Business Interruption

Posted On: Sunday, March 25th, 2018  In: Blog

Business interruption insurance greatly improves your ability to recover and assists in the post-loss recovery process of a catastrophic or unplanned event – whether naturally caused or human caused e.g. an act of terrorism.

Business Interruption insurance can prevent companies from having to consider redundancies and may mitigate financial losses. By relieving the stress of daily contingencies, it enables accurate decision making on disaster recovery and business continuity planning.

Business interruption insurance ultimately makes business operations more manageable throughout the process.

Calculating business interruption values and determining the amount of coverage required can be very confusing.

The team at Peter Vickers Insurance Brokers will discuss your needs and alleviate the confusion and uncertainty surrounding this area of insurance. We will ensure you obtain the best and appropriate insurance cover.

For more information on Business Insurance or any other insurance enquiry please contact us on 1300 784 011 or enquiries@pvib.com.au

 

 

 

Roof Collapse at 345 Pacific Highway, Lindfield

Posted On: Saturday, March 24th, 2018  In: Blog

On Friday 19 January 2018 at approximately 7:30pm the roof of our office building in Lindfield partially collapsed. Fortunately no one was injured.

This incident reminds us of the importance of holding reliable and accurate insurance in the event of these unexpected and costly occurrences. Understanding the different cover requirements and responsibilities is imperative, as this will limit or remove your exposure following a catastrophic event.

Despite significant damage sustained to the whole building, we were lucky only to suffer some minor water damage, which came from the upstairs tenancy. As the building owner had the insurance cover to evaluate the structural integrity of the building, secure the location, clean and remove debris, replace damaged components and repair the site, we were fortunately in a position to continue operations without additional inconvenience.

Insurance responds in times like this with the assistance of specified business partners to assist clients through the trauma suffered post event.

Our Peter Vickers Insurance team are also on hand to assist clients in the process if needed.

If this happened to you, would your business cope and would you still be able to operate? Without insurance, you are left to deal with handling the entire situation, not only getting the site secured and repaired, but also re-locating the staff to ensure your business can be up and running as quickly as possible.

If you have the right cover in place, your insurer will deal with all the headaches. Catastrophes do happen, so an investment in the adequate insurance for your business is essential.

Understanding the different cover requirements and responsibilities is imperative, as this will limit or remove your exposure following one of these unexpected events.

 

 

Help Us Support the Special Olympics Movement to Make Change

Posted On: Friday, March 23rd, 2018  In: Blog

Peter Vickers Business Group was proud to participate and sponsor the Kuringgai Chase Fun Run and Barry Easy Walk 2018 which took place on Sunday 18 March at Wahroonga.

The event raised important funds for Special Olympics Sydney Upper North Shore.

Special Olympics Sydney Upper North Shore makes a positive impact on the quality of life of children and adults with an intellectual disability. Their schools program helps children and their parents to take that first step of participation through a professionally delivered gross motor skills program.

The grass-roots sports program starts with 1-on-1 support and provides access to weekly participation that would not otherwise be available. Over 250 athletes at 40 venues in 11 sports across the North Shore.

It also helps to offset the costs of the athletes and volunteer support team members travelling to regional, state, national and world competitions and help develop leaders and role models through the Athlete Leadership Program.

None of this is possible without financial support – thanks so much on behalf of the special athletes for making a difference.

You can support us at:

www.kuringgaichase2018.everydayhero.com/au/peter-vickers-business-group.com

 

 

 

Investment Views Update Q1 2018 – Equities

Posted On: Wednesday, March 21st, 2018  In: Blog

Interest rates rising will be a key factor for 2018. If they rise quickly we will see all positive momentum fall out of equity markets. The worst case scenario would be an interest rate rise sharp enough that it triggered a sharp fall in property prices. This would see bank stock lose value, dragging down the Australian market. We hope the tougher lending rules introduced in 2017 and a responsible RBA avoid this scenario arising.

The rate of change in markets and businesses means that what worked well for investors between 1990-2007, i.e. buying and holding stocks, is far less effective in 2018. We see a mixed year ahead for equities. Businesses not re-investing in their service or products can expect to face tougher operating conditions from the fast-changing business environment. It is not enough to play catch-up either as building a culture of innovation takes time.

The good news for investors is that markets often see significant investment in R&D unfavourably. Where some investors see a large expense dragging on returns, we see reinvestment that future proofs a product or services income stream. We even know of fund managers that won’t consider making an investment in a business if their payout ratio >50%! A payout ratio is the proportion of earnings paid out as profit (as opposed to being retained or reinvested).

Bank shares remain a terrific source of tax effective income (for Australian investors)… However any material exposure to these businesses comes at the risk of fast paced disruption. Businesses like PayPal, Alphabet (Google), Apple, Amazon, Microsoft and even Facebook might not seem like traditional competition to banks, but their expertise in data and ready access to a global network of consumers makes them dangerous adversaries. Being a little late to the game on investing in some of these businesses is better than missing out altogether.

One of the slogans that stuck with me from 2017 was “Go global for growth, stay local for income” – Charlie Aitken (Global fund manager at AIM).

Matt Vickers – Investment Advisor

 

 

 

Individual Income Tax Changes

Posted On: Friday, March 16th, 2018  In: Blog

Personal Superannuation Contributions
Deductions for personal superannuation contributions are now allowed for all individuals under the age of 75 (but those aged 65 to 74 must meet the work test). Previously, a deduction was only available to individuals whose employment income was less than 10% of their total income. There is a new limit of $25,000 for the 2017/18 year as concessional contributions, and $100,000 for non-concessional contributions. For those under 65 you can bring forward the next 2 years to make it $300,000. If you are aged 65 to 74 you need to meet the work test.

Rental Properties
From 2017/18 tax year, travel expenses relating to inspecting, maintaining or collecting rent for residential investment properties are not deductible, unless you are carrying on a business of property investing.
Deductions for depreciation will be limited to costs that the taxpayer actually incurred to purchase the plant and equipment in the current year, not to successive investors in the property.

 

 

 

Small Business Income Tax Changes

Posted On: Monday, March 12th, 2018  In: Blog

Tax Rate
The government has proposed to limit the entities subject to lower corporate tax rate to base rate entities with no more than 80% passive income from 2017/18. At the time of writing, this law has not yet passed. For the 2017/18 year, the aggregated turnover threshold is $25m and the base rate entity tax rate is 27.5%.The small business income tax offset remains the same, which is 8% discount of the income tax payable on the business income received from a small business entity (other than a company) with aggregated turnover of less than $5m, up to a maximum of $1,000 a year.

Accelerated Depreciation
An immediate deduction is still available for an asset costing less than $20,000 acquired and first used or installed ready for use on or before 30 June 2018.
The balance of the general small business pool is also immediately deducted if the balance is less than $20,000 at 30 June.

 

 

Annual Report of Taxable Payments

Posted On: Thursday, March 8th, 2018  In: Blog

Currently payments made to contractors for building and construction services have to be reported to the Australian Taxation office annually.

This is now to be extended to payments to contractors in the cleaning and courier industries.

This starts on 1July 2018, so if you are now in these industries you need to work out how to start keeping the appropriate records to enable the smooth preparation of these reports at year end 30 June 2019.

 

 

Single Touch Payroll

Posted On: Thursday, March 1st, 2018  In: Blog

No this has not been banned by the Prime Minister…

If you currently pay wages, you will soon be required to be linked to the Australian Taxation Office electronically. All of your staff’s payroll details will automatically go into the ATO computer and your payments of PAYG and superannuation will be monitored continuously.

The first step is that all employers will have to count how many employees they have on 1st April. If you have twenty employees or more then the required reporting for your business starts on 1st July 2018. Employees is the ordinary definition of employee and thus does not include contractors. The twenty is on a head count basis and not full time equivalents.
For all other employers the single touch payroll system starts on 1 July 2019.

What do you have to do?
You basically just need to use an up to date payroll program which should automatically handle this reporting for you. Currently only about 3% of payroll programs have been authorised to link into the ATO computer. The idea is that the payroll program handles all reporting.

However, employers have to understand that once the ATO computer has the payroll information it will know if your PAYG instalments and superannuation guarantee are paid on time. If they are late then it will send out the debt collectors. This the ATO hopes will stop people permanently missing payments.

 

 

Kuringgai Chase Fun Run and Barry Easy Walk 2018 Spotlight on Sponsors – Peter Vickers Business Group

Posted On: Wednesday, February 28th, 2018  In: Blog

How did this partnership start?

We first learned about The Kuringgai Chase towards the end of 2014 when we were approached as a local business via LinkedIn. We decided to get involved for several reasons. Firstly we wanted to support this great initiative which enriches the lives of locals living with intellectual disabilities (work that has helped a group of our own clients). As well as the event’s promotion of sport and community, both of which we believe are very important and something we care about. Not only that but also the passion and professionalism of the organising committee led by Greg Simmons, these events have been a huge success in the past so it’s an honour to get involved as a sponsor.

 Why is sport so important?

Sport is such an integral part of life in Australia. It’s something we should all be doing, every day.  Even just 30 minutes of walking a day has such a positive effect on our health and well-beingwe’re pleased to be a part of an event that encourages people to be more active while supporting a great cause.

What did your team enjoy about last year’s event?

The main attraction is a day out with colleagues, friends and family, doing something that’s good for us while supporting a fantastic initiative. It is also very inspiring seeing the SOSUNS Athletes teaming up with students from Knox and seeing them support and encouraging each other while simply having a great time. The sense of achievement felt by the athletes at the finish line was clear to see and, whilst not everyone took home a medal, the sense of being part of a community on the day was the real prize for us all.

What is your hope for the 2018 event?

We hope to see an even bigger event, that even more people from the local community will take part and support the Special Olympians.

Your message to SOSUNS Athletes?

Congratulations on your participation and determination whether you are completing the 5km or 10km, just do your best! We wish you a fun and enjoyable day and look forward to taking part in the event with you!

 What does your team love about the Ku-ring-gai community?

We love Ku-ring-gai because it includes people from all walks of life, nationalities and beliefs and, in keeping with the community, we have an international team with staff from 10 countries and an amazing range of beliefs meaning there is never a dull moment in our office.

What does your organisation do for the community?

With a track record spanning 39 years, we are well-known within the community for professional accounting, business advisory, superannuation and insurance services. We also offer service packages for older Australians and those with special needs, helping families and carers. We help businesses, families and individuals to secure a healthy financial future.

 

 

 

Kuringgai Chase Fun Run and Barry Easy Walk 2018

Posted On: Wednesday, February 14th, 2018  In: Blog

We are once again proud sponsors of the The Kuringgai Chase Fun Run and Barry Easy Walk which raises important funds for Special Olympics Sydney Upper North Shore.

Special Olympics Sydney Upper North Shore makes a positive impact on the quality of life of children and adults with an intellectual disability. Their schools program helps children and their parents to take that first step of participation through a professionally delivered gross motor skills program.

The Kuringgai Chase Fun Run and Barry Easy Walk is a community fun run and walk incorporating both a 5km walk/run and a 10km fun run. The course comprises of either one or two 5km loops through the leafy streets of Wahroonga.

Support this great cause and our team, any donations are appreciated kuringgaichase2018.everydayhero.com/au/peter-vickers-business-group

You can also join the fun and register to take part in the run or walk on March 18 www.kuringgaichase.com.au/

 

 

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