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HomeBuilder

 

 

 

 

 

Australians will be offered $25,000 grants to build a new home or start a major renovation under near-$700 million federal government housing package in a bid to boost the economy and act as a lifeline to the home construction industry.

Called 'HomeBuilder', the grant will complement existing State and Territory grants and schemes.

Here are some of the main details around the grant and its eligibility criteria:

  • restricted to people on middle incomes and to new homes and major renovations valued between $150,000 to $750,000
  • the pre-renovation value of the house must not exceed $1.5 million
  • excludes sheds, pools, granny flats and any other structures not attached to the property
  • it is a temporary scheme that will last until the end of the year, aiming to build 30,000 homes by Christmas
  • construction of a new home or a substantial renovation must be contracted to begin within three months
  • the grant(s) will be means tested, allowing singles who earned up to $125,000 the previous financial year and couples who earned up to $200,000 to access the scheme.

This is obviously a significant opportunity for anyone looking to built or renovate but you'll need to be prepared and have your finances in place.

For more information please download this Info Sheet or the Government's HomeBuilder Fact Sheet

Please get in touch with us if you're considering this scheme and need some assistance.


We have been seeking clarification on the JobKeeper 30% income reduction and its impact on farmers over the past few weeks.

Originally the information was that income had to be down over 30% due to COVID-19 or the economy.

We had confirmation yesterday in a webinar with the Deputy Commissioner of the ATO, that they will assess on the turnover dollars not the reason why. Therefore a loss of production this year (wool price drop or frost on grapes) may apply.

Read more…

JobKeeper Registration Deadline Extended

The Tax Commissioner has confirmed that the registration deadline for the April and May JobKeeper payments has been extended to 31 May 2020. See the ATO's JobKeeper homepage

While the extra time is very welcome, it will not remove the urgency to determine eligibility for April 2020 JobKeeper payments.

To be eligible for April JobKeeper payments, employers will need to ensure that staff have been paid at least $1,500 for the first two JobKeeper fortnights (30 March – 12 April and 13 April – 26 April) by the end of April.

Unless the situation is clear cut, employers should be careful about making top up payments to staff until they have assessed their eligibility and have received the JobKeeper nomination forms back from staff (unless they want to risk being ineligible and not being reimbursed for these top up payments).

JobKeeper Registrations

This may not apply to you, but the JobKeeper Scheme opens for registrations on the 20th of April (if you haven't already, register your interest in the scheme by going to https://www.ato.gov.au/Job-keeper-payment/).

You will find a link to the form that you need to have all eligible employees complete, here.

The form does not need to go anywhere and should be kept on file by you, but you may need details from it once the registration opens up.

You will need to be up to date with your MyGov ID to access the business portal for registration. If you have any difficulties, please contact us.

COVID-19 Stimulus & Relief Update

 

The purpose of this blog post is to keep our valued clients up to date in this time of uncertainty as the impact of the Coronavirus (COVID-19) reaches throughout our communities.

We will be posting important information on all of the Commonwealth and State Government, Australian Taxation Office and Banking Industry stimulus and relief measures available. We intend for this to be a living document that we will update on a frequent basis as new information gets released.

This is where you will find it:  Covid-19 Stimulus & Relief Updates

Below, we have tried to break down the measures into smaller categories to make it easier to digest. Of course where possible we have also tried to provide information about what you need to do to access a particular measure.

The governments stimulus measures are designed to achieve the following outcomes during this pandemic where possible:

  1. Keep as many Australians employed in jobs.

  2. Keep as many businesses alive so that there are jobs to return to.

  3. Where they can't achieve the two above items they will try to provide individual income support through access to Centrelink benefits and superannuation as a last resort.

Thanks for your patience in allowing us to pull together this comprehensive list of resources.

Per our previous update, servicing you remains a priority, as well as the confidentiality of client information. You can be assured that anyone working remotely is doing so using secure log-in access and protocols.

We encourage you to contact one of the team to discuss how any of these measures may be applied to your individual circumstances. We are here to help you build a solid cash flow plan to survive the coming months and make the most of any financial stimulus or relief available to you.

We have also taken the time to provide you with a free COVID-19 Business Continuity Planning document to help you make smart decisions when developing your plan and cover aspects you may not have considered yet covering a range of different areas of your business.

We understand that these are challenging times for everyone. Remember that we are all in this together and we encourage to take care of yourself, you loved ones and your communities.

Stay Safe.

Kind Regards,

The Murray Nankivell Team

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.

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