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Champion's end of financial year checklist 30 June
The end of the year is almost upon us and the team at Champion's would like to take this opportunity to wish you a happy and safe holiday season!   We look forward to helping you make 2015 a prosperous and successful year.

Please note our office will be closed from 12.30pm on Wednesday 24 December 2014 and will re-open on Monday 12 January 2015

This month's articles

Santa 'Clauses'
The top SMSF Property Investments Mistakes

Divorce - What it means to you (& your business)
Quote of the Month

Up Close & Personal
Meet our Clients
Accountant Jokes

SANTA 'CLAUSES'

It's that time of the year again ...

With the festive season fast approaching, talk inevitably turns towards end of year celebrations such as Christmas parties,  entertaining clients, and gift giving.  We explore the five potential problem areas for your business.  Read Full Article
SMSF   PROPERTY   INVESTMENT

The top SMSF property investment mistakes 

Former Prime Minister Paul Keating recently suggested that Self Managed Superannuation Funds (SMSF) should be restricted from investing in residential property.
 
Mr Keating told the Financial Review, “If I was treasurer today, I would be looking very hard at the whole entitlement or availability of debt to SMSFs.  They have gearing ­ available to them and, of course, many of them are taking the option of buying residential property.”
 
According to the latest Australian Taxation Office (ATO) SMSF statistics, real residential property represents 3.5% of the value of all assets held in SMSFs.  This level of investment has been consistent since 2009 with the bulk of properties worth between $200,000 and $1 million.  SMSF investment in commercial property is around 12%. However, what has changed is the number of investors with an average of 1,200 new investors using their SMSFs to purchase residential property each year.  And, the explosion in limited recourse borrowing arrangements which have increased 1758% between June 2009 and June 2014.
 
For many SMSFs however, there are some very big risks if the borrowing arrangements and property purchases are not put in place correctly.  If your SMSF breaches its compliance obligations, it is at risk of being deemed non-compliant and losing its concessional tax status and the trustees also risk being fined personally under the ATO’s new penalty powers that came into effect on 1 July 2014.
 
Here are the top SMSF property issues:
Read Full Article.
BREAKING UP IS HARD TO DO

Divorce - What it means to you (& your business) 
 

Breaking up is hard to do.  Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. A recent ruling from the Australian Taxation Office (ATO) will create a tax burden for many divorcing couples that have assets tied up in a company  Read Full Article


 

Quote of the month
"The punters know that the horse named Morality rarely gets past the post, whereas the nag named Self-interest always runs a good race" Former Prime Minister Gough Whitlam 1989

UP  CLOSE  &  PERSONAL

With Nicole Johnson

Nicole commenced with Champion's in May as our Practice / HR Manager and has now been with us for 6 months.  Nicole has over 20 years experience in both Practice Management and Human Resources Management within the professional services industry.
The past 9 years Nicole was Human Resources Manager for a top 10 Mid Tier Chartered Accounting firm and during that time Nicole also provided assistance to their clients in HR related matters.

Nicole brings to Champion's a wealth of knowledge in all areas of human resources as well as practice management generally.

This month we get to know her a little better... Read Full Article
 
MEET OUR CLIENTS
DMF International Pty Ltd
 
DMF International Pty Ltd is a family operated business located in Western Sydney and has been operating for over 45 years.
They are manufacturers of specialised climate control doors, including high speed roll doors, and high traffic impact type doors, employing 22 staff. With agencies around Australia, and throughout SE Asia, DMF have a significant understanding of the market they operate within, which includes supplying to the food, pharmaceutical, printing, logistics, health and mining industries. As well as manufacturing their own product range, DMF are exclusive agents for the leading global manufacture of high speed doors, Efaflex GmbH, a German based high end manufacturer.
Mark and Stephen Fell took over running the business back in 2000, after their father Warwick retired, and have since adapted the business to an ever changing marketplace. With manufacturing operations now in Melbourne, Kuala Lumpur, and Guangzhou, DMF have the ability to supply a complete range of high speed door types to suit a small budget, or high end sophisticated applications.


DMF have been clients of Champions since the late 80's and were one of the first clients of the founder, Richard Champion. Over the years, Champions have provided sound advice and assistance, not just in accounting, but also in business planning and strategy. They have always worked to have a sound knowledge of our business, and have added to the success of DMF. 
Stephen Fell
Export Director

Accountant Jokes

Two accountants go to the cemetery to pay their respects at the grave of a colleague. However, they search and search and can’t find his tombstone anywhere. Eventually one turns to the other and says, ‘Perhaps he put it in his wife’s name?’
 
What is the definition of "accountant"?
Someone who solves a problem you didn’t know you had in a way you don’t understand.
 
If an accountant's wife cannot sleep, what does she say?
"Darling, could you tell me about your work."

Copyright © 2014 Champion's Business Growth Advisers Pty Ltd, All rights reserved.
Email Champion's at: yourteam@champions.com.au
Tel: 02 96357700
Champion's Business Growth Advisers Pty Ltd · Level 3 · 107 Phillip Street · Parramatta, NSW 2150 · Australia
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