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, 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 | to look for some essential information relating to how to protect yourself from cyber crime.? Individuals can browse to Protect yourself | 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. 




Increase in Super Guarantee & Minimum Wage

22 June 2021

On 1 July 2021, the superannuation guarantee and minimum wage will increase.

Read more >

Boyce are thrilled to announce Alison Smith as the 2020 TQ Employee of Year!

3 December 2020

Judging of the award took place on the 18 November 2020, with 5 outstanding finalists in consideration:

  • Kimberley Dwyer – Cooma
  • Shannon Bow – Dubbo
  • Chloe Montgomery – Goulburn
  • Alison Smith – Moree
  • Paige Deveraux – Wagga

Born and bred in Moree, Alison’s local knowledge, humbleness and genuine care for clients and the team really shone through. Her empathy for clients was a real standout, as was her pride in being part of the Boyce team and the local Moree community.

Approaching 10 years’ service with Boyce, Alison’s team describe her as a mentor in the office and someone who always goes above and beyond to help clients and staff. The team noted their appreciation of Alison’s extensive knowledge base, as well as her calm nature and support, to team and clients, especially during this year’s pandemic.

“Not only is Alison making a contribution in terms of technical client work, she is a great team member and positive ambassador for Boyce,” said Moree Director, Jono Hart.

“Alison shares her knowledge and expertise selflessly and displays a passion for her work that continues to inspire those around her. This award is very much deserved.”

Alison commented, “I am honoured to be chosen as this year’s TQ Employee of the Year, by the Directors and my colleagues. As the award is in recognition of Tony Quirk’s high-level achievements during his time at Boyce, it makes it even more humbling. It is also a huge achievement considering the significant contributions of the other four nominees to Boyce.”

The calibre of finalists was exceptional, and it was particularly exciting to see some of our newer team members being recognised by their peers for their contributions to the success of the Firm.

Please join us in congratulating Alison on becoming our 2020 Tony Quirk Winner.


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.


Pages: 1 2 3 ... Next > Last >>