PANALITIX Achievement Awards 2018

Collins Hume's innovation rewarded at international accounting awards
Collins Hume Accountants & Business Advisers were named Accounting Business of the Year 2018 at the PANALITIX Achievement Awards held during THEPAC international accounting conference in San Diego last night.

Peter Fowler Colin DunnPartner Peter Fowler represented Collins Hume via video link before over 200 international accounting delegates, sponsors and industry leaders from Australia, New Zealand, the United Kingdom, North America and Europe. He said he was blown away.

"I know there are so many amazing accounting firms all around the world so this is really awesome, thank you," Peter said.

"We have an amazing team who I can't thank enough for everything they do and always having our clients' best interests at heart. When you work with a great bunch of people who share a common purpose, it makes turning up to work each day so much easier." 

PANALITIX Co-Founder and Head of Content, Colin Dunn, accepted the award for Collins Hume saying he was delighted to have worked with Collins Hume, adding his congratulations for a well-deserved win.

"The PANALITIX Annual Award for Accounting Business of the Year recognises the winning firm for their outstanding successes and excellence in all key areas of business operation. Collins Hume has made a major impact with their clients and in their community over a sustained period of time and consistently demonstrated entrepreneurial spirit fuelled by innovation," Colin said.

The Accounting Business of the Year is seen as a leader in the PANALITIX Community and it is no mean feat winning the award. Collins Hume was asked to provide examples of high performance and excellence during 2018.

To be considered, accounting businesses must submit proof of outstanding success and excellence in all key areas of business operation. The winning business must have made an impact through a variety of quantifiable measures in their market and experienced growth. Winners are recognised for their entrepreneurial spirit, creative business strategies and contribution to their peers within the accounting industry. Winners of this award must also demonstrate significant improvement in key metrics and results achieved during the year with a strong track record of implementing projects and providing clear financial metrics that show the improved status of the firm. 

"Our overriding purpose is to inspire business owners to achieve extraordinary results so we can collectively build stronger communities, change lives and create a better world. We love what we do and we love giving back to our community and those less fortunate around the world. This is our legacy as a team and as a business," Peter added.

Copyright 2018. @CollinsHume Ballina & Byron Bay 2018

Happy Giving Tuesday

It's Giving Tuesday

Collins Hume has just helped B1G1 pass 165 million impacts and go so close to 166 million.

Doing so pushed our combined impacts close to 11.5 million, achieved through the giving by Collins Hume as well as our team members:

And best of all, our extra giving on Giving Tuesday has pushed Collins Hume's personal impacts over the 10 million mark!

Being a profitable business with purpose
When Collins Hume began in 1980 our mission was simple – deliver the best value tax service in Ballina – but the world has changed and so have we. Today, our overriding purpose is to inspire business owners to achieve business and lifestyle success in powerful and meaningful ways.

By regularly giving back to our community, our team enjoys being able to choose the causes we support. By using our services, our clients secondarily support the causes we support. It gives us a greater purpose knowing that when we turn up for work we are not only helping our clients, but also others in need. For Collins Hume, having that greater purpose is the reasoning behind our social and community service program. 

Purpose is more than a popular buzzword or another 'P' in our corporate cap. It's a way of doing business that not only influences positive societal change,but also drives economic stimulus.

To find out more about how Collins Hume gives back, visit Our Giving Impact.

#GivingTuesday @CollinsHume Ballina and Byron Bay NSW

Renting vs buying

Why rent?

Did you know that with current interest rates (based on an interest rate of 3.75%) each $100 per week in rent you pay may support a loan of about $95,000? 

propertySo, if you're paying $400 a week rent you may be able to support a loan of $380,000. 

If you think that you don't have enough deposit chat to us anyway. There may still be options using lenders mortgage insurance or family guarantees to get you into your new home. 

Don't delay; there is a Better Way. For an outline of the options available, email or phone Collins Hume Lending Specialist David Seymour on 0418 785 747. 

David Seymour is an Authorised Credit Rep No 477331 of Regional Finance Solutions Pty Ltd ABN 71163893945 Aust Credit License 484980.

Crowd Sourced Funding Equity Raising

Crowd Sourced Funding launched 19 October 2018

Crowd Sourced Funding Equity Raising for small proprietary companies is now available in Australia without requiring a proprietary company to convert to an unlisted public company.

crowdThe UK, Europe, USA, Canada and New Zealand have been allowing their private companies to utilise crowd source funding equity raising for around six years. Australia has now caught up.

This is great news for company directors and shareholders of small medium enterprises who would like to expand their businesses, achieve new heights and achieve their dreams.

Eligible companies will have group annual turnover of less than $25 million and will have group assets valued at less than $25 million and will not be listed on a stock exchange or a financial market anywhere in the world.

There is no stipulated age requirement to raise crowd sourced funding equity raising nor is there any specified industry classification to be able to utilise crowd sourced funding equity raising.

Eligible companies will be able to raise up to $5 million during a twelve-month period from the public – if the public is prepared to support the company and its capital raising activities.

The first thing to identify will be whether your company is likely to fit one of the characteristics of companies that might be interested in trying to raise crowd sourced funding equity raising. We have identified eight characteristics including:

  1. A fast-growing ambitious business
  2. A business that wants to expand
  3. A company that wishes to acquire other businesses
  4. A company with a "big audacious idea" that could be successful but the directors need to ensure that a Business Plan, Budget and Cash Flow Forecast is prepared for the audacious idea and that the deal stacks up
  5. The company may have large debts financed on other people's assets. The benefactor may require the title deed back – the company could consider raising capital to pay out the loan, return the title deed and save interest payments and any "tension" arising from utilising someone else's asset to borrow funds for a business.
  6. The company may have a succession issue because the founder has reinvested all of the profits back into the business over the years with the very little been contributed to a superannuation fund. However, the strategy could be to encourage a child or other family member to take over the business but there are insufficient funds available to give the founder access to money. 
  7. The company may have developed new products, processes or services but is unable to present itself as being able to raise capital as an ESIC because of the company's age, expenditure or income. In this case raising capital as a crowd sourced funding company could be a solution.
  8. A company with a CEO who has an exciting vision and the determination to implement that vision.

There could be other key characteristics making companies attractive candidates to be able to raise crowd sourced funding equity raising. Most will require advice from an accountant familiar with all aspects of the crowd sourced funding equity raising process.

The opportunity to raise capital as a small proprietary company commenced on 19 October 2018. Call us on 02 6686 3000 to find out more.

Equipment loans

Are your tax liabilities up to date?

Many small businesses have previously treated the ATO as an overdraft or line of credit to fund their business when cash flow has been tight. 

credit scoreWhile this was never a great idea, it is now worse than ever to do this. 

But why?

Firstly, until this year the ATO never reported your debt to the credit reporting agencies – but they do now, meaning that your credit rating can be adversely impacted by not paying your tax (and this includes your GST payments).

Secondly, most lenders are now asking you to provide a report from the ATO showing that you have been paying your liabilities promptly – this report routinely goes back 12 months. So if you pay late it will impact on your ability to obtain a loan for at least 12 months unless you have a really good reason.

This does not mean that being late will exclude you from getting a loan. However, it may make your loan more expensive and exclude you from no doc and low doc equipment loans. If you are in doubt give us a call to discuss your business lending needs and we can explore the options.

Don't delay; there is a Better Way. For an outline of the options available, email or phone Collins Hume Lending Specialist David Seymour on 0418 785 747. 

David Seymour is an Authorised Credit Rep No 477331 of Regional Finance Solutions Pty Ltd ABN 71163893945 Aust Credit License 484980.