Our well established and growing Chartered Accoutning firm is progressive and dynamic.

Our business growth has made an opening for an Intermediate Accountant – passionate about their profession and making a difference for their clients; hungry for knowledge and progression.

We are fast paced and have high expectations of our people.  We encourage pro-activity, communication and transparency and live these values in our everyday activities.   We value our clients and work conscientiously to provide them with certainty around their affairs by taking pride in doing a great job, delivering when we say we will and working to a fixed fee!

You will bring a minimum of 2.5 years experience, relevant tertiary qualifications, part CA or CPA,  knowledge of APS software & MYOB/Quickbooks.  As importantly you have a maturity of attitude and approach which will convince us and our clients of your dedication to the profession and the difference you can make for them.   As a boutique firm, we are in a position to provide mentoring and educational assistance as part of your professional development.

If you are the professional we describe above, have a licence and are seeking a progressive next step, please submit your resume to Liz Newman @ liz@cabel.com.au

Internet Access On Mobile Phone

The Tax Office accepts that if an employer provides the use of a mobile phone to an employee which includes internet access, the fringe benefits tax exemption will apply to the internet download charges (provided the provision of the mobile phone satisfies the FBT requirements, in particular that the phone is provided “primarily” for use in the employee’s employment). If you need more information, please contact our Tax Specialist Kaylene Hubbard on 8071 0300.

Interesting New Data Matching By ATO With WorkCover

The ATO will collect the names and addresses of entities within the States’ and Territories’ WorkCover Authority for the 2010 financial year. It says the data will be matched with ATO data holdings to identify non-compliance by employers with lodgement and payment obligations under taxation law.

MYOB, Quickbooks and general bookkeeping experts!

You will soon receive a letter regarding the MYOB, Quickbooks and general bookkeeping skills of our staff at CABEL Partners. CABEL Books provides high level bookkeeping services in conjunction with your accountants to provide pro-active and timely accounts. By fusing our bookkeeping and accounting services, we aim to provide you with certainty where nothing “slips through the cracks”. If you are interested in using our bookkeeping services, please contact Ali Burton on 8071 0300.

Invoicing and paying bills at CABEL Partners

Many of the original CABEL clients are familiar with Suet (Sweet), our internal bookkeeper.  Our newly acquired clients previously of Alan Grevler & Associates may not be so familiar. Suet is the very lucky contestant who gets to ring our clients if they have not paid their invoice. A tough job, but someone has to do it. In the next week or so we will be sending a letter to introduce Suet to you and her credit control method. So, if Suet rings you will know why, and what you can do to avoid getting that call!

Pay as You Drive, Car Insurance

You can Pay-As-You-Go when it comes to tax, and you can also do it for your car insurance.  People in our office have switched their car insurance from the more traditional companies and models to companies offering Pay-As-You-Drive policies – and have found it has saved them money. If you use your car only for short trips, or have a second car that mainly does the grocery and the school run, you may find savings too.

The way it works is that you ‘buy’ a certain number of kilometres from the insurance company, and you are covered while you are within that kilometre limit.  If you need more, you buy more, and there is no ‘penalty’ charge for doing this.  If you do not use all the kilometres you bought, they carry over to the next year.  Again, there is no ‘penalty’ for doing this.  It is worth checking out – try www.payasyoudrive.com.au

A Penny for your thoughts…

In the next week or so, we will be sending out surveys to our clients requesting your feedback on our performance over the last 3 – 6 months. For many of you, this last 3 months will be your first with CABEL Partners and Alan Grevler & Associates as a merged organisation. We are working very hard this year to get our processes in place and our services at top notch. Your assistance in this will be worthwhile. We would greatly appreciate 5 minutes of your time to complete the survey. Watch this space.

New Work Health & Safety Laws 1 Jan 2012

NSW is working towards new work health and safety (WHS) laws to take effect from 1 January 2012. The WHS laws will replace the occupational health and safety (OHS) laws in NSW. These new laws will be consistent across Australia, making it easier for you to operate in different parts of the country.

If you are complying with the current OHS laws then you are well on your way to complying with the new WHS laws. However, there are some changes and you need to know how they will affect you.

 What are the main changes?

• If you are an employer, sole trader, association, partnership, corporation or volunteer organisation with paid workers, you will be classed as a person conducting a business or undertaking (PCBU). PCBU will replace the current term employer.
• If you are an employee, volunteer, labour hire staff, apprentice, work experience student, trainee, outworker, sub-contractor or contractor, working for a PCBU you will be classed as a worker. Worker will replace the current term employee.
• If you are a supplier, designer, manufacturer, importer, or manager or controller of a workplace, you will have specific duties in addition to those as a PCBU.
• Health and safety representatives (HSRs) will replace current OHS representatives and play a key role in consultation.
• Your industry may also be affected by specific changes.
• If you work in – or even just visit – a workplace, you will have WHS rights and duties.

 What should I do?

WorkCover is here to help you get ready, providing information, advice and regular updates. For the latest on the new laws or to register for our free workshops and presentations, visit www.workcover.nsw.gov.au/newlegislation2012   For specific advice, call WorkCover on 13 10 50.

WHAT’S ON IN SYDNEY?

SYDNEY CELLAR DOOR 25-26 February 2012

2012 Sydney Cellar Door is held on Saturday 25 & Sunday 26 February in Hyde Park South from 11am – 6pm each day.

For more info see: www.nswwinefestival.com.au/

AUSTRALIAN OPEN SURF FESTIVAL – 11-19 February 2012

The world’s top action-sports athletes are set to converge at the birthplace of professional surfing, Manly Beach, Sydney, Australia for the country’s biggest-ever surf, skate and music event; The Australian Open of Surfing, presented by Hurley and Billabong.

For more info see www.australiaopenofsurfing.com

The Year in Summary – Phil Browne and John Hensley

Our aim is to be the best all-round services firm for you. We realise a firm can’t stay small and properly advise growing business and individuals. This year has seen us grow in Tax Consulting, consolidate in Audit, introduce Bookkeeping and consolidate Business Services. Our associated Financial Planner has grown and been rebranded to reflect its closer ties with us. The glue that holds us together for you is the business support team lead by Anna and we wish to thank them as they are often unseen.

We have welcomed a number of new staff including our Audit Manager Dennis as his predecessor moved interstate and a new Business Services Manager Michael as his predecessor moved back to England! Employment and recruitment management has been a big issue for us as it has been for many companies of our size.   Ours and our client’s experiences, have made us very aware of the very different Fair Work laws and as a result we have put on Liz Newman as a People & Culture Consultant for us and our clients.

The year finished with a bang with the merger of CABEL Partners with Alan Grevler & Associates. The new team and their clients have brought very positive benefits to our firm and we are excited to work together as a team. Alan is an excellent consultant and as he integrates into CABEL he will spend more time consulting to you on these services, where he has extensive knowledge. It is great benefit to us all that he will now have the time to do this.

For CABEL Partners, 2012 is a year for internal consolidation and stabilisation for us and we hope that will prove beneficial to you. In the meantime we wish you a Merry Christmas and a Happy New Year.

Phil & John

A Message from Alan Grevler

2011 has been a tumultuous year whichever way one cares to measure it. One of the more insignificant milestones to occur was that the merger between CABEL Partners and Alan Grevler & Associates just turned one month old, and quite a month it has been.

The combined firm has made a huge effort in getting our individual synergies aligned and the work flowing as fast as possible. Even in this very short space of time I can see real progress and tangible benefits from having access to in house specialists in taxation, auditing and financial planning which was one of the big drivers behind the merger.

Not unexpectedly we did slow down as we allowed considerable time and input to properly bed down the processes and align our operations. The whole experience has been a breath of fresh air and is probably something I should have done in a bygone age before I turned grey.  I can already see enormous benefits that will be coming the way of our clients and the firm and I am looking forward to 2012 with enthusiasm, energy, optimism and a new spring in my step.    

If anyone has any questions, suggestions or objections please feel free to contact me on 8071 0300 or alan@cabel.com.au as some of the best ideas come from our clients.

Lastly I would like to wish all our clients a very merry Christmas and a healthy, happy, prosperous and rewarding new year.  

Take care,  Alan

Warranty for Defects

There is new legislation coming into place regarding warranty for defects.

These Regulations amend the Trade Practices Regulations  to give practical effect to the Australian Consumer Law provisions dealing with requirements for warranties against defects and repair notices and reporting requirements for goods or product-related services associated with death, serious injury or serious illness.

Further information can be found at  www.comlaw.gov.au/Details/F2010L03014

Safety Driver tips c/- The Executive Connection (TEC)

Good Vision in a Downpour

Have you ever had trouble with vision during a downpour while driving your car? Sheets of rain obscuring your  view of what is going on around you? Well here is a tip  that will help. Put on your SUNGLASSES,  and miracle! You are not only helping yourself to drive safely, but you     might also save someone else’s life! Let us know if you agree on our blog!

Cruise Control in the Rain? A no no…

Many people may think that driving in the rain on cruise control is     safe because it maintains a safe speed. However, if the cruise control is     on, your car may begin to hydro-plan when the tires lose contact with the road     and your car will accelerate to a higher rate of speed making you take off     like an aeroplane. So, don’t use your cruise control in bad weather. Now,     that said, let’s hope Summer arrives soon and there won’t be rain!

If you would like to know more about TEC please go to www.tec.com.au

BEX becomes CABEL Financial

The 1^st of January 2012 will be an exciting day for Joel Xuereb and Jessica Waller, of BEX Financial as they will become CABEL Financial, and join the CABEL Group.

CABEL Partners was created in April 2010 when Phil Browne took John Hensley on as a partner, and we merged the names of the two firms, which you will see in the initials of CABEL, as well as Chartered Accountants, and the Link to our former names.

Joel  has been working in Financial Planning for 10 years, and has a unique and focused approach to partner with his clients in their financial journey through life.  Joel  took on Jessica Waller to assist him in August 2010. Jessica had recently graduated with an  Economics degree, and has proved to be an enthusiastic and delightful member of the team.

Much positive feedback is received from Joel’s clients about their experience with CABEL Financial, the advice provided, and the regular contact to review their situation.

Look out for an introduction from Joel in the new year where he will explain in more depth how CABEL Financial works and the potential benefits to you .

From 1 January 2012, the government is changing the HELP voluntary repayment bonus, applied to payments of $500 or more, from 10% to 5%.

To take advantage of the 10% bonus, your clients will need to ensure their voluntary repayments are received by us on or before 31 December 2011. To ensure payments are received in time, your clients should check with their financial institutions for processing deadlines.

As in previous years, we will close during the Christmas-New Year holiday period. We will be closed from noon 23 December 2011 until 8.00am 3 January 2012. If your clients need to confirm their payout amounts and payment reference numbers (PRN), they will need to phone us before 23 December on 13 28 61 between 8.00am and 6.00pm, Monday to Friday.

For more information, refer to HigherEducation Loan Program – voluntary repayments or contact Minsi Guo at the CABEL Partners office on 02 8071 0300.

 What will it mean for you?
As we outlined in our previous blog post on the carbon tax, it is what it says it is – a tax on carbon paid by the companies who produce it.

From July 1, 2012 the 500 biggest polluters in Australia will pay $23 for every tonne of carbon they release into the atmosphere. The rate will gradually increase until July 1, 2015, when it will become set by the market and will no longer be a carbon “tax” but will be emissions “trading scheme”. The main exclusions are household fuel and agricultural emissions.

The cost of the carbon tax to these polluters is intended to drive them to implement “cleaner” processes. It is also intended that these costs will be passed on to consumers – so that consumers reject products that carry the on-cost of the carbon tax and switch to those that don’t.

 Let’s look at what the additional costs are forecast to be for consumers.

Treasury estimates that the average family will pay $9.90 more a week in the year the tax is introduced. That is split $3.30 between electricity increases (10 per cent), $1.50 to gas (9 per cent) and 80 cents to food (less than 0.5 per cent). The overall impact is forecast to be a 0.7 per cent price rise.

The additional costs will also be passed on to business consumers by way of increases in the cost of electricity and other business inputs. There is no direct compensation package for business, as they will pass additional costs on to consumers, and consumers have been compensated.

 Now let’s look at the compensation provided for consumers:

Consumers will be compensated through the tax system as follows:
- Tripling of the tax free threshold from $6000 to $18,200. It is stated that this will remove 1 million people out of the income tax net, and that those taxpayers on less than $80,000 will pay an average $300 less tax.

Further, retirees and family tax benefit recipients will also be compensated as follows:
- One-off payments of up to $250 (singles) to those who have a Commonwealth Seniors Health Card and a quarterly seniors supplement of up to $338 (again singles).
We are told that this is an average $10.10 of assistance.

Carbontax.net.au has a facility for you to do your own calculations on its “household compensation calculator”. The calculator provides 43 predetermined scenarios, estimating your benefits and assuming you have average consumption patterns. However, it obviously cannot factor in any variations you may make to your consumption patterns and what changes you may make in the products you use etc.

From a tax planning perspective, have a think about how you can make (however small) an advantage from the tax changes:
- Incur all the tax-deductible expenses you can before the tax-free threshold increases on July 1, when you’ll get more benefit.

- Delay any income you can until after the increase.

If you have any queries or you would like to discuss, please comment below, or email me at kaylene@cabel.com.au

Kaylene Hubbard
Senior Tax Consultant
CABEL Partners

Land Tax is levied on the total value of all taxable land owned in NSW[1].

A simple example includes investment properties. However, exemptions do apply.
One particular exemption includes the Principal Place of Residence (“PPR”)
exemption, which provides a full exemption from land tax; with some clients
incurring Land Tax of over $50,000 annually, these savings are welcomed. You
can claim the principal place of residence exemption for land, including strata
lots, that is used and occupied as your principal place of residence (your
home).

Interestingly, the legislation allows situations where you can move out of your PPR, and move into another
residence that you do not own and still be entitled to claim the PPR exemption for the first property. Almost
as if it were an investment property. The NSW Office of State Revenue (“OSR”) provides
such periods of absence could include, “if you are posted overseas or
interstate” or you choose to take an extended holiday.

This means that an owner of a PPR can move to another residence, rent out their PPR at market rate, and still
maintain their PPR exemption. While the legislation provides that this
exemption applies for no longer than 6 years, it strangely enough provides that
within each of these years the property is rented out the rental period must
not “exceed a continuous period of 6 months, or a total period of 182 days”.
This means that the legislation allows you to be absent from your PPR and rent
it out just as long as the rental period is no longer than 6 months of each of
those years you are absent.

But don’t despair we have potential solutions. Firstly, it is possible to straddle the rental periods on either
side of the land tax year. This will effectively allow a year long rental
period whilst being no more than 6 months in either one land tax year i.e. the
rental period will be 6 months in each land tax year, 6 months in one and 6
months in the other. However, at the conclusion of the year, or second 6
months, the rental agreement will have to cease.

Another option, either at the end
of the above or from the start, for the owner of the PPR to maintain an
exemption from land tax is to allow someone to occupy the PPR on a caretaker
basis. This type of occupancy can be on a continuous basis for the full 6 year
period. This will eliminate the need to manage the intermittent rental period
issue that arises when the property is sought to be rented for no more than 6
months in the land tax year. This care taker provision provides that monies can
be derived from the PPR, “but the income is no more than is reasonably required
to cover council, water and energy rates and charges and maintenance costs of
the owner in respect of the residence.”

This provision does not provide a
blank cheque to charge market rate rental. Rather it is to provide for a
caretaker to move into the PPR and pay to the owner certain reasonable costs.
What constitutes “reasonably required” is a question that needs to be
determined on a case-by-case basis. Owners with larger residences hosting
gardens, tennis courts and pools would have greater ability to substantiate greater
payments; this is due to the higher maintenance costs of maintaining such a
residence.

If you are renting out you PPR orwish to do so, speak to CABEL Partners and we can assist.

Land Tax Exemption

Ordinarily land tax is paid on investment properties. However, there are strategies that allow an owner to move out, charge rent (or costs) and still be exempt from land tax. This is provided via two means – the absence exemption and the caretaker provisions. You can find full details of this land Tax Exemption article on our website blog at www.cabel.com.au/blog .

If you are thinking of renting your property talk to CABEL Partners beforehand to find out how you can take advantage of land tax exemptions.

2011 Tax Forum Summary

The much heralded 2011 Tax Forum was held in the Great Hall of Parliament House on the 4^th and 5^th October.  It involved two days of discussion between 150 representatives from the community, business, unions and tax experts.  The aim was to “continue the conversation” commenced by the release of the Henry Review in 2010, from which only 12 recommendations have so far been adopted.

The discussion was in relation to the following areas:

• Business Tax
• Personal tax and transfer payments
• State taxes
• Environmental and social taxes
• Tax system governance

The main concrete proposal to come out of the Forum was the raising of the tax free threshold to $21,000 which is to be put to Parliament shortly.   In relation to the other topics, some were referred to more dedicated committees or people to report back on.  In relation to Business Tax, the discussion was in relation to cutting of the corporate tax rate, the treatment of losses, and targeted changes to help struggling businesses.  These questions were also referred to a working group, but this group does seem to have some rigour around its timeframe, with a first report in November of this year and a final report in May 2012.

As with all Forums, it remains to be seen what action comes from it.  We will keep you informed.

CABEL Tax Going Global

The Tax Team is going global, well somewhat…

Matthew Eakin, Tax Consultant, is heading off OS on extended leave – finishing Friday 21 October 2011 and returning 7 March 2011. Matthew will be heading to Nepal to undertake some volunteer work with a women’s refuge and orphanage called Mitrataa Foundation http://mitrataa.org/.

Whilst in Nepal Matthew will also ensure he does his fair share of trekking, paragliding, mountain biking and other outdoor activities.

We wish him all the best for a safe (well… as safe as Matt can be) journey.

Phil and Kaylene, will be keeping the CABEL Tax team running smoothly while Matt is away. They will be ably assisted by John and the Business Services team.

TAX Talk – 17 November 2011

Our next tax talk will be held on the 17^th November 2011. Invitations will be sent out shortly. It will be the last talk for the year. The topics will be:

• Capital gains tax demerger relief – a live example,
• Land tax 6 year exemption and
• Carbon tax reflections

Reducing Interest Charges for Late Payment of a Tax Debt

The Tax Office charges interest on the late payment of a tax debt. The rates vary, but are around 12%. The interest is also compounded daily. Don’t despair though – there are provisions in the law that allow the Tax Office to reduce these charges, either in part or full. The reasons for reduction are broad and based on a ‘reasonable’ requirement. This allows great flexibility in arguing for a
reduction.

If you owe interest charges to the Tax Office talk to CABEL Tax about making a claim to have them reduced.

Just when you thought things were quietening down on the Browne, Eagar,  BEX Financial and now CABEL Partners front, John and I have sourced a suitable practice to step us in the right direction toward our strategic plan for growth.

Over the past 4 months I have been working with a business broker whom I have known for several years, and assisted me in the purchase of the FWA Eagar&Co firm in 2005. The broker, Dip Jadeja has found a firm with which CABEL has significant synergies. Over many meetings, we have established that the fit seems right. The processes, ethics and client approach that this new firm has, is on the same platform and shares the same values as CABEL Partners.

By acquiring this firm, CABEL Partners will be able to service a specialised business services group, which will give  basis and support to the additional services we provide in audit, bookkeeping, tax consulting and financial planning. It will also give our team a greater range of experience with new clients and their business. The staff from the new firm will continue working with their clients, but will be re-locate to the CABEL offices.

We are at this time surrounded by builders, boxes and dust, as the new workstations and computer systems are installed for the acquisition.

For you, our important and existing CABEL clients, nothing will change. We will have more specialised staff and more clients which I believe will allow us to provide you with a better service. Once our new team members have moved and settled in to the office, I will introduce them to you.

If you have any queries or suggestions about this change, please contact me or Anna on 8071 0300.

Phil

Do your employees have personal leave accrued?

We recently came across an issue, on two separate occasions, where an employee who had been paid in advance (e.g. monthly, 2 weeks in advance, 2 weeks in arrears) stopped coming to work due to illness. On both occasions the employee had resigned. Both employees did not have any accrued personal leave (sick), so basically they had been overpaid for the time they were not in the office.

We had assumed incorrectly that because the  employee had Annual Leave accrued, we could offset the negative entitlement for personal leave against the Annual Leave on termination.  However, on further investigation found that this is not allowed. As the employee is entitled to the accrued Annual Leave, it must be paid without offset. So, ensure you are aware of your employees sick leave entitlements on a monthly basis so overpayment is not made.

CABEL Cooking School

The CABEL Group ventured to a cooking school in early October for our bi-annual professional development and social day. After spending the morning learning about the strategic direction of the firm, and some interesting tax cases from Matt, we wandered down to ‘Cooking for Blokes’, which turned out not to be just for the blokes at all.

We whipped up a salad nicoise, with perfect knife skills and only a few tears from our BEX counterpart.

Half the group learnt to daintily debone a chicken, and as the beer and wine flowed, the chefs kindly finished the meal, producing a sensational Coq au Vin with
orange crepes for dessert.

Just a warning though, if you think Suet is dangerous calling you re invoices, she now wields a knife with ease!

BOB

BOB

BOB

WHAT’S ON IN SYDNEY?

SYDNEY BEER CRAFT WEEK – 22-29 October 2011

After sell-out events in Melbourne the last two years, the beer loving mad-men from BeermenTV, in conjunction with some of Sydney best brewers, breweries and venues, are about to unleash a week of events upon Sydney that will treat NSW taste buds to an array of amazing Australian artisan beer and some of Sydney’s best food and fun.

CRAVE FOOD FESTIVAL – 1-31 October 2011

Crave Sydney International Food Festival (October 1 – 31) celebrates Sydney as a global dining destination enhanced by regional New South Wales produce and wine.

HAUNTED MUSEUM PARTY – Friday 28 October 2011

Be our ghoulish guests for this very special haunted Halloween celebration at the Australian Museum. Hear tales from beyond the grave, trick or treat through the Museum, watch a Halloween movie and have your face painted!

The best time to think about retirement is before your retire! This can involve taking advantage of the superannuation concessional contribution limits (amounts contributed to super before tax).

The limits:

• Under 50’s – you can contribute up to $25,000* from before tax amounts
• 50 – 65’s – you can contribute up to $50,000* from before tax amounts
• 65 – 75 – if you’re aged 65 or over, you must satisfy a work test before making contributions to super. The work test isn’t onerous. In short, you must work for at least 40 hours during a consecutive 30-day period each financial year you plan to make a super contribution.
•  Over 75 – you cannot make super contributions beyond the age of 75, unless they are by your employer for work

We note two points:

- the contribution cap amounts do include the 9% super contributions your employer makes for you, and

- *all amounts are for the 2011/2012 income year. They can, and have, varied.

Ok, so how do you benefit?

This means that you can put money into superannuation so the amounts are taxed at 15% and not your marginal rate. Therefore, your saving in tax is your marginal rate less 15% x the relevant amount.

For example, if a 52 year old taxpayer, Jody, contributes $30,000 and is on a marginal rate of 37% her tax saving will be: $6,600 (37% – 15% x $30,000 = $6,600). This money can then go off and earn returns for Jody for her retirement, a great benefit indeed. I’m sure her kids will also will be happy as this way she’s not spending their inheritance.

Small Business people

For those selling out of their Small Business two key concessions also exist that allow getting money into super. These are the 15 year rule and the retirement exemption.

The 15 year rule in effect allows you to contribute to super an amount up to a lifetime limit of $1.2m, provided various conditions have been met, principally being that you have owned your business for 15 years or more and you are retiring.

The retirement exemption allows you to contribute to super up to a lifetime limit of $500,000, provided various conditions are met.

Take advantage of these great opportunities by talking to CABEL Partners about your superannuation.

CABEL Partners can assist you with your record keeping and also with review of trust deeds to determine the scope for streaming under the Deed.