The 2017 Powercor Geelong Business Excellence Awards (the Awards) are being officially launched on Thursday 23rd February 2017 at Karingal Eastern Hub in East Geelong.

2017 marks the 32nd year that the Awards will recognise and celebrate business excellence across the Geelong region. The Awards are one of the most cost effective and thorough forms of business development you will ever undertake. It’s also an easy way to draft your own business plan.

The independent judging panel consists of experienced Geelong business leaders as well as many past winners of the Awards.

LBW Business & Wealth Advisors believe the Awards are extremely important especially in current economic times and as a result remain a category sponsor of the Large Business category.

We encourage all businesses to enter the Awards as they will definitely benefit from the experience. This year the Awards are undertaking 2 Information Expo’s (where you can hear from past entrants and winners) and numerous writing workshops over the next few months. We strongly suggest that you attend one of the expo’s that will be held following the launch and book into a writing workshop.

More information in relation to these Awards can be found at www.gbea.com.au or go to the Geelong Business Excellence Awards Facebook page http://on.fb.me/Kzzeud or the Awards Twitter page https://twitter.com/GBEAwards to receive information and updates as they are posted.

You can also email the Awards coordinator, Kelli Finlayson on This email address is being protected from spambots. You need JavaScript enabled to view it.

Simon Flowers

Following from last month’s newsletter article we have obtained further information in relation to aspects of the superannuation changes that will come into effect from 1 July 2017. These clarification points relate to the government’s legislated CGT transition relief provisions for those coming out of pension phase due to these changes. We believe the transitional relief is even more complex than they could have been, however there will be some advantages for funds under these rules.

We are now in the process of meeting self managed super fund clients that require advice in relation to these changes. We will be in contact with those affected clients very soon to organize a meeting prior to 30 June 2017.

If you have questions or require immediate assistance , please do not hesitate to contact Matthew Grapsas, Cathy Walley or myself on 5221 6111.

Simon Flowers

Simon Flowers Simon Flowers

Legislation was introduced in September 2016 which will have another change in payroll requirements for those employers who employ 20 or more individuals (not FTE’s). The aim of the legislation is reducing administration requirements and automated reporting to the ATO. The requirements apply from 1 July 2018 and the test of whether you are affected or not will take place on 1 April 2018. It is anticipated that these requirements will be rolled out to smaller businesses once the large business reporting is bedded down.

The real affect of this requirements is the ATO will have access to real time data from large employers through their payroll systems. Employers will need to make sure their payroll systems are up to date to ensure these requirements will be met post 1 July 2018. This may also mean an increase in questions and ultimately audit activity by the ATO in relation to PAYG withholding and Super Guarantee obligations.

If you require further information, please do not hesitate to contact us.