The PRWIRE Press Releases https:// 2019-06-17T02:04:16Z Gartner Says Worldwide Customer Experience and Relationship Management Software Market Grew 15.6% in 2018 2019-06-17T02:04:16Z gartner-says-worldwide-customer-experience-and-relationship-management-software-market-grew-15-6-in-2018 SYDNEY, Australia, June 17, 2019 — Worldwide spending on customer experience and relationship management (CRM) software grew 15.6% to reach $48.2 billion in 2018, according to research from Gartner, Inc. CRM remains both the largest and the fastest growing enterprise application software category. Worldwide enterprise application software revenue totaled more than $193.6 billion in 2018, a 12.5% increase from 2017 revenue of $172.1 billion. CRM made up almost a quarter of that revenue. Approximately 72.9% of CRM spending was on software as a service (SaaS) in 2018, which is expected to grow to 75% of total CRM software spending in 2019, with agility and flexibility being big drivers, along with the requirement for remote and mobile users. “Cloud growth has dropped slightly in 2018 but remains strong at 20% and significantly above the overall growth rate of 15.6% for CRM,” said Julian Poulter, senior director analyst at Gartner. “As an early mover to the cloud, CRM software is probably seeing a gradual reduction in cloud growth rates due to high adoption.” The top five CRM software vendors accounted for more than 40% of the total market in 2018 (see Table 1). The top five vendors had very little change in ranking compared with 2017, although Microsoft climbed into fifth position, narrowly displacing Genesys. Table 1 CRM Software Spending by Vendor, Total Software Revenue Worldwide, 2018 (Millions of U.S. Dollars) Company 2018 Revenue 2018 Market Share (%) 2017 Revenue 2017 Market Share (%) Salesforce 9,420.5 19.5 7,648.1 18.3 SAP 4,012.2 8.3 3,474.4 8.3 Oracle 2,669.0 5.5 2,492.9 6.0 Adobe 2,454.8 5.1 2,017.2 4.8 Microsoft 1,302.0 2.7 1,132.1 2.7 Others 28,371.7 58.8 24,962.0 59.9 Total 48,230.2 100.0 41,726.7 100.0 Source: Gartner (June 2019) All subsegments of the CRM market grew by more than 13.7%, with marketing emerging as the fastest growing segment, increasing by 18.8% and representing more than 25% of the entire CRM market. Customer service and support retains its No. 1 position, contributing 35.7% of CRM market revenue. “To exploit the significant market opportunity, product managers in CRM application providers should double down on cloud deployments and consider adding functionality in the fast growing marketing segment,” said Mr. Poulter. Gartner clients can learn more in the report “Market Share: Customer Experience and Relationship Management, Worldwide, 2018.” Gartner Customer Experience & Technologies Summits Customer experience trends will be further discussed at the Gartner Customer Experience Summit 2019 taking place June 17-18 in Sydney. Follow news and updates from the event on Twitter at #GartnerCX. About Gartner Gartner, Inc. (NYSE: IT) is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities and build the successful organizations of tomorrow. Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and objective resource for more than 15,000 organizations in more than 100 countries — across all major functions, in every industry and organization size. To learn more about how we help decision makers fuel the future of business, visit www.gartner.com. # # # Accountant Thomas Mousa TLK Partners Business Wealth Advisors Sydney Financial 2019-06-14T22:00:27Z accountant-thomas-mousa-tlk-partners-business-wealth-advisors-sydney-financial Financial 'Lambs to the slaughter' warns financial expert This year we have seen a significant power shift for consumers, with the government investing heavily in heightened financial protections. Through thorough reviews of bank reforms and consumer lending policies, control is slowly being readjusted back into the hands of the Aussie public. In fact, the 2019 Coalition government’s budget pledged $640 million to continue to restore trust in the financial sector by implementing the recommendations of the Royal Commission. These developments are encouraged and importantly, long overdue. However, the government, despite many calls and promises to do so, has been slow to enact change against one of the most glaringly obvious issues facing Australian consumers — predatory finance practices such as payday loans. Australian financial expert, Thomas Mousa, senior partner of Sydney-based TLK Partners says, "effective interest can run into hundreds of per cent with payday loans and that interest further devastates families who are already devastated." They have failed to recognise the low hanging fruit that could save thousands of vulnerable Australians from financial hardship. We only need to look to the Senate Inquiry into Financial Hardship that explicitly noted payday loans are perpetuating debt cycles among vulnerable Australians and aren’t being taken out for emergencies, but to pay off existing loans and meet cash shortfalls. Little is being done to crack down on the issue and while politicians drag their feet on stamping out predatory lending, there are serious implications for Australians. RELATED ARTICLE: Retirement Planning Financial Management Wealth Tax Advisors Sydney NSW TLK Partners With the rising cost of living headlining Morrison’s budget this year and an election on the books, it’s clear that now, more than ever, we may need to rethink the way Australians get paid to better suit their personal financial pain points. In 2018, 2.1 million Australians aged 18 and over shared that they experience severe or high financial stress according to the Centre for Social Impact and NAB. Similarly, research from MLC found that 46 per cent of Australians are living pay-cheque to pay-cheque. And this isn’t looking like it’s going to change any time soon. Recent Australian Bureau of Statistics (ABS) stats showed that more than one million Australians have two jobs to make ends meet. Fortunately, there is a path forward and a way of managing financial concerns that employers can provide by focusing on financial wellness, providing important benefits to employees and their bottom line. A Harvard study found that investing in employee financial wellness leads to an increase in retention, boosts morale and increases productivity. This is more than just office yoga, it’s offering people a chance to take back financial control and relieve part of their financial stress. RELATED ARTICLE: Property Tax Wealth Advice Accountants Kingsgrove Sydney by Expert Matthew Mousa TLK Partners We know that financial vulnerability can lead to stress. And we know that financial stress isn’t reserved for one sector of the population, it’s felt by those across all income brackets. AMP found earlier this year that those who earn between $50,000 to $74,999 are the most likely to feel stressed about money – but that doesn’t exclude the rest of us. Mousa says, "there are more demands put on our income at this time than at any other point in history," and he says, "that demand is getting worse." The data tells the story loud and clear: employee financial concerns can have a detrimental impact on business. AMP found it costs an estimated $31.1 billion per year in lost revenue for Australian businesses. That’s a massive hit on Australia’s economy and one that isn’t being taken seriously enough. Employers have an important role to play in helping the rest of us tackle predatory lending. Eradicating established practices like payday loans isn’t simple, and is going to require both politicians and businesses taking responsibility for the financial wellness of Australians. But positive progress is being made, and the potential is huge. So, while politicians are slow to act, employers have the power to cultivate change — and lucky for us, they’re only getting started. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisersare financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Aged Care Pension Administration Wealth Financial Planning Sydney Tax Accountant 2019-06-13T22:00:57Z aged-care-pension-administration-wealth-financial-planning-sydney-tax-accountant Red-tape is killing small businesses The engine room of the economy may be at risk of stalling, as new research reveals the weight of administration and red tape is costing small business an average of 541 hours in time, and $14,857 in money each year. This is a total annual cost of more than $20.16 billion per year for Australian small businesses. The In The Zone research from leading Australian accounting software provider, Reckon, revealed that almost half of small business owners (46%) say the admin and red tape of running their business is ‘killing the dream’ that made them start it in the first place. The survey of more than 1,300 small business leaders across Australia sought to investigate the benefits and barriers to achieving peak performance – or being ‘in the zone’ – at work. It comes ahead of the deadline to adopt Single Touch Payroll (STP), which is the biggest compliance change for employers since the introduction of GST almost 20 years ago, and will require more frequent reporting of payroll information to the ATO. “Being ‘in the Zone’ – is, a continual, concentrated, mental effort of heightened focus, efficiency and productivity,” says financial expert Thomas Mousa, partner and director of Sydney-based TLK Partners. RELATED ARTICLE: TLK Partners Sydney, NSW Aged Care and Financial Income Protection Expert Delivers Investors Tax Wealth Clients Warning to Australian Investors Over a fifth (22%) of small business leaders said that the pressure of admin makes it hard for them to get ‘in the zone’ and do their best work to succeed and grow the business. Per week, many spend more time on administration and payroll (at an average of 10 or more hours) than they do operating at their peak (an average of fewer than 10 hours). Some of the biggest barriers preventing small business owners from achieving peak performance include having to do administrative tasks, feeling tired or stressed from work, or interruptions from phone calls and emails. Entrepreneur, and CEO and Founder of The Remarkable Woman, Shivani Gopal, encourages all small business owners to realise the financial and emotional benefits of seeking ways to get ‘in the zone’. “Small changes can have a big impact. This research shows that even simple steps such as moving to a more comfortable workspace, using music or exercise can boost productivity and happiness – to the point of positive financial returns,” said Gopal. To stay on top of their admin, payroll and compliance requirements, respondents are willing to make a number of sacrifices at the expense of their health and wellbeing. 84 per cent of small business leaders said they would make a lifestyle sacrifice because of admin workload or requirements, with 50 per cent specifically saying they would sacrifice their wellbeing, including sleep. RELATED ARTICLE: Trading Cryptocurrency are Not Viable Investments Says Kingsgrove Financial Wealth Advisor of TLK Partners in Sydney The In the Zone research revealed that the average small business owner gets approximately 4.5 hours sleep per night, far less than the recommended 7-9 hours [1]. 13 per cent of respondents even say they do their admin and payroll before 6am. “Health and wellbeing is a huge cultural conversation, but unfortunately it seems small business owners are not heeding advice, or simply not able to due to the demands placed on them, which is a real concern,” said Gopal. Small business leader and Managing Director at T.E.C.K.nology Indigenous Corporation, Leslie Lowe, explains that the pressures of running a small business can make it difficult to create a work-life balance. “Running your own business can be incredibly stressful. There have been a number of times when I found myself prioritising work over health and wellbeing, such as skipping on sleep, when the everyday demands of sustaining a profitable business and admin pressures build up. To stay on top of emails, admin and compliance reporting, I’m often up at 4am to make an early start on the day,” said Lowe. The research found that the pressure of administrative tasks and red tape has caused 58 per cent of small business leaders to make an error that has had a financial implication, such as over or underpaying a supplier or employee, or transferring payments to the wrong person. This could also be due to time-poor small business leaders trying to juggle several things at once. 84 per cent say they have done their business admin or reporting while multitasking – for instance, a quarter have watched TV or used a streaming service while doing admin and payroll tasks. Concerningly, ahead of the STP requirements, 21 per cent or 659,000 of small business leaders in Australia don’t believe or don’t know if their business meets all existing compliance requirements, let alone upcoming changes from 1 July. Around a quarter (24%) also admit that they do not currently use an accounting and payroll software, which is a pre-requisite to getting STP-compliant with the ATO. "Helping businesses remain compliant is the speciality of TLK Partners," Mousa concluded. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Aged Care Pension Effects Business Wealth Financial Planning Tax Accountant 2019-06-12T22:00:54Z aged-care-pension-effects-business-wealth-financial-planning-tax-accountant 4 in 10 New Businesses Fail in First 4 Years Australia is home to more than 2,065,523 small businesses employing less than 19 people, accounting for 97 per cent of all Australian businesses by employee size. While small business failures are still a concern with four in 10 not surviving more than four years, there has been growth in the numbers of small businesses over the year. Many businesses in Australia are still family owned and are often too busy dealing with today’s operations to worry about who will be running the business when the owners no longer wish to. However, putting off establishing a clear-cut succession plan in a family business can inevitably lead to future problems and can drive a deep wedge into the closest of families. Australian financial expert Thomas Mousa, a chartered accountant, director and partner at Sydney-based TLK Partners says, "To ensure continuity, a succession plan is essential for every family business and this is regardless of whether the family runs a global empire, family farm or corner store." "Although you can talk about the family business around the kitchen table, it is a good idea to have formal family meetings with a structured business agenda. Consider having someone external to the family facilitate these. This is also an opportunity to encourage open discussions to ensure there isn’t a break-down of communication between all the family members involved in the business," Mousa suggests. RELATED ARTICLE: Compliance Costs for Wealth Management and Financial Services Could Harm Your Business says Sydney Chartered Tax Accountants TLK Partners Have a plan for the exit of the older generation by setting dates and ensure there is enough retirement planning to ensure the older generation is well looked after for in retirement. Mousa says, "If you fail to have the total support of the older generation then they are unlikely to relinquish their control and position in the business." Who replaces the older generation is a vital issue for the business to succeed. "It may not always be appropriate for the eldest child to automatically take the lead (whether they expect to or not). There must be open and frank discussions on this issue and a firm decision made on a suitable successor. Having someone to take over the business for the right reasons and not based on an obligation is essential, so choose wisely," Mousa said. "Getting the right advice is essential," Mousa explains, "it is crucial that all-important planning issues are discussed with your professional advisers. A solicitor will assist in drafting documents including any applicable loan documentation, an accountant will assist with the tax implications on the sale of the business and your financial planner will assist in the retirement planning for the older generation and superannuation." RELATED ARTICLE: Superannuation Tax Estate Planning Private Wealth Financial Planning Sydney TLK Partners Mousa recommends to "set dates for future meetings so that discussions continue until the succession plan business has been completed and all family members have been provided for." It is important that you keep your succession plan current. Changes in personal circumstances, health and goals can prompt an alteration in a succession plan and these should be reviewed and updated to ensure that what you have agreed upon remains relevant. "TLK Partners promote a simple and commonsense approach of preparing in advance, seeking professional advice supported by sound, unemotional management, to set the future of the business in good stead and allow it to continue in its success for many years to come, " Mousa concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Gartner Reveals Seven Mistakes to Avoid in Blockchain Projects 2019-06-12T08:16:02Z gartner-reveals-seven-mistakes-to-avoid-in-blockchain-projects STAMFORD, Conn., June 12, 2019 — Interest in blockchain continues to be high, but there is still a significant gap between the hype and market reality. Only 11% of CIOs indicated they have deployed or are in short-term planning with blockchain, according to the Gartner, Inc. 2019 CIO Agenda Survey of more than 3,000 CIOs. This may be because the majority of projects fail to get beyond the initial experimentation phase. “Blockchain is currently sliding down toward the Trough of Disillusionment in Gartner’s latest ‘Hype Cycle for Emerging Technologies,’” said Adrian Leow, senior research director at Gartner. “The blockchain platforms and technologies market is still nascent and there is no industry consensus on key components such as product concept, feature set and core application requirements. We do not expect that there will be a single dominant platform within the next five years.” To successfully conduct a blockchain project, it is necessary to understand the root causes for failure. Gartner has identified the seven most common mistakes in blockchain projects and how to avoid them. No. 1: Misunderstanding or Misusing Blockchain Technology Gartner has found that the majority of blockchain projects are solely used for recording data on blockchain platforms via decentralised ledger technology (DLT), ignoring key features such as decentralised consensus, tokenisation or smart contracts. “DLT is a component of blockchain, not the whole blockchain. The fact that organisations are so infrequently using the complete set of blockchain features prompts the question of whether they even need blockchain,” Mr. Leong said. “It is fine to start with DLT, but the priority for CIOs should be to clarify the use cases for blockchain as a whole and move into projects that also utilise other blockchain components.” No. 2: Assuming the Technology Is Ready for Production Use The blockchain platform market is huge and largely composed of fragmented offerings that try to differentiate themselves in various ways. Some focus on confidentiality, some on tokenisation, others on universal computing. Most are too immature for large-scale production work that comes with the accompanying and requisite systems, security and network management services. However, this will change within the next few years. CIOs should monitor the evolving capabilities of blockchain platforms and align their blockchain project timeline accordingly. No. 3: Confusing a Protocol With a Business Solution Blockchain is a foundation-level technology that can be used in a variety of industries and scenarios, ranging from supply chain over management to medical information systems. It is not a complete application as it must also include features such as user interface, business logic, data persistence and interoperability mechanisms. “When it comes to blockchain, there is the implicit assumption that the foundation-level technology is not far removed from a complete application solution. This is not the case. It helps to view blockchain as a protocol to perform a certain task within a full application. No one would assume a protocol can be the sole base for a whole e-commerce system or a social network,” Mr. Leong added. No. 4: Viewing Blockchain Purely as a Database or Storage Mechanism Blockchain technology was designed to provide an authoritative, immutable, trusted record of events arising out of a dynamic collection of untrusted parties. This design model comes at the price of database management capabilities. In its current form, blockchain technology does not implement the full “create, read update, delete” model that is found in conventional database management technology. Instead, only “create” and “read” are supported. “CIOs should assess the data management requirement of their blockchain project. A conventional data management solution might be the better option in some cases,” Mr. Leong said. No. 5: Assuming That Interoperability Standards Exist While some vendors of blockchain technology platforms talk about interoperability with other blockchains, it is difficult to envision interoperability when most platforms and their underlying protocols are still being designed or developed. Organisations should view vendor discussions regarding interoperability as a marketing strategy. It is supposed to benefit the supplier’s competitive standing but will not necessarily deliver benefits to the end-user organisation. “Never select a blockchain platform with the expectation that it will interoperate with next year’s technology from a different vendor,” said Mr. Leong. No. 6: Assuming Smart Contract Technology Is a Solved Problem Smart contracts are perhaps the most powerful aspect of blockchain-enabling technologies. They add dynamic behavior to transactions. Conceptually, smart contracts can be understood as stored procedures that are associated with specific transaction records. But unlike a stored procedure in a centralised system, smart contracts are executed by all nodes in the peer-to-peer network, resulting in challenges in scalability and manageability that haven’t been fully addressed yet. Smart contract technology will still undergo significant changes. CIOs should not plan for full adoption yet but run small experiments first. This area of blockchain will continue to mature over the next two or three years. No. 7: Ignoring Governance Issues While governance issues in private or permissioned blockchains will usually be handled by the owner of the blockchain, the situation is different with public blockchains. “Governance in public blockchains such as Ethereum and Bitcoin is mostly aimed at technical issues. Human behaviors or motivation are rarely addressed. CIOs must be aware of the risk that blockchain governance issues might pose for the success of their project. Especially larger organisations should think about joining or forming consortia to help define governance models for the public blockchain,” Mr. Leong concludes. Gartner clients can learn more in “Common Mistakes to Avoid in Enterprise Blockchain Projects.” This research is part of the Gartner Featured Insight research collection “Blockchain Unraveled: Determining Its Suitability for Your Organisation.” This research explains when blockchain makes sense and the critical factors to consider to capture this new business value. About Gartner Gartner, Inc. (NYSE: IT) is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities and build the successful organisations of tomorrow. Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and objective resource for more than 15,000 organisations in more than 100 countries — across all major functions, in every industry and organisation size. To learn more about how we help decision makers fuel the future of business, visit www.gartner.com. Australian MyBudget Customer Service Hero Recognised Globally 2019-06-12T04:47:48Z australian-mybudget-customer-service-hero-recognised-globally Genesys® (www.genesys.com), the global leader in omnichannel customer experience and contact centre solutions, has awarded the prestigious grand prize of their dedicated global CX Hero program to an Australian customer service agent. In recognition and appreciation of the work customer service agents do, Genesys created CX Heroes, to celebrate true stories of customer service agents going above and beyond the call of duty. The program aims to create a movement to appreciate the unsung heroes who ensure their customers receive premium service. Award entries were received from around the globe, with Genesys applying stringent judging criteria to submissions. One of the core metrics judges considered was the applicant’s ability to deliver impactful customer service. Of the global finalists, Australian customer service representative, Nicole Martin from MyBudget, was awarded the title, CX Hero of the Year. Nicole was presented with her award on a global stage in front of nearly 2,500 customer experience leaders. Ms Martin earned the title for her commitment and dedication to her customers, as demonstrated by going above and beyond the call of duty during Christmas. On the last business day before Christmas, Ms Martin answered a frantic call from a customer trying to get gifts delivered in time for the holiday. She was able to improvise a solution and worked tirelessly across multiple stakeholder groups to save the customer’s family Christmas from being torn apart. "I am thrilled to be recognised as the CX Hero of the Year. I really enjoy helping people, and that gives me great job satisfaction” said Nicole Martin, Customer Service Representative, MyBudget. You can read the full story here. -ends- Image: From left to right: Nate Bennett (Senior Product Marketing Manager, Genesys); Rebecca Pulbrook (National Client Success Leader, MyBudet); Nicole Martin (Customer Service Representative, MyBudget) About Genesys Genesys® powers more than 25 billion of the world’s best customer experiences each year. Our success comes from connecting employee and customer conversations on any channel. Every day, 11,000 companies in more than 100 countries trust our #1 customer experience platform to drive great business outcomes and create lasting relationships. Combining the best of technology and human ingenuity, we build solutions that mirror natural communication and work the way you think. Our industry-leading solutions foster true omnichannel engagement because they perform equally well across channels, on-premises and in the cloud. Experience communication as it should be: fluid, instinctive and profoundly empowering. Visit genesys.com on Twitter, Facebook, YouTube, LinkedIn and the Genesys blog. ©2019 Genesys Telecommunications Laboratories, Inc. All rights reserved. Genesys and the Genesys logo are trademarks and/or registered trademarks of Genesys. All other company names and logos may be registered trademarks or trademarks of their respective companies. Media contacts Australia Elizabeth Williams Group Account Director ZADRO elizabeth@zadroagency.com.au +61 2 9212 7867 +61 411 201 354 Julie Donovan Senior Account Manager ZADRO julie@zadroagency.com.au +61 2 9212 7867 +61 410 510 080 Australia and New Zealand Shine in Global Customer Innovation Awards 2019-06-12T01:43:56Z australia-and-new-zealand-shine-in-global-customer-innovation-awards Genesys® (www.genesys.com), the global leader in omnichannel customer experience and contact centreer solutions, recognised leading Australian and New Zealand (ANZ) companies including Homecare Medical, Tokio Marine Australasia, MyBudget, O’Brien Glass, Teacher’s Mutual Bank and more during its 14th annual Customer Innovation Awards. Winners were announced on the opening day of Xperience 19, in Denver, Colorado. The Genesys Customer Innovation awards celebrate companies from around the world for using innovative approaches and technologies, such as the cloud and artificial intelligence, to drive business performance and deliver great customer experiences. The finalists were evaluated by a panel of judges, comprised of respected industry analysts from IDC, McGee-Smith Analytics and Ovum, as well as past Customer Innovation Award winners, including Bradesco, Harambee and QuinStreet. Organisations from ANZ were strongly represented, accounting for more than 25% of the global finalists. Top Australian and New Zealand honorees include: Homecare Medical — Winner of The CX Game Changer (Making a difference with CX technology) The New Zealand social enterprise achieved greater scalability by adding digital telehealth support channels, resulting in a 92% increase in annual interactions across voice, web chat, email, SMS and social media. Tokio Marine Management Australasia — Winner of The CX Team Player (Team productivity) The multinational insurer has improved agent schedule adherence by 30% by deploying workforce management since moving its contact centre to the cloud. MyBudget – Finalist of The CX Game Changer O’Brien Glass – Finalist in CX Visionary & CX Mover Teacher’s Mutual Bank – Finalist in CX Team Player Fair Work Ombudsman – Finalist in CX Visionary With submissions spanning the globe and tough international competition, the Australian and New Zealand companies were strongly represented, indicative of the high level of innovation and technology adoption in the region. Gwilym Funnel, Vice President of Sales and Managing Director for Genesys in Australia and New Zealand said, “Our Australian and New Zealand companies deserve to be applauded for their intelligent, targeted engagement strategies, and creative use of Genesys platforms. The adoption of advanced technology in this region has always been strong, and I’m thrilled to see this forward-thinking approach to the customer experience recognised globally.” “A highlight of each year is recognising our brilliant customers for their innovation and relentless focus on delivering the world’s best experiences,” said Merijn te Booij, Chief Marketing Officer, Genesys. “On behalf of everyone at Genesys, congratulations to all of the finalists and winners – and keep making every moment count.” Game Changing social enterprise making a difference with CX technology 2019-06-12T00:16:39Z game-changing-social-enterprise-making-a-difference-with-cx-technology Winners of the 14th annual Genesys Customer Innovation Awards were announced at Xperience19 in Denver, Colorado on Monday, with New Zealand based Homecare Medical acknowledged for their extraordinary community service, critical agility, and unique use of the Genesys Customer Experience platform. Honoured as the 2019 CX Game Changer (Making a difference with CX technology) Homecare Medical achieved greater population reach for its digitally delivered health and mental health services by adding digital telehealth support channels, resulting in a 92% increase in annual contacts across voice, web chat, email, SMS and social media. During the qualifying 2018 period, Homecare Medical: Had an average of 2,218 contacts a day from nearly 577,000 users Helped 26,847 people start their quit smoking journey Nurses provided health advice to 413,927 people Poisons Officers helped 22,553 people Mental health teams supported 69,431 people Emergency triage nurses aided 39,200 people - keeping hospitals and ambulances available for emergencies All while 74% of calls were answered in 20 seconds, 83% of calls in 60 seconds and 92% of calls within 3 minutes. As a social enterprise providing centralised, critical, time-sensitive and complex health services to members of the community, the panel of international judges of the Genesys Customer Innovation Awards were impressed with Homecare Medical’s bespoke use of the Genesys platform: seen in this unique, full channel and rapid growth formation for the first time in New Zealand. Andrew Slater, CEO, Homecare Medical and the driving force behind the rapid expansion, was onsite to receive the award. Leading a team of 30 who set up the integrated national telehealth service in just 15 weeks -which now has more than 400 staff based in four contact centres across the country - Mr Slater’s commitment to exceptional care never wavered. “Providing assistance to a diverse range of community sectors including at risk individuals, and running 30 digital help channels covering critical services such as general health mental heath, addictions, poisons, sexual trauma, crisis services, and after-hours GP support, means we need to connect to people when they are most in need of help or support, and however they need us. Genesys enables us to do to that,” said Mr Slater. The use of Genesys technology was highlighted with Homecare Medical’s remarkable response to the recent Christchurch terror attacks. Their unwavering commitment to Game Changing CX included delivering over 16,000 psychosocial sessions in the immediate aftermath of the devastating tragedy, truly representing an organisation making a difference with CX technology. -ENDS- Media Opportunities Limited interview opportunities are available with Andrew Slater, CEO, Homecare Medical. Andrew can provide powerful insight into how the Homecare Medial contact team were able to support the community after the tragic terror attack in Christchurch, their innovative use of the Genesys PureConnect platform, and providing agile, rapid deployment of integrated omnichannel telehealth solutions in New Zealand. Image: Andrew Slater, CEO, Homecare Ian McLean, NZ Country Manager, Genesys is also available for commentary Please contact Zadro for further information or to request an interview. About Genesys Genesys® powers more than 25 billion of the world’s best customer experiences each year. Our success comes from connecting employee and customer conversations on any channel. Every day, 11,000 companies in more than 100 countries trust our #1 customer experience platform to drive great business outcomes and create lasting relationships. Combining the best of technology and human ingenuity, we build solutions that mirror natural communication and work the way you think. Our industry-leading solutions foster true omnichannel engagement because they perform equally well across channels, on-premises and in the cloud. Experience communication as it should be: fluid, instinctive and profoundly empowering. Visit genesys.com on Twitter, Facebook, YouTube, LinkedIn and the Genesys blog. Media Contacts Australia Elizabeth Williams Group Account Director ZADRO elizabeth@zadroagency.com.au +61 2 9212 7867 +61 411 201 354 Julie Donovan Senior Account Manager ZADRO julie@zadroagency.com.au +61 2 9212 7867 +61 410 510 080 Aged Care Pension Effects Property Wealth Financial Planning Tax Accountant 2019-06-11T22:00:59Z aged-care-pension-effects-property-wealth-financial-planning-tax-accountant Almost 66% of Australians will qualify for some kind of aged pension The aged care pension provides benefits to retirees. It pays an income until death that is adjusted for inflation, providing a benefit against poverty and higher prices in our later years. Even though age pension benefits may sometimes be quite small, the fact that they continue until death can help manage the risk of living longer than planned for in retirement. For example, a male/female couple both aged 67 today has a 50 per cent chance that at least one of the couple makes it to age 90 and a 5 per cent (1 in 20) chance that one of them makes it to age 99. Australian financial expert, Thomas Mousa, is a Chartered Accountant and partner at Sydney-based TLK Partners who specialise in aged care advice. “Because the age pension is means tested and personal situations and goals vary so much, this is one of the occasions when it makes sense to consider using a financial advisor to help understand the rules and factor the age pension into your broader retirement financial plan,” Mousa said. RELATED ARTICLE: Aged Care Property Investor Rental Income Tax Advice Kingsgrove Chartered Accountant “To decide how much age pension you are entitled to receive, the government considers your assets and your income. The level of pension received is based on which of those means tests produces the lower benefit,” Mousa explains. Mousa says, “On a basic level, the lower your assets and income, the more age pension you will be entitled to as its role as a safety net kicks in up to the maximum amount of $843.60 a fortnight for a single pensioner and $635.90 each for a couple, as at June 2019.” A financial advisor experienced in the interaction of the social security and superannuation systems can help understand how these rules work and in particular the key breakpoints where benefits reduce. An advisor can also help make decisions about how these breakpoints interact with financial goals. Financial advisors can also help guide through other key considerations, including Rules on the treatment of annuities for means testing;Pension loan schemes to increase age pension using home equity; and links between age pension and related benefits, such as the Commonwealth Seniors Health Card. RELATED ARTICLE: Sydney Aged Care Estate Financial Wealth Planners and Tax Experts of TLK Partners in Kingsgrove Warn Ageing Investors in Sydney Mousa says, "Whether considering options for yourself or deciding how best to help someone close to you, aged care is a complex area that requires careful thought and planning. The uncertainty around where and when to move, how much it will cost and where the money will come from can be overwhelming and stressful. Early and effective planning is critical to ensure that client affairs are properly structured to maximise benefits, reduce costs and retain control. The complexities in aged care may require legal, taxation and financial planning expertise, so you need a competent, experienced team to assist you. TLK Partners provide a range of options for clients to consider so they can make an informed choice that best suits their circumstances," Mousa concluded. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. New Zealand company recognised for changing the game, and changing lives 2019-06-11T03:26:05Z new-zealand-company-recognised-for-changing-the-game-and-changing-lives Winners of the 14th annual Genesys Customer Innovation Awards were announced at Xperience19 in Denver, Colorado last night, with New Zealand based Homecare Medical acknowledged for their extraordinary community service, critical agility, and unique use of the Genesys Customer Experience platform. Honoured as the 2019 CX Game Changer (Making a difference with CX technology) Homecare Medical achieved greater population reach for its digitally delivered health and mental health services by adding digital telehealth support channels, resulting in a 92% increase in annual contacts across voice, web chat, email, SMS and social media. During the qualifying 2018 period, Homecare Medical: Had an average of 2,218 contacts a day from nearly 577,000 users Helped 26,847 people start their quit smoking journey Nurses provided health advice to 413,927 people Poisons Officers helped 22,553 people Mental health teams supported 69,431 people Emergency triage nurses aided 39,200 people - keeping hospitals and ambulances available for emergencies All while 74% of calls were answered in 20 seconds, 83% of calls in 60 seconds and 92% of calls within 3 minutes. As a social enterprise providing centralised, critical, time-sensitive and complex health services to members of the community, the panel of international judges of the Genesys Customer Innovation Awards were impressed with Homecare Medical’s bespoke use of the Genesys platform: seen in this unique, full channel and rapid growth formation for the first time in New Zealand. Andrew Slater, CEO, Homecare Medical and the driving force behind the rapid expansion, was onsite to receive the award. Leading a team of 30 who set up the integrated national telehealth service in just 15 weeks -which now has more than 400 staff based in four contact centres across the country - Mr Slater’s commitment to exceptional care never wavered. “Providing assistance to a diverse range of community sectors including at risk individuals, and running 30 digital help channels covering critical services such as general health, mental health, addictions, poisons, sexual trauma, crisis services, and after-hours GP support, means we need to connect to people when they are most in need of help or support, and however they need us. Genesys enables us to do that,” said Mr Slater. The use of Genesys technology was highlighted with Homecare Medical’s remarkable response to the recent Christchurch terror attacks. Their unwavering commitment to Game Changing CX included delivering over 16,000 psychosocial sessions in the immediate aftermath of the devastating tragedy, truly representing an organisation making a difference with CX technology. -ENDS- Media Opportunities Limited interview opportunities are available with Andrew Slater, CEO, Homecare Medical. Andrew can provide powerful insight into how the Homecare Medial contact team were able to support the community after the tragic terror attack in Christchurch, their innovative use of the Genesys PureConnect platform, and providing agile, rapid deployment of integrated omnichannel telehealth solutions in New Zealand. Image: Andrew Slater, CEO, Homecare Ian McLean, NZ Country Manager, Genesys is also available for commentary Please contact Zadro for further information or to request an interview. About Genesys Genesys® powers more than 25 billion of the world’s best customer experiences each year. Our success comes from connecting employee and customer conversations on any channel. Every day, 11,000 companies in more than 100 countries trust our #1 customer experience platform to drive great business outcomes and create lasting relationships. Combining the best of technology and human ingenuity, we build solutions that mirror natural communication and work the way you think. Our industry-leading solutions foster true omnichannel engagement because they perform equally well across channels, on-premises and in the cloud. Experience communication as it should be: fluid, instinctive and profoundly empowering. Visit genesys.com on Twitter, Facebook, YouTube, LinkedIn and the Genesys blog. Media Contacts Australia Elizabeth Williams Group Account Director ZADRO elizabeth@zadroagency.com.au +61 2 9212 7867 +61 411 201 354 Julie Donovan Senior Account Manager ZADRO julie@zadroagency.com.au +61 2 9212 7867 +61 410 510 080 Financial Expert Thomas Mousa Reminds Small Business Single Touch Payroll Legislated From July 2019 2019-06-10T22:00:22Z financial-expert-thomas-mousa-reminds-small-business-single-touch-payroll-legislated-from-july-2019 Single Touch Payroll Legislated From July 2019 The ATO sent letters to business owners inviting them to start reporting through Single Touch Payroll (STP) almost a year ago, but as of 1 July 2019, it will be legislation. So, if you’re a small business owner with 19 employees or less and use payroll software you’re included. Financial expert Thomas Mousa, director and partner at Sydney-based TLK Partners says “small business clients should speak with their accountants to ensure compliance and reach out to their software providers to ensure STP is available by the end of June.” RELATED ARTICLE: Superannuation Tax Estate Planning Private Wealth Financial Planning Sydney TLK Partners “Single Touch Payroll allows employers to notify the ATO of their employees’ superannuation and tax obligations each payday,” Mousa said. “Employers can do this by using payroll or accounting software with the STP feature. Most packages have this feature available now,” Mousa continued. Single Touch Payroll is streamlining the payroll reporting process while also ensuring that employers are compliant and paying superannuation and employee tax obligations on time. The due dates for payment of PAYG Withholding Tax and superannuation will not change. Mousa says, “A major benefit of the system removes the requirement to prepare Payment Summaries and the Annual Payment Summary Statements. And, in the future, the ‘wages’ and ‘PAYG’ labels will be pre-filled in Business Activity Statements. That means less administration for you!” Mousa stated. RELATED ARTICLE: Aged Care, Estate Planning and Private Wealth Management Tax Accountant Financial Expert of TLK Partners Sydney Explains Credit Card Debt Problems STP will also allow your employees to view their year-to-date tax and super information through the myGov website. They can also view their payment summary information at the end of the year there. New employees will be able to lodge their Tax File Number Declaration and Super Choice Forms through STP. From 1 July 2018, employers with 20 or more employees started reporting tax and superannuation information using STP. Employers with 19 employees or less will also have to report using STP from 1 July 2019. "TLK Partners keeps its clients up-to-date with a whole range of ATO related matters, an ensure compliance for them," Mousa concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Financial Expert Thomas Mousa Says ATO Report On Private Trusts Is Ludicrous 2019-06-09T22:00:59Z financial-expert-thomas-mousa-says-ato-report-on-private-trusts-is-ludicrous Financial Expert Warns An ATO Commissioned Report On Private Trusts Is Absurd Trusts designed to maximise income tax, protect assets and wealth is not a new scenario, but a recent report commissioned by the Australian Taxation Office suggests that wealthy people are avoiding paying billions in tax by using private trusts. The report prepared by RMIT University said income from trusts was more than $340 billion in 2013-14, but there is no register of trusts in Australia and failure to lodge tax returns is a key problem. The mechanism for taxing trusts in Australia was introduced into the Income Tax Assessment Act in 1922. Trusts are widely used in Australia for investment, real estate and business purposes to hold a property for individuals, families and companies. The report found 73 per cent of trusts in Australia is discretionary trusts involved in trading or investment. That is in contrast to other countries where they are mostly used for the administration of wills and deceased estates, donations to charities and to provide income for people unable to manage their own affairs. The report revealed in 2015-16, there were nearly 850,000 trusts in Australia — one for every 29 people, with assets of more than $3 trillion — and the prediction is there could be more than a million trusts by 2022. RELATED ARTICLE: Investor and Property Acquisition Tax Investment Specialists TLK Partners Sydney Leading Australian financial and wealth expert Thomas Mousa, a partner at Sydney-based TLK Partners said, "it is perfectly legal for trusts to hold assets and maximise taxation within the realms of the laws of Australia." One of the authors of the report, John Glover, a professor of law at RMIT, said Australia was behind other countries when it came to the regulation of trusts. "The largest part of the tax office's information about trusts comes through the voluntary lodgement of trust tax returns and that's an inadequate way to proceed," Glover said. Mousa retorted, "The suggestion that hundreds of thousands of Australians are 'doing the wrong thing' is fear mongering to the general population and is just plain wrong." "For instance, the advice TLK Partners provides to its clients is legal, using the laws of Australia to protect its clients' assets and to maximise their wealth. The laws surrounding trusts have been around since the 1920s and if this were such an issue the government would have changed the laws already," Mousa explained. RELATED ARTICLE: Depreciating Assets Property Tax Aged Care Advisors Kingsgrove NSW The report, "Current issues with trusts and the tax system", said some wealthy Australians and high net wealth individuals were putting money into discretionary trusts to manipulate the tax system so they could pay less tax. "It's absurd," Mousa exclaimed, "the suggestion that wealthy Australians are manipulating the system when 'playing by the rules' is ludicrous. I read these reports and think I'm taking crazy pills," Mousa said. There seem to be many misconceptions with respect to trusts and taxation. Income from trusts is often taxed at the corporate tax rate of 30 per cent, compared to the highest marginal income tax rate of 45 per cent and sometrusts could also be taxed at lower rates of 15 per cent for superannuation trusts. The report said "income tax shuffles" were used to understate earnings by exploiting differences in the definition of income under tax law and trusts law. This can occur when a trustee uses deductions from the trust's taxable (net) income to lower the distributable income paid to the beneficiaries. Income splitting is another tactic used to reduce tax when the trustee makes payments to the beneficiaries with the lowest earnings. "All perfectly legal," Mousa exclaims, "these 'tactics' are available to every Australian today, they have been for almost 100 years," Mousa said. "A conservative estimate indicates that $672 million to $1.2 billion of tax revenue could be sheltered annually," the report found. In five ATO investigations reviewed by the academics, it was estimated $195 million in tax was avoided on an income of $729 million. The ATO thanked RMIT for its report but said it did not agree with all the findings or methodologies adopted. "Reports like these can be dangerous, especially when they gain traction in the media," Mousa said. "The aim of TLK Partners has always been to maximise the wealth of every Australian using every legal means available to them, one of many strategies we may adopt could involve the use of private trusts, depending on the client's individual requirements," Mousa concluded. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Financial Expert Thomas Mousa Says Tax Ruling Clarifies Carrying On A Business 2019-06-08T22:00:27Z financial-expert-thomas-mousa-says-tax-ruling-clarifies-carrying-on-a-business What ‘Carrying On A Business’ Really Means The ATO has clarified the definition of determining whether a company carries on a business for the 2015-16 and 2016-17 income years with the release of a new tax ruling. Recently, the Australian Tax Office released Tax Ruling 2019/1, replacing the previous draft, setting out what it means when a company carries on a business for accessing the lower corporate tax rate of 27.5 per cent in the 2015-16 and 2016-17 income years, and for determining the franking percentage to be applied to dividends paid to shareholders. Leading Australian financial expert Thomas Mousa, director and partner of Sydney-based TLK Partners, explains what this means for business. The ruling comes after Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 was passed, changing the meaning of the term ‘Base rate entity’ which a company needs to be from 1 July 2017 to get the lower corporate tax rate of 27.5 per cent. Mousa says, “You have to consider what the key elements are when determining what amounts to carrying on a business, which includes: whether the person intends to carry on a business; the nature of the activities, particularly whether they have a profit-making purpose; whether the activities are repeated and regular, organised in a business-like manner, including the keeping of books, records and the use of a system; the size and scale of a company’s activities including the amount of capital employed in them, and whether the activity is better described as a hobby or recreation.” Mousa says “the ruling was not intended to be a statement of the Australia Tax Office’s views on carrying on business more broadly throughout the tax system, but confined to the specific matters set out in the ruling and the associated examples. It’s clear that Accountants and Tax Practitioners should be aware that it is entirely possible that a company could have become entitled to use the lower tax rate in the 2016 or 2017 years because it was carrying on a business and below the relevant turnover threshold, but on applying the Base Rate Entity rules for the 2018 or later years it may be decided that the 30 per cent tax rate should now be applied going forward. Mousa agrees, “This may require careful examination not only of the tax rate that has been applied to its taxable income in each of the years, but also the franking rates that have been applied to dividends paid during those years. While some of the wording in the ruling has been tidied up from the draft, the substance of the ATO’s views is largely unchanged, and there are just a couple of areas where the extent of application of the concept of ‘carrying on a business’ has been clarified,” Mousa said. On the same day, the Australian Tax Office released draft determination TD 2019/D4 ruling that a company whose only activity is renting out an investment property cannot claim the capital gains tax (CGT) small business concessions. RELATED ARTICLE: CGT TAX Accountants Sydney NSW Are Investor and Property Acquisition Investment Specialists “The ATO Tax Ruling 2019/D4 makes it clear that a property investment company would not be eligible to apply the small business capital gains tax concessions as it is carrying on a business in a ‘general sense’, because the main use of the property asset would be to derive rental income, specifically excluding it from qualifying as an ‘active asset’ as stated in the ruling,” Mousa said. Mousa Says, “Business and investor clients must be kept abreast of the latest Tax Rulings instigated by the ATO to ensure compliance and to maximise profitability.” “TLK Partners are experts at that,” Mousa concludes. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Financial Expert Thomas Mousa Says Crypto Currency On The ATOs Radar This Tax Time 2019-06-07T22:00:23Z financial-expert-thomas-mousa-says-crypto-currency-on-the-atos-radar-this-tax-time ATO To Focus On Crypto Transactions During ‘Tax Time’ Taxpayers who have bought, sold or transferred cryptocurrency will be subject to greater ATO scrutiny ahead of tax time this year say leading Australian financial expert. The ATO can identify individuals or businesses who have or may be engaged in buying, selling or transferring cryptocurrency during the 2014–15 to 2019–20 financial years using a new reporting technology. A data-matching program will give the ATO visibility over whether up to 1 million taxpayers are correctly meeting their taxation and superannuation obligations in relation to cryptocurrency transactions and ownership. Financial expert, Thomas Mousa, partner and director of TLK Partners in Sydney says “the ATO will give taxpayers 28 days to clarify any information that has been obtained from data providers connected to the new reporting system before any compliance action is taken.” ATO deputy commissioner Will Day said, “We want to help taxpayers to get it right and ensure they are paying the correct amount of tax.” “Where people find that they have made an error or omission in their tax return, they should contact the ATO as soon as possible. Penalties may be significantly reduced in circumstances where we are contacted prior to an audit.” The ATO has adjusted its systems in recent years to deal correctly with the burgeoning Cryptocurrencies, and the latest tool in their arsenal is a data-matching program marking a renewed effort from the agency to stamp out non-compliance ahead of tax time 2019. Mousa says, “It is understood the ATO will be working with other regulators, in particular, the Australian Transaction Reports and Analysis Centre (AUSTRAC) and ASIC, as well as other international regulators as part of the Joint Chiefs of Global Tax Enforcement (J5), to investigate cryptocurrency-related tax evasion and money laundering.” RELATED ARTICLE: Trading Cryptocurrency are Not Viable Investments Says Kingsgrove Financial Wealth Advisor of TLK Partners in Sydney “The ATO will be targeting up to 1 million taxpayers participating in Cryptocurrency, and in a country with a population of 25 million, it is quite astounding the number of cryptocurrency users has grown to already,” Mousa said. “Clients must be made aware of the ATO’s no-nonsense stance on this matter,” Mousa explained, “it is vital that advisers raise the message with their clients early on, ahead of any action from the Tax Office.” Part of the issue for clients is what is called a “supernova moment”. A great example of this is the rise of bitcoin in 2017. Conversely, Bitcoins demise from almost $30,000 to about $7,000. During these periods of the dramatic rise and falls, some taxpayers may have undeclared gains from say 2015 - 2017 and other with substantial losses. The big issue that vests with taxpayers that may have realised gains in which they have a tax obligation that they haven’t declared for some reason or another and they won’t have any money to pay the bill because they’ve got losses after the event in a different financial year. “If they left it in or traded one crypto for another crypto unless they actually cashed out and banked the money, they might have ridden the market down and may have trouble paying any tax bill,” Mousa explained. “Cryptocurrency advice is available to all clients of TLK Partners, and it is fundamentally important that advice is sought before this tax time to avoid heavy penalties,” Mousa concluded. TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers. Groundwork the Key Property Co-Ownership Investor and Acquisition Investment Tax Specialists TLK Partners Sydney 2019-06-06T22:00:02Z groundwork-the-key-property-co-ownership-investor-and-acquisition-investment-tax-specialists-tlk-partners-sydney Groundwork the Key to Making Co-Owned Property Investment Work Whether it’s by choice or out of necessity, more and more Australians are entering into property investment as co-owners, and many are discovering that making the partnership - and the investment - work is not as simple as it might seem. But, according to Matthew Mousa from TLK Partners in New South Wales, there are certain steps that can be taken to ensure that both the ownership and the investment succeed in the long-term. And one of the key steps involves groundwork ahead of time Firstly, Mousa says, Australians entering into joint ownership need to realise the severity of a decision that involves more than just putting together the money for a deposit, raising a loan or mortgage, and signing on the dotted line. It is, instead, a long-term commitment to both a partnership and an investment that could end up dominating the lives of both partners, and may not last. And for that reason, a great deal of goal-based planning and risk assessment has to carried out before the deal is signed. RELATED ARTICLE: Retirement Planning Financial Management Wealth Tax Advisors Sydney NSW TLK Partners Setting Off On the Right Foot As the success of the investment hinges on the property, Mousa says, the first step partners should take involves the choice of the right property that’s suitable for bringing in a constant rental income stream, and also has the potential to provide a substantial return on investment from capital gains when it’s sold. To achieve these goals, it has to be selected based on factors such as its location, neighbourhood, access to amenities and its design, structure and condition. And as it is going to purchase in a partnership, the ultimate decision on whether it fits the bill should be a mutual one and determined by shared goals. Dealing With the Risks Co-ownership means everything, including the financing, the workload, and the risks affect both partners. And as far as risks go, the biggest lies in accepting that both partners are held jointly and severally liable for any debts and other liabilities incurred by either of them with regard to the property. These include mortgage or loan repayments and any other costs involved in running and maintaining it, such as utility bills, repairs or renovations. So if one goes into default, both do, and what seemed like a decision that could cut expenditure for both partners, may end up in nightmare costs for one. Conflict can also arise as a result of differences of opinion regarding decisions over whether or when to refinance, the income and expense split, and what happens should one partner decide to opt out, become bankrupt, or die. Reaching an Agreement For the investment to work, a comprehensive co-ownership agreement is required which covers these issues and their outcomes before they arise, and includes an exit strategy should one partner leave. And it should be drawn up before buying the property or raising the loan, according to Mousa. It should also go further into dealing with individual and personal rights and obligations regarding management, maintenance and financial responsibilities of each partner, and not just involve selecting which of the two main forms of co-ownership recognised by Australian property law when it comes to an investment property, should be adopted and declared on the transfer title. Types of Co-Ownership The choices are Joint Tenancy, and Tenancy in Common, and both deal primarily with shares of interest, and the distribution following the sale of the property or death of one partner. Joint Tenancy, which is the default option should an alternative option not be stipulated, assumes equal interest in the proceeds from the sale of the property, and, in the case of one partner’s death, ownership passes directly to the remaining owner or owners. Tenants in Common, however, is less cut and dried. It allows for differing shares of ownership at the start, and that shareholding can be changed at any time, subject to mutual agreement. Each owner can deal with their own share as they wish, including selling it or bequeathing their share to a beneficiary of their choice, which may or may not be the surviving co-owner or co-owners of the investment property. An investment property co-ownership, like the property itself, should be built on strong foundations. Making sure they can handle natural disasters and both foreseen and unexpected events, will increase the likelihood of survival and a positive outcome, says Mousa. For more advice and tips on investment property acquisition, browse the TLK Partners website. RELATED ARTICLE: NSW CGT Chartered Property Tax Investor Accountant TLK Partners Kingsgrove Sydney TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs. This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published. Syndicated by Baxton Media, the Market Influencers.