Welcome to the 2017 edition of the Winter Wealth Update, brought to you by Pitcher Partners Sydney Wealth Management.

In this edition Pitcher Partners provide an overview of:

• The NSW first home buyer relief package;

• Re-cap the super changes that will take effect from 1 July; and

• Review some of the nuances associated with the CGT relief rules when complying with the $1.6 million transfer balance cap.

Click here to read the Winter Wealth Update 2017.

For more information, please contact your Pitcher Partners representative:

Contact

Martin Fowler

Partner, Wealth Management

+61 2 8236 7776

martin.fowler@pitcher.com.au

Pitcher Partners Sydney

Level 22 MLC Centre, 19 Martin Place, Sydney NSW 2000

www.pitcher.com.au

In 2017, the Ronald McDonald House Westmead Charity Golf Classic will be held for the first time at North-West Sydney’s premier course, Lynwood Country Club.

The annual event sees almost 150 guests gather for a BBQ breakfast, before spending a morning on the course and returning to the clubhouse for a relaxed, catered lunch.

Now in its 19th year, the day has built a dedicated community of golfers from the corporate world who return year after year for a fantastic day of golf that also supports seriously ill children and their families staying at Ronald McDonald House Westmead.

With prizes and games throughout the course, and awards and auctions at the ‘19th hole’ the Charity Golf Classic provides a perfect networking opportunity in a friendly, casual atmosphere, as well as the chance to take on a top-notch links-style course.

In 2017, places are selling quickly, but there are still spots available for teams, as well as gold sponsorship opportunities for the day. Gold sponsorship opens the door to on-course and online branding, commercial activations and – of course – a fantastic day of Ambrose-style golf for a team of four.

Teams of 4 are available for $800, while gold sponsorship opportunities are available from $2000, with all proceeds going towards Keeping Families Close at Ronald McDonald House Westmead.

To find out more, contact Michelle Burman on 9485 0600 or michelleb@rmhwestmead.org.au

After the success of their first event, the Western Sydney Wanderers are excited to announce their 2nd annual Gold Star Luncheon, to be held on Friday, 14th July at The Westin, in celebration of their first ever marquee international match against Arsenal FC.

Learn about the business of Arsenal with special guest speaker Arsenal CEO Ivan Gazidis, be inspired to succeed after invincible conversation with Arsenal legend Ray Parlour and expand your professional networks with likeminded leading Sydney wide businesses.

This is an event you don’t want to miss. Book today to take advantage of early bird pricing.

Parramatta Square and the cultural infrastructure currently underway will deliver a Smart City and core CBD to greater Sydney.

Expansions at Westmead will create a world class health precinct, as well as opportunities for nearby hospitals to expand their services to an ageing population.

Rail, light rail and road infrastructure, intermodal facilities at Moorebank, expansion of the higher education sector and new high school campuses, all point to new developments that will accommodate the rapid growth of Western Sydney’s population in future decades.

The Federal government’s decision to directly invest in the development of Western Sydney’s airport at Badgery’s Creek is a milestone.

By providing a gateway for lightweight freight, domestic and international travellers, Western Sydney will not only have better access but more competitiveness on the world stage.

Innovative businesses, local councils and not-for-profit service providers will all benefit from this growth.

The current job and entrepreneurial opportunities in Parramatta and the growth corridors in Western Sydney are distinctively different from the region’s blue-collar heritage.

Knowledge-based employment and business opportunities will require digitally savvy, customer-centric and flexible workers who are able to constantly learn and adapt.

Western Sydney’s new found accessibility will create export opportunities but this will also open us to increased global competition.

Automation of routine physical and clerical tasks will take away many of the jobs employing people today.

New digital and easy-to-use technologies can lead to more knowledge based jobs for those businesses investing in human capital and innovation to improve their agility and profitability.

Automation of low value added activities will become the norm with intuition and customer-centric thinking keys to enabling sustainable growth.

Success isn’t a given though, and local businesses will need to work hard to reap the benefits. KPMG Partner - R&D and Incentives, Paul van Bergen, who is based in Parramatta advises businesses on the best way to maximise opportunities.

“Think about what customers will demand in the future,” he says. “The winners in the West will be companies which strategically invest in developing products and services that customers want and need, creating alliances to leverage skills to provide world class solutions from local suppliers.

“Some of this investment will be in the form of R&D, some in trialling innovative business models. For many, this might involve encouraging entrepreneurial behaviours to create, accelerate and commercialise new business models.

“Increased funding from NSW and Federal governments is available for collaborative R&D and developing digital technologies for established businesses.

“Through the Western Sydney University LaunchPad accelerator, companies can access expertise and leading-edge technologies subsidised by the NSW government technology vouchers.

“For example, the School of Engineering Computers and Mathematics has assisted traditional manufacturing companies in developing solutions that apply the Internet of Things to create new service lines.

“This enables closer relationships with technologically demanding customers. Partially funded by R&D tax offsets, this reduces the after-tax cost of transforming a business to become a global player.”

Cloud technology has changed the way we work, how health and social services are delivered and how businesses provide goods and services in the future.

For businesses looking to capitalise on Western Sydney’s growth, this means that the need to invest in and embrace cloud technology is no longer a choice. It’s an imperative.

It’s important to keep tabs on the cost effectiveness of all business activities. Understanding what cloud technology can contribute to improve profit margins, better decision making and ensuring businesses deliver a unique and consistent customer experience.

Gordon Irons, KPMG Partner - Technology Advisory, says: “Cloud-based solutions make it possible to get more value out of existing data and IT services. The mid-market can now access user-friendly business systems at a fraction of the cost of the amounts historically paid by their larger competitors.

“This increased flexibility will enable Western Sydney businesses to become more nimble, responsive and entrepreneurial.

“The ability to harness accurate, meaningful and real-time information from systems that can be accessed via a mobile device or any internet connection will help all these Western Sydney businesses to become more competitive, agile and profitable.”

Article by: 

David Pring 

Managing Partner

KPMG Parramatta

This article was first published in Western Sydney Business Access - www.wsba.com.au

The Department of Infrastructure and Regional Development will hold an Industry Information session for experienced businesses interested in design and construction opportunities for the Western Sydney Airport project on the morning of Monday 26 June 2017 in Western Sydney.

The session will provide details on procurement and construction timeframes and is tailored for established businesses who are capable of offering specific services, including:

• earthworks (22 million cubic metres)

• building a 3.7 km runway, aprons and taxiways;

• terminal construction (up to 90,000 m2 floor area);

• drainage and utilities works;

• car parking facilities for around 11,500 cars;

• onsite roads; and

• environmental management.

To register your interest in attending the Industry Information Session, please visit www.westernsydneyairport.gov.au/industry and submit a registration form by 21 June 2017. More information about the event and invitations will be sent to those registered.

The event is an information session only and attendance is not a requirement for participation in any subsequent procurement processes. Information from the event and a copy of the presentation will be made available on the Western Sydney Airport website, following the session, for those unable to attend.

Autumn 2017 Community Update out now

The Western Sydney Airport Community Update newsletter for autumn 2017 is out now. Click here to find out more about the latest news in the project, including the establishment of WSA Co and the work happening on the airport site.

William Buck have just released their Tax Rates & Tools App which is available for Apple and Android phones/tablets and is free to download. 

• Calculate tax outcomes at the push of a button
  

• Access the latest tax rates and dates at your fingertips
  

• Keep track of journeys using GPS logbook tracker (IOS only)
  

• Never lose a receipt again – using the integrated receipt management tool
  

       

Why switching to the cloud is the answer

As 30 June approaches, so does a seemingly infinite list of end of financial year tasks. But where pressure and stress levels have typically been at peak-level at this time, things are looking up – to the cloud. If your business is yet to make the switch to more efficient financial and reporting systems, it’s time to act now so you can begin the new financial year with a clean slate.

Out with the old

Changing systems may seem daunting, but think of it as short-term pain for long-term gain. As with any change management, look within first to identify any bottlenecks or inefficiencies.

Are you attached to a reliable but clunky old system? Or do your admin staff distrust new technology because they’re so used to entering data manually?

Mindset can be one of the biggest roadblocks when you’re disrupting the system, but it’s quite simple: if your staff can see the benefits of the change, then they will adapt and the business will thrive.1

In with the new

According to global accounting community Panalitix, by the end of 2017 more than 90% of small and medium sized businesses will be using cloud-based accounting systems.2 And over 90% of accounting firms will be using cloud-based practice management systems.

So if you aren’t already underway with those systems, this end of financial year really is crunch-time.

According to Receiptbank, Xero and Quickbooks Online are leading the way globally.3 Along with MYOB Essentials, they automate many of the manual processes, from bank feeds and reconciliation to payroll and accounts payable.

Once your business has streamlined these processes, your team will have much more time to focus on the important things that can increase your bottom line.

Click here to read the full article.

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 518724 and be connected with one of our banking specialists in your region.

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.

The Western Sydney Wanderers are proud to announce the launch of their W-League Mentoring Program. As part of their ongoing commitment to Women’s football, the program is designed to guide their female athletes towards success both on and off the field, build their own personal brand and help extend their professional networks that will allow them to broaden their career aspirations.

The Wanderers are looking for mentors from a range of roles, businesses and backgrounds to mentor their elite athletes. Click here to apply now. 

Located on Eat Street – Parramatta’s dining district, Novotel Sydney Parramatta’s 350 Restaurant and Lounge is embracing this Winter a NEW seasonal menu!

Taste heart-warming dishes with Chef Kiki’s favourites:

• Black Mussels with tomato & chilli sauce, parley & rustic bread
  

• Bourbon glazed beef ribs with grilled prawns and sweet potato wedges
  

• Barramundi fillet in fish broth with braised white beans, chorizo and clams
  

• Baked pear with custard, topped with coconut crumble and a side of raspberry sorbet
  

Reserve a table with your friends and family and enjoy free undercover parking.

Book via our website, call our friendly reservations team on 02 9630 4999 or email h8787-fb@accor.com

Get your hiring strategy right in 2017.

As a growing real estate agency with five offices in Perth, Davey Real Estate brings on 10 to 15 new hires every year. General Manager Andrew Davey is first to admit they don’t always get it right.

“Like any service-based business, people are our biggest asset, and our biggest cost. It’s vital to get hiring right – but while we have wins there are the occasional misses.”

He says it’s more important to get the right attitude, rather than focus on ability.

“It’s difficult to interview for culture and mindset, but if we believe they’ll fit in and believe in what we stand for, then they’re in – we can work with them to get their skills up if we need to.”

With the cost of a poor hiring decision estimated at around one and a half to two times that person’s salary(1), many business owners are taking their time to make the right decision. A recent report revealed that globally, the average time it takes to fill a position has increased by 50% since 2010(2).

But while it’s important not to rush such an important decision, having an open position for months on end can also have a negative impact on staff productivity and morale.

Click here to read the full article.

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.

(1) How much the wrong hire will actually cost you, Magda Walcak, 13/9/16 

(2) Average time to hire staff hits 68 days, AFR, 30/6/15