Welcome to OUR blog

Keeping in touch while working remotely

Just a brief message to let you know that while our offices are closed and we are all working from home at the moment, we have implemented some new software to allow us to stay in touch with you better.

What it means though is our normal phone number will not be displayed at your end... for the time being.

So, if you see an incoming call from the below numbers… it is probably someone from Murray Nankivell!!
08 7082 4622 (Bordertown);  08 7082 4623 (Murray Bridge);  08 7082 4681 (Naracoorte)

Now there's no need to go changing or adding this in your phone, as we are in the process of getting the software to display our normal phone number – it is just going to take a while for this part to happen.


If you need to ring us, please continue to use our normal phone numbers as these are re-directed into the new software. They will be answered as usual, and can be transferred through to whoever you would like to speak with.


We will provide further updates as needed, but we are doing our best to keep your experience with us as 'normal' as possible during this time.


COVID-19 Update



You will have seen and read the continuing reports and restrictions to slow the spread of the corona virus (Covid-19).

To help slow the spread of Covid-19, and protect our team, clients and visitors, many of our team have commenced working remotely and appointments will be conducted over the phone, face time, Skype, Zoom or similar platforms.
Read more…

Xero & Figured Info Sessions Cancelled


Due to the current Government regulations around social distancing regarding the spread of COVID-19, and in  the best interest of our clients and staff, Murray Nankivell have made the decision to cancel our Xero & Figured Info Sessions.

We are exploring options to run this as an online Webinar and will keep you updated in this regard.


How to Boost the Profitability of Your Farm

In an industry with constant price changes and minimal ability to negotiate, it is important for farmers to be aware of costs they can control to ensure their farms are profitable.

Farmers need to be able to manage multiple problems, including scaling up production, improving cash flow, time management, weather patterns, and managing the need and prices of stock, seed, chemicals, and fertilisers.

The drive for sustainability is another matter they need to contend with as more people are demanding locally sourced, organic or chemical- and pesticide-free, sustainable crops.

To ensure your farming business remains profitable, here's a list of best practices to reduce costs and increase profits

1. Reduce the cost of supplies
Negotiate with your suppliers to improve contract prices and terms. Opportunities to negotiate discounts may arise if you prepay costs or buy in large quantities. Evaluate your suppliers, pick out the ones you absolutely need to deal with, and then work with them on reducing costs without sacrificing quality.

2. Improve efficiency
Work on tightening up efficiency in terms of management decision-making and operations. Group discussions usually take time, so review your decision-making matrix and make the necessary changes to facilitate efficient, rash and timely decisions. Have your annual plans in place, review them regularly and adjust accordingly. It is also important to review your cashflow to anticipate any upcoming costs versus expected timing of income. Due to the nature of seasonal income, timing of payments is crucial to your success.


3. Value your staff

If you're fortunate enough to hire teachable, receptive and responsible farm employees who'll be with you for the long haul, be sure you provide them with a good package including fair wages, benefits, career progression and continuing education or training. Negotiating packages that include profit share arrangements or bonus' based on crop yields or livestock weights will provide staff with more responsibility and incentives to strive for better results.

4. Outsource professional services
As the owner of a farming business, you need to wear many hats. However, sometimes it makes sense to outsource specific services critical to your business. If you find yourself so time poor that it is impacting your business, it may be beneficial to look to outsource tasks such as bookkeeping, financial accounting and analysis, human resources, information technology and marketing to professionals.   Doing this will not only improve your business efficiency but also ensure you have the expertise your farm business needs without the need to hire full-time employees.

5. Partner with retiring operators
Retiring farm owners may still want to be involved in the industry, but without the additional responsibility and stress. These retirees can make great partners, with much insight to give.   If your prospective partner can still be involved in the business part time, you can benefit from their decades of experience, and gain access to additional farm equipment that would otherwise cost you a heft amount if you were to invest in its acquisition on your own!

6. Brand your farm
Your farm may have a name, but is it considered a full-fledged brand? Working with a marketing professional will help you to accurately voice your brand, values, purpose and story. This will not only help in building your presence in Australian rural communities and locally but also in the digital realm. The World Wide Web is a place you shouldn't ignore if you are to market your business to the younger generations.

To make the most of these six powerhouse tips, seeking help from accredited accountants and advisErs is a must to keep your profits at an all-time high



About the Author – Ellen Maloney


 


 

ABOUT MURRAY NANKIVELL 

Our aim is to help you reach your full financial potential. 

We have three main offices - NaracoorteBordertown and Murray Bridge – as well as 11 Visiting Offices in Meningie, Coonalpyn, Tintinara, Lameroo, Keith, Millicent, Robe, Penola, Kingston, Nhill and Kaniva. We also visit all areas in between on appointment. 

We have been helping our clients grow their business, minimise tax and improve their bottom line for almost 80 years. Our goal is to be our clients' most valued adviser. To achieve this, we are innovative and supportive in our relationship with clients. We have a personal approach where we can get to know you and your business. Our clients know that they can rely on us and that we will work with them toward their success. 

For more information about Murray Nankivell please contact us at on admin@murraynankivell.com.au or phone us on 08 8765 7777. 

Other Murray Nankivell posts you may be interested in:

Six tips to get the cream of the crop when hiring fruit pickers & seasonal farm workers
Increase your efficiency with Cloud Accounting


New Corporate Compliance Software Provider

Murray Nankivell have recently transitioned to a new corporate compliance software provider called NowInfinity. As a result of this, the way we send you documents regarding your company's dealings with ASIC, has changed.

NowInfinity's software allows us to prepare and process all of your company needs (i.e company annual review statements, ASIC forms for any changes to your company, and much more) to be sent directly to your email address for electronic signing.

If one or more individuals share the same email address, the forms you may be sent for signing will only be required for signing by one individual, even if more than one may have signed previously.

We are always striving to streamline and fine-tune our processes to make things more efficient for you, our valued clients.

Farewell to Robyn

Robyn is finishing up with Murray Nankivell at Christmas

Robyn has been absolutely fantastic to work with and was a key figure in the success of the merger between Mencel Business Services and Murray Nankivell. She has been instrumental in the transfer of knowledge to get the Murray Nankivell team working seamlessly alongside all our new clients.  

Financial Planning and Super team members: Emma Hill, Karen Gillespie, Robyn Mencel, Carmen Tuohy and Hayley Maddern.

Read more…

Christmas Closure

Face-lift for Bordertown Office


How good does our new turf look at Bordertown?

Test Match Ready! 

Many thanks to Andrew Rowett from Sunnyside Instant Lawn for supplying the RTF Fescue turf; Dean Wendelborn for installing the turf and new watering system, and ongoing maintenance; and our very tolerant clients who sometimes had to 'run the gauntlet' past the intense watering-in, to make it inside without getting soaked.

We think it looks very inviting, so don't be surprised if you see us out there in bare feet!!

Australian Truck Driver Tax Deductions

 

 

...WHAT YOU CAN, AND CAN'T CLAIM

 

Tax deductions for Australian truck drivers are relatively straightforward. However, there are several common deductions you need to know about to ensure you get the best deal every year. We'll go over things you can claim and can't claim as a truck driver, below. 

 

It is always important to start with the basic rules the ATO applies to taxpayers claiming work-related expenses. To claim a deduction for a work-related expense:

• you must have spent the money yourself and weren't reimbursed

• the expense must be directly related to earning your income

• you must have a record to prove it

 

Read more…

ATO Amnesty on Employer SG Obligations

Last month saw the resurrection of the proposed SG amnesty after the previous bill failed to pass through Parliament.

What is the Proposed Superannuation Guarantee Amnesty?

Read more…

Accounting
Taxation
Business Advisory
SMSF
Succession Planning
Financial Planning