2019 Retrospective

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.

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Australia's Top 50 Financial Planners Announced for 2012

We are pleased to inform you that David Graham has once again qualified for a position in the Masterclass for Financial Planning 2012 as determined by “The Australian Financial Review Smart Investor” magazine and placed in the Top 50 financial planners in Australia.

The Masterclass awards were first introduced in 1998 and are carried out by Smart Investor magazine to provide investors and clients with a guide to the top planners in the country. Applicants must not only be licensed to provide financial advice but also be either: a Certified Financial Planner; Certified Practicing Accountant; or a member of the Institute of Chartered Accountants.

Assessment is based on a rigorous 60 minute online exam which is set by experts in the financial services industry. The test gives planners the opportunity to demonstrate their technical expertise in areas like tax, superannuation (including SMSFs), social security, asset allocation, investment strategies, financial maths and estate planning.

More information about the award can be found on pages 23-29 of the February 2012 edition of “Smart Investor” magazine.

You may recall that Anne Graham was a finalist in the AFA Adviser of the Year Award late last year. We are extremely well positioned to continue meeting your financial planning needs in 2012 and beyond and the recognition awarded to us by our peers will give you confidence that you are in capable hands.

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Anne Graham wins Victorian FPA CFP® Professional Best Practice Award

We are absolutely delighted to announce that Anne Graham has been awarded the 2013 Victorian FPA CFP® Professional Best Practice Award.

The FPA’s annual Awards recognise Australia’s best financial planners who deliver exceptional qualified and trusted financial advice using the highest standard of ethics, practice standards and professional conduct in the country. CEO of the FPA, Mark Rantall, said that the Best Practice Awards also serve as an important symbol of excellence for consumers seeking qualified financial advice:

“These awards recognise the best of the best. FPA members comply with some of the highest financial planning standards on a global stage. These Award winners have not only complied with the FPA Code, but in so doing have offered a considerable contribution to the profession through community involvement, mentoring and support to their local FPA Chapter.

“Our profession has been through a period of tremendous change in recent years and has made significant strides in advancing the global standing of the profession. These planners have, in spite of any interruption to business, persisted for their clients’ best interests.”said Rantall.

This is a great achievement that demonstrates the high quality advice that Anne provides to our clients.

For more information regarding the award, please visit the FPA website: http://www.fpa.asn.au/default.asp?action=article&ID=23058

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What does Female Excellence look like in 2012?

Excellence in advice is more than just providing quality advice, it’s about going over and beyond your call of duty to provide the support and living tools people need – often to survive.

For female excellence in advice, the role doesn’t end as the client walks out the door, it’s an ongoing relationship of advice, and education that makes a difference not just on a client level, but on an industry level.

This award doesn’t just represent great client/adviser achievement, its represents a step forward in diversifying an industry. See three of the contenders for this year’s Female Excellence in Advice Awards via the link below:


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Latest Tax Table

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Tax Rates 2012-13 & 2013-14

Taxable income Tax on this income
0 - $18,200 Nil
$18,201 - $37,000 19c for each $1 over $18,200
$37,001 - $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

Tax Rates for 2014-15

Taxable income Tax on this income
0 - $19,400 Nil
$19,401 - $37,000 19c for each $1 over $19,400
$37,001 - $80,000 $3,344 plus 33c for each $1 over $37,000
$80,001 - $180,000 $17,534 plus 37c for each $1 over $80,000
$180,001 and over $54,534 plus 45c for each $1 over $180,000