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The Boyce Insider March 2024

25 March 2024

 
 

The Boyce Insider - March 2024 

 
 
 
 

A Message from our Managing Director

Carmen Caldwell  

 

The first few months of 2024 sure have been a whirlwind of activity, both for us and our clients. I've had the pleasure of visiting a number of our northern agri clients recently, getting my boots dirty and engaging firsthand with them in the heart of their operations. These interactions are not just a highlight for me personally, but they also serve as a testament to our unwavering commitment to understanding your needs.

This year has also seen an expansion within our team and our services. We're thrilled about the possibilities this growth brings and the enhanced offerings we can provide as a result. Adaptability has always been a cornerstone of our approach, and as we grow, this principle remains at the forefront of everything we do. Whether it's through new innovative solutions, tailored services, or simply being there when you need us most, our goal remains to partner with generations to thrive.

As we embrace the changes and opportunities that lie ahead, please know that your feedback and insights continue to be the driving force behind our endeavours. We are excited to begin the process of gathering your valuable feedback and insights via client surveys.  We are immensely grateful for your continued trust and partnership and look forward to the continued growth and success we'll achieve together.

 

Sincerely,

 
 
 
 

New Service Offering

Sustainability Commercial and Transaction Advisory

Boyce welcomes Katie Pearce as the Executive Business Unit Leader of the newly established service, Sustainability Commercial and Transaction Advisory.

Katie has joined us after previously serving as a Director in PwC's Energy Transition team, guiding clients through innovative energy transition initiatives.

Our experience builds connection and confidence in the delivery of meaningful outcomes for our clients. We connect insight and expertise from a multidisciplinary team focused on resilience, preservation, value creation and legacy; and support our clients to embrace emerging opportunities and anticipate challenges across the evolving sustainability landscape.  

Our offering supports clients in understanding sustainability goals, managing risks, and maximizing value with a focus on strategy, project development, due diligence, negotiation, transaction management, sustainability and ESG strategy and governance, procurement, and contracting. 

Aligned with our mission to partner with generations to thrive, our operating model goes beyond traditional advisory, ensuring alignment with your financial objectives, strategy, and long-term sustainability goals. Our goal is to help you sustainably grow and preserve your family's wealth and legacy, prioritizing respect, confidentiality, and consideration in all our interactions. 

 
 
 

New Service Offering

Strategic Financial Solutions

Boyce welcomes Nick White as the Executive Business Unit Leader of the newly established service, Strategic Financial Solutions. 

With a background as Director in PwC's mid-market Transaction Services and M&A team in Sydney, Nick specialises in business and financial due diligence, strategic planning, financial reporting, and commercial negotiations for mid-market businesses and family groups.

Strategic Financial Solutions expands Boyce's support capabilities, covering the entire business/family group lifecycle. The flexible and scalable operating model caters to individual needs, offering comprehensive standalone solutions or seamless integration with existing management teams.

At the core of this new business unit is the traditional outsourced CFO model, overlayed with a more strategic and commercial focus. Our mission is to go beyond the mandate of a traditional advisor, positioning ourselves as your trusted long-term partner, helping to deliver on your financial objectives and overall strategy. Our approach is respectful and considerate, both in terms of our dealings with you, your privacy and treating the information you provide us with the utmost levels of confidentiality.

 
 

Navigating Workplace Law Changes: A Guide for Employers in 2024

In a significant move to reshape Australia's migration landscape, the Minister for Home Affairs recently unveiled the federal government's Migration Strategy on December 11, 2023. The strategy focuses on reforming Australia's migration program, with particular attention given to temporary skilled migration and the international education sector. While these changes are expected to have far-reaching effects, it is crucial to examine how they will specifically impact rural communities.

The centrepiece of the new strategy is the introduction of the Skills in Demand visa, poised to replace the existing Temporary Skills Shortage (subclass 482) visa. This revamped visa structure is set to bring about several key changes, with the overarching goal of repairing Australia's migration program.

 
 

Key Features of the Skills in Demand Visa:

  1. Time Period: The new visa allows for a 4-year stay for all streams, providing greater stability for temporary skilled workers.
  2. Three Pathways: The visa is segmented into three distinct pathways - Specialist Skills, Core Skills, and Essential Skills - catering to varying skill sets and occupations.
  3. Service Standards: With a commitment to efficiency, the government aims for a median processing time of just 21 days, streamlining the application process.
  4. Increased Employee Mobility: Visa holders will now have an extended period of 180 days to find a new sponsor if they cease employment, up from the previous 60 days.
  5. Streamlined Labour Market Testing: The government has removed the requirement to advertise positions through Workforce Australia and extended the validity period of advertisements from 4 to 6 months.
  6. Pathways to Permanent Residency: All visa holders will now have a pathway to permanent residency, with time spent with any approved employer counting towards eligibility.
  7. Reduced Upfront Employer Costs: In a bid to alleviate financial burdens, the government is exploring the possibility of moving employer fees to a monthly or quarterly model.
  8. Public Sponsor Register: The introduction of a public register of approved sponsors aims to enhance transparency and assist migrants seeking new sponsors.

The Concerns of the Agricultural Sector:

While the changes present positive aspects for businesses and Working Holiday Makers, the National Farmers’ Federation has expressed concerns. President David Jochinke emphasises the need for a dedicated agricultural visa and worries about worker mobility, potential increased paperwork, and the impact on small farming businesses.

Changes Effective from 1 July 2024:

  • Backpackers are no longer required to complete 88 days of specified rural or regional work.
  • British backpackers are permitted to work or holiday anywhere in Australia.

As we anticipate the changes coming into effect on July 1, 2024, striking a balance between meeting workforce needs and ensuring the well-being of rural communities will be essential as the nation navigates this new chapter in its migration strategy.

 
 
 

Economic update from your wealth management team 

Lindsay Garnock

Executive Business Unit Leader - Boyce Wealth Management

Interest Rates

The Reserve Bank (RBA) has left the cash rate on hold at 4.35% at its March meeting.  The last increase, in November 2023, was in response to a higher than expected inflation reading in the September quarter CPI.  Since then inflation has slowed considerably.  The inflation data for Q1 will be crucial in determining whether the RBA continues to hold the cash rate.  Other factors effecting the RBA’s next move include the impact on inflation of the forthcoming personal income tax cuts from 1 July and the level of spending seen in May’s budget as the Government prepares for the next election. 

Economic Growth

The December quarter of 2023 showed modest growth of 0.2% to give an annual growth rate of 15% - in line with market expectations.  A rise in exports and a drop in imports contributed the most to the growth tally, however, households also managed to increase overall spending. 

Markets

The Australian market had another positive month in February, finishing 0.8% higher. Leading the market higher were Information Technology (I.T.) (+19.5%), Consumer Discretionary (9.2%), and Property (+5.1).  Since then the market hit an all time with the S&P/ASX200 reaching 7852 in early March before trading in a narrow band around 7700.

Overseas markets also finished the month of February higher, with emerging markets outperforming developed markets. The CSI 300 and Heng Seng rebounded strongly after hitting five-year lows at the beginning of the month. 

 
 

The Boyce Insider December 2023

15 December 2023

 
 

The Boyce Insider - December 2023 

 
 
 

End of Year note

Carmen Caldwell

Managing Director 

 

As we approach the end of another remarkable year, I wanted to take a moment to express my sincere gratitude to you, our Boyce community.

Your partnership with us has been instrumental in driving our shared achievements. Your support and feedback have been invaluable, shaping the way we approach our work and driving continuous improvement. It is truly a pleasure to work with clients and partners who share our values of innovation, integrity, and the relentless pursuit of excellence.

Looking ahead, I am excited about the possibilities that the upcoming year holds. Our team is committed to going above and beyond to not only meet but exceed your expectations. We anticipate delving into new projects that will showcase the depth of our expertise and the innovative solutions we can bring to the table.

May this festive season bring joy, prosperity, and moments of well-deserved rest. On behalf of the entire Boyce team, I wish you and your loved ones a joyous holiday season and a prosperous New Year.

Embracing Australia’s AI Month in Small Business     

Caroline Wilcher

Executive Business Unit Leader - Boyce Business Advisory, Superannuation and Assurance Services

  
 
 

Artificial intelligence (AI) is a rapidly growing field that has many applications and benefits for business in Australia.

Scheduled from November 15th to December 15th, 2023, AI Month is dedicated to spotlighting Australia’s AI proficiency and championing the responsible creation and adoption of AI to bolster our domestic AI sector and gain a competitive edge in the global arena.

 The National AI Centre’s (NAIC) “Australia’s AI ecosystem momentum” reports there is a growing appetite for AI in Australian business, with business using AI to grow revenue and improve efficiency.  Some of their key findings in relation to AI-related technologies specifically in the commercial sector include:

 
      The need for the partner and support ecosystem in Australia to mature.
 
     Businesses need to recognise the importance of AI solutions in driving revenue growth, process improvement, customer experience, employee experience and digital maturity.
 
     Connecting with the right network of providers and partners is critical to deliver successful outcomes.
 
     Investing in data management skills is important but so is investment in AI technology for data management.
 
     The importance of Responsible AI to ensure accountability.
 

The benefits of AI-related technologies are clear, with an average growth of $361,315 reported for each AI-enabled solution, however the successful implementation of these solutions typically involves the work of at least 4 AI technology and service providers.

A recent study by Xero revealed that half of small business owners now believe the rapid development and adoption of AI will have a positive impact on their business. However, this belief is tempered by the 80% of business owners who continue to hold ethical concerns regarding development outpacing regulation, data privacy and worker displacement. NAIC advocates for the adoption of a “Responsible AI” approach. Responsible AI is founded on empathy, fairness, transparency, and accountability. Business can also access the Responsible AI Network a collaboration of expertise and advice to navigate regulation, technology, and ethics in the AI ecosystem.

 
 
 
 

A Boyce Hero, Dimity Fish 

 
 

For over two decades, Boyce has been more than just a workplace for Dimity Fish. In this interview, Dimity shares insights into the reasons behind her enduring commitment to Boyce, the evolution of her role, and the rewarding experiences that have defined her journey.

Adapting to Life Changes

One of the key factors that has kept Dimity at Boyce for so many years, is the company's unwavering support during her various life transitions. From navigating university and the CA program to starting a family, Boyce has been a steadfast companion, accommodating changes in roles and work-life balance. The company's acknowledgment of the importance of work-life balance has played a pivotal role in Dimity's prolonged tenure.

From Cadet to Advisor

Reflecting on her professional journey, Dimity started as a cadet in business services back in 1998, specializing in financials and tax. Over the years, she transitioned to audit, eventually becoming an audit manager for approximately seven years. Today, Dimity holds the position of a senior manager in the Boyce Business Advisory Team, showcasing Boyce’s commitment to nurturing talent and facilitating career growth.

Culture of Care:

When asked about the most rewarding aspect of working at Boyce, Dimity spoke of the relationships forged with both clients and colleagues –

“The Boyce culture has a large focus on care for clients and care for staff.  Care for people, either professionally or personally is important to me, so its nice to have these values aligned.”

Memorable Moments:

She recalls her experience of flying from Moree to Sydney with Cooma colleagues in a small plane, an event from the early years that left a lasting impression, “it was the smallest plane I have ever been on – I think about a 20 seater – I have never listened to the safety announcement so thoroughly.”

Additionally, the introduction and implementation of the Goods and Services Tax (GST) in 2000 marked a significant period, highlighting the resilience and adaptability of both Boyce and its clients in the face of change.

 
 

As Dimity continues her journey at Boyce after 25 years, these memories and experiences serve as milestones, illustrating not just the professional growth but the personal connections and shared endeavours that make Boyce a workplace like no other.

 
  
  

Economic update from your wealth management team 

Lindsay Garnock

Executive Business Unit Leader - Boyce Wealth Management

 
 

Interest rates and inflation continue to dominate the headlines and are the main drivers of share prices both locally and overseas.  The market expected, and received, another rate hike at the RBA’s November Cup Day meeting with the official cash rate moving up by 25 bps to 4.35%.  The Australian equity market continues to languish and is up only marginally year to date. 

 

Australian Equities

October saw the ASX 200 finish down 3.8%, marking the third consecutive month of negative returns. Several factors have contributed to the drag on returns, including stubborn inflation, rising bond yields, tentative company earnings outlooks and ongoing geo-political tension. In all, the ASX 200 retreated in October, indicative of the significant headwinds that the local market continues to face.

Global Equities

Global equities had another negative month across the board. Investor concerns continue around interest rates remaining higher for longer. US equities declined following the Federal Reserve’s stance of a “restrictive” policy until inflation seems to ease. This saw the S&P500 Index decline by -2.1% (in local currency terms). The same concerns were raised in the UK, also holding interest rates at 15-year historical highs with the FTSE 100 Index returning a loss of -3.7% (in local currency terms) for the month.

 
 
 
 

Grand Celebrations: Boyce Marks 50 Years

 

Client Appreciation: A special tribute to the clients who have been an integral part of Boyce's journey, recognizing their trust and collaboration.

Employee Recognition: Honouring the dedicated individuals whose hard work, passion, and talent have played a crucial role in shaping Boyce into the industry leader it is today.

 

2023 marked 50 years of business for Boyce. This milestone is a testament to Boyce's enduring legacy, unwavering commitment, and the deep-rooted relationships it has fostered over time. From humble beginnings to becoming a powerhouse in the industry, Boyce’s history is a tale of innovation, resilience and excellence.

To commemorate this achievement, a black-tie dinner was held at Randwick Racecourse in November. This was an opportunity for senior team members and clients to come together to show our appreciation to all of those who have contributed to the journey.

The anniversary celebrations then continued with the entire Boyce team travelling to Sydney. Firstly, with lawn bowls (and a healthy dose of competition) and then a lunchtime cruise around Sydney Harbour.

Check out our social media channels for more details on these events.

We are now looking forward to continuing the Boyce journey, and what the future has to offer.  

 
 
 
 
 
 
 

Holiday Office Closure

All Boyce offices will be closed from Friday 22nd of December 2023 and will reopen Monday 8th of January 2024.

Our team wishes you a safe and happy holiday season.

 
 

 

The Boyce Insider October 2023

11 October 2023

 

11 October 2023 

The Boyce Insider - October 2023 

Carmen Caldwell      

Managing Director 

 

Welcome to the first edition of The Boyce Insider newsletter. The Boyce Insider is designed to keep you informed about the latest developments, industry trends, and valuable insights that can benefit you and your business. At Boyce, we believe in sharing knowledge and collaborating closely with our clients to achieve mutual success.

As we celebrate our 50th anniversary, it gives me the opportunity to reflect on who we are as a firm and how we impact our clients and communities. Our success over the past 50 years is a testament to the dedication and expertise of our team, as well as the trust and support of our valued clients. We are grateful for the partnerships we have formed with generations of Boyce clients and team members. We have been thankful for the opportunities to make a positive impact on the financial well-being of our clients and our communities.

I hope you enjoy the first edition of The Boyce Insider, and we look forward to celebrating with you during our 50th year! 


 

Employee Health and Wellness for a Thriving Workplace

Amanda Farrar

Head of People and Culture

In today’s fast-paced and competitive work environment, whether that be in a vibrant community in regional NSW or in a bustling city, the emphasis on workplace health and wellness has gained significant momentum.

As businesses recognise the value of a healthy and contented workforce, they are adopting innovative strategies to prioritise the wellbeing of their employees, ensuring both personal and company growth.  

In regional Australian workplaces, the concept of health and wellness encompasses various initiatives designed to cater to the unique needs of employees in these environments. From promoting outdoor activities amidst nature’s bounty to fostering close-knit communities that encourage work-life balance, these initiatives take inspiration from the surroundings and lifestyles that regional Australia offers. 

Some of the initiatives employers look to in support of their employees’ health and wellness incorporate providing access to fitness facilities and healthy snacks to offering stress management and mental health workshops and resources.  

Incorporating health and wellness practices in all workplaces has proven to have a profound impact on the workforce. Employees experience higher job satisfaction and a stronger sense of belonging when their well-being is prioritised. The heightened motivation leads to increased productivity, bolstering the overall performance of businesses and contributing to economic prosperity.  

Fostering a culture of health can enhance an organisation's reputation, making it more attractive to potential hires. In a competitive job market, potential employees seek out companies that prioritise well-being. Implementing effective health and wellness initiatives requires a thoughtful approach that considers the unique needs of the workforce. Companies can start by conducting surveys and engaging in conversations to understand their preferences and challenges. Collaboration with health and wellness experts can also assist in this space. 

If you are interested in supporting the health and wellness of your team or you and your family, there are great resources available at on the NSW Government website Get Healthy. It is a free program to help individuals reach their wellbeing goals.  

 

Cyber Security      

Sean Richards

Head of Infrastructure

Cyber Security is an ever increasing threat that everyone needs to take seriously to ensure they don’t become a victim of cybercrime. The Australian government has taken a strong initiative in publishing information to protect Australians under the guise of the Australian Cyber Security Centre (ACSC). 

The Australian Cyber Security Centre leads the Australian Government’s efforts to improve cyber security. As part of their role in strengthening Australia’s cyber security posture they provide significant and relevant information on their website, www.cyber.gov.au. Along with reports and findings there is a lot of practical content around increasing cyber security for both personal and business entities.

The ACSC publishes a yearly report titled the ACSC Annual Cyber Threat Report with the most recent report covering July 2021 to June 2022. Some of the key findings are:

 

     An increase in financial losses to over $98 million with an average loss of $64,000 per incident.  

     Over 76,000 cybercrime incidents (an increase of 13 per cent from the previous financial year). 

     A cybercrime incident is reported every 7 minutes on average compared to every 8 minutes last financial year.  

     There are over 25,000 calls to the Cyber Security Hotline per year, this is an average of 69 per day and an increase of 15 per cent from the previous financial year.  

     150,000 to 200,000 Small Office/Home Office routers in Australian homes and small businesses are vulnerable to compromise. This includes state actors. 

     A 25 per cent increase in the number of publicly reported software vulnerabilities (Common Vulnerabilities and Exposures – CVEs) worldwide. 

     Fraud, online shopping and online banking are the top reported cybercrime types, accounting for 54 per cent of all reports. 

     A rise in the average cost per cybercrime incident to over $39,000 for small business, $88,000 for medium business, and over $62,000 for large business. This is an average increase of 14 per cent. 

 

Businesses should visit Resources for business and government | Cyber.gov.au to look for some essential information relating to how to protect yourself from cyber crime.? Individuals can browse to Protect yourself | Cyber.gov.au for easy to read advice about how to protect yourself. 

Remember to always stay aware and check your accounts and details regularly.  


 

 

Navigating Australia's Financial Landscape

Lindsay Garnock

Executive Business Unit Leader - Boyce Wealth Management

5 Strategies to Thrive in Evolving Market Conditions of 2023-2024     

As the financial landscape in Australia continues to evolve in the 2023-24 fiscal year, it becomes crucial for individuals to adopt and implement effective strategies to secure a stable financial future. In this article, we explore 5 powerful financial strategies tailored to the Australian market conditions that will empower individuals to navigate these changes with confidence.  

  1. Create a budget:  
    Develop a comprehensive budget that outlines your income, expenses, and savings goals. This will help you track your finances and identify areas where you can save money.  
  2. Manage your debt: 
    Interest rates have been increased 13 times in the last 12 months and if you fixed at a lower rate, you may be in for a rude shock when the current rate term expires. Get in front of this and talk to your bank or broker to ensure you are prepared. It may be worth exploring if refinancing at a lower rate is possible.  
  3. Superannuation contributions: 
    Superannuation is a long-term investment, and the contributions you make now can have a significant impact on your retirement savings. By maximizing your superannuation contributions, you can take advantage of compounding returns and potentially grow your retirement nest egg.
  4. Review your insurance coverage: 
    Assess your insurance policies, such as health, personal risk, home, and car insurance. Ensure you have adequate coverage and compare policies to find the best value for your needs.

Seek advice from relevant professional: 
Consult with a tax professional to optimise your tax strategy.  
Consider seeking advice from a financial advisor to optimise your investments for the current economic climate. 
Consult with an estate planning professional to ensure your assets are protected and distributed as intended. 

 

Economic update from your wealth management team 

Positioning for an economic slowdown  

Economic growth is slowing – Gross Domestic Product (GDP) fell to 2.3% in the June quarter and discretionary spending has reduced as cost-of-living pressures finally hit the consumer. 

Corporate earnings have also eased but have not plummeted, which has pleased equity markets.  However, earnings growth looks harder to come by in 2024.  Rising interest rates, tighter credit conditions and higher costs are indeed feeding through the economy – albeit with a long lag.

Our base case remains that Australia will avoid recession thanks to a significant rebound in migration this year and the continued demand for our resources as the global economy continues its decarbonisation path.

Inflation has continued to soften slowly, with the latest headline number coming in at 4.9%. It’s still a long way away from the central bank’s target range of 2-3%. The RBA has kept rates on hold for a second month in a row but remains on alert as inflation has the potential to remain stickier here than in other parts of the developed world.

We remain cautious and positioned for the weaker economic conditions ahead. Our focus is on quality investments, liquid assets and active portfolio management which should put us in good stead to manage any volatility that may arise as the year progresses.

 

 

celebrating 50 years Boyce 1973-2023 logo

Boyce is a privately owned professional advisory company with 50 years of history in regional Australia. Since its establishment in1973, Boyce has been committed to delivering genuine care to clients through their comprehensive suite of financial and advisory services.  

 

Over the past five decades, Boyce has built a strong reputation for its care, experience, knowledge, and dedication to client success. With offices and team members in regional centres and capital cities, Boyce bridges the gap between rural and city Australia.  

 

Since its inception, Boyce has been at the forefront of embracing innovation and technologies that benefit their clients and team. By combining a deep understanding of financial regulations and market trends with advanced analytical tools, Boyce has been able to provide meaningful information, simply stated, to help clients navigate complex financial landscapes and achieve their business and personal goals. 

 

We look forward to celebrating this milestone with our team later this year. Keep an eye on our socials to keep updated with our celebrations.

 

In the fine words of Boyce's founding partner "The first rule of service is to 'care for your clients'".  Caring for our clients is what we live and breathe and continue to do as we partner with generations to thrive. 

 

 

 

Update to Corporate Services Program Annual Statement Packages

3 March 2023

Your Annual Statement package has been updated

 

We are happy to announce that Boyce is currently transitioning to a new Corporate Registry Services program. 

Why are we making this change?

The main reason for the change is to improve our services to you. This transition will allow us to be ready for the ASIC’s database upgrade that is in progress as well as offer enhanced collaboration options with you in the future. Please be assured that maintaining your confidential information has been our priority during this transition.    

How will this change effect you? 

The main change that will impact you will be how you pay your annual statement. Your annual statement package email and payment reminder emails will have a different format and wording.  

In addition to paying your ASIC fee the existing way by referring to the ASIC invoice statement, the new format will include a ‘Pay Now’ button for your convenience. An example of this button is below.   

 

The Pay Now button will take you directly to the Australia Post payment gateway and allow you to pay your ASIC invoice via credit card. 

Please remember to always check that the ASIC Billpay code when you enter it from the ASIC invoice is confirmed by Australia Post as being ASIC.

You will start to receive the newly formatted emails from crs@boyceca.com beginning Wednesday 8th March 2023.

If you have any queries, please do not hesitate to contact the CRS team on 02 6884 6499 or crs@boyceca.com .

 

Thank you for helping Boyce raise over $21,500 in our City2Surf fundraiser

30 October 2020

Boyce recently celebrated our 12th year of participation in the City2Surf Challenge. Due to COVID-19, the event was run a little differently with the 22 Boyce participants completing the challenge in their own communities.

In true Boyce spirit, we did not let the change stop us from raising as much money as possible for our chosen charity, Royal Far West.

We are proud to announce that we managed to amass over $21,500 and placed in the top 3 team fundraisers on the City2Surf Leader board. The final fundraising total means Boyce has raised more than $321,000 during our 12 years of participating in the City2Surf, and we are extremely appreciative of the generosity provided to our annual City2Surf fundraising event.

We could not have done this without the support of our wonderful clients, business partners, community members and family and friends.

Well done to our Boyce team, and thank you to everyone who contributed to this outstanding event.

Pictured - John Reed from Royal Far West and Dubbo Director, Ben Calder.

 

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