WEALTH MANAGEMENT – ADVICE, CLIENT SERVICE & EXPERIENCE

When an EPoA steps in as SMSF Trustee

Michelle Bromley CFP®, Director – Strategy and Advice, discusses the Enduring Power of Attorney (EPoA) in relation to SMSF.

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WEALTH MANAGEMENT – ADVICE, CLIENT SERVICE & EXPERIENCE

Earnings outlook & Portfolio positioning

Hear Marcus Bogdan, Prime’s Investment Committee Member and CIO of Blackmore Capital, discuss the backend of FY21 reporting season. He sees moderate earnings growth ahead for FY22 as the Delta variant remains in focus, along with China’s slow growth impacting commodity prices.

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WEALTH MANAGEMENT – ADVICE, CLIENT SERVICE & EXPERIENCE

Corporate Advisory Referral Fee

If you believe you have clients that are in need of Corporate and Capital Advisory services Prime would like to recognise referrals to us via a referral fee payable to your accounting firm.

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WEALTH MANAGEMENT – ADVICE, CLIENT SERVICE & EXPERIENCE

Partner Update

Late last week Cameron Morcher, who as you know is a Partner in our wealth division, resigned from Prime and will finish up in 4 weeks. Cam has been with Prime for 7.5 years and has made a great contribution to the wealth team, investment committee, clients and the leadership group.

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WEALTH MANAGEMENT – ADVICE, CLIENT SERVICE & EXPERIENCE

Corporate Actions & Updates

As part of keeping you up to date on the communications that we are discussing with clients, please click below for the most recent notes.

PRIME SMA

Monthly Commentary

The August reporting season delivered impressive earnings and dividend growth of ~30% for the ASX 200.

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SMSF

Heads up – Superstream kicks in!

No doubt we’ve all been preparing for Superstream to kick in on 1st October. So you can imagine our surprise to find electronic data has been feeding into our Class Super software as early as 2nd of September.

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ACCOUNTING SUPPORT

R&D Tax Incentive

R&D tax incentive applications for activities and expenditure incurred during the tax year ended 30 June 2021 can be submitted from now until 30 April 2022.

The AusIndustry application form has moved to an online version that requires clients to authorise the R&D tax agent via the governments MyGovID platform.

The underlying R&D tax incentive legislation has not changed materially with the main benefit coming in the form of a refundable R&D cash rebate of up to 43.5% of annual R&D spend (for companies with grouped annual revenue of below $20 million).

Export Market Development Grant Updates

The Export Market Development Grant (EMDG) program provides eligible businesses with grants up to 50% on overseas marketing expenses. This year there are two programs currently available with an overlap from the old program to the new program.

EMDG – 2021 FY (Expenses to 30 June 2021)

For expenses incurred up to 30 June 2021 the EMDG continues to operate as before, reimbursing your business for eligible promotional expenses:

  • – First Time Applicants can apply for two financial years i.e FY20 &FY21 in the one application.
  • – Applicants that would be applying for their 3rd to 8th application will need to apply the export performance test (Note that this was previously removed from the 2020 FY applications but has been reinstated for this application)

Applications close on the 30th November 2021 to the general public. Prime has an extension to 28 February 2022 as a QIP consultant.

EMDG – 2022 FY (Expenses from 1 July 2021 with upfront funding certainty)

The new program provides upfront grant approval for up to 50% of planned export marketing expenditure. Small to medium business with turnover less then $20 million can apply for 3 different grants over 8 years for eligible promotional activities. The grants are available under what is called tiers. You are not required to progress through the tiers. You can apply under the tier that meets your export journey.

Tier 1: Ready to export

  • – First time exporters
  • – 2 years and maximum grant of $40,000 per financial year

Tier 2: Expanding

  • – Expanding export promotion activities
  • – 3 years and maximum grant of $80,000 per financial year

Tier 3: Expanding and strategic shift

  • – Expanding export promotion activities and making a strategic shift, for example targeting a new market or a new type of customer
  • – 3 years and maximum grant of $150,000 per financial year

Applications close on the 30 November 2021 at 5pm AEDT for all applicants.