Blog

Welcome to Yield’s Summer edition of our newsletter.  This is an interesting time of year for Yield management and staff as we look to finalise our outstanding lodgements whilst having a view to the end of the financial year and the ever increasing desire to provide important pre end of financial year business and taxation planning advice.  As our efficiencies grow our aim is to have more of our clients compliance work completed prior to Christmas and have more resources available for the value adding roles on which we seek to focus.

Photos by Jannes Eggan. Instagram

Client Profile

Pemberley of Pemberton – Monica & David Radomiljac

Pemberley of Pemberton vineyard was planted in 1995 and now produces nine varieties of grapes, which are then made into ten different wines sold under the Pemberley brand, as well as supplying grapes to other WA wineries. Their wine received several awards at the recent RSM Timber Towns Wine Show, including best wine of the show with their 2016 Pinot Noir. Pemberley also produces potatoes, beef cattle, marron and truffles and are registered breeders of Labrador Retrievers. This diversification helps protect them from the vagaries of the markets. Their business is using the Xero accounting software and Monica stated “The complications and financial reality this diversity creates are handled on a day to day basis by the support we get from Steve and his team at Yield.”

Pemberley employs two full-time staff, some part-time and up to 150 seasonal workers to maintain the vines and harvest the grapes.

The future of farming is firmly in the hands of the next generation who are continually seeking new and innovative ideas allowing advances in technology to complement their existing farming methods.  Examples include their newly installed automated irrigation towers, assistive farming computer programs and data compiling analysis to assess production and pricing trends. They are ably assisted by their son Tyler, with a Bachelor degrees in Engineering and Commerce, who has eagerly embraced Xero and everything of a technological nature.

Pemberley are very mindful of their carbon footprint and are excited to focus on sustainability in technology development and are eagerly watching for suitable technology that is appropriate to implement into their farming practices. They hope to install more solar panels, energy storage, improve their recycling systems and focus on the general reduction of use of fossil-fuels.

Monica and David are proud to be part of the wine industry which is built upon more romance and dreams than most industries.  They are grateful for the support over the last 23 years from people in Pemberton, Manjimup and around the world who have helped them develop their wine and thus ensured the success of their business.

We invite you to view their website here – Pemberley of Pemberton

Youth Allowance – Students or Apprentices.

We at Yield understand that many of our clients children are at the point where they are following their dreams of furthering their education via full time study.  One question on all parents minds at this time is as to whether their children are eligible for Centrelink support via Youth Allowance to assist financially in their endeavours.  This article serves to give some clarity as to the rules.

The main decision matrix in relation to eligibility is as to whether your child is considered independent or dependent for Youth Allowance purposes.  If your child is considered dependent then the parental income is considered and the Youth Allowance is reduced by 20c per $ of joint parental income over $52,706, depending on other children in the family.

There is a large incentive to be considered to be independent.  These tests are the ways this can be achieved;

1. Be 22 years or older
2. Full time work.  This test requires that the person supports themselves by working full time paid work for at least 18 months within any 2 year period.  Calculated as an average of 30 hours per week.  This is often referred to as the 18 month gap year and a half
3. Part time work or earnings for rural and remote students.  This test is available for most of our country clients if the criteria are passed. To be eligible you need;
   1. parental home must be regional
   2. you need to move away to study
   3. since school have; over a 14 month period earned at least 75% of Wage Level A of the National Training Wages Schedule or for at least 2 years worked at least 15hrs per week
   4. Parental income must be below $150,000 for the 2017 financial year if the claim is being made in the 2018 year

Other incentives offered by Centrelink to assist financially are; Student start up loans, rent assistance, fares allowance, health care card,student start up loans, relocation scholarships and others.

These are covered off and you can check your eligibility by clicking here – Youth Allowance Eligibility and Payments

The new Associations Incorporation Act 2015 (WA)

Many of Yield’s clients are involved with an incorporated association in some way.  We thought it would be useful to summarise the key impacts of this new piece of legislation, which came into force on 1 July 2016. Key features of the new law include:

• A new three-tiered system of financial reporting based on the association’s revenue;
• New requirements which prohibit persons from sitting on the management committee of an association in certain circumstances;
• Enhanced disclosure requirements around conflicts of interest;
• Changes to improve the privacy of association members;
• The requirement to either adopt the new Model Rules of association or amend existing rules accordingly (associations have until 30 June 2019 to comply with this change);
• Other changes regarding incorporation, amalgamation, winding-up and changes to addresses of associations.

Additional detail and guidance can be found here – Government of Western Australia – Associations and Clubs

Staff News

Yield is very pleased to announce that Jessica Liebregts has finished her studies and is now a Certified Practicing Accountant.  This is a tremendous effort by Jess and we commend her on her dedication.  The CPA designation is hard earned and requires very high levels of commitment to achieve.  Great work Jess.

On a sadder note we are saying goodbye to Christine Thomas.  Chris has been offered a position with the firm she has been working with, when not with Yield in a more full time and rigorous capacity.  Yield wish Chris every success and are excited and happy for her opportunity.  Chris has established many longstanding relationships with a number of our clients and will be sorely missed. All the best Chris.

Disclaimer

The Material contained in our newsletter is no more than general comment for the benefit of clients and associates of Yield Accounting Group.  Readers should not act on the basis of the material contained in our newsletter without taking professional advice relating to their particular circumstances.

Liability limited by a scheme approved under Professional Standards Legislation