26 episodes

We help executives, professionals and business owners in mining and resources to be successful both personally and professionally.

Resourceful: Stories from the Site Resources Unearthed

    • Business

We help executives, professionals and business owners in mining and resources to be successful both personally and professionally.

    The evolution of mining methods in Mount Isa with Leigh Neindorf

    The evolution of mining methods in Mount Isa with Leigh Neindorf

    My guest today is Leigh Neindorf, who has spent almost four decades working in the mining and resources industry in various positions across Mount Isa. Throughout his extensive career, Leigh has witnessed a significant evolution in mining methods at Mount Isa and today he shares his stories and experiences on site from the last 40 years. For the last 17 years, Leigh Neindorf has held the position of Mine Projects Manager at Xstrata Zinc, managing feasibility studies for both underground and surface mines. In this episode, Leigh reflects on his beginnings in the industry and how he progressed through various roles over the course of his career. As a new graduate, Leigh gained first hand experience working on underground mining contracts and was then offered positions in research engineering, copper mine production, construction, supervision and forming work, drilling and blasting and mine planning.Leigh talks about the practical and technical experiences that gave him the skills and exposure to many different types of people. He shares how there was always a new challenge and something to learn in each role, and how this gave him a firm basis for his managerial career. We discuss how a manager must always ensure that good procedures are established and ensure that people understand them, utilise them and know the potential risks if they’re not followed. Leigh shares the tragic story of two underground fatalities, both of which could have been avoided if procedures were followed. Leigh also reflects on the changes he has witnessed in the Mt Isa community and what he perceives to be the most significant contributions to the success of the area. You’ll also hear Leigh’s biggest learnings and challenges over his impressive career and his technical and financial advice to people getting started in the industry.LINKS:LinkedIn: https://www.linkedin.com/in/leighneindorf/?originalSubdomain=au (https://www.linkedin.com/in/leighneindorf/?originalSubdomain=au)

    • 21 min
    RECAST - Digging with Accountants - End of Financial Year Tax Planning for Mining

    RECAST - Digging with Accountants - End of Financial Year Tax Planning for Mining

    This episode is a recast from the Queensland Business Hub discussing tax planning strategies for business owners in the mining and resources industry and what to consider for your business before 30 June. Most successful businesses in mining and resources begin their tax planning in July at the very beginning of the financial year. But with a number of months left until the end of the financial year, you still have time to implement tax-effective actions that can significantly improve your tax outcomes.In this episode, Craig Barry and Scott Lindeblad explain the different aspects involved in tax planning and why early identification of issues can help to avoid you paying unnecessary tax, ease cashflow and make the most of deductions and concessions available to you.Scott outlines 10 areas your advisor should be discussing with you in order to take advantage of the tax-effective outcomes available. He discusses income and expenditure strategies, writing off bad debt, depreciation and temporary full expensing. He goes into detail about reviewing staff entitlements and superannuation, declaring dividends, trust resolutions, end of year tax administration and extracting wealth from your trading entities. Toward the end of the episode, Craig discusses tax distribution minutes and the ATO’s new approach to s100A and family trust distributions to children. He also discusses implications for Div 7A, distributing profits from a trust structure or money taken out during the year by shareholders and associates.LINKS:Queensland Business Hub - Digging With Accountants Podcast (https://podcasts.apple.com/ie/podcast/queensland-business-hub/id1567151898)

    • 36 min
    RECAST - Digging with Accountants - Tax Issues for Mining Consultants

    RECAST - Digging with Accountants - Tax Issues for Mining Consultants

    This episode is a recast from the Queensland Business Hub discussing tax issues that mining consultants should consider. A common career pathway that many mining professionals contemplate is setting up a consultancy.  This could be for a variety of different reasons but it is important to understand some of the key tax issues that may apply in this scenario. In this episode, Craig Barry and Scott Lindeblad discuss two important tax issues - setting up a structure to trade through and the different tax issues and opportunities that might apply. One of the first considerations for anyone looking to start a new consultancy is whether to set up a trust or company, or whether to trade as a sole trader. Craig and Scott discuss a number of items to evaluate when making a decision about structure, including cost, purpose and commercial reasons. They discuss different structure types and the importance of working with an experienced accountant, lawyer or business advisor throughout the process. A lot of the decision making around structuring centres around the current circumstances, but also understanding future plans and expectations. There are a variety of issues to consider, including splitting income, paying yourself a salary and superannuation, company cars, and personal expenses to name a few. Craig and Scott go through a case study about a husband and wife in the 50’s who both work in the mining industry. They discuss details regarding their financial position and current circumstances and the advice they received on the best way to structure their consultancy. LINKS:Queensland Business Hub - Digging With Accountants Podcast (https://podcasts.apple.com/ie/podcast/queensland-business-hub/id1567151898)

    • 46 min
    RECAST - Digging with Accountants - Journey of Succession

    RECAST - Digging with Accountants - Journey of Succession

    This episode is a recast from the Queensland Business Hub discussing the topic of succession and how to get it right for your business.This episode is hosted by Craig Barry and Scott Lindeblad with special guest Peter Andreassen, and they discuss what succession means to them, because this tends to mean different things to different people. It can range from passing the business on to the next generation, selling the business for the maximum possible price or perhaps even getting the business ready to list on a stock exchange.Succession is a journey, not an event – it doesn’t start on the day the business is listed for sale and it doesn’t end on the day the business sale occurs. It covers a period far longer than that. This episode discusses three important aspects of the succession process; structuring for succession, maximising value and preparing for the future. The mantra to go by is don’t leave succession until the last minute. Business owners should regularly review their structure and ensure that not only the structure is fit for purpose, but also succession ready. Craig, Scott and Peter discuss the “4D’s” (divorce, disease, dispute and death) that contribute to half of all businesses being put to market, prior to the optimal time to sell. The part of succession that most business owners concentrate on is the “maximising profit” side. This can look like paying family members less, putting off non-critical expenses as maintenance or revaluing assets in the financial statements. However this episode explores why maximising value is arguably the least important part of the three succession limbs. Preparing for the future of course includes getting financials in order and making sure the structure makes sense but the other important aspect to consider is the soft skills of the people taking over the business. This is where involving a business advisor, such as an accountant or lawyer, with specific experience in dealing with family business becomes critical. LINKS:Queensland Business Hub - Digging With Accountants Podcast (https://podcasts.apple.com/ie/podcast/queensland-business-hub/id1567151898)

    • 51 min
    RECAST - Digging with Accountants - Audit, Accounting and Tax Compliance

    RECAST - Digging with Accountants - Audit, Accounting and Tax Compliance

    This episode is a recast from the Queensland Business Hub talking about audit, accounting and tax compliances for the Mining and Resources industry.In this episode, Craig Barry and Scott Lindeblad discuss a complex real life client case study which is a cautionary tale of what can happen when adverse events collide with a taxpayer who has been poorly advised. They explore the profound impact that ill advice and poor estate planning can have for generations to come and unpack what mining and resources professionals can learn from these unfortunate circumstances. Craig and Scott discuss “Charlie” who worked in the mining industry and was generously rewarded for his many years of hard work and dedication.  With his newfound wealth, Charlie began making plans for the future, enlisting the help of a local accountant to make a multi million dollar contribution to his self managed super fund.Unfortunately, this accountant had little experience dealing with a SMSF and was unfamiliar with the complex laws relating to superannuation contribution caps and taxation. Nor was this accountant familiar with employee share schemes or managing large amounts of money and was ill-prepared to issue a warning about the significant tax and regulatory breaches that would occur. Rather than leaving a handsome inheritance for his children, Charlie had created a devastating financial legacy that would take years to sort out and cost his estate hundreds of thousands of dollars to resolve. While this case study focuses on significant superannuation and tax issues, it is a cautionary tale about what can happen when qualified and collaborative advice is not obtained in a timely manner.  LINKS:Queensland Business Hub - Digging With Accountants Podcast (https://podcasts.apple.com/ie/podcast/queensland-business-hub/id1567151898)

    • 33 min
    The commercial and investment world surrounding the resources industry with Ted Quayle

    The commercial and investment world surrounding the resources industry with Ted Quayle

    It’s always interesting to hear how careers evolve over time and my guest today has certainly traveled a less conventional path than others in the resources industry. My guest is Ted Quayle, who has been working in the investment management and commercial project advice side of the industry for over 20 years. He is an expert in designing investment products, risk management, and portfolio construction, a highly regarded financial modeler, and the Co-Founder of EC Partners. Ted was also the Co-Founder of Emission Capital Management Pty Ltd, a specialist Funds Manager in the stationary energy sector. In this episode, Ted shares some insight into the commercial and investment world surrounding the resources industry, particularly in the energy sector. We talk about Ted’s career journey starting out with a Metallurgical Engineering degree from the University of Queensland and how an interest in commodity markets placed him in various roles within the financial sector. Ted shares a number of experiences that led to the point of establishing his own startup, the lessons learned and his advice for others looking to start their own business, in particular the importance of establishing a detailed business plan that allows for flexibility. He says that you must find the balance of simplicity and complexity in order to handle what might come in the future while still keeping everyone’s interests aligned.We talk about the work Ted does at EC partners, the connection to the mining and resources industry, and discuss how the political and legislative landscape is impacting the energy sector, leading to unintended consequences.LINKS:LinkedIn: https://www.linkedin.com/in/ted-quayle-27532810/ (https://www.linkedin.com/in/ted-quayle-27532810/)

    • 31 min

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