Boyce will again field a team in the annual City2Surf Challenge to be held on Sunday 11 August. Our aim this year is to raise $25,000 to support the fantastic work of the Burns Support Foundation - it’s a big ask and we're hoping for your generous support to reach our target. 

We are proud to support the Burns Support Foundation as our nominated charity in 2013 largely because it’s a very worthy cause that operates without any government assistance, but also because we have a very personal connection with the organisation.

Cooma Director, Julie Schofield, is a burns survivor having sustained a burn injury as a young child. Looking back on what must have been a horrendous time for her and her family, Julie recalls that it was the support and assistance of the Burns Support Foundation that enabled her to cope with the many years of hospital visits and surgeries that followed her injury.

“I was so fortunate to be able to access the counselling, mentoring and practical assistance that the Burns Support Foundation provides to those with burn injuries,” said Julie. 

"The support I received from the Foundation played an important role in enabling me to become the person I am To view the full video of the Boyce Team's City2Surf involvement since 2008 and Julie Schofield's inspiring journey as a burns survivor - CLICK HERE  JOIN THE BOYCE C2S TEAM  DONATE TO SUPPORT THE BURNS SUPPORT FOUNDATION today, and I’m so proud that the Boyce team is as passionate as I am about ensuring that the great work they do can continue.” 

About the Burns Support Foundation

The Burns Support Foundation is a non-profit organisation established in 1990 that receives no government funding, relying entirely on donations and bequests to continue operating. It is managed by burn survivors, relatives of burn survivors and professional staff working for the NSW Severe Burn Injury Service who volunteer their time.

The effects of a severe burn injury continue to reverberate through the emotional life of the family for many years after the original incident. The aim of the Burns Support Foundation is to help patients and their families through these difficult times so that like Julie, all burn survivors can come out the other side with a positive attitude to life and go on to have rewarding family lives and careers.

Support services offered by the Burns Support Foundation include a parent/carer support group, a young adults group, a telephone help line and referral service, newsletters and biannual family camps. The Foundation also provides some direct assistance to individuals such as purchasing high quality wigs and providing financial assistance in circumstances of extreme hardship. Their services are open to all burns survivors and their families. 

Camp Corroboree

Bi-annual family camps are one of the main initiatives of the Burns Support Foundation. Known as “Camp Corroboree”, these camps provide a safe environment in which families who have shared similar experiences and similar needs can meet. Camp participants are encouraged to take part in challenging activities that they would not normally have the opportunity to enjoy such as rock climbing, abseiling and canoeing. The camp is unique as it offers burns specific counselling expertise as part of the program.

Boyce Wagga Directors Simon Sellars and Linda Mackellar and their families, along with Elizabeth Timmins, Superannuation Strategist from Cooma, and husband Marty, recently attended a Camp Corroboree held at Stanwell Tops near Sydney. All agree that it is a fantastic initiative and one that allows everyone to “feel normal” and forget that others often see them as burns victims or the family of a burns victim.

“The smiles on the faces of everyone at the end of the camp said it all,” said Linda Mackellar.

The cost of holding the biannual camps is hefty so we hope to raise enough funds to help the Burns Support Foundation continue this wonderful initiative. In the past, with your help, we have raised more than $75,000 for charities through participation in the City2Surf. This year we are ready and rearing to go and calling for your generous support once again. 

Join the Boyce team

If you are able to run, jog, jump, skip or walk the City2Surf course, then join the Boyce team for a great time (our unofficial motto is “Work Hard, Play Hard!”). All Boyce City2Surf team members receive a free t-shirt, spectacular views and great company along the 14km route, and a celebratory barbeque and drinks at the end of the race. You can sign up for the City2Surf at http://www.city2surf.com.au/ - enter our team name of “Boyce Chartered Accountants” – and then entice/cajole as many as possible of your family, friends and work colleagues to sponsor you in the event. 

Or, make a donation

If you don’t wish to participate in the race, we invite you to make a very worthy contribution by making a donation. Go to the Boyce Team Fundraising page at https://city2surf2013.everydayhero.com/au/boyce-chartered-accountants and click on GIVE NOW. All donations are tax deductible and will be gratefully accepted.

We’d love you to be part of this great day and support this very worthy cause. Make sure to mention it to all your friends, family and colleagues – everyone is welcome to join the Boyce 2013 City2Surf team and help us raise much needed funds for The Burns Support Foundation.

Remember the Burns Support Foundation relies entirely on donations and bequests, so let’s do our very best to help make sure it can continue its great work. 

Postscript

Julie Schofield kicked off the 2013 Boyce City2Surf fundraising with a competition to guess the sex, weight and date of birth of her second child!

For the record, Julie and her husband Glen welcomed a beautiful baby girl, Bella, on Tuesday 28 May at 8.25pm weighing 7 pounds 3 ounces. More than $80 was raised for the Burns Support Foundation – thank you Bella!

With less than a month to go until the end of the financial year, Boyce Super Strategist Elizabeth Timmins advises it’s time for some superannuation housekeeping to ensure:  Contributions are made in time to count towards the 2013 year.  Income stream payments drawn from your fund meet the minimum pension requirements.  Cut-off Date for Contributions 

30 June 2013 is a Sunday. Contribution to superannuation funds are counted when they are RECEIVED by the fund.  

This means that if you are making a contribution into a fund you should allow plenty of time for the money to reach the fund before 30 June if you wish to claim the contribution in the 2013 financial year. 

For SMSFs the date of entry shown on the superannuation fund bank statement is the date that counts for taxation purposes.  Contributions made via an intra-bank transfer (for example from a NAB account to another NAB account) would need to be made at the latest on Thursday 27 June to ensure receipt by the fund on Friday 28 June – prior to the weekend. Contributions made via an inter-bank transfer (for example from a Westpac account to a Rabobank account) should be made before 5pm Wednesday 26 June at the very latest to ensure they are deposited prior to the weekend. Transfers enacted over the weekend will hit your fund’s bank account on Monday 1 July – which is too late for you to be able to claim the tax deduction in the 2012/13 financial year. 

Retail funds have cut-off dates for contributions before the end of the financial year, so you will need to check with your fund what the relevant date is to ensure you meet the deadline. 

Concessional Contribution Limits 

The concessional contribution limit for the 2013 year is $25,000 for all members. 

If you have been taking advantage of salary sacrificing contributions with your employer or you have received a bonus payment that has been paid as a contribution to super, you need to be mindful you do not exceed the limit. 

SMSF trustees should also be aware of how much members have made in non-concessional after-tax contributions; the current limit is $150,000. If a member is under 65 years of age, a limit of $450,000 can apply by bringing forward the next two year’s contribution limits. 

Superannuation Income Streams (Pensions) 

Where you are drawing an income stream from your superannuation fund, at least the minimum pension amount must be drawn each financial year. It is important to ensure you have taken your minimum pension before 30 June 2013. 

Superannuation Guarantee Contributions (SGC) to increase to 9.25% 

A further reminder that from 1 July 2013 employers will be required to contribute an additional 0.25% to their eligible employees’ superannuation funds, bringing the SGC rate to 9.25% for the 2013/14 financial year. 

Further incremental changes will occur in future years until full implementation of 12% SGC rate in the 2019/20 financial year – although this may change depending on the outcome of the federal election later this year. 

If you would like further information please contact your local Boyce Accountant or the Boyce Super Team on 02 6452 3344.

The Gillard Government announced in early May 2013 funding of $420 million over two years for a Farm Finance assistance package to aid farmers struggling to manage their debts due to a high Australian dollar and falling land values. 

The package, developed in consultation with farmers and peak farming bodies, consists of four measures:  Concessional loans to help restructure debt and invest in productivity;  Enhancements to the Farm Management Deposits scheme; Extra rural financial counsellors to work directly with farm businesses; and Progressing a nationally consistent approach to debt mediation across the country. Concessional loans for productivity enhancement projects or debt restructuring 

The Government says reducing debt repayments in the short-term will provide farmers with the breathing space to continue to run their businesses and support their families. 

Under the Farm Finance package, loans of up to $60 million over two years will be made available to the relevant state delivery agency in each state and the Northern Territory for the provision of the concessional loans to farm businesses. 

Eligible primary producers will be able to apply for concessional loans of up to $650,000 for a period of up to 20 years. The loans will only be made available to viable farm businesses; applicants will need to demonstrate financial need, participate in a farm business planning exercise, and demonstrate their capacity to meet a debt repayment schedule. 

An interest only concessional loan component will be available for five years, and after this time the loan will revert to a market rate and recipients will be required to commence repaying the principal. 

Enhancements to the Farm Management Deposits Scheme 

In an effort to provide greater flexibility for primary producers to manage and use the Farm Management Deposits Scheme, the non-primary production income threshold will be increased from $65,000 to $100,000. 

It is anticipated that this measure will enable more primary producers to access the scheme through encouraging them to diversify their incomes to manage variations in income from year to year. 

Funding for more Rural Financial Counsellors 

An additional 16 full-time equivalent Rural Financial Counsellors will be deployed across the country to focus on regions and industries experiencing acute debt stress. 

This measure is in recognition of  the importance of these services in building ongoing financial resilience and capability, particularly for farmers experiencing financial distress.
 
A nationally consistent approach to farm debt mediation 

The Government will work with the banking industry, the agriculture industry and the States and Territories to establish a nationally consistent approach to farm debt mediation.

The Farm Finance Package has been met with a mixed response. In his response to the announcement of the package, Federal Opposition leader Tony Abbott said “farmers don’t want ‘hand-outs’ they want recognition, a fair go, and to be represented by a government who know they are there.” 

The increase in funding for the Rural Financial Counselling Service will start from 1 July 2013. Enhancements to the Farm Management Deposits scheme will take effect from 1 July 2014. The concessional loans will become available once the Government garners the cooperation of the State and Territory Governments to administer and deliver this part of the package.

Drought reform - Farm Household Allowance

The Government announced as part of the 2013 Budget, it will provide $99.4 million over four years for a new Farm Household Allowance under the National Drought Program Reform commencing from 1 July 2014. 

The Farm Household Allowance (FHA) will be available to eligible farm families in periods of hardship regardless of the source of that hardship. Eligibility for support will be determined through an assessment of the farmer's existing assets, liabilities and income. 

The FHA will be paid at the Newstart Allowance rate (currently up to $540/fortnight for singles or $448/fortnight each for couples) and will be available to eligible recipients for a maximum period of three years, with the flexibility to come on and off the payment until the maximum period is reached. 

A condition of receiving the FHA will be completion of individually tailored obligations targeted at assisting farmers to better manage their individual situation in the future which could include training or development activities, both on-farm and off-farm, seeking professional advice or succession planning. 

This payment will replace the existing Exceptional Circumstances Relief Payment and the Transitional Farm Family Payment from 1 July 2014. 

If you would like more information about the Farm Finance package or the Farm Household Allowance please contact your local Boyce Accountant.