Earlier this week I attended a Deakin University Alumni event, the topic…”The Challenges of Effective Leadership”…was presented by Mr David Smorgon, OAM.

One of the first questions Mr Smorgon asked was “Who here considers themselves a leader?”…out of a room of 100+ well educated people, only a few raised their hand…why is it so difficult to admit that you are a leader?  Modesty?  Or perhaps an inability to see your own worth?  I’m not sure…

Mr Smorgon’s presentation was entertaining and enlightening, and focused on stories from his own life including working in the Smorgon family business, as well as his work with the Western Bulldogs Football Club…and he raised some valid points on leadership, my favourites are these:

– A leader is someone who does the right thing, they act to make a difference and they make things happen

– Leaders can fail…but they know that failure need not be defeat…they learn from failure, they talk about it, they know it’s a part of life…and they keep moving

– Leaders show commitment to their cause and their words are in sync with their actions

– An effective leader is strong and decisive, educates, coaches, counsels and implements change

There is an old saying that leaders are born not made…I don’t think this is true!  You can certainly learn the traits of a leader…and implement them…you just have to try…and I encourage you to do so!

I wonder if Mr Smorgon had asked his initial question again at the end of the session, if there would have been a different response…

Any stories of leaders you admire?

Regards

 

Along with many accountants and advisors, as well as other Australians who have an interest, I spent last night watching the announcement of our Federal Budget for the upcoming year.

For anyone who has never watched the Budget announcement, it only takes about 30 minutes…but the following hours, today’s newspapers and news bulletins and TV specials in the coming days will be saturated with discussion and debate…after all it is politics!

We were warned well in advance that this budget would be difficult…and it didn’t disappoint on that front.  However, as alluded to in my previous post Federal Budget Preview 2014-15, in some areas it probably wasn’t quite as bad as it could have been…(my opinion only!)

The theme of the budget leans towards the end of the “age of entitlement”…in recent years there have been may financial allowances and supplements made available to varying groups within our Community, many of these are now being reduced or withdrawn.  But I ask you to please remember that there are planned benefits to come from these cuts, but being big ticket items, you won’t see these benefits immediately.

The Herald Sun newspaper have a short quiz on their website where you can answer some simple questions and be provided with a summary of the changes you can expect in your personal situation, you might be interested to take a look (its at the end of the article on this link).

Any thoughts on the budget?

Regards

 

As each year goes by, the Australian Taxation Office (ATO) increase their audit activity with the intention of ensuring taxpayers satisfy the requirement of claiming a tax deduction by having  valid documentation.

If you don’t have a receipt or valid documentation, you risk having your tax deduction disallowed…and of course the ATO may impose a penalty on you for making a “false” claim.

Speaking from experience…most accountants would prefer to not receive a bundle of receipts at the end of the year (remember the old “shoebox”?)…but rather a simple summary of your expenses would suffice.

Having said that, it is your responsibility as a taxpayer to ensure that while you might provide your accountant with a summary, you must still maintain the original records to support your claim (this is the basis of self-assessment under the Australian taxation system).

In the absence of a more sophisticated accounting system, I recommend getting in the habit of summarising your expenses throughout the year, either in an excel spread sheet or even just a note book, and keep the actual receipts in a separate envelope or file (tip: avoid plastic pockets as they can “erase” the thermal print found on many receipts these days)…

In general, if your total work related expenses are less than $300 you do not need to keep receipts, but if your claim is greater than $300…you need to be able to substantiate the whole amount, not just the amount exceeding $300…so when in doubt – keep the receipt!

Does anyone have any special tips record keeping they are willing to share?

Regards

When I think of comfort, I think of a plush couch, cushions, a warm blanket and my drink of choice…but that’s not the type of comfort I want to discuss today.

I’ve always felt it is important to feel comfortable with your advisor and to be able to trust that they will do the right thing by you.

Just like you look to a health professional, personal trainer and a hairdresser who are on the same page as you…your financial and legal advisors should be no different.

Throughout my career I’ve developed some wonderfully trusting relationships with my clients, and I want to look after them like they are my family and friends…of course all while maintaining a professional position.

I had a discussion this week with a new business owner who was feeling a little anxious about some advice she had received…like she felt the need to “double check” the information she was given.

This is not how it should be – I am in no way suggesting that you take all advice on face value, I believe a trusted adviser will:

Walk – Solve – Implement – Check

Walk with you through your queries and ensure they are answering the questions you want answered

Help you solve your problems and provide meaningful explanations to go with the solution

While your advisor cannot make decisions for you, they can assist in implementing the decisions you’ve made following the “walk” and “solve” processes

Take the time to review the implementation with you to check if the desired outcome is achieved

I hope that everyone reading this is in a comfortable and trusted relationship with their advisor, if not, perhaps it’s time for a review!

Regards

PS This is not me in the picture…but I love the look of the blanket!