452 M 0412 620 310 E email@example.com www.funnellentertainment.com.au
STRATA MANAGEMENT by Paul Smith
ACTEWAGL sees the light Last time we discussed why it can make sense for some companies to spend huge sums of money for a single airing of an ad during the United States Super Bowl. This time we look at how an Australian company uses a different approach to achieve the same goal of positively positioning itself with consumers for long term benefit. ActewAGL is a company that provides utility services (electricity and gas) in Canberra and southeast New South Wales. Most utility companies offer similar prices and reliability so an important product differentiator has become whether the company is viewed positively by consumers compared to its competitors. ActewAGL knows this and has developed a program of support that goes deep into the Canberra and surrounding community. Spending about $1 million a year it supports sporting and community groups, charities, academia, the environment and the arts. The idea is to build strong long term relationships with all of these communities. The communities usually receive financial support and at times ActewAGL staff offer both their time and expertise to a cause. In return ActewAGL receives the loyalty and support of that community group. It is usual practice that to qualify for funding you must be an ActewAGL customer plus there is often accompanying publicity in relation to the funding and other support. Is ActewAGL being a good corporate citizen or simply instigating an enlightened marketing strategy? The response from Paul Walshe, Director Marketing and Corporate Affairs, was that it was a bit of both. “There is certainly something in our approach that helps ActewAGL but also I would hate to see where some of these communities would be without our support. Our approach often makes a real difference.” “While the cash is spread far and wide we look to where it may be of most value to the community involved. We are not about being on the jumper of a top local football club but more about spending the money at a grass roots level to develop junior players, which is a wonderful way to support kids. Another major component for us is our support of women’s sport across the region. Does this annual spend work? “Well customer surveys suggest a vast majority (78%) say it is important or very important for ActewAGL to support the community. Additionally, we grew our Queanbeyan customer numbers strongly after we provided support to Queanbeyan sporting clubs such as the Queanbeyan Tigers, Whites and Kangaroos and charities including The Cancer Support Group and Home in Queanbeyan. It also boosts employee motivation and morale as staff like to be associated with an organisation that contributes to the community. Demonstrating this, many employees donate their time and effort voluntarily.” What about the future? “We are currently looking to have a bigger impact on key social issues of the day and have recently developed a program to combat child obesity. It would be a sad day if ActewAGL did not continue to support the community at large.”
For more information, contact Paul Smith, Secretary and Chief Financial Officer of Yabba.Guru on 0401 400 779 or go to www.yabba.guru
by Chris Miller
What if we train our staff and they leave? A number of years ago, while completing my Diploma of Property Services, the class that I was attending had a brilliant mantra on the whiteboard which has always stuck with me. The saying was written in the form of a question and answer as follows; Question: What if we train our staff and they leave? Answer: What if we don’t, and they stay? The lesson at the heart of this exchange was simple and immediately apparent to me. People are the lifeblood of a business, particularly in a service industry such as real estate / strata management. Failing to adequately equip those people with the necessary skills to perform a complicated role can have very serious consequences that far exceed the relatively small investment required to train them. Professionals working in the real estate industry have a requirement to undertake mandatory Continuing Professional Development (CPD) in order to maintain their licence or registration. Each year an individual must accrue a minimum number of “points” earned via registered training organisations. However, individuals performing strata management services do not have the same mandatory (CPD) requirement, providing they are working within a licenced agency. As someone who has enjoyed a dual career as both a real estate agent and a strata manager, I have sometimes bemoaned the time commitment required to complete my CPD points each year in order to keep working as a salesperson. Ultimately however, I realise that this training is for my own good and undoubtedly serves the community by ensuring quality within the industry. It’s a kind of like exercising; no sane person likes it, but everyone knows it is worthwhile. There is little doubt that people performing Strata Management services in the ACT would benefit greatly from a similar program of compulsory professional development. Unfortunately the barrier to entry into this industry is pretty low and although most of the organisations providing strata management services in Canberra do a great job of implementing internal training and development programs, the sad truth is that there will be some who do not. The local regulators still have some way to go in order to ensure minimum professional standards are met, however it is most pleasing to note that the peak industry body for the strata industry (Strata Community Australia) has taken significant carriage of this issue by developing a world class education and qualification program which is available to all of its members. This is just one of many reasons that owners / executive committee’s should consider whether their strata manager is a member of SCA. Vantage Strata is proud to hold training and education as a cornerstone of our business. At any point in time we require all of our strata managers to have (or be in the process of obtaining) a Certificate IV in Strata Management. We also undertake rigorous internal training on financial management and accounting principals, which is a core service delivery requirement for our clients. Last but not least, I cannot overstate the importance of ensuring that owners serving on Executive Committees understand their roles and obligations. I have recently consulted with Wisdom Learning (RTO) to develop a workshop tailored specifically to committee member, which I will co facilitate along with Wisdom. Details of this workshop can be made available by contacting me directly.
For further information, please contact Chris Miller, Managing Director M 0400 376 208 or 1800 878 728 The Griffin, Corner Giles & Jardine Streets, Kingston PO Box 5044, Kingston ACT 2604.
WEBSITES by Sam Gupta
Digital marketing and your business Digital Marketing is an over-used yet under-explored phrase now-adays. Many claim to know it but only a few seem to get it. If you are an offline or ‘bricks & mortar’ business and looking to generate more leads and sales using online marketing, this article will cover the basics for you. These are the 5 digital tools every offline business should be using for digital marketing. 1. Google My Business/Maps It is a must for every business that has a shop-front or office. Fill out or check your business information and create a free Google+ page for your business. 2. Search Engine Ranking I am going to assume that you already have a website. If you don’t, get one done. A simple website is better than no website. More importantly, make sure your website is optimised to rank high on search engines. When people look online for products or services you sell, it is important that they find you with ease. 3. Search Engine Advertising Even if you don’t have a website, you can advertise on search engines like Google, using Adword Express. It is really simple to setup and relatively cost effective. You can get started from as low as $10/day. 4. Facebook Page/Likes/Check-ins Facebook is another free online tool that every offline business should have. If you don’t have one, you can very easily create a personal Facebook account for yourself and then create a page for your business with your address and other details. Most of your customers are likely to have Facebook. Once you have a business page, you can invite them to like the page and/or check-in when they visit you. In fact, here is what I am going to do for you; if you don’t have a Facebook page yet – mention this article and I will create a Facebook page for your business for FREE. Yup, no hidden agenda or cost. Even if you think it won’t be of any use to you, just get one done. You will thank me afterwards. 5. Facebook Advertising Facebook advertising is another very simple and cost effective avenue to advertise your product or services online. No, you won’t be doubling up if you advertise on both Facebook and Google. They are two different mediums. Customise your adverts and posts for each target market. One of the first things you must remember is that although the marketing landscape has changed significantly, the market itself hasn’t changed much. The basic marketing rules still apply. Not everyone is your customer. It's all about solving someone’s problem. 100% of your customers are people. So, don’t be overwhelmed with the digital world. It is simpler than you think. Looking to increase sales using digital marketing? Talk to us to find out how we can help you get more leads and sales enquiries.
Sam Gupta is the managing director of Synapse Worldwide. Sam would love to hear your thoughts on this advice column. Tel: 1300 785 230 Email: firstname.lastname@example.org Web: www.synapseworldwide.com.
A S S O C I AT I O N S T O B U S I N E S S
Travelling together to reach destination 2030 ROBYN HENDRY
CEO CANBERRA BUSINESS CHAMBER
iveable, international, connected, agile and resilient – this is the vision for Canberra in 2030 that will underpin Canberra Business Chamber advocacy during the Federal and ACT election campaigns and into the future. ACT businesses have been asked to identify the activities they believe are most essential to creating a region with a diversified, modern economy driven by a confident and successful private sector. The sector’s priorities are the basis for the Chamber’s new Destination 2030 paper, a roadmap for the Territory’s future. The
“In the lead up to this year’s ACT and Federal elections, Canberra Business Chamber will be calling on all parties to consider how they can contribute to achieving the future envisioned by the business sector.” Canberra of 2030 we are proposing requires collaboration between governments, business, the community and individuals in order to create a region we will all be proud to live in. In the lead up to this year’s ACT and Federal elections, Canberra Business Chamber will be calling on all parties to consider how they can contribute to achieving the future envisioned by the business sector. Destination 2030 looks broadly at the areas where focus is needed and more specific initiatives will be determined in partnership with stakeholders. However, the blueprint does provide some initial aims for everyone to work towards. Chamber members want existing organisations to be brought together into a Committee for Canberra. This group 32
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“Part of our view of ourselves as a region relies on how we support all members of our community, including vulnerable citizens, to prosper. By working collaboratively we can develop a city where everyone, and the contribution they make, is valued.” would champion the city and region as well as providing independent research and advocacy to support Canberra as a leading liveable city for all. Australia Forum remains a priority. Parties are being asked to commit to procuring, building and operating a convention centre that can attract and host national and international meetings. Investment in infrastructure and developments is essential to drive economic growth and new business opportunities. Those vying for votes, will be assessed against their promises to spend on projects in the region. Exports from the ACT are increasing, but a more strategic approach to trade, particularly with major markets and neighbours, can help drive overseas sales for local businesses. Destination 2030 calls for an Asian Market strategy for trade, business and tourism with quality supporting infrastructure. With Singapore Airlines set to begin direct international flights from Canberra in September, the ACT will expand its role as a freight and business tourism hub for the region. Links between the city and the rest of the region will be vital to utilising this new capacity. Regional road and transport infrastructure, including the Kings Highway and Barton Highway, must be upgraded to ensure efficient and safe connections. This will support growth in business and freight. Our city faces challenges. These include those that have always presented risk, such as natural disasters, as well as more modern
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stresses that can weaken the ACT, such as movements in Federal Government spending, ebbs and flows in population growth, and changes in climate conditions. Canberra should strive to achieve status as a Resilient City – a city that can adapt and surmount the physical, social and economic challenges that are a growing part of the 21st century. Part of our view of ourselves as a region relies on how we support all members of our community, including vulnerable citizens, to prosper. By working collaboratively we can develop a city where everyone, and the contribution they make, is valued. Destination 2030 is about what we can do over the next 15 years to leverage off our assets and continue to evolve and mature. It will help us plan and stay on track as we move forward.
Join us at the Federal Budget Breakfast on 4 May. A panel of experts will review the key measures the morning after the Budget’s release. Details: 7 am, Great Hall Parliament House Contact the Canberra Business Chamber Team: Phone: 6247 4199 Email: email@example.com Web: www.canberrabusiness.comv
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CHIEF MINISTER’S MESSAGE
Confidence in ACT’s economy continues to grow Photo: Kasra Yousefi
CHIEF MINISTER | TREASURER MINISTER FOR URBAN RENEWAL MINISTER FOR TOURISM AND EVENTS
etail trade turnover in the ACT, which measures how much money Canberrans are spending at our local shops, increased by 8.5% through the year to January 2016 – a significant increase that was more than double the national retail trade turnover. This comes after news that State Final Demand (SFD) in the ACT grew by a very strong 3.1 per cent through the year to December 2015. This was behind only NSW and Victoria, and well above the national average of 1.1 per cent. These strong results are a further sign that the local economy is on the rebound after the impact of the Commonwealth’s cuts. It is also a sign that our small business sector is performing well, with Canberrans displaying confidence in our economy. The ACT Government has sought to diversify our economy by investing in major infrastructure projects to support jobs and has assisted the development of Canberra’s innovation sector. The Government is also a proud supporter of our education and research institutions which employ thousands of Canberrans. Our pipeline of major infrastructure projects, including the University of Canberra Public Hospital and stage 1 of the light rail network, and the arrival of direct international aviation services in September, will help the Territory sustain this momentum. These figures again point to the strong record of the ACT Government in supporting the Territory economy to rebound from the Commonwealth’s cuts. 34
B 2 B I S S U E 11 4
“These strong results are a further sign that the local economy is on the rebound after the impact of the Commonwealth’s cuts. It is also a sign that our small business sector is performing well, with Canberrans displaying confidence in our economy.”
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B2B @ B2B MAGAZINE LAUNCH MARCH 2016 ISSUE 113 RSM
PHOTOGRAPHY: K ASRA YOUSEFI
B2B @ RSM FINANCE PROFESSIONAL SYMPOSIUM HOTEL REALM
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B2B Magazine issue 114 April 2016