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November 2017 Newsletter l 1
SYMES ACCOUNTANTS
THE SYMES TIMES
t (08) 8522 2633
f (08) 8522 2934
w www.symes.com.au
a 27 Twelfth Street, Gawler South SA 5118
a PO Box 1847, Gawler SA 5118
Opening Hours: Monday to Friday 8.30am to
5.00pm (Closed Public Holidays and over
Christmas/New Year)
SYMES ACCOUNTANTS
Business Advisors and Accountants
What’s in this issue?
Page 1. Message from the Partners
New Website for Symes
Accountants
Page 2. Welcome Wealth Evolution to
27 Twelfth Street
Page 3. Streamlined Reporting with
Single Touch Payroll
Changes to Family Farm
Transfer Rules
Page 4. Professional Standards Scheme
Business Tax Health Check
Message from the Partners
Time flies when you’re having fun and already we’re looking towards the end of the year with the first quarter of this financial
year behind us. If you haven’t already, now is a great time to sit down and take a financial health check of your business and
personal finances. Preparing goals for the year ahead makes financial planning less stressful for the remainder of the year.
Some of you may have done this as a part of your New Years Resolutions. For those who didn't, then the end of the first
quarter could be the time to start instead.
At Symes we have a yearly planning process for our business however sometimes you cannot plan for everything and as
business owners we need to adapt to new things all the time. We know that our business is not alone and that all our
business clients experience these things to. The challenge is how well you adapt to change and see the change as a new
opportunity within your business. We were faced with this recently when Drew Koch from Drew Koch Financial Planning
advised that he would be moving into a new career path. We knew straight away that we wanted this valuable service to
continue at our location as our clients had given us so much positive feedback about how much easier it was to have such
like minded business all at the same location. Please take the time to read page 2, and find out how we have ensured that
this same great service will continue at our premises.
Not that any of us need reminding, but there is only six weeks until Christmas. Let’s get cracking on crossing off things on the
to do list before it’s too late!
New Website!
Our website has had a refresh!
It is now mobile compatible meaning it’s easier to
access on the go wherever you are. Find out more
about our team, view the latest newsletters, fact
sheets, latest events, tax tips and direct links to the
Symes Portal for all your document uploading.
Don’t forget to check out our social media
channels for the latest Symes news.
PETER CADDY
Partner
HANS VAN HEUVEN
Partner
ROBERT MILANESE
Partner
November 2017 Newsletter l 2 Symes Accountants
Welcome to 27 Twelfth Street: Wealth Evolution Financial Planning
Several of our clients have had the pleasure of meeting and experiencing the convenience of having Drew Koch
from Drew Koch Financial Planning operating within our premises over the last two years. It has been
recognised by all just how much easier the process is made by having such like minded businesses within the
one building.
Life is about opportunities and Drew has now decided to take his working career down a different path. Drew will
be finishing up in the building early December and so we welcome Corey Roberts and Launce Kent to our
building. Not only will there be new faces, but there will also be a new name.
Welcome to Wealth Evolution Financial Planning.
Both Corey and Launce have a wealth of knowledge and experience to be able to assist you
with all your financial planning needs. There will still be a familiar voice on the end of the
phone when calling as Stacey will be staying in the building to join with the Wealth Evolution
team. The faces of Corey and Launce may be familiar to you.
Corey, born and bred in Gawler, remains actively involved in football and cricket. His football
playing days are now just fond memories, rather he finds himself playing water boy for his
kids. Cricket however is a different story, as he continues to belt a few around in A1 cricket
for Sandy Creek. Outside of his sport Corey loves the challenges of catching that elusive “big
one” off the Yorke Peninsula and running around after the many interests of his three boys.
Having been in business since 2001, Corey has a wealth of knowledge and understanding of
all things financial planning, and is committed to continually developing his skills and
knowledge through ongoing training.
Launce is also passionate about his sport and keeping fit and healthy. Being a southern
Barossa boy it comes as no surprise that his passion lies in his football. Over the past couple
of seasons he’s enjoyed the success of his A Grade team at Barossa and District. On the
field he is the hard working unassuming playmaker between the backline and up forward, a trait that he carries
across into his working life. And while football consumes his spare time during the winter he does find time to
travel with his partner in the off-season; having just come back from the Gold Coast, tanned and all prepared for
an Adelaide summer. Full of knowledge and understanding of the finance realm, Launce has a background
working for the Department of Treasury and Finance prior to commencing in financial planning.
Both Corey and Launce understand our local community, they live and breath it with their own families. They
have seen first hand the strength that the community has when we work together and form lasting relationships,
respecting and appreciating the value that everyone brings to the table. Both Corey and Launce enjoy working
with people from all backgrounds and helping them to achieve the best possible outcomes for their situations.
Again, we welcome them to our building and being a part of the team that assist you to achieve your goals.
Connect Plan Achieve
FINANCIAL PLANNING GROUP
Corey Roberts
Launce Kent
Corey Roberts & Launce Kent
www.evogroup.net.au/wealth-evolution-home FINANCIAL PLANNING GROUP
PERSONAL INSURANCE ESTATE & RETIREMENT PLANNING SUPERANNUATION INVESTMENTS WEALTH CREATION
Now located at 27 Twelfth Street Gawler South
offices also located in ADELAIDE and SYDNEY
Streamlined Reporting with Single Touch Payroll
Single Touch Payroll is a reporting change for employers. From 1 July 2018, employers
with 20 or more employees will be required to report payments (salaries, wages,
allowances, deductions), PAYG withholding and super information directly to the
Australian Taxation Office at the same time employee pays are processed.
Current payroll software systems will need to be updated to ensure the latest version
integrates with the Single Touch Payroll system.
Employers will need to conduct an official headcount on 1 April 2018 to determine their final count of employees
for the coming financial year.
Not sure if you need to use it? Don’t know if your system has already upgraded? Confused how to navigate the
new system?
Contact our team today and we’ll help make the process smooth for you.
"The only good thing to do with good advice is to pass it on. It is never of any use to oneself”
- Oscar Wilde
Changes to Family Farm Transfer Rules
On Thursday 10 August 2017 changes to the Stamp Duties Act 1923 were introduced to Parliament to extend
the current provisions for stamp duty in the transfer of family farming land.
Previously, transfers of farming land between direct relatives were exempt from stamp duty subject to meeting
the below criteria;
the land is mainly used for the business of primary production
the land is not less than 0.8 hectares in area
there is a pre-existing 12-month business relationship between the two parties regarding the property to be
transferred
If a farmer holds the property within a company structure and is wanting to transfer land, the exemption
previously did not apply and the transfer was liable for stamp duty. There were only complex and costly methods
of avoiding the stamp duty, such as closing the company and transferring
the property as an individual instead.
In order to make transferring land an easier process for all, the recent
changes now allow family farm transfers to or from companies, in addition
to individuals and trusts, to be exempt from stamp duty where all other
existing criteria is met. This results in equal treatment for stamp duty on all
family farms regardless of how the property is held.
Chat to us today about succession planning and the transferring of family
farming property.
2018
1 JULY
Fun Fact!
In 1962 Mick Jagger was studying Accounting & Finance when he formed the
Rolling Stones with Keith Richards and Brian Jones.
November 2017 Newsletter l 3 Symes Accountants
We are sometimes asked if we are able to help additional clients.
Symes Accountants is a growing firm and does appreciate your referrals.
We consider it a compliment when you recommend us to your friends and business clients.
CPA Australia’s Professional Standard Scheme
The CPA Professional Standards Scheme covers accounting practices within Australia who have a CPA Public Practice Certificate. Under
Professional Standards Legislation (PSL) the CPA Australia Professional Standards Scheme limits the occupational liability of members
(Symes Accountants) to damages arising from civil liability by establishing monetary ceilings (caps) for specific accounting services
The current scheme expired on 8 October 2017 and a new scheme is under active consideration. The obligations of Symes Accountants
and other CPA Australia Public Practitioners remain unchanged during a gap in the scheme coverage however we are required to advise
you of this scheme ceasing.
As members, we are still required to:
1. Hold minimum levels of prescribed Professional Indemnity Insurance (PII) that mirror the current scheme minimum caps.
This provides confidence that compensation is available, so if anything goes wrong, we have the insurance to cover. Symes Accountants
must continue to maintain minimum amounts of PII as determined by CPA Australia as a Public Practitioner.
2. Comply with Professional and Ethical Standards prescribed by the Accounting Professional and Ethical Standards Board
(APESB) Professional and ethical standards are fundamental to the reputation of CPA Australia and ensure consistency of
practice and confidence for Australian businesses. APESB is an independent national body which sets the code of ethics and professional
standards with which Symes Accountants must comply to the high professional standards and regulations.
3. Maintain Professional Competencies
Our accountants are committed to life-long learnings and are required to complete 120 hours of Continuing Professional Development
(CPD) each triennium. This ensures we maintain the high level of knowledge and skills relevant to the services we provide.
4. Compliance Monitoring
Through CPA Australia’s Quality Review Program we are regularly monitored for compliance with the application of standards and
regulations.
For further information of the professional standards scheme visit: psc.gov.au/consumer-information.
Now’s the time to do a Tax Health Check
With the end of financial year over and the first quarter under the belt, now is the
perfect time to look at the tax health of your business. Setting yourself up early saves
time and potentially costly errors later in the financial year. Make sure you are asking
yourself these questions;
Registrations Has your business changed in size and do you have the correct business registration? Are you registered for PAYG withholding if you now need to employ staff? Do you now need to register for GST if business turnover has exceeded $75,000 (or is expected to this financial year)?
Super Obligations Are you meeting your Superannuation Guarantee payments for your employees? The ATO has highlighted that they will be focusing on underpayments of Superannuation Guarantees this year
Company Money vs Personal Funds Have you been taking loans or payments from the company for personal use? Be wary of the ATO deeming these payments as unfranked dividends.
Bookkeeping Are you keeping your bookwork in order? Is your cashflow under control?
It’s important to be wary that your taxation position can change each year. Keep on top of your business financials and regularly ‘health
check’ your business. Contact Symes Accountants today and let us help you run a thorough health check of your business.
Disclaimer: This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be
relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional
advice. Please contact Symes Accountants to discuss these matters. Liability limited by a scheme approved under Professional Standards Legislation.
BUSINESS Health
check
November 2017 Newsletter l 4 Symes Accountants
