The PRWIRE Press Releases https:// 2019-06-14T22:00:27Z 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. Integration of Cashwerkz with Agility Connect delivers additional transparency and choice for cash investing for 175 financial services groups across the country 2019-06-11T23:26:54Z integration-of-cashwerkz-with-agility-connect-delivers-additional-transparency-and-choice-for-cash-investing-for-175-financial-services-groups-across-the-country Cashwerkz (ASX: CWZ) has integrated its digital cash investment platform with the Agility Connect solution from Agility Applications to enable advisers and their clients to streamline the application and administration of At Call and Term Deposit cash investments. Agility Applications currently delivers customised data solutions to 175 financial services groups across Australia and is a wholly owned subsidiary of HUB24 Limited. In addition to cash investments being securely and quickly administered, advisers will now have online access to competitive Term Deposit and At Call investment rates and real-time integration from Cashwerkz marketplace of many Authorised Deposit-Taking Institutions (ADIs). This integration delivers regularly updated and transparent market competitive interest rates, while providing an auditable trail for clients seeking reassurance their adviser is acting in their best interest. “This new integration with Agility Connect is part of Cashwerkz goal to deliver more transparency and choice for financial advisers and their clients. We have experienced strong interest and growth from the adviser community, and we are excited to welcome advisers using Agility Applications to the Cashwerkz marketplace,” said Mr Hector Ortiz, CEO, Cashwerkz. “The open integration Application Programming Interface (API) allows financial advisers to build an in-depth and customized picture of a client’s overall investments. Cashwerkz easy to use digital application form and efficient rollover and switching process at maturity can fast track a defensive cash investment strategy for clients whenever they need it.” Designed as a digital-only cash investment platform, Cashwerkz offers bank-grade security in its end-to-end processes, does not handle investors’ money or charge a fee to investors. Instead, it receives a fee from the issuing ADI partners on its platform for cash investments. This makes Cashwerkz a highly compelling cash management offering for self-managed super funds (SMSF), financial advisers, fund managers, the wholesale market, custodians, and Industry superannuation funds. “We are committed to continually providing our clients with choice. By leveraging our unique open architecture capabilities and integrating with Cashwerkz, we are providing access to a range of cash and term deposit solutions through Agility Connect, which enables a seamless and secure connection to external providers and enhances efficiencies for our clients,” commented Craig Apps, Director, Agility Applications. “Cashwerkz has developed a unique automated and streamlined identification process that helps reduce administration needs, allowing advisers to focus on delivering value and helping clients access a choice of cash solutions.” Agility Connect users can access the Cashwerkz platform from today. 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. 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. ANZ consumers trust Bank Debit 2019-06-06T03:59:23Z anz-consumers-trust-bank-debit Melbourne, Australia – 6 June 2019 – GoCardless, the global leader in recurring payments, has today launched research into global consumer payment preferences for recurring purchases. The research, conducted by YouGov, found Australian and New Zealand consumers still prefer to use Bank Debit to pay household bills and instalments. The Payment Preferences for Recurring Purchases: 2019 Consumer Payer Report found that 46 per cent of Australian consumers are likely to choose Bank Debit for household bills and instalments, nearly double the number who were likely to choose to pay using their digital wallet. Australia had the highest number of ‘very likely’ responses for Bank Debit out of all the markets surveyed – including the UK, US, Germany, France and other European countries. The preference to pay for household bills and instalments using Bank Debit is even higher in New Zealand. Just over half (53 per cent) of respondents said they were likely to pay in this way for household bills. Meanwhile, 49 per cent of respondents were likely to choose Bank Debit when making instalment payments, compared to 37 per cent and 36 per cent who were likely to choose debit and credit cards respectively. Carolyn Breeze, General Manager, GoCardless Australia and New Zealand, said: “Despite the wide choice of payment methods available today, consumers continue to choose to use Bank Debit as a payment method because it’s the one they know and trust. For the merchant and consumer, the availability of Bank Debit is mutually beneficial. It reduces the friction inherent in other payment methods, therefore easing cash flow concerns and offering a more direct, trusted and intimate payment exchange. GoCardless’ recent entry into the ANZ market, after securing more than USD$75 million in funding to support our global expansion plans, aims to support local businesses who understand that choice of payment is paramount. If you fail to offer a variety of relevant, convenient and trusted options for recurring payments, consumers will go elsewhere if they can’t pay the way they want.” Other findings of the report include: ● For online subscriptions, 35 per cent of Australian consumers were unlikely to pay using digital wallets, while 32 per cent were unlikely to pay with credit card ● For traditional subscriptions, 38 per cent of Australian consumers were unlikely to pay using digital wallets, while 31 per cent were unlikely to pay using a credit card ● There was significantly less antipathy to using digital wallets as a form of payment in Australia and New Zealand compared to globally ● 36 per cent of Australian and New Zealand consumers said they were likely to choose bank debit to pay for online subscriptions, yet of the 44 top global subscription websites, including HelloFresh and Spotify, only one offered bank debit as a payment option The report showed there are many factors that influence how customers like to pay – some, deeply cultural. For example, in the United States cheques are still a popular payment method when paying regular household bills, which is not a common payment method when compared to European markets for example. Another insight of interest is that in Germany cash is still king, with 40 per cent of respondents ‘very unlikely’ to use credit cards and 29 per cent are unlikely to use debit cards either. Commenting on the findings, Krish Subramanian, Co-founder and CEO of Chargebee, said: “It’s a mistake to think of customer preferences – for payments and everything else – as static, it’s also a mistake to isolate them within the constraints of a target segment. Seeing a brick and mortar store in Melbourne support AliPay with an adjacent segment (visitors from China, a surprising geography, but absolutely obvious users, nonetheless) in mind, I wondered, shouldn’t we all, as digital subscription businesses, keep our ears attuned to what’s possible.” Diego Passarela, Head of Billing and Payments at Quandoo, said: “We offer Direct Debit as an alternative to cards in the UK, Germany, Italy and soon Australia. Wherever we offer Direct Debit, it’s the preferred payment option for our customers, with 50-85 per cent adoption.” The report - Payment Preferences for Recurring Purchases, The Consumer Payer 2019 - is now available to download here. // NOTE TO EDITORS What is ‘Bank Debit’? ● Bank Debit, also known as Direct Debit in much of Europe, is a bank to bank payment mechanism, where the payee’s bank pulls funds from the payer’s bank whenever those funds are due, under a single, upfront authorisation from the payer (the mandate). We use the term ‘Bank Debit’ here instead of Direct Debit, to avoid confusion, since in some countries such as Australia, ‘Direct Debit’ can also refer to collecting regular payments from a credit account, via a credit card. Bank Debit options typically require the payer to enter their bank account number and sort code. Research methodology: ● This report focuses on consumer payer preference, covering four typical recurring purchase uses cases: household bills, traditional subscriptions, online subscriptions, and instalments. ● GoCardless partnered with YouGov to survey 10,000 consumers in 10 markets – 1000 in each. ● Markets: Australia, New Zealand, UK, France, Germany, Spain, Denmark, Sweden, USA, and Canada. These markets represent more than two thirds of the world’s recurring payment volume. ● The survey took place at the end of 2018. About GoCardless GoCardless is the global leader in recurring payments. GoCardless' global payments network and technology platform take the pain out of getting paid for businesses with recurring revenue. More than 40,000 businesses worldwide, from multinational corporations to SMBs, transact through GoCardless each month, and the business processes $10bn of payments each year. GoCardless now has four offices: UK, France, Australia, and Germany. Media contact: Amanda Conroy and Rose Keating Espresso Communications Phone: +61 (2) 8016 2200 Email: gocardless@espressocomms.com.au Property Co-Ownership Investor and Acquisition Investment Tax Specialists TLK Partners Sydney 2019-06-05T22:00:13Z property-co-ownership-investor-and-acquisition-investment-tax-specialists-tlk-partners-sydney Choosing the Right Co-Owner for an Investment Property A co-ownership approach to buying a property is becoming increasingly popular, especially among younger Australians unable to find enough capital to make the leap into investment property alone. However, Matthew Mousa, from financial planning and acquisition firm TLK Partners in New South Wales has warned that as much care must go into choosing the right co-owner as goes into choosing the property in the first place. Shared ownership is common (and often successful) between spouses intent on ensuring they have a roof over their heads for life. However, it’s a different scenario in the investment world, Mousa says. The house is not a home, but an investment instrument that’s all about the long-term ROI envisaged in the form of capital gains, and the steady rental income it can bring in immediately. Against this backdrop, the end goal can become scrambled and distorted if partners’ aims diverge and there is no longer a single focal point. The Role Co-Ownerships Can and Should Play “The idea of co-ownership is very tempting because of its benefits,” Mousa says. “Pooled resources can provide a bigger deposit and cover entry costs like stamp duty and legal fees on more valuable property, in a better location. They can also increase the chance of landing a mortgage and sometimes a higher one. And the partnership can also provide a sense of security in the face of this long-term investment.” However, he added that co-ownership goes way beyond two signatures on the property purchase agreement, and sharing the original purchase price. It ties the co-owners together for the life of the investment and binds them to the work involved and expenditure in making the investment succeed. And should the partnership break down the results could be disastrous, ending in stress, losses, and even in legal conflict. But, Mousa says, that’s most likely to happen when one or both owners didn’t realise what they were letting themselves in for and did not see buying the property as investing in a business. RELATED ARTICLE: Investor and Property Acquisition Tax Investment Specialists TLK Partners Sydney Looking for the Right Partner At the core of finding the right co-owner is to establish that the initial financial commitment with regard to buying the property will be met. But it is also important to know that the financial backing will continue in the long-term. But, according to Mousa, while financial considerations can be investigated with credit checks and financial records, there are other less tangible factors that need to be considered. For a good fit, investment property co-owners should share the same goals for the investment and be on the same page when it comes to understanding that their commitment includes a long-term business involvement in order for the investment to succeed. This indicates that business acumen, skills and strengths, as well as reputation, and reliability should be taken into account along with financial stability when choosing a co-owner. Mousa says that a partner should also add a new set of skills and strengths to complement those already in the business toolbox in order to create a broad, balanced and gapless business operation. And both partners should have similar work ethics and values enabling a fair split in the workload involved in keeping it operating. RELATED ARTICLE: Millennials Investment Property Advisor Chartered 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. Cashwerkz announces Partnership with Praemium 2019-06-04T22:45:00Z cashwerkz-announces-partnership-with-praemium Cashwerkz (ASX : CWZ) today announced its digital cash investment platform is now available for thousands of wealth advisers in Australia using the award-winning Praemium integrated Managed Accounts Platform. This latest data feed partnership will see Cashwerkz’s marketplace offering from many Authorised Deposit Taking Institutions be made immediately available for advisers using Praemium and their clients in a single platform and administration environment. “This strategic fintech alliance is another win for the organisations involved, Australian investors and also for our ADI partners,” said Hector Ortiz, CEO for Cashwerkz. Ortiz continued: “Cashwerkz innovation is unique. The transparency of our online marketplace allows investors and wealth managers alike to confidently search for competitive market rates. Our homegrown technology streamlines investor identification and onboarding for cash investment facilities and rollover capabilities which is ideal for wealth managers. There truly is nothing like the breadth of ADI partners Cashwerkz has created in the market today.” Praemium’s Head of Product and Marketing, Mat Walker commented: “We are delighted to welcome Cashwerkz as a data feed partner to the Praemium integrated Managed Accounts Platform. One of the major strengths of the Praemium platform is its ability to facilitate the broadest range of investment assets for consolidated reporting. Our Virtual Managed Accounts solution (VMA) has been the market leader for a long time in the non-custodial investment space and currently reports on more than $140 billion of investment portfolios and assets. The combination of Cashwerkz broad range of Term Deposits and At Call solutions with Praemium’s market-leading open architecture, data feeds and reporting will provide great efficiencies for advice businesses. We are also exploring further adviser efficiency opportunities with Cashwerkz across each of the other managed accounts solutions we have on the one integrated platform for custody and non-custody.” To access Cashwerkz and its data feed functionality, Praemium wealth advisers need to register direct on Cashwerkz via a secure login. Once identified, configuration codes are provided to link them to the Praemium VMA platform and their client data. /Ends Carolyn Breeze appointed first GoCardless General Manager for Australia and New Zealand 2019-05-31T00:44:43Z carolyn-breeze-appointed-first-gocardless-general-manager-for-australia-and-new-zealand Sydney, Australia - 29 May 2019 – GoCardless, the global leader in recurring payments, is pleased to announce the appointment of Carolyn Breeze as General Manager, Australia and New Zealand. Carolyn is an experienced senior leader with more than 20 years in the technology, fintech, e-commerce, and telecommunications sectors. She joins GoCardless from Braintree Australia, a PayPal service, where she was Country Manager. Prior to Braintree, Carolyn held senior roles at eBay, Vodafone, and Telstra. Hiroki Takeuchi, CEO, and co-founder of GoCardless has welcomed the appointment of Carolyn. “Carolyn brings her vast experience to GoCardless. It is an exciting hire for us, and we are confident that Carolyn will use her deep insight in the international and local digital payments arena to bring us one step closer to delivering global bank-to-bank payments.” Carolyn will also work closely with GoCardless’ major partners, Xero and Zuora, to transform the way businesses get paid from anywhere and in any currency. “This role is a continuation of my passion for digital payments. GoCardless’s global network democratises recurring payments and allows businesses of all sizes to access what has long been exclusive to large enterprises. This will reduce cash flow stress, improve internal processes and remove the need for businesses to depend on credit cards, which has traditionally been the case,” she said. Carolyn will be responsible for leading the team during its ambitious expansion plans in the APAC region. “I am honoured to join the GoCardless family and look forward to growing the team in Australia and New Zealand. At GoCardless, we are determined to help organisations deliver a frictionless digital experience to their customers that rival other global payment methods. An expanded team will enable us to achieve this.” she said. Following the launch of its services in Australia during Q3 2018, GoCardless continues to expand its growing global payments network. In February, GoCardless secured US$75 million in capital raising from investors including Google’s venture capital arm, GV, Adams Street Partners, and Salesforce Ventures. ### About GoCardless GoCardless is the global leader in recurring payments. GoCardless' global payments network and technology platform take the pain out of getting paid for businesses with recurring revenue. More than 40,000 businesses worldwide, from multinational corporations to SMBs, transact through GoCardless each month, and the business processes $10 billion of payments each year. GoCardless currently has four offices in the UK, France, Australia, and Germany, with plans to expand to the United States in 2019. Media contact: Rose Keating Espresso Communications Phone: +61 (2) 8016 2200 Email: gocardless@espressocomms.com.au Better together: Regional Australia Bank and Holiday Coast Members Agree 2019-05-30T21:04:57Z better-together-regional-australia-bank-and-holiday-coast-members-agree Over 90% of members of both Regional Australia Bank and Holiday Coast Credit Union (Holiday Coast) voted in favour of the merger in separate Special General Meetings held this week. The vote carried a resolution that will now see one of the largest mergers in the customer owned banking sector in recent times. The sector continues to experience consolidation as its struggles to attain the necessary scale to meet changing market conditions. Chairman of Regional Australia Bank, Graham Olrich said, that “while the sector proudly continues to grow, particularly as people turn away from the Big Four banks, it is smaller institutions that find it difficult to sustain that growth and keep pace with digital transformation and increasing regulatory complexity.” “While both HCCU and Regional Australia Bank have been performing well in their respective adjoining markets, we see this merger delivering tangible and immediate financial and non-financial benefits to members of both organisations. Additionally, it will also help preserve a strong and sustainable mutual financial institution in regional Australia.” “We are excited by the prospect of value that this merger will deliver for our members. Competitive products and services, fair fees & charges as well as greater investment in technology and service systems for the long-term will be some of the key benefits. This is what the partnership is all about, creating sustainable value for members and offering genuine support to the communities where they live and work.” The combined entity will be $2.2 billion in assets and service about 85,000 members across northern NSW. Graham Olrich will continue as Chairman of the combined entity with Kevin Dupé retaining his position as Regional Australia Bank CEO. Retiring Holiday Coast CEO Neville Parsons will join directors Allan Gordon (Chairman) and David Johnson as members of the Regional Australia Bank Board. The transfer of business will take place from July 1st 2019 subject to regulatory approval by the Australian Prudential Regulatory Authority, with systems migration to follow in the months thereafter. - Ends - Media contact: Victoria Brown, Brand and Communications Manager, 0491 154 513. It is requested that Regional Australia Bank is not shortened to an acronym and always referred to in full as Regional Australia Bank.