Lance Gersbach was tragically killed in the Solomon Islands on 18 May this year while working as the business manager/accountant at the Atoifi Hospital on the island of Malaita.
He was admitted as a CA in the 1970s while working for Ernst & Young. In 1987, he settled in Newcastle, NSW and began working for me at Walker & Co. He was with us until January this year when he left for the Solomon Islands. He and I were friends for 35 years. He was a devoted father and husband who enjoyed his work as an accountant and his sport. He is survived by his wife and two daughters, and will be sadly missed. Ray Walker FCA
CAN’T DO IT
For many DIY super funds with links to small business, it has been normal for the business to pay the accountant’s expenses for preparing annual returns, then claim it as a contribution to the fund. The ATO’s view is that this is a breach of superannuation rules and the practice will be cease from 1 July 2003.
Source: AFR 4 June 2003
MOVES & MERGERS
SMITHBARNEY MOVE
FCA and regional vice president Ashok Desai has joined SmithBarney as a financial consultant continuing in his role as scrip shuffler and financial planning wealth management. Desai is also a Council Member of Convocation, the University of Western Australia’s alumni body.
DJS INCENTIVE
David Jones has taken a $78 million asset write-down in a bid to bolster its department stores. The retailer will pay a one-off $10 million incentive to the Freedom Group to take over their Foodchain operations. As a part of the deal, Freedom will acquire stores’ fit- outs, valued at $19.7 million, for a bargain price. From the end of July, David Jones will cease its online trading activities with the exception of Christmas hamper buying during the extended festive season.
HEDGES POSITION PRUNED
Head of hedge funds at Colonial First State Damien Hatfield has resigned. Colonial is not planning to replace Hatfield, revealing his responsibilities will be shared between investment director David Bell and head of multi-manager investments and quantative techniques Joe Fernandes.
Copyright Institute of Chartered Accountants in Australia Jul 2003
