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  • 18-Sep-2020 10:59 | Tracy Dawson (Administrator)

    Celebrate in style at PARKROYAL Parramatta from just AUD99 per person.

    Enjoy a delightful Canapé package, delicious set menu or a Christmas themed buffet hosted with care by the friendly and expert associates at PARKROYAL Parramatta.

    At PARKROYAL Parramatta the health and safety of their guests is of upmost importance. They will adhere to the government mandated guidelines and restrictions, adapting as required for all events to ensure your celebration is a success.

    To book your Christmas party, speak with their Meetings and Events team at +61 2 9685 0309 or email events.prsyp@parkroyalhotels.com

    Special Offer for WSBC Members

    Book your Christmas Party and quote ‘WSBC’ and receive a complimentary upgrade to a Premium Beverage Package!


    Terms and Conditions

    • Valid for new bookings only.
    • Valid for meetings held before 31 December 2020.
    • Not valid with any other offer.
    • Subject to availability.
    • Minimum numbers and spends apply.
    • Number of people attending is restricted to current government regulations.
    • Rates are quoted in AUD and include GST.
    • A merchant service fee of 1.25% for American Express, Visa, MasterCard, Union Pay and 3% for Diners and JCB will be applied to all credit card payments.


  • 17-Sep-2020 17:34 | Tracy Dawson (Administrator)

    By Karly Whitehead, William Buck 

    The success of every business is based on the bottom line and startups are no exception. Your startup, your idea, will be judged on how well you can translate it into financials. A good accounting foundation allows you to examine your finances and identify risks and opportunities for growth.

    If you have the right accounting structures in place, you’re in a better position to know how the company is performing and where you’re heading. Not having a solid accounting foundation is like trying to fly a plane with no navigation system. You’re in the air flying but with no idea of which direction you’re heading or if you’re on the right path.

    Here are five simple tips that can help startups get the basics right, as presented to the UNSW Founders pre-accelerator program on “Accounting 101”.

    Here are five simple tips that can help startups get the basics right, as presented to the UNSW Founders pre-accelerator program on “Accounting 101”.

    1. It all starts with a funding strategy

    Most founders find it hard to know which finances and funding sources to prioritise or which approach will give them the best advantage – this can be a major stumbling block. There are a lot of factors to consider when finding the right finance path for your startup but ultimately, it’s about demonstrating how you will develop and manage finances and how the financial projections align to the business’s long\term goals.

    Tip: Before developing your funding strategy, know the risks and advantages of each and how it fits with your longterm growth plans. For more information click here.

    2. Know the difference between cash flow and profit

    While profit is an indicator of how your startup is performing, it’s not an accurate prediction of whether you can keep the business running. Cash flow considers your overall cash inflows (sales, cash injections etc.) minus the outgoings at any point in time. Keeping a close eye on cash flow will help you understand whether there is enough cash to keep the business going.

    Tip: Schedule a cash flow analysis at least once a month to help predict when cash might be tight and where you need to redistribute expenses. A positive cash flow will enable your startup to grow and increase profits.

    3. Be realistic with your budget

    This is about getting the balance right and setting boundaries. Be realistic about projected sales and margins and consider the impact from growing business operations, rising costs or new competitors. You also need to recognise pitfalls and how you can prepare for them – no startup is flawless. The three items of every startup budget are initial costs, fixed costs and variable costs.

    Tip: You can still set aggressive growth targets, but you need to know your breakeven point. This will be critical when investors want to visualise their return or to convince lenders. 

    4. Your cash flow determines your cash runway

    Running out of money is one of the most common reasons a startup fails. You need to know the ins and outs of your cash flow and how long your ‘runway’ is. Being smart about tracking your money has a number of benefits – it controls spending, helps to prioritise expenses and prepares a solid cash reserve.

    Tip: Make it easy for investors to see the ROI. Clear financials help to show your cash position, burn rate and when cash will run out. Investors want to see that you can keep control over the business operations and the business’ finances.

    5. Know when to see an accountant

    It’s a common misunderstanding that bookkeeping and accounting are the same – they’re not. While bookkeeping tracks and prepares all financial records, i.e. income and expenses, accounting manages the strategic tax planning, financial analysis and forecasting and ensures your budget aligns to future business goals.

    Tip: You may want to consider hiring a virtual CFO to offer expert guidance with crucial decisions as your startup grows. They often have strong connections and large professional networks that could also help your business.

    Founders don’t need to know all the details of accounting but it’s important to have a plan and a good accounting system. The best time to set up your financial structure is in the early stages of the business. You don’t want to run into trouble down the track that will require you to redo or correct work. This will end up costing you more money, more time and could even have a negative impact on your brand with clients, customers or investors.

    You’re better in most cases to outsource your bookkeeping and accounting services to ensure you get the level of support your company needs at each stage. A smart financial strategy will grow with your business.



  • 17-Sep-2020 13:00 | Tracy Dawson (Administrator)

    Assemble your best outfits because this year The William Inglis Hotel are celebrating Melbourne Cup roaring 20's style. Think champagne, feathers, glitz and glamour.

    Watch the races live on multiple large screens, feast on a delicious lunch and cheers with a glass of sparkling on arrival.

    When:

    Tuesday, 3 November 2020

    Where:

    155 Governor Macquarie Drive, Warwick Farm 2170

    Inclusions: 

    Live cup coverage

    Tab machines onsite

    Prizes for best dressed

    Welcome glass of sparkling on arrival

    Hot and cold gourmet lunch with live chef stations

    Cost:

    $79.00pp

    Bookings:

    P: 02 9058 0312

    E: HB042-EV1@accor.com


  • 15-Sep-2020 16:51 | Tracy Dawson (Administrator)

    It’s a common dilemma for business founders: reduce personal risk, sell and move on, or invest, with a view to accelerating growth? Particularly at the moment, in a global environment without clarity or certainty, many of these choices will come down to an individual’s risk tolerance. Read more here.


    Macquarie has been providing Business Banking solutions for over 30 years and provides SME clients with tools and strategies to grow and develop their business. You can get regular updates by subscribing to the monthly newsletter, Strictly Business by visiting macquarie.com.au/businessbanking. If you would like to find out more about how Macquarie can support you to take your business further, call Sam McCarthy at our Parramatta office on 0417 518 724 and be connected with one of our banking specialists.

    This information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (“Macquarie”) for general information purposes only. This information does not constitute advice. Opinions expressed are subject to change without notice. No member of Macquarie accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this information.


  • 08-Sep-2020 10:22 | Tracy Dawson (Administrator)

    Matthews Folbigg Lawyers has announced the appointment of a new Managing Director, Simone Brew, the head of the firm’s Litigation, Planning and Local Government groups. Matthews Folbigg Lawyers is the premier medium sized firm in Western Sydney, based in Parramatta, with 8 practice groups and over 60 lawyers and legal service professionals.

    Chairman of Matthews Folbigg Lawyers, Jeff Brown said “Matthews Folbigg is delighted to announce Simone’s appointment as Managing Director. She has been an integral part of the firm’s Executive group for many years and in particular has been instrumental in leading the firm’s response to the COVID-19 pandemic. This is just one example of the strengths that make her qualified to lead our firm into the future”.

    Ms Brew said “I am looking forward to working with our Executive group and building on the significant successes we have achieved over the last 5 years. Matthews Folbigg has been around for 60 years, and over the last several years we have worked hard to streamline its management and make sure our focus is on delivering outstanding legal services for our clients, while at the same time looking after our valuable staff. This will continue to be my focus for our clients and the firm”.

    Simone commenced her legal career in 1996 and joined Matthews Folbigg in 2003. She has over 24 years’ experience in litigation, planning and local government.

    Matthews Folbigg Lawyers, and its lawyers including Simone Brew, are recognised among the Doyles Recommended Law Firms and individuals in Planning, Family Law and Insolvency.

     


  • 14-Aug-2020 14:53 | Tracy Dawson (Administrator)


    We know many of you are keen to return to face to face events, however we understand that this model may not suit everyone. We are therefore delighted to announce that our upcoming Breakfast Masterclass: Proven Strategies To Improve Engagement on Social Media will be delivered as a hybrid event.

    For those wanting to physically attend, we will have the following safety measures in place:

    • A maximum of 24 people in the room (including Presenters)
    • Seating and table social distancing (only 4 attendees per table)
    • No registration - attendees will be given their table number prior to the Masterclass, so they can make their way directly to their seat.
    • Prior to the event, you will be able to submit seating requests (ie: who you would like to be seated with).
    • Table service which includes a plated breakfast with barista tea and coffee
    • Hand sanitiser on every table
    • A WSBC representative on hand to specifically ensure safety measures are adhered to

    In addition, WSBC's venue partner for this event, PARKROYAL Parramatta, are a NSW government registered COVID safe business and have implemented various cleaning and disinfecting policies and social distancing measures for the safety and well-being of guests.

    There are only a few seats left for this Masterclass. If you wanting to physically attend, please click here to book your seat.

    For those wanting to take part online via our live stream, you will:

    • get to sleep in an extra 30 minutes
    • receive a workbook prior to the Masterclass so you are ready to begin work on your social media strategy once online
    • have the opportunity to ask the presenter questions via our Masterclass moderator.

    For further information or to book your virtual seat for the live stream please click here.

    Breakfast Masterclass: Proven Strategies To Improve Engagement on Social Media

    Social media marketing is an essential part of doing business in 2020 and offers incredible opportunities for all sizes and types of businesses to engage with new audiences and grow their brand awareness.

    Done right it’s like networking on steroids! However many businesses find that despite investing a lot of time on multiple platforms their social media posting delivers absolutely no results. 

    This Breakfast Masterclass is for business owners and leaders who want to get reliable results and return on investment from the rapidly changing social media space. Delegates will learn which platforms will work for their type of business, what kinds of social media content deliver positive engagement and how to create a strategic and effective social media plan.

    Masterclass Takeaways

    • What you should stop doing immediately
    • Which social media platforms you need to be on now
    • Creating content that stops the thumb and delivers the click
    • Being smart and strategic for maximum ROI

    Format

    • Interactive session 
    • Industry relevant case studies used for illustration

    • Begin work on your social media plan
    • Social media strategy workbook to take away and continue

    If you wanting to physically attend this Masterclass, please click hereAlternatively to book your virtual seat for the live stream please click here.


    This Masterclass is proudly supported by:


  • 13-Aug-2020 17:36 | Tracy Dawson (Administrator)

    City of Parramatta Council has unveiled an innovative proposal to expand the Justice Precinct in the Parramatta CBD, bringing more than 2,200 legal jobs to the City and boosting the local economy by $350 million a year.

    Under the proposal, endorsed by Council this week, the expanded precinct would include a permanent Supreme Court circuit, a new law school, and a legal start-up hub to encourage new ideas in the delivery of legal services.

    “As a rapidly growing economic powerhouse in the centre of global Sydney, Parramatta needs bold initiatives such as this one to help realise its full potential over the coming years,” City of Parramatta Lord Mayor Cr Bob Dwyer said.

    “We are home to the second largest legal centre in NSW, but only have 5 per cent of Greater Sydney’s legal jobs. By growing Parramatta’s Justice Precinct, we hope to see more barristers, solicitors, judges and judicial staff based in Parramatta, providing valuable legal services to the people of Western Sydney.”

    Cr Dwyer said investment in an expanded Parramatta CBD Justice Precinct was vital given the number of legal professionals living within 30 minutes of Parramatta will almost double over the next 15 years.

    “With the growth and transformation Parramatta is experiencing, it makes sense that our Justice Precinct grows with it,” Cr Dwyer said.

    “Not only will an expanded Justice Precinct accommodate the needs of our growing population, but it will also help support and retain local legal talent and encourage new and innovative ways to improve the justice system.

    “We look forward to working closely with the relevant state and federal government departments and industry experts to make this vision a reality.”

    The idea was first brought to Council by former Lord Mayor Cr Andrew Wilson in 2018. In response, Council commissioned an independent report by SGS Economics and Planning analysing the demand for legal services in Parramatta, as well as the economic and service benefits of the precinct to the City.


  • 30-Jul-2020 10:49 | Tracy Dawson (Administrator)

    A plan to unlock Parramatta’s CBD and strengthen its position as Sydney’s Central River City has been endorsed by the NSW Government for public exhibition.

    City of Parramatta Council’s Parramatta CBD Planning Proposal seeks to expand the City’s CBD boundaries and change land use controls to increase capacity for commercial opportunities and high-density residential development, supported by a revitalised night-time economy and open public space.

    The Planning Proposal allows for 50,000 new jobs and 14,000 additional dwellings in the Parramatta CBD.

    “This is a significant milestone and an exciting next step in the transformation of Parramatta as Sydney’s Central River City,” City of Parramatta Lord Mayor Cr Bob Dwyer said.

    “Council initiated this game-changing proposal to help us realise our vision for the Parramatta CBD – an economic leader with a thriving commercial centre that attracts world-class businesses and offers incredible lifestyle opportunities for residents.”

    Following endorsement by the NSW Government, the Parramatta CBD Planning Proposal will go on public exhibition in the coming weeks for community feedback.

    Key aspects of the proposal include:

    • Expanding the CBD’s commercial core and introducing incentives for new commercial floor space;
    • Increasing height controls to accommodate taller, slender towers so sunlight and air can reach the streets and public spaces below;
    • Ensuring new development includes community infrastructure to support growth;
    • Protecting key public spaces, including Parramatta Square and the river foreshore, from overshadowing;
    • Introducing new controls that ensure a development demonstrates an appropriate relationship to the City’s heritage;
    • Introducing controls to ensure a development’s ground floor better connects with its surrounds, including the Civic Link and river foreshore;
    • New controls to better manage flood risk, including evacuation and emergency response;
    • New provisions that ensure new buildings perform to high environmental standards; and
    • New parking and road widening provisions to facilitate improved traffic management and active transport.

    “This proposal will help us capitalise on the unprecedented levels of interest and investment in Parramatta, and cement its place at the centre of global Sydney,” Cr Dwyer said.

    “We look forward to sharing these City-shaping plans with the community and seeking their feedback during the public exhibition period.”

    For more information, visit www.cityofparramatta.nsw.gov.au/councilprecinct-planning/parramatta-cbd-planning-proposal


  • 28-Jul-2020 15:49 | Tracy Dawson (Administrator)

    On 23 July 2020, the Treasurer released an update on Australia’s Economic and Fiscal Outlook.

    The update provided details of the impact of the COVID-19 pandemic on Australia’s economy and fiscal position, taking into account the stimulus measures introduced, including the JobKeeper program.

    This follows announcements on 21 July 2020 in respect of the outcomes of Treasury’s review of JobKeeper and the Coronavirus Supplement payment.

    The update reiterates that the economic and fiscal outlook remains highly uncertain at this stage, and therefore presents fiscal estimates for 2019-20 and 2020-21 only. It highlights that the Government’s stimulus and support measures expenditure together with large declines in taxation receipts, has resulted in a major deterioration in the budget position.

    Learn more about the economic outlook, a review of JobKeeper and support for businesses.


  • 22-Jul-2020 17:16 | Tracy Dawson (Administrator)

    By Greg Travers, William Buck

    Larger private groups are about to come under even more scrutiny from the Australian Taxation Office (ATO).

    The ATO has announced that it’s now notifying larger private companies that they will be required to lodge the Reportable Tax Position (RTP) schedule with their income tax return for the 2020/21 financial year.

    This significantly expands the tax disclosures that private companies need to make and will materially increase the possibility that the ATO will identify tax risks in a private group and select them for audit.

    Private groups should view this as an opportunity to reassess the potential tax issues in their group and improve their approach to managing them.

    The RTP is required to be lodged by private companies that have total business income for 2018/19 of either:

    • $250m or more; or
    • $25m or more and are a part of a private economic group with total business income over $250m.

    This information is based on the 2019 tax returns.

    Public companies and foreign owned companies are required to self-assess the need to lodge the RTP schedule for the 2020/21 income year. Large private companies will be required to self-assess their lodgement requirement from the 2021/22 income year.

    There are three categories of RTP that need to be considered:

    • Category A – A position disclosed in the taxpayer’s income tax return that is as likely to be correct as incorrect, or less likely to be correct than incorrect
    • Category B – A position where uncertainty about taxes payable or recoverable is recognised and/or disclosed in the taxpayer’s or related party’s financial statements; and
    • Category C – A reportable arrangement, being any arrangement identified and listed by the ATO as high-risk.

    The company and its public officer will need to be able to demonstrate that they have a reasonable basis for the disclosures they make in the RTP schedule.

    Even if no RTPs are identified, the RTP schedule still needs to be lodged disclosing this “nil” position.

    In addition to the 26 Category C arrangements that public companies and foreign owned companies are required to consider, private companies will also be required to consider four additional arrangements:

    • Division 7A focused arrangements, where loans are made to shareholders from subsidiary companies
    • CGT focused arrangements, where assets are transferred to a unit trust prior to disposal to a third party
    • Trustee shareholder focused arrangements including change of trustee and trust splitting; and
    • Foreign income tax offset arrangements where a credit is claimed in respect of tax paid on a foreign income or capital gain.

    These disclosures reflect the four key tax risk areas identified by the ATO for private groups:

    • Division 7A (shareholder loans)
    • Business sales
    • Trusts; and
    • International transactions.

    Additionally, there are a range of other risk areas that apply to both public and private groups. Key among these is transfer pricing. If a taxpayer does not have contemporaneous transfer pricing documentation that meets the requirements of the Australian tax laws, this will need to be disclosed to the ATO in the RTP schedule.

    If you need to lodge a RTP or have concerns over potential tax risks in your business, please contact William Buck.



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