Some of the latest promotions and appointments from across Alliott Global’s member firms in the APAC region.

Baumgartners Chartered Accountants

Baumgartners Chartered Accountants, AGA’s member firm based in Melbourne, Australia, is pleased to announce the promotion of Alex Vrahos to Partner in the Business Services team. This was effective 1 January 2021.

Alex joined in 2019, having previously worked in several larger firms, including PwC London. With a staff and clients first approach, he brings a wealth of experience, energy and enthusiasm to the team.

Possessing a strong technical focus, Alex specialises in privately held business and high net worth individuals and families. He provides guidance and advice to established and start-up clients alike, and brings strong business acumen and experience in a broad spectrum of industries.

Alex has a passion for working closely with his clients and assisting them in reaching their strategic objectives. His strong technical knowledge, combined with an entrepreneurial flair, allows him to provide guidance to his clients on a broad range of issues, having particular expertise in:

• Business structuring and asset protection
• Optimised tax outcomes
• Client advisory boards

“We warmly welcome Alex to the partnership and are very excited about this appointment. We are confident our close alignment in vision and client centred approach will see Baumgartners continue to grow sustainably well into the future.”

Managing Partner David Baumgartner

Other appointments and promotions:

Broadley Rees Hogan

Congratulations to Ben Webster who recently joined Broadley Rees Hogan, AGA’s law firm in Brisbane, as a Senior Associate in the property services team. An admitted solicitor of the Supreme Court of Queensland and High Court of Australia, Ben practices primarily in property, body corporate and commercial law.

Ben is a practical, strategic and commercial lawyer, with experience of working with a diverse range of clients.

Chance Bridge Partners

Chance Bridge Partners, AGA’s law firm member in Beijing, has welcomed Dr. Jie Zhao, a former researcher of the China National Intellectual Property Administration and Director of the CICPA Beijing Centre, to the firm as IP consultant. 

With a doctorate degree in civil engineering, Dr. Zhao has experience of handling many chief re-examination and substantive examinations of patents and international search/preliminary examinations and approvals. Dr. Zhao has also presided over and participated in business training for new examiners, patent agencies, and intellectual property service agencies across the region and is an award winning author and researcher. 

A main business area for the firm, the intellectual property team at Chance Bridge consists of some of the top IP experts and senior lawyers in China who have presided over many high profile litigation cases. The appointment of Dr. Zhao will strengthen the team dynamics as she will provide technical and theoretical support, helping the intellectual property team to build a more comprehensive and in-depth profile.

Chance Bridge also extends a warm welcome to Ms Rong Yin, who has joined the firm as partner in the Beijing Office. 

A specialist in corporate governance and risk management, corporate mergers and acquisitions, and commercial disputes, Ms Yin has successfully acted for clients in over a hundred commercial disputes involving enterprises in construction and intellectual property rights. Ms Yin will further enhance Chance Bridge’s expertise in this area. 

Alliott Global Alliance continues to grow and now has member firms in the following APAC countries: China, Hong Kong, Bangladesh, Singapore, Indonesia, Malaysia, India, Australia, New Zealand, Japan, South Korea, Nepal, Papua New Guinea, Pakistan, Thailand, Taiwan and Vietnam.

About Alliott Global Alliance

Founded in 1979, and with 195 member firms in 80 countries Alliott Global Alliance is an award-winning alliance of independent, law, accounting, and specialist advisory firms, working across the world Together as One. Each of our members share a common goal: to learn and share knowledge, resources, and opportunities to make the world smaller and their businesses stronger.

We work with a spirit of generosity and openness — so that together, we can continue to fulfil our ambitions, gain greater experience, and drive mutual success.

To find out more about how Alliott NZ in Auckland can provide professional advisory support to clients doing business in different markets around the world, please contact us on +64 9 520 9200 or visit alliott.co.nz.

News of a Trans-Tasman travel bubble commencing on 19 April sparked hope for Australians and New Zealanders eager to travel abroad, lifting confidence in the tourism outlook.

From a solely economic point of view, the opening might have a small negative impact on Australian trade, but the confidence boost of a return to some semblance of travel normality should provide some offset.

Alliott Global Alliance announces the expansion of its international alliance of independent accounting and law firms to its 80th country.

Alliott Global Alliance (‘AGA’) has reached another milestone in its development by increasing the international coverage it can offer to clients and member firms to 80 countries.

Individual Tax Rates

From 1 April  2021 the top individual  tax rate will increase to 39% from 33%.  The 39% will be applied to income earned by individuals over $180,000 per annum. All other tax rates, including the corporate tax rate, remain unchanged. 

Small businesses have been urged for years to take their operations digital.

For many, however, it took a pandemic for them to enjoy the benefits of going online.

New research by Mastercard found smaller firms have been among the hardest hit during the COVID-19 pandemic, but it prompted just more than half of them to accelerate their shift to e-commerce sales.

What COVID-19 alert level 3 means for Alliotts and our clients

From 6AM Sunday (yesterday), Auckland went into lockdown for 7 days.

Level 3 means people are instructed to work from home, as well as non-essential businesses where they can, and limit travel.

From today 1 March 2021, the Alliotts team will be operating from home offices and available to assist with all your accounting, tax and business needs.

Saying the year 2020 wasn’t a great one for the economy is a bit of an understatement.

Shops shuttered, businesses were forced to close or, worse, go bust, and unemployment hit 1 million people as sectors like hospitality and tourism were decimated.

But economist Chris Richardson, from Deloitte Access Economics, is upbeat about 2021 — so much so, his business outlook for the year is: “We got this.”

He expects Australia will see some important recovery this year provided vaccines start to be administered in Australia from next month, state borders remain mostly open and virus numbers remain suppressed.

So what are his key predictions?

For many, 2020 has been the year to forget.

The Coronavirus pandemic (COVID-19) has halted global economies and initiated recessions across continents and countries, including Australia.

In an attempt to alleviate the financial impact of COVID-19, the Australian Government has implemented various reforms (both temporary and permanent) designed to provide relief to financially distressed businesses. One sector hardest hit is that of small businesses and the Australian Government has now finalised a new restructuring process for small businesses, commencing on 1 January 2021. 

COVID-19 a tailwind for Xero as digitisation trend ramps up

Xero chief executive Steve Vamos says faster adoption of digital technologies by small businesses and big companies during the coronavirus pandemic is underpinning subscriber and revenue growth for the accounting software platform.

The Auckland-based, ASX listed company reported revenue of $NZ409.8 million, an increase of 21 per cent, compared to the same period last year in its half year earnings released this month.

Mr Vamos told The Age and The Sydney Morning Herald while Covid 19 raised significant challenges it had also driven the faster adoption of digital technologies such as Xero’s products.

The world’s in a ‘global liquidity trap’. What does that mean for Australia?

Last week, something notable occurred.

Two days out from the US presidential election, the chief economist of the International Monetary Fund issued a warning.

She said the global economy was in a “liquidity trap”.