This document summarizes the key discussions from a meeting of the Automotive Accountants' Network Forum. It addressed the National Consumer Credit Protection Act and whether car dealerships are exempt from certain requirements under the Act. As of now, dealerships are exempt from having to register with ASIC or obtain a credit license for point-of-sale credit. However, the government is reviewing this exemption. The document also provides information on the upcoming ASIC registration requirements for entities involved in credit activities.
An informative presentation on current Automotive Industry conditions, dealership issues, social media's role in business, and the impact of legislation changes for reportable write-offs
This document summarizes the proceedings of an automotive accountants networking forum meeting. It provides an agenda that includes introductions, updates on the FBT and ACCC, a discussion on cash management, and time for questions on whiteboard items. The FBT update section outlines key changes for 2011 including benchmarking, rates, and areas of focus like meal entertainment. The ACCC section reviews a case where a dealer was fined for misleading lifetime warranty advertising. Cash management tips are given for tackling late payments and knowing customers.
This document summarizes key points from a meeting of the Automotive Accountants Network Forum. It includes an introduction, house rules, quote of the day, and agenda. The agenda covers introductions, whiteboard questions, social media presentation, automotive industry updates, recent budget changes, and "Son of Holdback". Benchmark metrics are also provided for dealership performance.
1. The dealership's average gross profit on parts sales is lower than the industry average.
2. Expenses as a percentage of gross profit are higher for the dealership than average.
3. Return on inventory and months supply of inventory are lower for the dealership.
This suggests opportunities exist to improve profitability through increasing gross profit margins, reducing expenses, and better managing inventory levels and turnover.
Automotive Accountants' Forum Presentation: 22 June 2010Colledges
Another fantastic Colledge's Automotive Accountants' Network Forum with subjects including Salaries (across the dealership), Service Department analysis and Internet Marketing.
National Consumer Credit Protection Act (to April 2010)Colledges
Colledge's has been doing a lot of work on the National Consumer Credit Protection Act that is currently being introduced to Australia. Our focus has been on dealership exemption.
This is a collation of presentations from July 2009 to April 2010.
Automotive Accountants' Conference: 22 February 2010Colledges
Colledge's Automotive Accountants' Network Forums' Inaugural Conference. A great two days spent in the gorgeous Victorian, coastal town of Queenscliff, with great company and lots of discussions and information.
This is a brief outline of the presentation. Many topics were discussed in-house.
An informative presentation on current Automotive Industry conditions, dealership issues, social media's role in business, and the impact of legislation changes for reportable write-offs
This document summarizes the proceedings of an automotive accountants networking forum meeting. It provides an agenda that includes introductions, updates on the FBT and ACCC, a discussion on cash management, and time for questions on whiteboard items. The FBT update section outlines key changes for 2011 including benchmarking, rates, and areas of focus like meal entertainment. The ACCC section reviews a case where a dealer was fined for misleading lifetime warranty advertising. Cash management tips are given for tackling late payments and knowing customers.
This document summarizes key points from a meeting of the Automotive Accountants Network Forum. It includes an introduction, house rules, quote of the day, and agenda. The agenda covers introductions, whiteboard questions, social media presentation, automotive industry updates, recent budget changes, and "Son of Holdback". Benchmark metrics are also provided for dealership performance.
1. The dealership's average gross profit on parts sales is lower than the industry average.
2. Expenses as a percentage of gross profit are higher for the dealership than average.
3. Return on inventory and months supply of inventory are lower for the dealership.
This suggests opportunities exist to improve profitability through increasing gross profit margins, reducing expenses, and better managing inventory levels and turnover.
Automotive Accountants' Forum Presentation: 22 June 2010Colledges
Another fantastic Colledge's Automotive Accountants' Network Forum with subjects including Salaries (across the dealership), Service Department analysis and Internet Marketing.
National Consumer Credit Protection Act (to April 2010)Colledges
Colledge's has been doing a lot of work on the National Consumer Credit Protection Act that is currently being introduced to Australia. Our focus has been on dealership exemption.
This is a collation of presentations from July 2009 to April 2010.
Automotive Accountants' Conference: 22 February 2010Colledges
Colledge's Automotive Accountants' Network Forums' Inaugural Conference. A great two days spent in the gorgeous Victorian, coastal town of Queenscliff, with great company and lots of discussions and information.
This is a brief outline of the presentation. Many topics were discussed in-house.
The document discusses a bill payment service called Fiscal Concierge that allows seniors to outsource bill paying. It offers peace of mind by taking responsibility for paying bills on time, provides monthly reports for record keeping, and can help people stay in their homes longer. Signing up is easy, requiring only basic contact information and bank details. The service aims to save time while improving security, credit scores, and tax refunds through its management of bill paying.
Adapting Customer Experience in times of COVID and beyondIlenia Vidili
As customer needs have shifted overnight companies now have to think about quickly re-shaping their customer journeys.
Researchers say that this crisis is likely to last about 18 months. During this time, companies that lead with empathy and genuinely address customer needs can strengthen their relationships. In this live webinar, I am going to talk about how companies can address customer’s acute needs today and build stronger ties with them preparing for life after.
WATCH THE FULL WEBINAR HERE: https://bit.ly/2WkeleX
Topics include:
◾️ Current business landscape
◾️ Changes in consumer behaviour and habits
◾️ Actions that address customer needs and prepare for the future
◾️ Business trends post COVID -19
Subscribe to my CX news: https://bit.ly/34QBV5K
The document discusses a book published to commemorate the 50th anniversary of Vogue Australia magazine. The book, titled "In Vogue Australia: 50 years of Australian Style", was published by Harper Collins Publishers for Vogue Australia. It compiles changing Australian fashion and style over 50 years as featured in Vogue Australia, with sections profiling iconic Australian models and fashion photographs from renowned photographers. The target audience is described as people interested in Australian fashion history and culture.
The analysis focused on an in-depth examination of Shirley Jackson's short story "The Lottery." Various themes and elements were analyzed, including symbolism, social commentary, and debate around the story's meaning. Different interpretations of the story were considered, such as it being an allegory for blindly following tradition or a criticism of scapegoating. The shocking and disturbing ending of the story was also analyzed in detail. Overall, the analysis provided a comprehensive look at the themes, symbols, and social commentary within "The Lottery" to better understand Jackson's intentions with the controversial story.
The analysis focused on an in-depth examination of Shirley Jackson's short story "The Lottery." Various themes and elements were explored, including symbolism, social commentary, and debate around the story's meaning. Different interpretations of the story were considered, such as it being an allegory about blindly following tradition or a criticism of scapegoating. The shocking and disturbing ending of the story was also analyzed in detail. Overall, the semester-long analysis provided a comprehensive look at Jackson's famous work and the many layers of discussion and debate it has generated among readers.
The analysis focused on an in-depth examination of Shirley Jackson's short story "The Lottery." Various themes and elements were analyzed, including symbolism, social commentary, and debate around the story's meaning. Different interpretations of the story were considered, such as it being an allegory for blindly following tradition or a criticism of scapegoating. The shocking and disturbing ending of the story was also analyzed in detail. Overall, the analysis provided a comprehensive look at the themes, symbols, and social commentary within "The Lottery" to better understand Jackson's intentions with the controversial story.
The document provides instructions for creating an account and submitting assignment requests on the website HelpWriting.net. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a form with assignment details and deadline. 3) Review bids from writers and select one. 4) Receive the completed paper and authorize payment if satisfied. 5) Request revisions until fully satisfied, with the option of a refund for plagiarized work.
Financial Education Services is a financial education company founded in 2004 that is debt-free with over 200 employees worldwide and $50 million in annual sales; it offers various financial products and services including credit restoration, identity theft protection, will and trust documents, and debit cards to help customers improve their credit and finances. The company operates an MLM structure where agents can earn commissions from their own sales and by building a team through relationship marketing and sponsoring other agents.
Jay Gabrani presents information on using private mortgage lending to earn income and protect capital during economic uncertainty. He discusses threats in the current economic environment like low yields and introduces Mortgage Investment Corporations (MICs) as an alternative. MICs pool investor money to fund a portfolio of mortgages secured by real estate, generating stable returns. Gabrani focuses on Oakville, Ontario as a desirable lending area with properties maintaining value due to high incomes and limited supply.
Dahua provides a comprehensive guide on how to install their security camera systems. Learn about the different types of cameras and system components, as well as the installation process.
Top-Quality AC Service for Mini Cooper Optimal Cooling PerformanceMotor Haus
Ensure your Mini Cooper stays cool and comfortable with our top-quality AC service. Our expert technicians provide comprehensive maintenance, repairs, and performance optimization, guaranteeing reliable cooling and peak efficiency. Trust us for quick, professional service that keeps your Mini Cooper's air conditioning system in top condition, ensuring a pleasant driving experience year-round.
Charging Fueling & Infrastructure (CFI) Program by Kevin MillerForth
Kevin Miller, Senior Advisor, Business Models of the Joint Office of Energy and Transportation gave this presentation at the Forth and Electrification Coalition CFI Grant Program - Overview and Technical Assistance webinar on June 12, 2024.
Understanding Catalytic Converter Theft:
What is a Catalytic Converter?: Learn about the function of catalytic converters in vehicles and why they are targeted by thieves.
Why are They Stolen?: Discover the valuable metals inside catalytic converters (such as platinum, palladium, and rhodium) that make them attractive to criminals.
Steps to Prevent Catalytic Converter Theft:
Parking Strategies: Tips on where and how to park your vehicle to reduce the risk of theft, such as parking in well-lit areas or secure garages.
Protective Devices: Overview of various anti-theft devices available, including catalytic converter locks, shields, and alarms.
Etching and Marking: The benefits of etching your vehicle’s VIN on the catalytic converter or using a catalytic converter marking kit to make it traceable and less appealing to thieves.
Surveillance and Monitoring: Recommendations for using security cameras and motion-sensor lights to deter thieves.
Statistics and Insights:
Theft Rates by Borough: Analysis of data to determine which borough in NYC experiences the highest rate of catalytic converter thefts.
Recent Trends: Current trends and patterns in catalytic converter thefts to help you stay aware of emerging hotspots and tactics used by thieves.
Benefits of This Presentation:
Awareness: Increase your awareness about catalytic converter theft and its impact on vehicle owners.
Practical Tips: Gain actionable insights and tips to effectively prevent catalytic converter theft.
Local Insights: Understand the specific risks in different NYC boroughs, helping you take targeted preventive measures.
This presentation aims to equip you with the knowledge and tools needed to protect your vehicle from catalytic converter theft, ensuring you are prepared and proactive in safeguarding your property.
The document discusses a bill payment service called Fiscal Concierge that allows seniors to outsource bill paying. It offers peace of mind by taking responsibility for paying bills on time, provides monthly reports for record keeping, and can help people stay in their homes longer. Signing up is easy, requiring only basic contact information and bank details. The service aims to save time while improving security, credit scores, and tax refunds through its management of bill paying.
Adapting Customer Experience in times of COVID and beyondIlenia Vidili
As customer needs have shifted overnight companies now have to think about quickly re-shaping their customer journeys.
Researchers say that this crisis is likely to last about 18 months. During this time, companies that lead with empathy and genuinely address customer needs can strengthen their relationships. In this live webinar, I am going to talk about how companies can address customer’s acute needs today and build stronger ties with them preparing for life after.
WATCH THE FULL WEBINAR HERE: https://bit.ly/2WkeleX
Topics include:
◾️ Current business landscape
◾️ Changes in consumer behaviour and habits
◾️ Actions that address customer needs and prepare for the future
◾️ Business trends post COVID -19
Subscribe to my CX news: https://bit.ly/34QBV5K
The document discusses a book published to commemorate the 50th anniversary of Vogue Australia magazine. The book, titled "In Vogue Australia: 50 years of Australian Style", was published by Harper Collins Publishers for Vogue Australia. It compiles changing Australian fashion and style over 50 years as featured in Vogue Australia, with sections profiling iconic Australian models and fashion photographs from renowned photographers. The target audience is described as people interested in Australian fashion history and culture.
The analysis focused on an in-depth examination of Shirley Jackson's short story "The Lottery." Various themes and elements were analyzed, including symbolism, social commentary, and debate around the story's meaning. Different interpretations of the story were considered, such as it being an allegory for blindly following tradition or a criticism of scapegoating. The shocking and disturbing ending of the story was also analyzed in detail. Overall, the analysis provided a comprehensive look at the themes, symbols, and social commentary within "The Lottery" to better understand Jackson's intentions with the controversial story.
The analysis focused on an in-depth examination of Shirley Jackson's short story "The Lottery." Various themes and elements were explored, including symbolism, social commentary, and debate around the story's meaning. Different interpretations of the story were considered, such as it being an allegory about blindly following tradition or a criticism of scapegoating. The shocking and disturbing ending of the story was also analyzed in detail. Overall, the semester-long analysis provided a comprehensive look at Jackson's famous work and the many layers of discussion and debate it has generated among readers.
The analysis focused on an in-depth examination of Shirley Jackson's short story "The Lottery." Various themes and elements were analyzed, including symbolism, social commentary, and debate around the story's meaning. Different interpretations of the story were considered, such as it being an allegory for blindly following tradition or a criticism of scapegoating. The shocking and disturbing ending of the story was also analyzed in detail. Overall, the analysis provided a comprehensive look at the themes, symbols, and social commentary within "The Lottery" to better understand Jackson's intentions with the controversial story.
The document provides instructions for creating an account and submitting assignment requests on the website HelpWriting.net. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a form with assignment details and deadline. 3) Review bids from writers and select one. 4) Receive the completed paper and authorize payment if satisfied. 5) Request revisions until fully satisfied, with the option of a refund for plagiarized work.
Financial Education Services is a financial education company founded in 2004 that is debt-free with over 200 employees worldwide and $50 million in annual sales; it offers various financial products and services including credit restoration, identity theft protection, will and trust documents, and debit cards to help customers improve their credit and finances. The company operates an MLM structure where agents can earn commissions from their own sales and by building a team through relationship marketing and sponsoring other agents.
Jay Gabrani presents information on using private mortgage lending to earn income and protect capital during economic uncertainty. He discusses threats in the current economic environment like low yields and introduces Mortgage Investment Corporations (MICs) as an alternative. MICs pool investor money to fund a portfolio of mortgages secured by real estate, generating stable returns. Gabrani focuses on Oakville, Ontario as a desirable lending area with properties maintaining value due to high incomes and limited supply.
Similar to Automotive Accountants' Network Forum, 20 April 2010 (9)
Dahua provides a comprehensive guide on how to install their security camera systems. Learn about the different types of cameras and system components, as well as the installation process.
Top-Quality AC Service for Mini Cooper Optimal Cooling PerformanceMotor Haus
Ensure your Mini Cooper stays cool and comfortable with our top-quality AC service. Our expert technicians provide comprehensive maintenance, repairs, and performance optimization, guaranteeing reliable cooling and peak efficiency. Trust us for quick, professional service that keeps your Mini Cooper's air conditioning system in top condition, ensuring a pleasant driving experience year-round.
Charging Fueling & Infrastructure (CFI) Program by Kevin MillerForth
Kevin Miller, Senior Advisor, Business Models of the Joint Office of Energy and Transportation gave this presentation at the Forth and Electrification Coalition CFI Grant Program - Overview and Technical Assistance webinar on June 12, 2024.
Understanding Catalytic Converter Theft:
What is a Catalytic Converter?: Learn about the function of catalytic converters in vehicles and why they are targeted by thieves.
Why are They Stolen?: Discover the valuable metals inside catalytic converters (such as platinum, palladium, and rhodium) that make them attractive to criminals.
Steps to Prevent Catalytic Converter Theft:
Parking Strategies: Tips on where and how to park your vehicle to reduce the risk of theft, such as parking in well-lit areas or secure garages.
Protective Devices: Overview of various anti-theft devices available, including catalytic converter locks, shields, and alarms.
Etching and Marking: The benefits of etching your vehicle’s VIN on the catalytic converter or using a catalytic converter marking kit to make it traceable and less appealing to thieves.
Surveillance and Monitoring: Recommendations for using security cameras and motion-sensor lights to deter thieves.
Statistics and Insights:
Theft Rates by Borough: Analysis of data to determine which borough in NYC experiences the highest rate of catalytic converter thefts.
Recent Trends: Current trends and patterns in catalytic converter thefts to help you stay aware of emerging hotspots and tactics used by thieves.
Benefits of This Presentation:
Awareness: Increase your awareness about catalytic converter theft and its impact on vehicle owners.
Practical Tips: Gain actionable insights and tips to effectively prevent catalytic converter theft.
Local Insights: Understand the specific risks in different NYC boroughs, helping you take targeted preventive measures.
This presentation aims to equip you with the knowledge and tools needed to protect your vehicle from catalytic converter theft, ensuring you are prepared and proactive in safeguarding your property.
EV Charging at MFH Properties by Whitaker JamiesonForth
Whitaker Jamieson, Senior Specialist at Forth, gave this presentation at the Forth Addressing The Challenges of Charging at Multi-Family Housing webinar on June 11, 2024.
2. This presentation has been prepared by Colledge’s for the general
information of its clients and forum attendees. While the information
herein has been prepared with all reasonable care and derived from
sources believed to be accurate, no responsibility or liability is accepted
by Colledge’s or any of its affiliations, for any errors or omissions,
including liability to any person of negligence or otherwise.
Recommendations may not be appropriate in all circumstances and
clients must consider their own personal objectives and financial
advice before acting on recommendations in this presentation.
Colledge’s
(ABN 52 439 950 641)
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
3. Why are we here?
• Maximise outcomes for Dealership Accountants
• Professional & Personal Development
• Networking
• Keep up-to-date
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
4. House Rules
• Ask questions
• Respect for presenters and colleagues
• One discussion at time
• Phones to “silent”
• Have fun!
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
5. Agenda
1. National Consumer Credit Protection Act
– Dealership exemption?
2. Improved Dealer Performance
3. FBT update
4. Division 7A
5. Son of Holdback – Latest news
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
6. Whiteboard Items
a. Dealings Book (Police Book) Angelo
b. Stamp Duty – post disclosure feedback Angelo
c. Luxury Car Tax – Accessories
sold Angelo
– Quoting ABN
d. Debtor Control – Any new ideas? Lorraine
e. I.T. – How being handled? Lorraine
Additional items?
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
7. Quote for the day
In a time of drastic change, it is the learners who
inherit the future.
Eric Hoffer
American Social Write & Philosopher
(25/7/1902 – 21/5/1983)
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
8. National Consumer
Credit Protection Act
Car Dealership Exemption?
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
9. National Consumer Credit Protection Act
Where Dealerships (point-of-sale) currently stand
• Phase 1 of the Act is complete, having passed Australian
Parliament and received Royal Assent.
• Within Phase 1, Car Dealerships are exempt (as point-of-sale)
from having to:
Register with ASIC; and
Apply for a credit licence; or
Become a representative of a credit licensee.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
10. National Consumer Credit Protection Act
Where Dealerships (point-of-sale) currently stand
• “Phase 2” is now underway.
• Government will review various aspects of the regulations.
• On The Treasury’s agenda is consideration of the point-of-
sale exemption.
• Colledge’s was informed by the Consumer Credit Unit in
Canberra that the Motor Traders’ Association is on The
Treasury’s review board.
Submission due June 2010.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
11. National Consumer Credit Protection Act
Where Dealerships (point-of-sale) currently stand
• Continues to be opposition to dealerships being exempt.
• In ASIC’s recent National Credit Roadshow, dealership
exemption was discussed within point-of-sale.
Point-of-sale has such a “broad range of degrees of
involvement of people”.
Government needs time to look at the various point-
of-sale activities and how they should be regulated.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
12. National Consumer Credit Protection Act
Where Dealerships (point-of-sale) stand
But as at today, Dealerships, within point-of-sale, are
exempt from the Credit Act. This is ongoing until the
Government changes the Act.
Source: Consumer Credit Unit, The Treasury, Canberra
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
13. National Consumer
Credit Protection Act
Let’s be prepared:
ASIC Requirements
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
14. National Consumer Credit Protection Act
ASIC Registration & Application requirements
Registration between 1 April to 30 June 2010
Applications for Australian Credit Licence (ACL) between
1 July to 31 December 2010
(Refer handout from Conference, 22/2/10)
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
15. National Consumer
Credit Protection Act
Registration
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
16. National Consumer Credit Protection Act
ASIC Registration
• Those wanting to be involved in Credit Activities after
1 July 2010 need to be registered by 30 June 2010.
• Registration is free.
• Being registered, allows you to continue in Credit Activities.
• If you are not registered by ASIC by 30 June 2010, you must
cease Credit Activities until registered.
These points exclude those that are exempt in the Act.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
17. National Consumer Credit Protection Act
ASIC Registration
Requirements
• Adhere to conduct requirements, such as being honest, fair
and responsible lenders.
• Staff training and competency as an organisation.
• Become members of External Dispute Resolution (EDR) body.
Alternative to the courts (less formal)
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
18. National Consumer Credit Protection Act
ASIC Registration
Responsible lending
1. Make “reasonable enquiries” about the customer’s
objectives and requirements;
2. Take “reasonable steps” to ascertain the customer’s
financial situation;
3. Assess the customer’s ability to repay the loan without
“substantial hardship”; and
4. Do not offer or suggest products that are “unsuitable”.
Source: ASIC National Credit Roadshow (webinar)
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
19. National Consumer Credit Protection Act
ASIC Registration
Disclosure requirements
Lenders will have to tell customers:
a) How much the broker receives for securing the loan;
b) All costs the consumer will have to pay to the broker, bank
and others, and
c) How much money will be left over after these payments
have been made.
That is, all customer fees and charges,
and your commission for securing the loan.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
20. National Consumer Credit Protection Act
ASIC Registration
Registration application requirements
• Being a member of an ASIC approved EDR body.
• Up-to-date company details, e.g. Company Register
• Making statements regarding conduct of directors, company
secretaries, partners, trustees
ASIC suggests background checks on people, including if:
- been insolvent or bankrupt
- had serious fraud convictions in past 10 years
- been disqualified from managing a corporation
- had credit registration or financial service licence cancelled
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
21. National Consumer Credit Protection Act
ASIC Registration
• Not every person requires a licence
• A licensee can act through its employees, directors and related
corporations
• One or more third parties can be authorised by a credit provider
to act on its behalf = “Credit Representatives”.
The Credit Reps do not need to be individually registered
Licensee must authorise in writing their Credit Rep/s and
what credit activities they will be involved in
Credit Reps must join an External Dispute Resolution body
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
22. National Consumer
Credit Protection Act
Application for Licence
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
23. National Consumer Credit Protection Act
ASIC Licence Application
• Applications for Australian Credit Licence (ACL) start 1 July 2010
• Those who have not applied for ACL by 31 December 2010 must
cease credit activities until they have a licence.
• By 30 June 2011, all applications will be processed.
• ACL numbers will be required on all marketing information,
i.e. letterhead, website, etc.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
24. National Consumer Credit Protection Act
ASIC Licence Application
• Licence fees will depend on level of credit activity
Range from $1,000 – $21,000
Non-refundable, including if application rejection
• ASIC will ask questions to assess suitability regarding becoming a
licensee.
• Comply with the conduct obligations in the Act.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
25. National Consumer Credit Protection Act
ASIC Licence Application
• Provide details on the directors, secretaries, partners, trustees or
senior managers
Need statements from each person that they are “fit and
proper” to conduct credit activities under the licence.
• From this group, nominate people as “Responsible Manager/s”
who have the expertise to be authorised under the licence.
• “Responsible Managers” have to provide their educational
qualifications and experience to support the application.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
26. National Consumer Credit Protection Act
ASIC Licence Application
To comply with the conduct obligations in the Act, licensees will have:
• and maintain compliance arrangements and systems;
• trained and competent Reps, who are supervised;
• adequate HR, I.T., and financial resources;
• Risk Management systems in place;
• appropriate internal and external dispute resolution systems;
• Policy & Procedures to receive & assess variations in credit contracts;
• arrangements for compensation to customers
(should you breach obligations under the Act).
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
27. National Consumer Credit Protection Act
Due to the level of details within the Act, please note that this
presentation is a summary of the requirements for ASIC Registration and
Application for a Licence.
We encourage you to download and familiarise yourself with the
documentation on ASIC’s website http://www.asic.gov.au/credit.
A great resource within the ASIC website is their Credit Roadshow webinar.
We again encourage you to take 60 mins to watch the presentation which
was a valuable source for this presentation.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
28. Improved Dealer
Performance
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
29. Improved Dealer Performance
Economic Recovery
• Vehicle Market
AutoTeam 975,000 units
March 1M+ units
• Cash rates forecast for 2010 has a further 0.5 – 0.75
• Employment improving
• Business sentiment best in 3 years
• Housing market booming
• Oil above $80bbl
• $A strengthening and nearing parity again
• Cautious optimism
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
30. Improved Dealer Performance
What is driving the Recovery?
1. US economy
2. China at 9%+ growth
3. Economic stimulus around the world
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
31. Improved Dealer Performance
What are the risks?
1. Economic stimulus funded through public debt worldwide
2. Private debts – highest in history
3. European economic performance
4. China’s growth
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
32. Improved Dealer Performance
Key benchmarks
Jan 2010 Apr 2009
NPBT % Revenue 2.5% 2.2%
Gross % Revenue 15.5% 15%
Gross per Employee 11,000 10,000
Parts Service Absorption 57.5% 53%
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
33. Improved Dealer Performance
Key benchmarks
Jan 2010 Apr 2009
New Vehicle Gross $2,800 $2,700
New Vehicle Penetration Rate
32% 36%
(Finance Insurance
Used Retail Gross $2,600 $2,400
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
34. Improved Dealer Performance
Key benchmarks
Jan 2010 Apr 2009
Labour Sales per Chargeable Employee $17,000 $13,500
Parts Sales per Employee $75,000 $70,000
Expense as % Gross 70% 70%
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
35. Improved Dealer Performance
Impact on Dealers – “Creep”
Improved trading conditions have lead to some old habits returning.
Watch out for:
1. Increased stock holding – days carry
2. Debtors creep
3. Floor plan creep
4. Head count creep
5. Expenses creep
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
36. Improved Dealer Performance
Lessons learnt during GFC should continue to be applied at
dealership
1. Lean stock – being more selective
2. Keeping a tight control of cash
3. Balance Sheet account reconciliations
4. Managing floor plan expense – stock control
5. Staff productivity improvements
6. Control of spending
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
37. Improved Dealer Performance
Case Study
Recent Internet & Website expense analysis performed by Colledge’s.
Dealership A
Actual cost for used car sale from internet lead
$330/sale
• Inclusive of number of leads vs sales & subscriptions fees
Costs for website maintenance $990
• Inclusive of hosting, content updates/changes (month)
Average website/internet spend for month $10,310
Average website/internet spend for year $123,720
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
38. Improved Dealer Performance
1. Understand the impact of online advertising on dealership
expenses and productivity.
2. Do you and your Dealer Principal look at internet and
website invoices?
3. Do you have a process for dealing with internet sale leads?
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
39. Internet & Websites
Being used effectively?
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
40. Internet and Websites
• No longer good enough to have a static website
• Your website needs to be interactive and regularly updated
Dealership news
Automotive news
Car/model news
Newsletter / BLOG
• Content is king
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
41. Internet and Websites
Increase exposure, search engine optimisation and customer
leads to your website with free internet sites.
Social Media Online Directory Listings
• Twitter • Yellow Pages
• Facebook • White Pages
• LinkedIn • True Local
• Blogger.com • Hotfrog
• Slideshare • Bigroo
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
42. Internet and Websites
Analysing your website
Google Analytics is free and will provide you with:
How many people visit your website
New vs returning visitors
The pages people are viewing
How long people are staying on your website
Where people are finding your details
(Search engines, other websites, direct link)
Bounce rate – people clicking out immediately
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
43. For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
44. Internet & Websites
What is your Return on Investment?
• Beware of over-priced website contractors and set contracts
(refer to Case Study in previous topic)
• What is your dealership’s internet spend?
• Who’s using Google Adwords?
What is ROI?
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
45. Internet & Websites
Cost saving measures
• Ensure website contract provides a Content Management
System (CMS) to add content yourself.
• Ensure you are not paying external contractors for email
enquiries on your website.
Having a CMS will allow you to do this yourself.
• Decrease reliance on external search sites for used car sales.
• Analyse your website regularly.
Contact Colledge’s if you need assistance or advice.
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
46. Fringe Benefits Tax
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
47. Fringe Benefits Tax
FBT year 31 March 2010
Return due 28 May 2010
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
48. Fringe Benefits Tax
Latest Update
• Major Change:
Salary Sacrifice Superannuation contributions now a
reportable fringe benefit.
• No other changes
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
49. Fringe Benefits Tax
FBT & Motor Vehicle Dealers
• Motors Vehicles
Pooled
Non Pooled
• Factory benefits
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
50. Fringe Benefits Tax
• Meal entertainment
• Corporate boxes
• Recreational expenditure
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
51. Fringe Benefits Tax
Reportable Employee Superannuation Contributions (RESCs)
Have employer contributions been made for the No
employee during the year?
Yes
Do the contributions exceed the amount the No
employer is required to contribute under law
(e.g. SG Law) or some other obligation?
Yes
Did the employee have any influence over the No
amount of superannuation contributed for them?
Yes
The employee has RESCs for the year The employee does not
have RESCs for the year
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
52. Fringe Benefits Tax
Salary Sacrifice
• FBT exempt otherwise deductible
Declaration required to support FBT
• 50/50 split declaration
• Expense declaration
• RESC advice to employees
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
53. Fringe Benefits Tax
Rates & Thresholds
• Gross up rates
Type 1 (taxable supplies) 2.0647
Type 2 (not “Type 1”) 1.8692
• Tax rate 46.5%
• Exemptions / Reductions
Minor Benefits $ 300 (less than)
Long Service Awards $10,000
Safety Awards $ 200
In-house benefits reduction $ 1,000
FBT reporting threshold $ 2,000
FBT benchmark interest rate 5.85%
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
54. ATO
Division 7
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
55. 1. Use of Company Assets
2. Taxing Point for Companies
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
56. Son of Holdback
Update
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
57. Son of Holdback – Update
Current status
• Majority of eligible dealers have submitted “Stop the
Clock” letters
• ATO has recognised “Stop the Clock” letters
• ATO has requested for magnitude of claim.
Have not requested any substantiation
(amended BAS returns)
• ATO will hold claims in abeyance pending a court case to
decide the validity of the claims
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
58. Son of Holdback – Update
Current status
• ATO has begun issuing assessment notices resulting
from the amended BAS returns
• ATO is rejecting claims
Tax payers have 60 days to object
(A procedural issue)
• A Working Group has been established to effectively deal
with the rejections
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au
59. Next Meeting:
Tuesday 22 June 2010
(at The Manningham)
Agenda to include: Service Dept KPIs
For more information, contact Angelo Sirianni on 03 9851 6500 or email angelosirianni@colledges.com.au Founding member of
www.colledges.com.au