Xero Gold Partners

Xero Gold Partner Status

By Chris Mandzufas

Xero Gold Partners

Whilst Brentnalls WA works with clients who use a variety of internal accounting packages, the movement over the last few years of many of our clients to Xero lead us to increase our experience and understanding of Xero.  Xero Gold Partner Status is an achievement that reflects our level of experience with our customers using Xero. It’s an achievement we are immensely proud of.

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Government Stimulus

FY 21/22 Federal Budget – Key Takeaways

By Chris Smith

Federal Budget – Key Takeaways

On 11 May, the Government released the Federal Budget for 2021/22.

Continuing the theme from the Budget in October 2020, this budget was designed to stimulate the economy and create new jobs.

While generally a positive budget for privately owned businesses, on the whole there is not much in the way of key insights that need to be urgently implemented.

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Act NOW to take advantage of the immediate depreciation rules

By Chris Smith

On 6th October the Government released the Federal Budget for 2020/21, and one of the stand out announcements is the Temporary Full Expensing of Depreciating Assets which will run until 30 June 2022.

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Loss Carry-Back Tax Offset – Why planning before 30 June is so important to this year and future years

By Chris Smith

On 6th October the Government released the Federal Budget for 2020/21.

A key announcement is the Loss Carry-Back Tax Offset that allows tax losses incurred in FY 2020, FY 2021, and FY 2022 to be offset against tax profits in FY 2019, FY 2020 and FY 2021.

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2021 EOFY / Tax Planning Checklist

By Chris Smith

A handy checklist for small business owners who want to maximise their business’s cash position.

June 30 is fast approaching and we know this can be a stressful time for many small business owners.  Our EOFY / Tax Planning checklist can assist, with a reminder of the key actions that business owners should consider as we approach the end of the financial year.

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Increased ATO Audit Activity – Proactive Steps to Consider

By Chris Smith

As the COVID-19 stimulus measures start to wind up, the ATO is re-commencing audit activity.

We have already seen a substantial increase in payment demands as well as the commencement of some early stage ATO audits.

It is also worth noting the Federal Budget has recently provided the ATO with increased funds to focus on:

  • 5,000 high wealth private groups – net wealth >$50m
  • Medium and emerging private groups – net wealth >$5m

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Business Growth Network March 2021

The 2021 business reset: Emerging trends/insights to shape what leaders will do differently in 2021

2020 will be a year to remember for, in many cases, all the wrong reasons.  Like all crises however, there are valuable lessons and many bright spots that will shape business and leadership positively for decades to come.

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2021 Mindshop Business Leader Survey – Behaviours for High Performance

By Chris Mandzufas

Business leaders continue to face a challenging business environment in 2021.  However, opportunities abound for leaders who can effectively manage the changes required, harness their leadership skills and deliver strategies for sustainable success.

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Leadership Insight: Planning to “Be There” For Your Team

By Wayne Davies

I am not a great advocate of New Year’s resolutions but I do appreciate the opportunity that the New Year presents to start afresh at work.  Given the year that just finished, there is probably no better year than 2021 for developing some fresh leadership habits.

I heard many stories in 2020 about the value of “being there” for clients and staff.

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Business Cashflow during the Holiday Season

Where Do You Focus in 2021 Where Opportunities Exceed Capacity and Capability

By Tony Monisse

Clarity on who your target customers are, your value proposition and your unique key capabilities are the foundations for your success now and in the future.

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Brentnalls WA

Brentnalls recognised among nation’s best accounting firms

Brentnalls has been recognised as being among the nation’s best accounting firms, once again making it onto the AFR Top 100 Accounting Firms.  

Our inclusion on the list reflects our continued growth even throughout the COVID-19 pandemic.

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BGN November

Business Growth Network November 2020

Coaching for results: How to coach your team for maximum performance

In each Business Growth Network (BGN) workshop we seek to inject new thinking about leadership high performance.  In today’s session we looked at ‘Coaching for Results’.  All leaders must be great coaches regardless of whether they are leading a team of 1, 10 or 100s of people.  These COVID-impacted times raise new challenges for leaders to coach their team and require adapted approaches to achieve high performance across the business.

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present

Christmas – the FBT, Tax and GST Consequences to be aware of

By Chris Smith

With the festive season almost in full swing, it’s important to be aware of the tax implications of providing your employees with gifts, and throwing the end of year team function.

Depending on the type of gift or entertainment provided, the business will have different Fringe Benefits Tax (FBT), Tax and GST consequences.

A table has been provided below to help navigate these complex rules.

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Creating a Culture of High Performance

Creating a Culture of High Performance for 2020/2021 and beyond

By Chris Mandzufas

A high-performance organisation culture is one of the most important factors driving the ability of businesses to achieve great results but also in being able to navigate difficult times successfully.

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Business Cashflow during the Holiday Season

Focus on Your Cashflow in the lead up to the Christmas & New Year Holiday

By Tony Monisse

A handy checklist for business owners who want to successfully manage their cashflow over the upcoming holidays.

The upcoming Christmas and New Year holidays require business owners to give thought to how they are going to run their businesses over that period and what actions they are going to take to successfully manage their cashflow.  The checklist below is a reminder of the key actions that all business owners should take in regards to sales, staffing, expenses, and funding-related matters.

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Government Stimulus

Federal Budget – Key Takeaways

Federal Budget – Key Takeaways

On 6 October, the Government released the Federal Budget for 2020/21.

It was a budget designed to stimulate the economy and create new jobs. Below is a summary of the key takeaways and some planning opportunities all business owners should consider taking advantage of.

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Business Growth Network Aug

Business Growth Network August 2020

Creating a culture of high performance for 2020/2021

In each Business Growth Network (BGN) workshop we seek to inject new thinking about leadership high performance.  In today’s session we looked at creating a culture of high performance.  A high-performance organisation culture is one of the most important factors driving the ability of businesses to navigate these difficult times successfully.

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Adapting Your Marketing in the

Adapting Your Marketing in the COVID-19 era

By Cathryn Fish Stephens

No matter your company size, industry or location, every business has been and will be affected by COVID-19 for years to come.  Our business environment is likely forever changed, and we now face the task of adjusting to and embracing the “new normal”. 

From a marketing perspective, businesses now face the challenge of adapting their marketing strategies and plans to adapt to this new normal.  Many of the fundamental marketing principles remain constant in this changing environment and at the same time, there are emerging trends and changing behaviours which require a change or adjustment in marketing tactics.

How do we adapt to evolving and uncertain market conditions to ensure we can continue to reach our customers, build meaningful connections with them, and convince them to purchase our products or services?

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How to Generate More Sales

How to Generate More Sales Using Digital Marketing

By Adam Rowles, Inbound Marketing Agency

Businesses know how vital digital marketing is.  With people spending more time on their smartphones and tablets, it’s only natural that you would want to promote your business where the audience is.  However, the biggest reason why businesses struggle to get results from their digital marketing is that they don’t have a system.

We often see businesses try advertising on one platform, like Google Ads or Google SEO, and it may not work.  Then they switch and try another platform, like Facebook or LinkedIn.  Doing all these things individually, without a plan, is not going to generate the results you want.

Every successful digital marketing campaign starts with a plan and we call this a ‘Digital Marketing Blueprint’.

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SPIN – What’s in a Question

SPIN – What’s in a Question?

By Tony Monisse

Developing an Effective Sales Process

Now more than ever, businesses need the rigour and efficiency of an effective process to help them secure new clients and achieve sales budgets.  In our experience, most businesses do not have a developed sales process which can lead to inefficiencies and lost opportunities and limit business growth. 

Even during these unprecedented times of COVID-19 and the resulting economic downturn, the fundamentals of selling remain the same.  That is we need to understand who we are selling to, what their needs are, tailor our messaging to appeal to them and their needs and have a sales conversation.  

We were recently working with a client on their sales process using the SPIN questioning technique for the initial phase of the sales process.  The initial phase is about discovery or analysis of their needs and learning as much as you can about the potential customer and in particular getting to their real challenges, needs and aspirations.  

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Government Stimulus

JobKeeper 2.0 – Changes to the JobKeeper Payment

JobKeeper Extended

The Federal Government has announced that the JobKeeper scheme will be extended to 28 March 2021.  It was previously scheduled to end on 27 September 2020.  There will be changes to both the eligibility requirements and payment amounts.

  • The fortnightly payment of $1,500 will be reduced to $1,200 from 28 September 2020 and $1,000 from 4 January 2021.
  • A new two-tiered payment structure will be introduced from 28 September 2020, which will reduce the payment rates for employees who worked fewer than 20 hours per week in February 2020.

The eligibility rules for employees remain unchanged.  Particularly noting that the employees must have been employed as full-time, part-time or long-term casual (employed on a regular and systematic basis for at least 12 months) as at 1 March 2020.

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Business Growth Network June 2020

Business Growth Network June 2020

Leadership 2025: Lessons from Leading through Challenging Times

In each Business Growth Network (BGN) workshop we seek to inject new thinking about leadership high performance.  This round, we looked at lessons from leading through a challenging period and discussed insights on navigating through as a leader.

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Business Budget planning

The Importance of Budgeting in Business

By Chris Mandzufas

A realistic and detailed budget is crucial for guiding your business to tackle unexpected challenges and to ensure you stay on track to grow.  

It may seem obvious that business growth can only occur when there is money available for reinvestment, but it is surprising how many businesses do not budget and do not track their performance against a budget.

In the current environment, a realistic and detailed budget is a very important tool for providing valuable information, guiding your business to tackle unexpected challenges and most importantly to ensure you stay on track to grow.

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Reduce Tax

Key Actions That Business Owners Should Take Before 30 June to Reduce Tax

By Chris Smith

For businesses to maximise their cash position, they should consider the following tax planning opportunities before 30 June.

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forcast

Why Preparing Three-Way Forecasts is So Vital

By Tony Monisse

Learn why it is important to forecast the profit & loss, cashflow and balance sheet.

As I see it, a budget is merely a forecast prepared at a point in time.  This point in time is usually tied to the end of the financial year and the business’ planning cycle.

In contrast, a forecast is frequently updated based on the changes in the operating environment e.g. winning a new contract, losing a key customer or a change in the staffing situation.

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