As another year draws to a close it is a wonderful time for us all to reflect on what has been and look forward to what will be. Strangely 2019 was both a year of change and (surprisingly) a year of continuity.
After 17 years in Ellingworth Pde we decided to make a change and relocate the firm to our current premises at Suite 12, 602 Whitehorse Rd, Mitcham. Despite all the stress, hard work and tough decisions we are delighted with the end result with both our staff and our clients enjoying the new outlook.
We also welcomed two new additions to the team this year with Matt Beyer joining us in January as a Graduate Accountant to add extra capacity to the Tax and Business Services Team. The Audit team has also seen some growth with John Watty coming on board with us in July. John has been known to the team at McPhails for many years having been engaged to perform audits for us in the past. Both Matt and John complement the existing team well and add both capacity and experience to the firm.
From an economic sense, after almost 3 years going unchanged, the Reserve Bank made 3 quick cuts to the official cash interest rates, dropping them to a record low 0.75% in an attempt to boost employment and increase inflation. These rate cuts, along with extensions to the tax concessions for Small Business Entities, provide a number of opportunities for our business clients who are looking to grow.
However the biggest change we were all expecting this year turned out to be a surprise non-event. We, like many others, were bracing for the impact of the proposed tax changes which a Bill Shorten Labour Government was expected to introduce. In what was a perfect example of “don’t count your chickens before they hatch” Prime Minister ScoMo surprised us all on Election Day by returning the Coalition to power.
As a result, we aren’t expected any significant changes in the tax landscape for 2020 however who knows what the May budget will bring. In the meantime the focus from the ATO appears to be on closing the current “Tax Gap” to help bolster government revenues. We are expecting to see more active compliance from the ATO in relation to work related deductions and rental properties which highlights the need to keep appropriate records to substantiate all claims.
Looking ahead, 2020 will see us celebrate the 75th Anniversary of the business which has served so many of you for so many years. There is genuine excitement within our strong and eager team as we look to build on the momentum of the fresh start here in Mitcham and continue to provide the best service possible to all our wonderful clients.
From the whole team here at McPhail’s we wish you and your families a safe and happy festive season and a prosperous new year.
