LET’S TALKP1

July 2014 Issue

LET’STALK...

Powers Accountants and Advisors becomes the largest Accounting Firm in Central Queensland

SPECIAL EDITION

Another new financial year is upon us. For clients, this means once again it is time to get your books in order and set plans for the year ahead. Our clients will soon be receiving a letter from us advising when to have their 2014 tax and accounting work scheduled along with a checklist to complete.

1 July 2014 marks another milestone in the growth of Powers Financial Group, following the merger of Rockhampton based accounting firm ABA White Accountants with Powers. Led by Principal Vickie White, the addition of the ABA White team brings a Rockhampton presence and greater resources to the Powers Group. This merger has taken Powers to the position of being the largest accounting firm in Central Queensland. With 9 directors and over 70 staff, Powers is now the leading Central

Queensland focussed accounting and financial planning group.

Similar to Powers, ABA White has a long history of providing excellent service to the central Queensland community and has a strong rural focus. Vickie White will continue to lead the Rockhampton team but the ABA White office will be rebranded as Powers Accountants and Advisors in the near future, once the office is integrated into Powers systems.

We welcome the ABA White team into the Powers Group and are excited about the opportunity for Powers to provide an expanded range services to the clients of ABA White. Our team are looking forward to providing a high level of support to Vickie White and her team in Rockhampton, to help them provide an even higher level of service to their clients.

2014 had been a big year for Powers already, with numerous successful seminars having taken place, additional team members on board and planning for the financial year ahead.

We have adopted our new “LET’S TALK” philosophy and have received positive feedback from clients and affiliates as to its effectiveness.

Our Accountants are working hard to ensure clients that have nominated for a tax-plan for the 2014-15 financial year are given the most effective structure to suit their needs for the year ahead. If you haven’t spoken with your Accountant about this, pick up the phone and call them to get the process started, it is an invaluable service.

In this issue, we cover off on topics to ensure that you plan for the year ahead. There are articles on recent business insights, cloud accounting software updates, employer updates and much more.

As always, if there are any topics featured that you would like to further discuss, remember to contact your Powers Accountant or Advisor.

INSIDE THIS ISSUE

P2 • Legislation Changes• New subsidy for employers

hiring Australians over 50

P3• Increased Costs for employers• Cloud Accounting: Are you ready

for change?

P4 • Getting ready for SuperStream• Paper activity statements to stop

for electronic lodgers

P5 • Changes to family farm duty

concessions & freeholding announced

P6 • Support for drought affected

farmers• Insurance: Broker vs Direct

P7 • A new director for Powers Auditors• Shift to shares

P8 • Beef Week 2015• In-House Announcements

Ian CongramManaging Director POWERS FINANCIAL GROUP

LET’S TALK P2

The Government has announced that employers can receive up to $10,000 in Government assistance if they hire a job-seeker aged 50 or older under its new

"Restart" program. The program will replace the Seniors Employment Incentive Payment.

Under the program, eligible employers will receive $3,000 if they hire a full-time mature-age job seeker who was previously unemployed for a period of 6 months and employ that person for at least 6 months.

New subsidy for employers hiring Australians 50 years or over

Further, once that jobseeker has been working for the same employer for 12 months, the employer will receive another payment of $3,000.

Finally, the employer will then receive a further $2,000 once the same job seeker has been with them for 18 months and $2,000 again at 24 months.

To be eligible for this assistance, employers will need to demonstrate that the job they

are offering is "sustainable and ongoing" and that they are not displacing existing workers with subsidised job seekers.

The program commenced on 1 July 2014.

With restricted employment opportunities for skilled mature workers in country areas this program may prove attractive for both primary production and non primary production employers.

Use Eligible liquid fuel FTCs at 1 July 2013 (cents per litre)

FTCs at 1 July 2014 (cents per litre)

Off-road business activities where the fuel is combusted (except for specified agriculture, forestry and fisheries activities).

Petrol 32.347 38.143

Diesel and other liquid fuels 31.622 38.143

Supply of fuel for domestic heating.

Heating oil and kerosene 31.622 38.143

Planter offset no longer availableThe conservation tillage refundable tax offset was designed to support the use of conservation tillage farm equipment to reduce carbon emissions from soil disturbance. Following the repeal of the Carbon Tax, the tillage offset, which was originally available until 30 June 2015 has been terminated as of 30 June 2014.

In order to be eligible to receive the offset,

you need to have used for the first time or installed ready for use a new eligible no-till seeder prior to 30 June 2014. You will also need to have held a research participation certificate for the income year.

Increases to Fuel Tax CreditsAs a result of the implementation of the Carbon Tax, effective from 1 July 2012, the amount of Fuel Tax Credits (FTCs) were reduced for some recipients. Since the

Changes in legislation following the repeal of the Carbon Tax

Government’s repeal of the Carbon Tax, the Fuel Tax Credit rates have changed from 1 July 2014.

Examples of off-road and primary production use rates are set out in the table below.

LET’S TALKP3

There are a number of changes that commenced on 1 July 2014 that will increase labour costs for employers. Here is a brief snapshot.

Increased award wages• Modern Award wages have increased by

3% effective from the first full pay period on or after 1 July 2014.

Important update: Increased costs for employers from 1 July 2014

• Allowances in Modern Awards that are expressed as a percentage have also increased by 3% from 1 July 2014.

• For those employees on the national minimum wage, their base wage will increase to $640.90 per week or $16.87 per hour.

An end to modern award transitionsThe transitional arrangements under Modern Awards are due to end. This means that employers will need to pay the full Modern Award rate from 1 July 2014.

Increase to the Medicare LevyThe Medicare Levy for employees rose from 1.5% to 2% effective 1 July 2014.

Powers Accountants and Advisors strive to create an environment where the accounting and taxation process provides clients timely, accurate and reliable information. The Powers Team stays abreast of the changes in not only Accounting and Taxation Policy but also in the procedures and vehicles providing clients “best value” for their investment in time and resources.

Embracing the changesAs you are probably aware, the internet and a multitude of cloud applications presently available have made light work of previously manual tasks. This is also true of accounting programs that are currently on the market. The way accounting software operates is changing rapidly and Powers are working hard to help our clients to also be current. We recommend that our clients should be seeking out the most up-to-date, cost effective and functional Cloud Based Accounting Software packages available to suit their needs.

Cloud Accounting Software. Are you ready for change?New DivisionAs a consequence and in the face of all these changes, Powers have launched its Cloud Accounting Division. We are offering clients our support to upgrade and migrate from current software to the new range of on-line accounting packages. These include MYOB AccountRight 2014 and MYOB Essentials, Reckon One, Reckon Hosted and Xero. All have been uniquely designed for use within typical small to medium businesses – they are not all the same.

AdvantagesThe advantages of online software are that they contribute to timeliness, accuracy and reliability; and at a very reasonable cost. These packages provide direct access to your Accountant or Bookkeeper, permitting instant advice and support once logged in. All have direct integration with most major banks providing direct transaction feeds, access to your accounts anywhere and automatic software upgrades when new versions are released.

How can we help?Our team is currently reviewing client files and can provide each client with an

individual assessment of their software needs and recommendations including the small investment. Additionally, we can provide file upgrade/conversion and setup services to facilitate change. To further assist clients with their new software, training and support can be provided; as well as our superior bookkeeping services enabling your business and your team to be up and running faster.

Let’s Talk…Our Cloud Accountant Consultant will be conducting Seminars and distributing information in the coming months to provide further information and answer any questions you may have.

You don’t have to wait for us to call you. Jump the queue by contacting your Accountant or our Cloud Accounting Consultant Danica Giacomantonio to discuss and plan your upgrade now.

We look forward to working with all of our clients during this exciting time.

by Danica GiacomantonioCloud Accounting & Software Consultant POWERS FINANCIAL GROUPP: 07 3906 2830

LET’S TALK P4

From 1 July 2014, if you or your registered agent lodges your activity statement via an electronic channel the ATO will stop sending paper activity statements. Instead, your next activity statements will become available via an electronic channel.

If you lodge your own activity statementsThis change is in line with what already occurs if an activity statement is lodged via the Business Portal, Standard Business Reporting (SBR) and electronic commerce interface (ECI) with one key difference – currently if the ATO does not have your email address, they do not stop the paper activity statement issuing.

From 1 July 2014 they have stopped sending the paper to all electronic lodgers regardless of whether they have an email address. This is however dependent on how regularly you lodge your activity statements.

Portal, SBR or ECIWhere you lodge via the Business Portal, SBR or ECI and the ATO has a valid email address recorded against your activity statement role, they will send an email to the nominated address advising that the next activity statement is available online.

Your activity statement will not be delivered via an email. The ATO will send an email notification advising you can access your activity statement online.

Where the email address is not recorded or is incorrect, the ATO will not send an email notification.

If you lodge via a registered agentIf you use (have used) a registered agent , eg Powers, to lodge your activity statement they most likely will (have) lodge it electronically. The ATO encourages you to discuss this change with your accountant or BAS agent the next time you make contact to determine how to manage your activity statement obligations in the future.

Activity statement notificationWhere a registered agent lodges your activity statement electronically on your behalf, the electronic channel that they use will determine if you can receive an email notification.

Access your Activity StatementIf a registered agent manages the lodgement of your activity statement, you may still want to access your activity statement. You can do this by getting access to the Business Portal. The Business Portal allows you to:

• view activity statements• view business tax account details• access online tools and calculators• view payment options• obtain an electronic funds transfer (EFT)

code• obtain a payment slip.

Paper activity statements to stop for electronic lodgers

By accessing the Business Portal your registered agent can still act on your behalf in relation to your tax affairs.

To access activity statements in the Business Portal, you will need an AUSkey.

To register for an AUSkey visit www.abr.gov.au/auskey and follow the prompts.

ExclusionsThe ATO will continue to send paper activity statements for the following form types because they cannot currently despatch them electronically:

• Q (Annual GST report)• R (Quarterly PAYG instalment notice)• S (Quarterly GST instalment notice)• T (Quarterly GST and PAYG instalment

notice)

The ATO will also continue to send paper activity statements for other form types if you do not have an active ABN.

Please contact your Powers Accountant to discuss Business Portal access, email contact details, BAS and PAYG payment options as soon as possible in the new financial year.

What is SuperStream?SuperStream is a government reform aimed at improving the efficiency of the superannuation system requiring employers to make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.

How will SuperStream benefit employers?These changes have a range of potential benefits for employers, including the opportunity to use a single channel when dealing with super funds, regardless of how many funds your employees contribute to.

Who does SuperStream apply to?SuperStream is mandatory for all employers making super contributions, APRA-regulated super funds and self-managed superannuation funds (SMSFs) receiving contributions.

Getting ready for SuperStream

Why is SuperStream being introduced?The main purpose of SuperStream is to ensure employer contributions are paid in a consistent, timely and efficient manner to a member’s account. The change also removes many of the complexities employers currently face as a result of funds being able to set up different arrangements for accepting contributions (due to the lack of common standard).

When do I have to start using SuperStream?If you have 20 or more employees (medium to large employer) SuperStream started from 1 July 2014. You have until 30 June 2015 to meet the SuperStream requirements when sending superannuation contributions on behalf of your employees.

If you have 19 or fewer employees (small employer) SuperStream starts from 1 July 2015. You have until 30 June 2016 to meet the SuperStream requirements when

sending superannuation contributions on behalf of your employees.

As an exampleYou have more than 19 employees and it is now after 30 June 2015. You have not made any plans or taken any concrete steps towards meeting your SuperStream obligation. Despite receiving advice from your payroll provider and the ATO on these obligations, you have chosen to keep making paying contributions using mail and cheques.You are likely to face ATO compliance action including penalties. These will be applied on a case by case basis, according to the facts and in a manner consistent with the SuperStream compliance statement.

To find out more about SuperStream, contact your Powers Accountant.

LET’S TALKP5

As part of the 2014 - 2015 Budget, the Queensland State Government has announced changes to widen the availability of the stamp duty concession for intergenerational transfers of primary production land and business assets. The Government has also announced changes that will dramatically reduce the cost of converting leasehold land to freehold.

The Duties Act 2001 (QLD) currently provides an exemption from duty for a gift of farm land and business assets used to carry on a primary production business – provided that the transfer is from an ancestor to their lineal descendant.

The concession is generally used when a farm is gifted to the children or grandchildren of the existing owners. A similar duty exemption is also available on

the gift of a partnership interest or units in particular family unit trusts that hold primary production business assets to lineal descendants.

The amendments taking effect from 1 July 2014, will broaden the scope of these exemptions by removing the requirement that the recipient of the property be a direct lineal descendant of the transferor. This means that the concession will now be available for transfers to a wider range of family members – including spouses, grandparents, siblings, aunts, uncles, nieces and nephews.

While the changes are welcome and provide greater flexibility for succession planning for primary production businesses, it is important to remember that:

Changes to family farm duty concessions and freeholding announced

• the transfer must still be by way of gift. Where any consideration for the business property passes between the transferor and transferee, the duty exemption will not be available to the extent that consideration is provided. Importantly, if the property is subject to an existing mortgage and the acquirer assumes liability under that mortgage, the assumption of that liability will be treated as consideration for the transfer.

Changes to Land Freeholding

Under the changes recently announced by the Qld Government, the cost of freeholding leasehold land will reduce dramatically.

The changes are summarised in the table below:

As an example, a Powers client applied to freehold a grazing homestead perpetual lease in 2012 and the cost to convert the lease to freehold, based on the property’s then unimproved value of $3.1M was quoted by DNR as $2,030,840.

Under the new guidelines the cost to freehold

Lease Renewal Process Rental Methodology Freehold Conversion MethodologyRural Term Lease (including leases on state forestry leases & timber reserves)

New rolling lease framework will extend (roll over) terms for the original base term of that lease - for example, a 30-year lease will be rolled over for 30 years and there will be no limit as to the number of times a lease can be rolled over in this way.

0.75pc of most recent unimproved land value. Annual cap of 10pc pa

0.75pc of the current Unimproved land value multiplied by 13.1*

Rural Perpetual Lease NA 1.5pc of most recent unimproved land value. Annual cap of 10pc applied from current rents

1.5pc of the current Unimproved land value multiplied by 13.1*

Other Term Lease, licences and permits

No change 0.75pc of most recent unimproved land value. Annual cap of 10pc pa

NA

*Term leases must address costs and compensation of Native Title.* All leases must pay out State-owned commercial timber on land or reserve the timber to the State under a Forest Consent Agreement registered on title.* All leases must survey land to freehold standard.

that property has reduced down to $609,150. This change has eliminated a huge barrier to effective farm business succession, as it has now made it affordable for families to freehold their properties, which will then enable them to subdivide the properties.

Coupled with the extension of the family

farm transfer duty exemption to transfers between siblings, will remove a huge barrier to reorganising land ownership within family groups.

If you have any queries regarding this, please contact your Powers Accountant.

LET’S TALK P6

There is a significant push on direct marketing of insurance products online and by mainstream retailers. Their foray into insurance is a calculated move that relies on their established reputation for convenience and dollar savings as a provider of price competitive household goods.

It is a tactic popular with banks as they design products that will cross all financial requirements and keep the customer ‘in house’. So what is the difference between insurance brokers and the direct sellers?

Both earn a commission from the placement of cover with the insurer. The product the client receives is only as good as the results for when it is needed therefore the role of the insurance broker is to provide professional, advice-based service that represents the client’s best interests. The broker has a suite

Broker vs Direct

The Insurance Broker’s Role…versus supermarkets & other direct vendors

of products available and options depending on client circumstances including cover requirements and affordability.

The direct market relies on a cheaper product as the bottom line. This is enforced by mass media that keeps the subject matter in their campaigns light on the detail and of more entertainment value – think of domesticated aliens, man folding underwear at counter, French girl struggling with Aussie accent, happy customers portrayed by actors etc. The product can be cheaper by using strict acceptance criteria and probable truncated benefits in order for customers to access the discounts.

A recent study by Vero Insurance surveyed business owners and the reasoning why they prefer to deal with a broker. A common theme in the feedback was that a broker would see many claim scenarios and may be able to suggest the most appropriate cover based on previous experiences. This gave the business owner more confidence than trying to understand its complexities themselves.

An important part of this equation is claims. Brokers may also recommend an insurer based on excellent claims service. It is all part of the broker negotiated package that provides true ‘peace of mind’ and usually a satisfactory outcome to the insured after an unpleasant event - a happy end result and real value for the premium investment.

An insurance claim can be complex based

on the variables that occur and professional guidance through the process is what counts.

Policy wordings have limits, sub limits, conditions and exclusions that create the animosity with the general public of an industry that is rightly or wrongly labeled as confusing. The broker has the ability and responsibility to eliminate this confusion and provide the most suitable product.

There can be benefits in using the direct market of budget insurers if you are looking for discounts and can accept that the quality of cover is usually reduced. Cheaper policies have strict criteria. The online consultants have scripts to follow and an efficient transaction process to deal with the volume of phone calls. Closing the deal is likely priority number 1.

The alternative is a broker that has insurance industry formal training. A broker can provide advice that best suits your circumstances and assist you with the claims process. Pricing comes down to your needs and requirements.

Tony Bemrose Insurance Brokers (TBIB) are proud to be the General Insurance Broker Partner to Powers Financial Group. TBIB provides the highest quality, professional insurance advice available to businesses and individuals. Be sure to speak to Steve Weil or Susie Tung who can provide you with the right insurance solution.

One lesser promoted announcement on the night of the Federal Budget was the Government’s confirmation of a package of measures to support farmers affected by drought. The package includes:

• More generous criteria for income support under the Interim Farm Household Allowance (Interim FHA) commencing from 1 March 2014;

• An amended, more generous asset test for the Farm Household Allowance (FHA);

• Up to $280M over two years for concessional loans to eligible farm businesses affected by drought;

• Up to $12M in 2014-15 to assist drought affected farm businesses with installing water-related infrastructure.

Support for drought affected farmers

Funding will be provided to supplement the Queensland and New South Wales existing emergency water infrastructure programmes and for other jurisdictions if they establish similar programmes;

• up to $10M over two years in 2013-14 and 2014-15 to assist farm businesses manage the impacts of pest animals in drought affected areas, with Commonwealth funding contingent on equal contributions from the states; and

• up to $10.7M over two years from 2013-14 to enhance access to social and mental health services in communities affected by drought. Assistance will be delivered through the existing Family Support.

Targeted Community Care (Mental Health) programmes within the Social Services

portfolio, with $3.2M to be met from within the existing resources of the Department of Social Services.

QRAA has just opened a new round of funding for refinancing of up to $1M of existing rural debt. This is only available to applicants who meet the criteria of being able to return to viability within 5 years.

The previous round of QRAA debt refinancing funding was depleted extremely quickly, so it is essential to get applications in immediately if producers want to have any chance of getting the refinance application approved.

To enquire further about what assistance you may be eligible for, contact Director Murray Davis from Powers Agribusiness Services on 07 4996 6677.

Steve Weil P: 07 3252 5254E: steveweil@tbib.com.au

Susie TungP: 07 3252 5254E: susietung@tbib.com.au

LET’S TALKP7

Over the last couple of years, a lot of Australians have been wary of risk when investing and have invested in cash or term deposits. But the latest figures show that shares have out-performed cash and property, so is it time to think about different investment options?

Cash and Term DepositsWith interest rates so low, six month term deposit rates are now sitting at less than 4%. This has fallen significantly from the high of 2008 when they were around 9%. This means that people who are relying on cash or term deposits to provide income or returns have not recently had as much discretionary income as they would have liked. The predictions are that interest rates will continue to fall and if this happens, returns from cash and term deposits are going to continue to fall as well.

Shift to shares

PropertyOver the last couple of decades, property was a significant way to generate great returns and after the GFC confidence fell and there were a lot of forced sales. Over the last ten years, property has only returned 5.5%. One of the major deterrents right now is that with the taxes and levies on purchasing a property, the cost of buying is around 6% of the purchase price. Some experts are predicting property growth to slow even more going forward, saying that the late 1990’s boom was a once in a lifetime high. But the Australian property market is extremely resilient and has always delivered long term gains.

SharesOver the last five years the share market has been been quite low and extremely volatile, it is still down a third from its highs in 2007,

however when you look at the ten year return rate, shares have returned 8.7% which looks pretty good compared to property and cash in the same time period.

So what should you do?The key is to look at diversifying across cash, shares and property. You need to understand the historical information and by balancing long and short term investments with your objectives, you will be on the path to success.

We would love to talk to you about the different options to find one that suits your needs. Contact Powers Investment & Finance Services.

In May, Powers enlisted Rob St Clair as a new director for Powers Audit Services.

Providing assurance and certaintyAccurate and transparent financial information is essential in an ever-changing world of economic uncertainty. Directors, boards and audit committees all have a responsibility to their stakeholders to provide financial information that is generated from a robust internal environment.

Evaluating and promoting a good control environmentA Powers audit provides you and your stakeholders confidence in the numbers. Our experienced audit team will first discuss your needs and explain legislative requirements. We then deliver a well-planned, executed and communicated audit.

Using the latest risk-based audit methodology and software, we offer efficient

and cost-effective audit and assurance services including:

• preparing financial statement audits (positive opinion)

• preparing financial statement reviews (negative opinion)

• formulating agreed-upon procedures• providing compliance opinions• reviewing your internal control environment• reviewing your corporate governance• managing enterprise risk• investigating fraud (forensic accounting)• assessing due diligence• providing probity reviews.• grant acquital reports

If you are involved with a not-for-profit organisation or a sporting club, be sure to talk to Powers Auditors.

A new director for Powers Auditors

Rob St ClairDirectorPowers Auditors

LET’S TALK P8

Powers have been supporting Primary Producers since 1968. When Trevor and Warwick Power opened our doors in Biloela almost fifty years ago, there was one particular industry that stood out - Beef.

Many of our clients work in, are a part of or have an association in some way with the beef industry. Through low cattle prices, land value rises and falls, drought and numerous other challenges, our cattle producers have turned to us for guidance and we have delivered.

BEEF WEEK 2015

In-House Announcements

In May 2015, Beef Week; the holy grail of the beef industry, will be taking place in Rockhampton. Powers will be there.

Powers Financial Group has committed to being a major sponsor of this event and we would like to share the experience with our clients and friends.

For more information about the event, go to

www.beefaustralia.com.au

Remember to keep an eye on our blog at www.powers.net.au for updates.

If you would like to join us in Rockhampton, let us know as we will be at Beef Week in full force.

Contact Business Development Manager John Griffiths in Brisbane on 07 3906 2888 to find out more.

New Team MembersPowers were pleased to welcome several new team members over the last three months. Accountants Nadine Clark, Gitika Balasundaram, Bridget Armstrong and Paraplanner Nadine Newberry joined the Powers Team in Brisbane. Support Accountant Melanie Lynch joined the Powers Team in Biloela and Danica Giacomantonio joined Powers as the Cloud Accounting Consultant.

Team Members move onAccountant David Lucas left Powers to

MONTO3 Newton StreetMonto QLD 4630PO Box 69Monto QLD 4630P 07 4166 1366F 07 4166 1343

BILOELA54 Callide StreetBiloela QLD 4715PO Box 98Biloela QLD 4715P 07 4995 6677F 07 4992 1787

ABA WHITEROCKHAMPTON75 High StreetNorth Rockhampton QLD 4701PO Box 5161Red Hill Rockhampton Qld 4701P 07 4928 1555F 07 4926 1184

www.powers.net.au www.lets-talk.net.au www.abawhite.com.aumail@powers.net.au

BRISBANE10/ 8 Metroplex AveMurarrie QLD 4172PO Box 518Cannon Hill QLD 4170P 07 3906 2888F 07 3906 2889

Contact us For further information on any of the articles in this issue contact your local office:

For real-time financial updates, make sure to like our Facebook page, connect on LinkedIn and follow us on Twitter.

The information in this document is of a general nature and is provided for information purposes only. It does not take into account your particular objectives, financial situation or needs and should not be used as a substitute for independent advice from a qualified professional. Limited liability by a scheme approved under Professional Standards Legislation other than for the acts or omissions of financial services licensees. All financial advice is provided by Authorised Representatives of Professional Investment Services Pty Ltd AFSL 234951 ABN 11 074 608 558.

live in Singapore and Accountant Francois Derks left Powers in a move to Melbourne. We thank David and Franc for their time at Powers and wish them well in all future endeavours.

Founding Partner HonouredPowers founding partner Trevor Power was posthumously awarded an Order of Australia Medal. Trevor remained an active member of his local community in Biloela after his retirement in 1999. Trevor was proud of the business that he established, and one of Trevor’s many sayings was: “The harder

you work, the luckier you get”. His passing in February 2013 was the loss of a strong local presence however this Award serves as testament to the high regard in which he was held in the community.

Susan Birss became Susan BainesBrisbane Accounting Manager Susan Birss was married in late march and is now Susan Baines. Our congratulations to Sue and Josh and we wish them all of the best for their future together.