BRM Holdich E-News

11 October 2013

Proposed Tax Changes

With the election of a new federal government there has been a lot of commentary about the Coalition’s intended tax policy, we have summarised the important issues for our clients in this newsletter.

Companies

Specific tax measures that may impact companies include:

  • proposal to reduce the company tax rate from 30% to 28.5% from 1 July 2015.
  • proposal to introduce a 1.5% levy on large companies (taxable income greater than $5 million) to fund the paid parental scheme.  This is proposed to start on 1 July 2015.
  • proposal to discontinue the loss carry back legislation (which is currently in place for 2013 financial year)

Business

There are a number of proposed tax measures that the coalition government have announced that may impact small business, including:

  • remove the existing upfront deduction for the first $5,000 of a cost of a motor vehicle.
  • reduce the instant asset write off back down from $6,500 to $5,000.
  • reduce paperwork for small business by allowing them to remit superannuation guarantee amounts at the same time as PAYG.  The proposal is that the ATO will then remit the contributions to the employee’s super funds.
  • Delaying the phased superannuation guarantee levy percentage increase by two years.

Individuals

The main elements of the Coalition proposals that may impact individual taxpayers include:

  • abolish the School kids bonus.
  • restoring the private health insurance rebate.
  • the introduction of a paid parental scheme from 1 July 2015.
  • abolish the carbon tax, but at the same time retain the majority of the household assistance package, including the lower tax rates.

We will keep you up to date on the progress of these changes.  If you have any queries on how these proposals may impact your situation please don’t hesitate to contact Aaron, Lisa or Scott.

Forecasting

There is increasing pressure on owners and managers to be able to make timely and informed business decisions, especially in these economic times where they may be experiencing tightening cashflows.  Factors may be reducing sales and / or margins, slower debtor payments, bank covenants, or a combination of these.

We now have software that can produce a 3-way forecast, projecting forward your balance sheet, profit & loss statement and cashflow based on relevant assumptions.

This is a very powerful management tool, helping you to identify, understand and so address issues and challenges sooner.  Further, this is a powerful decision making tool, enabling the profit and cashflow impact of changing assumptions, projects, divisions, products, inputs or other decisions to be modelled.

We are aware that banks and other financial institutions are requesting such 3-way forecasts in this format, so providing them with information in this way for a banking proposal or review can make this process simpler for you.

The forecast can be run for one or multiple years, different departments or entities, or as a consolidated group.  Further, the forecast can be updated with actual results and so be extended to a rolling forecast.  It is therefore more robust than a spreadsheet and has far less opportunity for human error.

We look forward to discussing this service with you as the opportunity or need arises, or in the meantime please contact Aaron, Lisa or Scott for more information.

IT Strategy, Governance and Risk Training Program

Several client discussions have focussed on the challenges and real world issues associated with deriving value from IT to underpin strategic business goals.  In response, BRM Holdich has designed a  training program specifically for Boards, Committees, Executives, IT Managers and leaders who are responsible for the oversight of IT to address the issues and knowledge gaps that they face.

BRM Holdich and Intec Group deliver a program focussing on IT strategy, governance, risk, procurement, service delivery and controls management through a series of interactive workshops and webinars.  These are based upon internationally recognised ISO standards, IT, risk, information security and service delivery frameworks and best practices.  The program also involves post-workshop discussion groups and culminates in the outcomes of the previous sessions being documented as a white paper.

FY2014 events are shown below.  Follow the links to register.

October 2013

Information Security

Webinar

Management Forum

November/  December 2013

Corporate Alignment of Resilience and IT

Webinar

Management Forum

February 2014

Strategic Service Delivery

Webinar

Management Forum

March 2014

Risk

Webinar

Management Forum

April 2014

Risk Controls and Management

Webinar

Management Forum

May 2014

Procurement

Webinar

Management Forum

June 2014

Is IT Value Understood?

Webinar

Management Forum

Webinar recordings are also available for purchase if you wish to view a session that has already been completed or are unable to attend one in the future. Webinar recordings currently available include:

  • Resilience and Value from IT
  • Strategic Opportunities of IT
  • Governance

We are also happy to attend your organisation to deliver any of these topics as a closed workshop.

If you would like to discuss any aspect of this training program further, please do not hesitate to contact Nicola Cowley or Jo Stewart-Rattray on 08 8168 8400.

Jo Stewart-Rattray Appointed International Director of ISACA

ISACA, a global association serving 110,000 IT governance, assurance, risk and security professionals in 180 countries, announced its 2013-2014 Board of Directors at the INSIGHTS 2013 conference in Berlin on 10 June 2013.  Jo Stewart-Rattray, CISA, CISM, CGEIT, CRISC, FACS CP, director of information security and IT assurance at BRM Holdich, was appointed international director of ISACA.

Founded in 1969, ISACA develops international standards, frameworks and guidance to help enterprises maximize the value of their information and systems. ISACA administers the Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Certified in the Governance of Enterprise IT (CGEIT), and Certified in Risk and Information Systems Control (CRISC) designations. The association also developed and continually updates COBIT, the internationally accepted framework for governance and management of enterprise IT.

“ISACA’s board of directors includes industry leaders from all over the world who are dedicated advocates for ISACA members and the critical roles they serve in their enterprises,” said ISACA International President Tony Hayes. “I am proud to be a part of this group as we further ISACA’s mission to help our constituents ensure trust in and value from information and technology through effective governance and management.”

 

Important: This is not advice.  Clients should not act solely on the basis of the material contained in this Bulletin.  Items herein are general comments only and do not constitute or convey advice per se.  Also changes in legislation may occur quickly.  We therefore recommend that our formal advice be sought before acting in any of the areas.  The Bulletin is issued as a helpful guide to clients and for their private information.  Therefore it should be regarded as confidential and not be made available to any person without our prior approval.

 

BRM Holdich
Level 8, 420 King William Street
Adelaide SA 5000

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