It appears that new Occupational Health and Safety changes may be introduced in New South Wales earlier than was expected, reports accountants Leenane Templeton.
Further details and the reasons for changes are illustrated in an article written by Peter Punch, a partner in the law firm Carroll and O’Dea which can be sourced via the following CCH link http://www.cch.com.au/au/News/ShowNews.aspx?ID=36216&Type=F&TopicIDNews=9&CategoryIDNews=20&u_i=5858
In addition to the commentary, many lawyers and employers believe the changes are a direct result of the successful appeal by Mr Graeme Kirk to the High Court of Australia (the Kirk case). http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/cth/HCA/2010/1.html?query=kirk
The ABC Law Report has commentary regarding the Kirk case and the NSW OHS legislation at http://www.abc.net.au/rn/lawreport/stories/2010/2846209.htm
Graeme Kirk was convicted by the Industrial Relations Commission of NSW of failing to provide a safe workplace under NSW OHS legislation following the death of his employee, an experienced farm manager who managed the Kirk hobby farm. The manager died in a work place accident when he used an inappropriate vehicle to transport materials and then drove down a steep slope.
In February 2010, the High Court unanimously quashed Mr Kirk’s convictions, with one High Court judge describing the prosecution as ‘absurd’.
The Kirk case was a significant blow for the WorkCover Authority of NSW, who were forced to review the way its criminal charges were pleaded. Rather than general and unspecific charges which were no longer acceptable, WorkCover had to specify what the employer (or culpable party) should have done to avoid the incident in the first place.
Newcastle Accountants
Are You Up to Speed on Occupational Health and Safety?
Organisations are urged to ensure that are fully across the changes in occupational health and safety (OH&S) laws changes which are expected to be introduced in the latter half of 2011.
In an effort to harmonise Australia’s OH&S laws, Safe Work Australia has released Model Work Health and Safety Regulations for public comment by April 4, 2011 as well as an issues paper and draft model codes of practice.
With more than 500 pages, the regulations are certainly extensive and cover such areas as general workplace management, work participation, construction, plant and structures, hazardous chemicals and major hazard facilities..
There are subtle and not so subtle differences in requirements which will apply in each Australian state and territory, and in some cases certain organisations will be subject to more and detailed regulations, while in other cases less regulation.
According to James Simpson, a senior associate with legal firm Clayton Utz, the use of model codes of practice “will be interesting”, as they set a base line for compliance for matters such as managing risks, managing work facilities and the work environment as well as specific areas such as falls and hazardous chemicals.
Directors and management will need to ensure that their organisation assesses the impact of the regulations and codes of practice and implements appropriate systems to manage ongoing compliance.
Leenane Templeton Chartered Accountants also have specialists to help with you Financial Advice and a specialist team of Self Managed Super Fund Advisors
Posted on 3 May '11, under business advice. No Comments.
In-House Printing and Toner Cartridges
Did you know that
- By switching from Arial font to Century Gothic, you require around 30% less toner, and that
- 90% of all companies do not track their printing costs?
- Approximately 3 – 4 litres of crude oil is used in the manufacture of toner cartridges so why not join thousands of other businesses and organise your toner cartridge recycling at http://cartridges.planetark.org/
- In the last 10 years cartridge recycling has increased from 10% of all cartridges to 25%
[source HP]
Some examples of what those recycled printer toner cartridges become include rulers, pen ink, steel in fridges, park benches and much more.
Help your business to think about the environmental impact.
Leenane Templeton are also specialists in financial advice and self managed super funds
Posted on 25 April '11, under business advice, marketing. No Comments.
In their 2010 survey of 1000 residents in each of 12 countries (including Australia), the American Express Global Customer Service Barometer found that Australian consumers came second only to Mexicans as the least tolerant of bad customer service. Fortunately, it also found Australian customers to be more forgiving of a poor experience if they had generally received good service.
61% of respondents indicated that a slow economy made customer service more important than ever, and interestingly 8% of Australian respondents indicated they were prepared to pay higher prices for good service. This is not necessarily surprising given that good customer service saves the customer time, effort, money and stress. What is disappointing is that 71% of Australian consumers say they feel companies have not increased their focus on service or that companies are paying less attention to it. With the increasing use of on-line purchasing, especially from overseas suppliers, Australian consumers will be ever more conscious of comparisons and critical if Australian suppliers do not measure up.
Whilst, not surprising, 59% of respondents indicated they were very likely to share a negative purchasing experience and 81% decided to never to business again with a company because of poor service; what is pleasantly surprising is that 75% were very likely to share a positive purchasing experience. However, negative on-line reviews are taken more seriously than positive ones.
To ensure good customer service a business needs to be consistent, trustworthy, reliable, easy to access, empathetic and good at communicating with customers (and of course it follows with staff as well). If a company gets it wrong, know that 52% of consumers expect something in return for their inconvenience and 70% want an apology or some form of reimbursement. So, good service will only bring forth plusses for companies as well as consumers.
Leenane Templeton also offers financial advice and self managed super fund advice
Posted on 18 April '11, under business advice. No Comments.
Business owners, irrespective of size know that employees are important, indeed critical to a successful business. Personal responsibility by employees is a major contributor to business success and a recent survey in the USA has found that employee participation in wellness programmes clearly benefits employers as well as the participants.
Whilst weight management (53%), and better overall health (43%) were the main reasons for participation in wellness programmes, personal health care costs and a greater chance of living longer and healthier lives also rated highly with 33% and 31% respectively.
Additionally, the survey found that 43% of workers agreed that wellness benefits motivate them to work harder and perform better and 48% of the workers surveyed agreed that wellness benefits encouraged them to stay in their present employment, and with improved energy and productivity attributed by 38% of respondents this indicates direct relevance to business productivity outcomes.
What is Wellness?
“Wellness” is not specifically defined in dictionaries, and where it is defined it is somewhat individual in nature. As it has become increasingly used, especially in the workplace since the 1950s in the USA, and latterly in Australia in the last few decades, the following definition may assist in understanding.
“The conscious choices and responsible actions one makes to balance many integrated dimensions (physical, emotional, intellectual, spiritual, occupational, social) of one’s existence to achieve the highest potential for personal health and well-being.”
Many think it is a new concept and others that it links back to Ancient Greek philosophy, however the first written record of the word appeared in the 17th century. Then in the late 19th and early 20th centuries a number of prominent people (mostly in the USA) advocated and shaped a movement incorporating physical and mental health, education, psychology, creativity, and counselling ensuring a balanced life in the broadest sense for the individual.
Wellness is therefore more than physical fitness. It encompasses mental, physical, social, spiritual and even financial balance. It includes creativity, mindfulness and self-care and concerns not just the individual but also the family and the other people in our lives. Some of the strongest predictors of general wellbeing include high satisfaction with overall quality of working life, good sleep, good work-life balance, low anxiety, family support for work commitments, good health, high motivation, low stress and good work relationships.
Wellness is therefore very much a work in progress for all of us. The Wellness movement in Australia has had a long, slow infancy from humble beginnings in the late 1970′s, Workplace Health Promotion Programmes gained momentum in the 1980′s to the early 1990′s with National and State government initiatives, to the present, where development has been occurring with the increased Employer awareness of work/lifestyle balances.
In Australia, Wellness programs introduced by Employers appear to agree with the US and have been shown to:
- reduce employee stress
- improve overall employee general health
- reduce workforce turnover
- improve employee decision-making ability
- reduce organisational conflict
- reduce absenteeism
- create a healthier organisational culture
- improve employee morale and loyalty
- reduce effects of presenteeism
For more information or for business advice for your Newcastle Business contact Leenane Templeton Chartered Accountants and Business Advisors, located on King Street Newcastle or visit
www.newcastle-accountant.com.au
www.financialplanner-newcastle.com.au
www.leenanetempleton.com.au
Australian parliamentarians from both sides of parliament have recently suggested that legislated quotas ensuring 30% of board positions be occupied by women be introduced. Adding to the debate and supporting this point of view is the Australian Governor-General who was, in a former life, a Federal Sex Discrimination Commissioner.
The Australian Institute of Company Directors (AICD) has come out stating that “the idea of mandated quotas for female representation on boards is wrong in principle, has difficulties in practice, is tokenistic and is counterproductive to the end goal of board diversity.” The AICD believe companies should have a policy on diversity in the boardroom and in senior management, and that they should set measurable milestones towards achieving those diversity goals which would vary from company to company and reflect the particular needs of each board.
The Australian Stock Exchange (ASX) Corporate Governance Council’s “Principles and Recommendations” introduced new requirements on diversity, which require all companies on an ‘if not, why not?’ basis to adopt and disclose a diversity policy that includes measurable objectives in relation to gender, which are set by the board.
The debate has been partly sparked by comments that recent increases in female appointments have been by the same women who are already on boards. Whilst this might be the case, governments suggesting that legislating compulsory appointments does nothing to further the cause. Appointments on merit are what company boards require and what shareholders should expect. The same applies to company management positions. Companies and Boards must not be dictated to by the government when formulating their operations.
The increased gender diversity on boards is happening. In 2010, 59 women were appointed to ASX 200 boards, compared to 10 for 2009. More than 25% of appointees in 2010 were female, compared with 5% in 2009; and to date in 2011 women represent 26% of new appointments. Whilst we may still have a way to go with the number of women on boards, the momentum has shifted, indeed the issue is being spoken about – which in itself is progress – and we have more representation by women. There is enough legislation required to be drafted. Quotas for women on boards is not one of them.
For more information or for business advice for your Newcastle Business contact Leenane Templeton Chartered Accountants and Business Advisors or visit
www.leenanetempleton.com.au
www.newcastle-accountant.com.au
www.financialplanner-newcastle.com.au
Posted on 22 March '11, under business advice. No Comments.
ASX Corporate Governance Changes in 2011?
So early into 2011 there have already been issues highlighted for business owners and managers to address.
New ASX Corporate Governance Guidelines require companies to plan for higher representation of women on boards and in senior management – otherwise they will have to explain why they either have no plan or no implementation process. Overseas studies have shown that Board diversity is seen as an investment issue; and in the US, Fortune 500 Companies have female representation at almost twice that of Australian Boards and the additional representation correlates with outperformance. (A Catalyst study conducted in 2007 showed that boards with three or more women outperformed by 5.2% for return on Equity, by 5.3% for return in Sales and by 3.8% on Return on Invested Capital.)
For more information about your Newcastle Business contact Leenane Templeton Chartered Accountants and Business Advisors or visit
www.leenanetempleton.com.au
www.newcastle-accountant.com.au
www.financialplanner-newcastle.com.au
Is Cloud Computing just a new term for IT outsourcing? There are many definitions some narrow as basically virtual servers available over the internet; others very broad, suggesting anything you consume outside the firewall is “in the cloud”, including conventional outsourcing.
Telstra defines cloud computing as the process where computing and telecommunications services are supplied as a utility via the internet. This means you have the same provider managing your business software, your communications and your data storage.
Cloud computing comes into focus only when you think about what IT always needs: a way to increase capacity or add capabilities on the fly without investing in new infrastructure, training new personnel, or licensing new software. Cloud computing encompasses any subscription-based or pay-per-use service that, in real time over the Internet, extends IT’s existing capabilities.
In theory, you pay for what you use when you use it, and the volume usage can be scaled up or down depending on your needs. Google, Amazon
As a business we use basic cloud computing for backing up websites and online resources.
For more information about your Newcastle Business Growth contact Leenane Templeton Chartered Accountants and Business Advisors or visit
www.leenanetempleton.com.au
www.newcastle-accountant.com.au
www.financialplanner-newcastle.com.au
In listening to some discussions recently regarding on-line shopping it was interesting to hear how many customers said the main reason they had changed from in store purchasing to online shopping (in both Australia and overseas) was a total lack of customer care and service.
This started me thinking of personal experiences both here and overseas and I could very easily relate to the comments raised in the discussions. How does a shop assistant greet you when you enter their shop? How often are they well informed about the products on sale? Do you feel like a nuisance when you are quietly waiting for service and two shop assistants are talking about private experiences and not responding to you waiting. And, unfortunately it is not just in retail that poor customer care and service prevails. How many doctor’s surgeries are run like factories, where Aldous Huxley’s Brave New World appears only too real to us patients. We all know that our time is not as valuable as the doctors and staff and we just have to wait because they have overbooked and are running over time. How many times have you been apologised to for having to wait an hour? And hospitals when on entering for surgery and you are trying not to be nervous about the upcoming processes, you are told of charges for “incidentals” which are for items not covered by health insurance, items you won’t use and don’t want; but apparently will have the debt collector call if you don’t pay up And let us not forget the airlines where we pay for the priviliege of poor service. We won’t even go into the telecommunications industry, the banks, and government departments – thank goodness I hear you say.
Yes, there are some places where we may have a happy experience; but we tend then to constantly comment favourably as they are the exception rather than the norm. But good care and service should be the norm.
If you are travellers you will have experienced excellent service in many industries in the USA (the airlines are a definite exception). In France you are greeted with a Bonjour from every shop you enter, and a thank you on departing. Why have we let our standards of acceptance drop so low?
In on-line shopping transactions, we have the opportunity (and are indeed proactively asked) to seek help on-line via a chat with a customer service assistant. We can either speak personally or write out chat comments and in both cases we are made feel special. Assistance is willing and pleasant. Why have we become innovative technologically but not when we are dealing in a face-to-face situation?
People have a business to make money – if we have a customer or client or patient we must make their experience pleasant and memorable if we have any hope of their returning custom. Old-fashioned good service and modern innovation are a good start and those businesses who invest in innovation and training and possess strong caring and ethical values will have a recipe for success.
Good communications and efficient service cannot be overestimated whether in a shop or on-line. Know the customers you seek and know even better the customers or clients you serve. Keep you clients informed, know you care about them If you capture personal information use it – they have given you permission to do so – send them a birthday email or sms. Let them know if you have new stock, invite them in to visit. Make the shopping experience different, think about what you might like to have as a shopping (or waiting experience). Whilst you might like a lounge area to sit and relax with a TV, remember that there are others who might not want to listen or watch TV. So have headphones, have coffee machines, a water cooler, a play area for children, perhaps the occasional magician, a product testing area with expert advice available. Make the visit a memorable experience. Ensure you have ongoing contact with your customers, so that they don’t just come in for a rest in air conditioned comfort (such as I witnessed recently at Centrelink.) Encourage customer feedback, research shows that customer feedback is a key to consumer empathy. Ongoing community economic changes are often first highlighted by businesses – remember when we paid with cash or cheque and had lay-bys before credit cards. Some of the older practises are returning.
Ensure you have fully trained staff – knowing your products is very important. This is obviously important within the service industry and we see the importance of this within our Newcastle Financial Planner business. If your staff can show knowledge and expertise as well as being very helpful the customer will enjoy the experience. People want to feel good and if they can feel even better when they leave your business you are well on the way to creating a loyal customer or client. Showing value for money is important, but dare to be different and people will pay for the experience and tell their friends. Nobody wants the same old, same old (even McDonalds makes constant changes), so be creative, communicate using various media to cover the broadest range of potential customers. Use your website, print media, social media range and have it all delivered via various channels.
Whilst Australian consumers are very intolerant of bad customer service, they are also more forgiving of a poor experience if they have generally had good service previously or if a grievance is quickly resolved. So ensure that you have a quick, effective dispute resolution practice in place. Acknowledge the poor customer experience, apologise and assure the customer that it will not recur and resolve the issue quickly. Most importantly ensure you have corrected the factors that contributed to the negative experience. I can recall so many instances when I have been assured that a problem will not recur only to have the exact same experience repeated. Unfortunately human nature being what it is we tend to remember the bad experiences longer than the good one, and are much less forgiving if the bad experience is repeated.
By ensuring good communications, having engaged customers, caring well-trained staff your customers will remember their shopping experience as an enjoyable and memorable experience for all the right reasons, rather than just a necessary process.
Speak with your Newcastle accountant and business advisor Leenane Templeton to discuss opportunities in your business by calling 02 4926 2300, email success@leenanetempleton.com.au and visit www.leenanetempleton.com.au and www.newcastle-accountant.com.au
Sole Traders, Partnerships, Other Unincorporated Entities & Non Trading Corporations in NSW are now covered by modern awards…
There is a key change to modern award coverage..
From 1 January 2010 most NSW employers and employees became covered by the federal modern awards. However, those employers who operated as unincorporated entities (including sole traders and partnerships) and other non-trading corporations which were covered by a NSW award as at 31 December 2009, did not become covered by the federal modern awards but continued to be covered by those NSW awards until 31 January 2011..
Those employers are now covered by federal modern awards, provided there is an applicable modern award covering their industry or the work performed by their employees. However, transitional provisions in most modern awards mean that differences between the modern award and the NSW award conditions relating to monetary entitlements (excluding overtime), may be phased in over the next 3 years until the end of the first full pay period on or after 1 July 2014.
Speak with Newcastle Accountants Leenane Templeton for business advice and management accounting solutions for your Newcastle business. Leenane Templeton also has Newcastle Financial planners available to help your employees with their financial planning.
www.leenanetempleton.com.au
www.newcastle-accountant.com.au
Posted on 23 February '11, under Newcastle Accountant Tips. No Comments.
PROFIT 2011 – THE YEAR OF HEALTHY BUSINESSES
People are in business to make a profit – even not-for-profit organisations need to make a surplus to survive. But, just how healthy is your business? All businesses have weaknesses as well as strengths. To sustain your business now is the time for you to consider your profitability issues such as:
P eople Management and Culture,
R esources and Risk Management,
O perations and Systems,
F inance and Focus,
I nnovation and Ideas,
T echnology and Timeliness.
A Business Health Check can be a key part of this process; it asks some key questions about your business, highlighting areas of potential weaknesses and pointing you in the direction of relevant help and support.
You don’t have enough time to do all this and keep running your business? You don’t feel you have the expertise? Well there are third party experts who can assist in your business health check and, whilst you know your business better than anyone, having more than in-house opinions and perspectives is valuable as it utilises the experience and knowledge of expert business advisors – people external to the business.
Ensure that 2011 is your healthiest year yet. To ensure you achieve your maximum profit in 2011 you need to consider the following issues and take steps to address areas where you or your business may be lacking.
People, Management and Culture
Consider the terrific people you have on board, are they performing to their full potential? Do you allow them to? Do you listen to their feedback, do you talk to them and let them know that you value them? In looking at the organisation’s operations it is also critical to understand the culture. Remember that people are flexible and require ownership of whatever they do to perform to their best abilities. So is your management structure the best for your operations? Are you working too much in your business and not on it? You have just had a holiday, but was it a really a holiday or just a catch up on lost sleep from 2010?
Keeping your valuable customers, addressing their needs and ensuring your staff are informed and motivated at all times is critical to profitable operations. Is what’s best for you also best for your customers and your staff?
Turn your vision into reality by driving your vision and strategy from the top down. Don’t keep your vision a secret, share and inform and empower your staff to help you achieve your objectives as well as their own.
Resources and Risk Management
Resources and Risk Management are both linked to your strategic business plans. Over- reaching for growth without planning is a recipe for disaster. Ensure you look at the landscape in which you operate and understand it at the same time as keeping an eye out for obstacles and pitfalls. Lead through vision and strategy. One part of risk management that is sometimes overlooked is ensuring that staff take their due leave. Holidays are for a reason – we all need a break, but it also allows a separate set of eyes to view procedures and ask questions. Also ensure that your assets are the best and most appropriate for your business and that they are adequately insured – another important part of risk management.
Operations and Systems
Do you have an organisation chart? Do you have a clear road map for your growth and development? Are your operations clear and documented and clearly understood by all? Have you adopted a long-term view or is your emphasis still on the short-term band-aid approach? By focussing on clear operations, simple systems as well as growth and development you remove the reactive short-term approach and align your business growth initiatives to employees’ growth and customers’ needs.
Finance and Focus
Finance covers so many areas of your business and although profits from a business are a measure of success, the flow of cash in and out of a business can be said to be its lifeblood. Cashflow planning is critical to the survival and growth of any business, and even though profits are being earned, without available cash at the time it is required, a business may have to close its doors.
Have you looked at your loan structures recently? Your business valuation? Considering growing, acquiring or divesting? Have you done your tax planning? Have you looked at your personal finances and of those of your family? Have you considered all your future needs, your retirement, your estate? Have you incorporated your business succession into your business planning? Have you been focussed properly or even too focussed on your business? Why? Are you being kept awake at night with business issues? These are just some more of the areas to cover in your Business Health Check.
Innovation and Ideas
In establishing and running your business you were innovative and full of ideas. Are you still being innovative and having good worthwhile ideas? Are you taking time out to ensure you know what’s going on in your industry? Or are you feeling dried up of ideas and too pushed for time to meet with other players? Taking time to consider and learn what is happening with competitors, within your industry, and globally will assist you in driving your business and achieving your desired outcomes.
Listen to your staff and remember that if they say there’s a problem ask them for their solution ideas – that ensures they have at least considered the whole issue.
Technology and Timeliness
Technology continues to change at an alarming rate. Is the technology you presently use the best possible for your total business and personal needs? Will it cope for your business growth. If it does well at the moment ensure you factor in developmental needs for implementation at the most appropriate time for your business. Have you looked at all your service providers and reviewed their service agreements?
Time is always of the essence and the right time is often hard to pick but being aware and planning in advance ensures your time availability. Look at your various service providers and ensure that their timeliness benefits your business as well as theirs.
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Leenane Templeton is offering ten lucky people the opportunity of a Free Business Health Check. And for the month of August 2011 a free Newcastle Financial planning session
What does free mean? No cost to use? – or use something for free? Let’s be real – there is no such thing as free. Time is money and to many small and medium sized businesses time is one of the most precious resources. So read the following with caution – the service may be free but does it add real value to your business? Absolutely yes! Leenane Templeton are very experienced Business Advisors as well as Chartered Accountants. They understand the needs of individuals and the businesses they own as well as the industries in which they operate.
This is no substitute for an independent and competent review undertaken in association with a competent and qualified business adviser. For full details about the Leenane Templeton Health check email success@leenanetempleton.com.au
Get your personal finances in order and have a financial planning health check
It is important to frequently review your finances both business and personal. On a business front we recommend in addition to your annual accounting/tax review to have a quarterly growth meeting with your accountant to ensure that you are on track to achieve your objects. With frequent changes to the economy and financials it is also important to review your personal finances on a regular basis. Many of our clients use our Financially Well Organised review to ensure they are maximising opportunities whilst minimising risk.
Changes
The financial world is always changing. Political, economic, legislative and social factors will continue to change long into the future. Ongoing reviews with a professional financial planner who understands and monitors these changes will assist in supervising and tailoring your financial schedule.
Case study
Charlotte and Craig were married for two years before they consulted a professional financial planner. With a baby on the way, the couple needed advice on budgeting and Craig’s investments. Although it was suggested they be involved in an ongoing review service, Charlotte and Craig declined. They believed the advice offered would set them up for life.
Five years later their family had grown and Charlotte had permanently left the workforce. They also inherited money and gained equity in their home. In short, their circumstances had changed drastically and their plan no longer reflected this.
Had Charlotte and Craig been involved in the review process, their financial planner would have been able to offer them a report on Craig’s investments, a tracking of his portfolio as well as any further advice they had needed.
‘Nobody plans to fail but many fail to plan’. An ongoing review service would likely include annual meetings to review your long term financial position. A financial adviser should listen to your needs and goals and tailor their service to help meet them. You can enjoy life today, knowing that your future is in expert hands.
Source: Lonsdale Financial Group
Speak with leenane Templeton Chartered Accountants, Business Advisors and Financial Planners today call 1300 587 673
or visit our websites at:
Leenane Templeton Chartered Accountants
Newcastle Accountant
Newcastle Financial Planner
Self Managed Super Funds
Leenane Templeton has offices in Sydney, Newcastle, Brisbane.
Our thoughts have certainly been with all of those in the Queensland and Victoria floods. Whatever we can say is inadequate, but we at Leenane Templeton wish you to know that our heartfelt thoughts are with all those people whose lives have been touched by this natural disaster. Feel free to contact our Newcastle financial planners for some intial free advice.
CLAIMING DEDUCTIONS – TAX OFFICE ANNOUNCEMENT
The Commissioner, Michael D’Ascenzo has announced that the Tax Office has approved “bucket donations” for the 2011 Queensland and Northern New South Wales floods as it did for the large number of donations made after the Victorian bushfires in 2009.
The Tax Office will allow deductions in 2010/11 tax returns for donations up to $10 made to “bucket appeals” for the floods without needing to keep a receipt.
“It is important in tragic times like these that we support the community and make it as easy as possible for people to help”, Mr D’Ascenzo said.
“For those making donations through other means, such as a bank or retail outlet, make sure you are provided with a receipt in order to claim”, he said. For donations made via the web, a bank or credit card statement will be enough.
People are also reminded that in order to be deductible the donation must be made to a “deductible gift recipient” and if their donation is over $10 then they will need to keep a receipt for tax purposes.
Most major charities are registered as “deductible gift recipients” but if taxpayers are not sure whether an organisation is registered or not they can check on www.abr.business.gov.au.
Source: Commissioner’s media release 2011/4
Posted on 24 January '11, under taxation. No Comments.
Take the bull by the horns
In the year ahead we expect the bullish forces for stocks – improving economies and earnings, price appreciation and funds flow momentum, and value – will gain the upper hand over the bearish forces of Chinese tightening and the European sovereign crisis. Economic data has been ahead of expectations consistently over the past couple of months. Importantly, the surprises are coming largely from the demand side, which makes us more confident that the world economy can withstand fiscal tightening in the first half of next year.
One point that has received little coverage is that global gross domestic product reached a new all-time high in the second quarter of 2010. This has positive implications for company profitability returning to previous high points.
Nonetheless, sovereign debt concerns will keep markets volatile until a resolution is established. In this environment investors need to regularly review their investment portfolios.
At one extreme some commodity analysts are suggesting that we are in the early stages of a multi-decade commodity super cycle. However, more pessimistic viewpoints in the market point to commodity prices reaching a plateau over the next couple of years. Common sense would suggest the middle ground is a more likely outcome, particularly given the dearth of significant new supply coming on stream and the forecast of a steady rise in overall demand. Speak with our Newcastle Financial advisers to discuss this further.
While a number of companies in the current economic environment are reluctant to provide specific profit guidance for the year ahead, the tone of the outlook statements from recent annual general meetings gives some indication of what lies ahead. We have provided a summary of the outlook comments from the top ten stocks in this issue. Perhaps not surprisingly, most companies are expressing cautious optimism.
While certain sectors have performed well over the last few months, others have lagged. We believe there are some real value opportunities in areas such as banks, property trusts and utilities, which we investigate further.
The Australian dollar has softened in recent trading as the US dollar regained a little of its lustre as a reserve currency in the midst of sovereign concerns. Some also expect that Australian monetary policy may not need to tighten next year as much as originally thought. This currency movement may provide some relief for companies with offshore operations, including Billabong, Brambles, Cochlear, Computershare, CSL, Foster’s Group, Incitec Pivot, Lend Lease and Westfield.
Source: Ord Minnett Research Dec 2010
Also visit Newcastle Accountants other related sites:
Self Managed Super Fund Strategies
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Leenane Templeton Chartered Accountants
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Posted on 4 January '11, under accounting. No Comments.
Train trips in Japan are about to go slightly off track…in a good way
Japan is launching a “Maid Train” featuring young female attendants dressed in skimpy fetish-like maid outfits to make the train ride just that more memorable. According to reports the Seibu Railway Group is starting the café-style train service on its “New Red Arrow” trains in December 2010, travelling between Ikebukuro and Chichibu stations in Tokyo.
The girls are plucked straight from the “cafe maid” subculture in the central Akihabara district in Tokyo. Their job is to entertain passengers — that means playing games, holding competitions, and making conversation, as well as their usual conductor announcement duties (giving new meaning to “getting off” the train).
But everything is above board on the “Maid Train”, which is apparently part of a wider project by Japan to sell its colourful pop culture to the world. Indeed, the Japanese are the undisputed champions of quirky popular culture. They gave us Tamagotchis, Hello Kitty!, Manga comics, and underwear vending machines, and that’s just the beginning.
According to Japan Today, the service has plans to install small photography studios where passengers can have photos with the maids at Seibu and Chichibu stations.
Tokyo seems to be the home of giggle-out-loud novelty. Back in May, a baby-voiced, pig-tailed female robot called I-Fairy conducted a couple’s Tokyo wedding. Needless to say, I-Fairy delivered a somewhat robotic performance. Watch the unusual ceremony below. (Source: travel.ninemsn.com.au)
Speak with leenane Templeton Chartered Accountants, Business Advisors and Financial Planners today call 1300 587 673
or visit our websites at:
Leenane Templeton Chartered Accountants
Newcastle Accountant
Newcastle Financial Planner
Self Managed Super Funds
Leenane Templeton has offices in Sydney, Newcastle, Brisbane.
Posted on 20 December '10, under marketing. No Comments.
