Latest Financial News from 
'Money Management'

 
Boyce Financial Services Pty Ltd as Trustee for
Boyce Financial Services Unit Trust (AFSL 522265).

                                                                                                                                                                                                                  

 
 

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Signing Documents Made Easy with Boyce & DocuSign

27 November 2020

Boyce are excited to have partnered with DocuSign to sign documents online in a quick and easy process.

Some of the benefits are:

  • A safe way to sign documents during COVID-19
  • A quicker way to sign documents, with most signing processes only taking a few minutes for you to sign on your computer, tablet, or smart phone.
  • A more environmentally friendly option that limits the use of paper.

What can be Signed with DocuSign?

You will see your Boyce Team sending Activity Statements, Tax Returns and Financial Statements to you through DocuSign.

A significant amount of ASIC and Company documents can’t be signed due to legal or ASIC requirements. We will only send you documents via Electronic Signing that we are happy for you to sign.

Requirements

DocuSign requires that each signer has a separate email address and mobile number for the digital signature to be valid. If we only have a shared email address or mobile in our system your accountant may contact you asking if you can provide an alternative to enable DocuSign to be used.

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Boyce congratulates Brian Wray on his appointment as Director

26 November 2020

Brian joined the Goulburn office in 2000 as a Cadet Accountant, after completing his secondary studies. It was not long before Brian’s innate ability to research and interpret taxation legislation resulted in his transfer to the firm’s Tax Consulting Division in late 2002.

In recognition of his extraordinary technical expertise and knowledge, Brian was promoted to Senior Tax Consultant in 2013, where he and his team are charged with providing consulting services to the professional accounting team across the five Boyce offices.

In announcing the appointment, Managing Director Carmen Caldwell noted Brian's enormous contribution since joining the firm as a cadet twenty years ago, "We are thrilled to welcome Brian as a Director of Boyce. Client care is at the forefront of everything he does, and the Tax Consulting Group provide a vital service to our clients & team. Brian will make an exceptional addition to the leadership team with his incomparable expertise."

Brian commented, ”I’ve always felt very fortunate to be part of the Boyce team. Being surrounded by so many outstanding people, it’s quite humbling to be invited to join our Director group.  I’m really excited about the future and continuing to help our clients and team to exceed their own expectations.”

Brian has lived and breathed the values of Boyce and his commitment and dedication both to clients and as a respected Boyce leader across the firm is nothing short of impressive.

Please join us in congratulating Brian on his appointment.

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Macroeconomic Update - September Quarter

26 November 2020

Over the past few months, news headlines have been dominated by daily pandemic updates, political scandals and the US presidential election. Uncertainty remains, as investors continue to sit on a seesaw of positive and negative updates.

In the current low yield environment, interest from term deposits, distributions from managed funds and dividends from equities have been significantly reduced, and are likely to remain so for the foreseeable future. Investors are faced with the conundrum of increasing their exposure to growth investments or potentially have negative real rates returns on their defensive investments, with term deposit rates now well below 1.00%.

There is a large range of possible outcomes. Investors need to remain cognisant that there are risks in the market and diversification is the key to providing protection throughout periods of heightened uncertainty

Reasons for Caution

  • New coronavirus cases continue to rise across Europe, prompting countries to implement new restrictions. The UK increased the number of cities under the highest tier restrictions, while Germany and France announced heightened restrictions to prevent an uncontrolled outbreak.
  • The absence of an available vaccine and closed international borders is preventing any substantial increase in business or consumer confidence.
  • Although the European economy expanded by a record 12.7% in the September quarter (following the 9.4% contraction in the June quarter) the economic data showed signs of softening in September.
  • US uncertainty remains with the presidential election still subject to legal challenges and concerns about the smooth transition of power, although there has been some progress on this in Washington this week.
  • We have witnessed glimpses of escalation in US - China tensions. 
  • Australia entered recession for the first time in 29 years. Gross domestic product for the three months ended 30 June was at -7.0%.
  • Australia-China relations, which were already fraying, deteriorated further in November when Chinese authorities ordered traders to stop purchasing certain Australian commodities.

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2020/21 NSW State Budget Released

20 November 2020

On Tuesday 17 November 2020, the NSW Government released the 2020/21 NSW State Budget. As with the Federal Budget, the NSW State Budget was heavily focused on providing a response to the economic impact of COVID-19. Unlike the Federal Budget, there was a greater focus on direct spending on infrastructure projects and exploring duties and tax reform, and less focus on stimulus measures.

Payroll tax cuts

The payroll tax threshold for NSW will be increased to $1.2 million from 1 July 2020. This is a permanent increase to the threshold.

There will also be a temporary two-year reduction in the payroll tax rate from 5.45% to 4.85%. This will apply from 1 July 2020 to 30 June 2022. 

Property tax reform

As part of this Budget the NSW Government has announced that over the coming months it will begin the process of seeking public feedback on proposed property tax reforms. Under these reforms, homeowners will be given the choice to pay stamp duty up front when acquiring residential property or a smaller annual land tax. Further, existing stamp duty concessions for first home buyers will possibly be replaced by a grant of up to $25,000.

For more details of the proposed reforms, including information on how to provide feedback, please refer here.

Vouchers for small and medium size businesses

Small and medium size businesses which do not have a payroll tax liability are to receive a $1,500 digital voucher that can be applied against government fees and charges. It is intended that:

  • The vouchers will be available to small and medium size businesses in NSW which do not pay payroll tax;
  • The vouchers will be capped at $1,500, and can be used towards the costs of any government fees and charges;
  • Will be accessible through the MyService NSW portal and will operate as a rebate, where a claim can be made after fees and charges have been paid;
  • Will be available for use from 1 April 2021 to 30 June 2022.

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Boyce Financial Services wins Business of the Year 2020!

5 November 2020

We are delighted to have won the 2020 ‘Business of the Year’ as awarded by Lonsdale at their annual awards ceremony.

The awards acknowledges individuals and businesses that deliver exceptional advice, invest in professional development and show a commitment to clients through different financial life stages. Judging criteria for the awards includes detailed assessments of business productivity, compliance audit ratings, professionalism, education and industry participation.

Helen Blackford, CEO of Lonsdale said, “We are delighted for Boyce Financial Services and congratulate them on their outstanding achievement.”

Boyce Financial Services Director Lindsay Garnock admits “it is fantastic to be recognised and awarded by peers, but the real test of the success of the business is in helping to maximise the wealth of clients," the objective that he and his team of advisors are intent on continuing to achieve.

This honour is another string in the bow for BFS having won the 2017 Business on the Year, the 2014 Practice of the Year, as well as the 2011 Associate of the Year’, as awarded by Lonsdale. 

“It’s great to be recognised and it’s a testament to the fantastic BFS team.  We are continually looking at ways to improve & enhance our service offering to clients and have recently welcomed two new full-time Financial Advisers in our Dubbo & Goulburn offices. We couldn’t be more thrilled with the award,” Mr Garnock said.

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