Accounting and Finance

Finance, Taxation, Insurance and Accounting related articles

“Now is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning”Winston Churchill 1942. Churchill is of course famous for many an inspirational quote made all the more magnificent by virtue of the circumstances in which he found himself. I suspect somewhat more uplifting and motivating than the dross found on social media these days. Imagine addressing a population facing the existential threat that emerged in Europe in the late thirties and imploring the population to be the best they can be and to speak their own truth. Gimme a break! But, as always,Read More →

Contributed By: Mike Phipps Finance on

For the third successive year Mike Phipps Finance have taken out the prestigious Onsite Manager’s Industry Excellence Award in Finance. At a gala event in Brisbane the Phipps Finance team were recognised by their peers and the industry as providing a standard of excellence worthy of recognition. “We started 12 years ago with a focus on service and reliability, and we’ve stuck to our plan, despite distractions and the temptations of cost cutting and lowest common denominator strategies” said director and founder Mike Phipps. “This award is particularly gratifying in terms of confirming our business model. We also have a wonderful team without whom theRead More →

Contributed By: Mike Phipps Finance on

I read with some amusement that our friends in government have realised that all the disclosure and “lets treat people like idiots” regulations that we now “enjoy” may in fact be very confusing to the average borrower. Lenders are now being told to explain things in simple English and in a manner that is clear, concise and easily understood. Let’s call it a conversational style of communication like the bulletins we have been publishing for years. Given that it’s not unusual for a borrower to receive, inclusive of the Product Disclosure Statements, upwards of 500 pages of information from a bank this seems like aRead More →

Contributed By: Vanessa Sciortino - Nicholsons on

All caretaking agreements will provide for an annual review of the caretaker’s remuneration. Unless there has been a specific change that review will normally be on the anniversary of the commencement date of the agreement.  Remuneration reviews in agreements can be specified to occur by the greater (or lesser) of two methods.  They are most commonly reviewed by a fixed percentage, CPI or market review.  Care should be taken when considering the drafting of the review clauses to ensure they, firstly, work correctly and secondly, that there is sufficient detail included in the review clause  (particularly for a market review clause) which sets out theRead More →

Contributed By: Archer Gowland Redshaw and Vanessa Sciortino on

For our latest episode focusing on the Management Rights industry, Chris Lewis and Smiljan Jankovic (Management Rights Specialist, Archer Gowland Redshaw) host Vanessa Sciortino – Special Counsel, Nicholsons Solicitors. Throughout the episode, Vanessa & Smiljan provide the latest best-practice insights from a legal and accounting perspective involving Management Rights complexes. Across the discussion, each highlight the common issues associated with top-ups & exercising options (and the differences between the two), renewal strategies where a manager may find themselves in a dispute with their Body Corporate, the purchase process including the Body Corporate consent process, whether or not claw-back clauses continue to be relevant, and how best to support new entrants in theRead More →

Contributed By: Kristine Lehmann of Lehmann Rights on

Kristine Lehmann, the principal of Lehmann Rights has kindly provided us with a series of really great industry discussions between herself and a number of industry leading experts. These are great, easily digestible 5 minute chats that offer some wonderful and current insight for those in and looking to enter this market. We’ll be bringing you a new one of these with each issue for the next couple of months.Read More →

Contributed By: Mike Phipps Finance on

Before we begin. If you are an eternal optimist who never lets facts and history get in the way of your positive attitude perhaps return to Chrystal Karma Weekly and give this little story a miss. And now, let’s begin. We find ourselves in a unique situation. Never before in modern times have we seen a pandemic of the magnitude of the current Covid crisis. Of course, by magnitude I refer to the actual damage the virus has caused as compared to the damage the reaction to it has visited upon us. It turns out the interconnected world has its downside. I make the pointRead More →

Contributed By: Mike Phipps Finance on

As I contemplate an attempt to make some sense in this article there’s an old English expression thatsprings to mind.“May you live in interesting times” is claimed to be a translation of a traditional Chinese curse. Whileseemingly a blessing, the expression is normally used ironically; life is better in “uninteresting times” thanin “interesting” ones, which are usually times of trouble. Talk about ironic alright.Anyway, I digress.Rather than write my usual meandering stream of consciousness I’ve decided to cut to the chase andoutline some specific thoughts that might hopefully assist buyers to navigate a management rightspurchase in a world of apparent uncertainty.The Fundamentals Have Not ChangedWhileRead More →

Contributed By: Mike Phipps Finance on

Reader warning. In order for this to make sense best to read the previous bulletin if you haven’t already done so.  Then again, if you are used to my stream of consciousness rants press on regardless! We left things last month with observations around bank activity during Covid, a consumer culture of low responsibility and some sense that banks need to provide alternate options for clients who are prepared to pay for it. Let’s digress for a moment.  As many of you will know I am a student of the motor industry. That is, I love cars and have a history of making “investment” decisionsRead More →

Contributed By: Mike Phipps Finance on

Those of you who follow this column (a sure indication of nothing better to do) may recall recent mention of the so-called Wagyu and Shiraz case. For those who do have better things to do here’s a quick snapshot from that article: Following the banking royal commission living expense tests, which can have a significant impact on debt service capacity outcomes, have moved to a more individual level rather than a standard allowance as was previously the case. This has led to borrowers being compelled to detail living costs in great detail and lenders to trawl through bank statements in some bizarre attempt to establishRead More →