TRADES INDUSTRIES
SETTING CHARGE OUT RATES FOR TRADES
(Carpenters, Electricians, Plumbers, Roof Fixers, Drainers, Painters,
Panel Beaters, Spray Painters, Auto Electricians, Equipment Repairers,
Computer Repairs and Maintenance)
Paper 165-010
CONTENTS
Page
1.
Setting Charge Out Rates Is A Difficult Step ......................................................................... 2
2.
Charge Out Rates Can Determine Profit Or Loss .................................................................. 2
3.
Charge Out Rate Fallacies ...................................................................................................... 2
4.
What Is Your Customer’s Cost? ............................................................................................. 3
5.
Why Do Your Customers Buy?............................................................................................... 3
6.
Competitors’ Intelligence Files ............................................................................................... 4
7.
Customer’s Decision Process ................................................................................................ 4
8.
Understand Customer’s Perception On Pricing .................................................................... 4
9.
What Are The Business’ Overheads? .................................................................................... 5
10.
Customer’s Perception On Prices .......................................................................................... 5
11.
Service And Response Time Is Important In Establishing A “Premium” Charge Out
Rate.......................................................................................................................................... 6
12.
Differentiate Your Business.................................................................................................... 6
13.
Material Mark Up Percentage.................................................................................................. 6
14.
Sub Contract Mark Up Percentage ......................................................................................... 6
15.
Labour Classification .............................................................................................................. 7
16.
Employee Productivity............................................................................................................ 7
17.
Targeted Net Profit .................................................................................................................. 7
18.
Labour Oncosts....................................................................................................................... 8
19.
Calculation Of Required Labour Charge Out Rates............................................................... 9
20.
Proof - Budgeted Profitability ............................................................................................... 12
21.
Key Performance Indicators To Be Monitored..................................................................... 13
22.
Professional Assistance ....................................................................................................... 14
 - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439
Paper 165-010
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Page 1
TRADES INDUSTRIES
SETTING CHARGE OUT RATES FOR TRADES
(Carpenters, Electricians, Plumbers, Roof Fixers, Drainers, Painters,
Panel Beaters, Spray Painters, Auto Electricians, Equipment Repairers,
Computer Repairs and Maintenance)
Paper 165-010
1.
Setting Charge Out Rates Is A Difficult Step
One of the most difficult tasks for a small tradesperson is the setting of realistic charge out rates.
The business person has to be careful that they do not under price, as this will reduce profits, whilst
at the same time they should be aware of overpricing for labour and material mark-ups, which would
be done at the risk of losing customers.
Pricing is a complex strategy, which should be carefully undertaken and regularly reviewed.
2.
Charge Out Rates Can Determine Profit Or Loss
There is probably more money won and lost each year through the determination of charge out
rates, then through all other marketing decisions combined.
This highlights the necessity for management to undertake careful review of all aspects of charge
out rates before making any adjustments.
Setting charge out rates is just as important as market awareness, product development and
advertising. You can do all these things in an excellent manner and then undo it all by setting
charge out rates too low or too high.
3.
Charge Out Rate Fallacies
There are a number of common fallacies relating to the setting of charge out rates. These include:
 Charge out rates and therefore price, is the only thing about which customers worry.
 It is best to set your charge out rates at the same level as your competitors.
 Price low to gain market entry and once market entry has been obtained then increase your
charge out rates.
 Ask your customers what the charge out rate should be and price at the charge out rates that
they tell you.
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The strategy should not be that charge out rates have to be the lowest in the market to attract
customers. There is no doubt that the charge out rates are of concern to customers, but it is not the
only thing that the customers consider when deciding whether to engage one Tradesperson as an
alternative to another.
Astute customers tend to choose tradespersons primarily for reliability. Other factors, which enter
into the buying decision, include:
 quality
 technical and back-up services
 reputation
 punctuality - turning up on time!
 tidiness
 location
 guarantees
 refund policy
4.
What Is Your Customer’s Cost?
Another fallacy is to equate the customer’s cost with your cost. A cost from the customers point of
view includes:
 poor quality
 ineffective service
 no back up
 not arriving on time
 not commencing on time
 not finishing on time
“Cost” also includes other costs of doing business such as:
 hassles in obtaining quotes
 location
 inconvenience
What all of this means is that the price charged to your customer is not the customer’s final cost and
is not the only thing that the customer takes into account in determining their buying decision.
5.
Why Do Your Customers Buy?
You need to analyse your customers and understand why they buy and why they have not already
bought from your competitors.
It would also help if you could ascertain who their previous tradespersons were.
For further information, refer to Paper 018-020 - Customer Knowledge and Service.
 - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439
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6.
Competitors’ Intelligence Files
It would assist if, in your competitor’s intelligence files, you record information that you know or
guess on each of your competitors’ relative to their:
 charge out prices
 back up service
 reputation
 reliability
 location
 technical knowledge etc
as this will greatly assist you in determining on which of the “buy decision perspectives” the
customer is interested in talking to you. By undertaking this type of analysis you may decide that
price is not a heavily weighted item in the customer’s buying decision.
In the market place there are many businesses, which charge 10%, 20% and 40% higher than their
competitors, yet still run very sound profitable businesses. In many cases the businesses charging
the higher prices are the most successful. They have achieved this because of excellence in the
other items, which affect the buying decision of a customer, including:
 reliability - being on time
 reputation
 back up service
 technical knowledge
 location
 understanding the customer
For further information, refer to Paper 021-013 - Competitors.
7.
Customer’s Decision Process
The customer will ultimately decide what they are prepared to pay to purchase the service from the
tradesperson, but in doing so, they will take into account a whole range of issues including:
 features of the product or service being produced by the tradesperson
 product quality
 service or warranty
This means that tradespersons need to know their customers and understand why particular
customers are buying from them as part of the evaluation of the price setting equation.
8.
Understand Customer’s Perception On Pricing
Some people advocate the only way to build market share in a competitive market is to price low to
gain market entry and then price upward once desirable market penetration has been achieved so
as to increase profit margins.
This tactic is undertaken with many potential risks.
Once you have introduced a product or service at a low price, it creates a low price/value
relationship in the consumer’s mind.
Once there it is very difficult to remove.
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That is not to say that it cannot be done, but the advertising, marketing and promotion expenditure
required to change that price/value image at a later date can be very expensive.
Understanding a customer’s perception of your pricing is one of the key elements in developing
pricing strategies for Tradespeople.
9.
What Are The Business’ Overheads?
It is essential that you know your business overheads. What does it cost you to operate your
business at a particular level of operation?
To understand your business overhead costs, it will be necessary to prepare:
 Annual Budgets - detailing estimated costs of operation at various operational levels.
 Budgets for Investments in Stock, Work in Progress and Debtors, so that the affect of operation
at various levels on Stock, Work in Progress and Debtors can be determined.
 Cashflow Forecast - once the Operational Budgets, Stock, Work in Progress and Debtors
Budgets have been prepared, it is possible to prepare Creditors’ Budgets and then the Cashflow
Forecast. If you are operating in Overdraft, the preparation of a Cashflow Forecast will enable
the calculation of interest to be made so that this amount can be included in the expense
budget.
 Preparation of Periodic Accounting Reports (on a monthly basis) will greatly facilitate the
comparison of actual costs incurred as compared to the budget to see whether costs have
increased and therefore highlight whether there should be any adjustments made to charge out
prices. For further information, refer to Paper 005-050 - Management Departmentalised
Accounts.
 Preparation of Revised Business Overhead Costs Lists. If the monthly financial accounts
indicate that operational costs are higher then what was originally budgeted, this will require the
preparation of Revised Business Overhead Cost Lists that are then utilised in the charge out
rate calculations. For further information, refer to Paper 037-001 - Cost Control An Overview.
 Weekly Performance Calculation - Most businesses will benefit from the calculation of the
business’ estimated profitability on a weekly basis. This will give an early indication as to
whether the pricing strategies and cost estimates included in the budgets are realistic. For
further information, refer to Paper 001-060 - Weekly Performance Estimate Report.
10.
Customer’s Perception On Prices
One aspect many tradespeople do not consider is the affect the setting of charge out rates has on
customers’ perceptions.
Since businesses rely on their customers for success, their customers’ perceptions towards a
business and its products and services is extremely important.
As a general rule customers’ perceptions are as follows:
 A high quality product sold at a high price - “premium goods”
 A high quality product sold at a low price - “a superb value”
 A medium quality product at a high price - “over charging”
 A medium quality product at a low price - “good value”
 A low quality product at a low price - “cheap price”
 A low quality product at a high price - “a rip off”
For further information, refer to Paper 018-001 - Customer Service.
 - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439
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11.
Service And Response Time Is Important In Establishing A “Premium” Charge Out Rate
One of the key aspects of the operation of a trades business is how customers are given service
and your response times.
A lot of customers are very upset that tradespersons do not turn up on time and some times the
comment is “if they turn up at all”.
A trades organisation needs to consider:
 How proposals or quotations are prepared?
 Examine the proposal or quotation to ensure that it is prepared in a professional manner and
looks attractive.
 Make sure there is a follow up phone call made about three days after a proposal or quotation is
submitted to a customer.
 Staff should wear uniforms.
 The uniforms should display the name of the business and the employee in letters large enough
for people to read - especially older people.
 Tradespeople should use gloves and over-shoes and use cover cloths for the area in which they
are going to work, so as to minimise any mess that is created.
 Tradespeople should tidy up after they have finished work.
 Tradespeople should be presentable in their personal appearance - use aftershave and
deodorant.
 Tradespeople should arrive on time.
 Care should be taken to ensure that the job starts and finishes on time.
All of these matters are critical in determining whether the business can charge a “premium” charge
out rate.
For further information, refer to Paper 018-010 - Customer Database and Paper 008-005 Marketing Yourself - Key Points.
12.
Differentiate Your Business
The items listed in the previous section will go a long way to differentiating your business from that
of your competitors and in so doing will enable you to charge higher rates if you deliver these
services at an exceptional level when compared to your competitors.
13.
Material Mark Up Percentage
Trade businesses need to determine a standard mark up percentage that they will attempt to
recover on all materials that have been purchased for a job.
14.
Sub Contract Mark Up Percentage
The business needs to determine what percentage any sub-contract work undertaken will be
marked up.
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15.
Labour Classification
For trade businesses to be able to effectively charge out labour, there should be a dissection of the
labour classification into the types of employees employed by the business.
16.
Employee Productivity
The business should know what productivity it is obtaining from each employee.
Obviously the business will know the gross number of hours for which it has paid, but what is very
important is how many of those hours have been charged to a job - the cost of which is going to be
able to be recovered from a customer.
Businesses employing labour should prepare a Weekly Employee Productivity Report, which
shows, for each employee:
 hours paid
 hours charged to a job
 hours charged to overhead labour categories
together with details as to what these categories were e.g. cleaning up, tool sharpening, staff
training and supervision. This enables a report to be prepared of what the percentage was of hours
actually charged to jobs, as compared to total hours paid. This is known as the Employee
Productivity Percentage.
The labour productivity percentage should be calculated for each group of employees and for the
overall business.
17.
Targeted Net Profit
Every business should determine a targeted net profit at the beginning of the financial year and then
set charge out rate strategies to achieve the desired net profit.
The net profit should be after the inclusion of a reasonable salary for the owner’s/operator’s time
spent in working in and administering the business.
The salary to be paid should be calculated on the basis of how much money would have to be paid
to an “arms length” independent person to perform the duties undertaken by the owner/operator.
The net profit is the reward for the investment of capital in the conduct of the business. If the
business owner had not invested in a business, but instead had invested in a fixed term deposit with
a bank, then an interest rate would have been earned on that capital and the business operator
would have been free to seek employed income from another employer.
The rate of return obtained from a term deposit investment with a bank is relatively risk-free (so long
as the bank has been chosen carefully). The small business operator in her/his capacity as an
investor should not have to worry about any aspect of the management of the bank.
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However if the money has been invested in a small business, then the small business operator has
many other problems then what he would have as an investor in a bank. These problems include:
 Staff
 Debtors
 Suppliers
 Law
 Tax
 Potential Bad Debts
 Potential Deteriorating or Aging Stock
 Labour Problems etc.
For assuming all of these extra problems, the market place adjusts the rate of return that a
“passive” investor obtains from investing in a bank to the rate of return that an “arms length”
independent, interested, but not anxious, investor would require to invest in the type of business
being operated by the business person.
The rate of return that the market place has determined as being reasonable for most small
businesses falls in a band four to five times the rate of return being obtained from Government
Bonds at that time. This would be a minimum rate of return of approximately 25% pre tax as being
the percentage return required on the assets employed in the business.
The business operator needs to determine the value of assets being utilised in the business, so as
to calculate the rate of capital required.
The assets employed in the business are the net assets after deduction for bank loans and
creditors. If the net assets employed in the business were $200,000 and the rate of return required
was 25% then the profit sought by the business operator would be $50,000 in addition to the
management salary to be paid to the business operator for managing the business.
18.
Labour Oncosts
Consideration needs to be given to the recovery of labour on-costs incurred on employees. The oncosts can include the following:
 Annual Leave - for full time employees - 20 days per annum.
 Holiday Pay Loading - 17.5 % of ordinary pay.
 Statutory Holidays - 10 days per annum.
 Sick Leave - in most Awards up to 8 days per annum.
 Superannuation - the current contribution required to the Superannuation Guarantee Charge is
9%.
 Payroll Tax - would need to be included if it was applicable to the particular business.
 WorkCare - depending on the type of business in which you are involved and in this paper a
figure of 4% has been utilised.
 Training - should an allowance be made for training time?
 Redundancy Payments - many trades' employers have to pay into an Industry Redundancy
Fund.
 Long Service Leave - entitlement accrues at 0.87 weeks per annum with entitlement after 10
years service. However in some awards a long service leave contribution payment has to be
made to an Industry Fund for each employee on a monthly basis.
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In establishing what should be recovered:
 If the recovery is based on a weekly wage that has been paid to an employee, then the following
calculation could be made:
Number of working days in the year
Less:
Annual Leave
Statutory Holidays
Number of working days in the year
52 x 5
100
1
= 42.37230 x
1.
30
230
20.00
3.50
10.00
8.00
0.87
42.37 days
=
18.43%
9.00%
4.00%
31.43%

If allowances were made for other items, such as payroll tax and Training etc., the recovery
would be in the vicinity of 36%.

Recovery on the annual salary.

If the recovery is being calculated on the annual gross salary cost, then the following would be
included:
Leave Loading - equivalent to 3.5 days
Superannuation
WorkCare
Total
19.
260
20
10
The following recoveries have been made:
Annual Leave
Annual Leave Loading
20 days x 17.5%
Statutory Holidays
Sick Leave
Long Service Leave
Total:
Effective percentage cost on the
annual working days
Superannuation
WorkCare
Total:
=
=
1.5%
9.0%
4.0%
14.5%
Calculation Of Required Labour Charge Out Rates
Employment Structure - Income Earning Staff
Classification
No
Gross
Salary
$
Reference No.
1
2
Tradespersons
Apprentices
Foreperson
Owner/Manager
5
2
1
1
60,000
30,000
85,000
120,000
295,000
Gross
Wages
$
Labour
Oncosts
2(a)
3
300,000
60,000
85,000
120,000
565,000
Total
Employment
Costs
Individual
$
4
14.5%
14.5%
14.5%
14.5%
68,700
34,350
97,325
137,400
Total
Labour
Cost
$
5
343,500
68,700
97,325
137,400
646,925
(Ref.13)
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Hours
Paid
For
Less
Leave
Net
Hours
Worked
Productivity %
6
7
8
9
225
225
270
300
1,725
1,725
2,070
2,300
75%
50%
50%
40%
1,950
1,950
2,340
2,600
8,840
Targeted Business Productivity
Targeted Business Productivity
2.
Individual
Targeted
Chargeable
Hours
10
Total
Hours Paid
11
1,294
863
1,035
920
9,750
3,900
2,340
2,600
18,590
Ref
Ref
12
11
x
6,469
1,725
1,035
920
10,149
100
1
=
10,149
18,590
=
54.6%
Targeted Profitability
Net Investment in the business
$200,000
Targeted Rate of Return
Targeted Net Profit prior to income tax
3.
Total
Targeted
Chargeable
Hours
12
25%
$ 50,000 (Ref. 14)
Budgeted Overhead Expenses 20XX/XY
Accounting/Business Management Fees
Advertising, Promotion, Marketing
Bank Charges
Cleaning Materials
Depreciation - Plant & Equipment
Electricity
Entertainment
Freight
General Expenses
Insurance
Interest
Motor Vehicle Expenses
Rent
Repairs & Maintenance
Sundry Expenses
Tool Allowances
Uniform Allowances
Wages - Office Staff (including on costs)
Budgeted Overhead Expenses
$ 24,000
$ 10,000
$ 2,000
$
500
$ 10,000
$ 10,000
$ 5,000
$
500
$ 5,000
$ 2,000
$ 10,000
$ 15,000
$ 55,000
$ 10,000
$ 25,000
$ 5,000
$ 2,000
$ 45,000
$236,000 (Ref. 15)
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4.
Budgeted Materials Mark Up
Budgeted materials purchases for the year
Set at
Targeted Materials Mark Up
$700,000
10%
Budgeted Materials Mark Up
5.
=
$ 70,000 (Ref. 16)
Targeted Income from Sale of Labour
Total Salaries
Targeted Profit
Overhead Expenses
$646,925 (Ref. 13)
$ 50,000 (Ref. 14)
$236,000 (Ref. 15)
$932,925
Less:
Budgeted Materials Mark Up
$ 70,000 (Ref. 16)
$862,925
Plus:
Allowances for Write Downs, Reworks etc. - 5%
Total Labour to be Recovered:
6.
$ 43,146 (Ref. 17)
$906,071 (Ref. 18)
Calculation of Base Time Cost
Classification
(Ref. 19)
Salaries
(Ref. 20)
Hours
Worked
(Ref. 21)
Base Cost/
Hours
(Ref. 22)
Total
Chargeable
Hours
21 = 19  20
Tradesperson
Apprentices
Foreperson
Owner/Manager
7.
$343,500
$ 68,700
$ 97,325
$137,400
$646,925
9,750
3,900
2,340
2,600
18,590
$35.23
$17.61
$41.59
$52.84
6,469
1,725
1,035
920
10,149
(Ref. 23)
Base Cost
Chargeable
Hours
23 = 21 x 22
$227,903
$ 30,377
$ 43,045
$ 48,612
$349,937
(Ref. 24)
Calculation of Business Overhead Factor
Formula
Total Labour To Be Recovered
Base Cost Of Chargeable Hours
Business Overhead Factor
=
18
24
=
$906,071
$349,937
=
3.12 (Ref. 25)
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8.
Calculation of Trades Business Labour Charge Out Rates
Classification
Ref.
Tradesperson
Apprentice
Foreperson
Owner/Manager
9.
Base Cost
per Hour
(21)
(26)
Business
Overhead
Factor (25)
(27)
$35.23
$17.61
$41.59
$52.84
2.6
2.6
2.6
2.6
Calculated
Hourly Rate
Say
(28)
28 = 26 x 27
(29)
$ 91.59
$ 45.78
$108.13
$137.38
$ 92
$ 46
$108
$138
Proof of Charge Out Rates
Classification
Ref
Hourly Charge
Out Rate (29)
(30)
Chargeable
Hours (12)
(31)
Targeted
Income (32)
32 = 30 x 31
Tradesperson
Apprentices
Foreperson
Owner/Manager
20.
$ 92
$ 46
$108
$138
6,469
1,725
1,035
920
10,149
$595,148
$ 79,350
$111,780
$126,960
$913,238
Proof - Budgeted Profitability
.1
Budgeted Sales Income and Profitability
Sales
Materials:
Cost
Mark Up
Sales Price - Materials
Labour
Less Write Down (5%)
Sales price - Labour
$700,000
$ 70,000
$770,000
$913,238
$ 45,662
$867,576
Budgeted Sales Income
Less:
Direct Costs
Materials
Gross Wages [2(a)]
Holiday Pay Loading
Superannuation
WorkCare
$1,637,576
$700,000
$565,000
$ 8,475
$ 50,850
$ 22,600
$646,925
Gross Profit
$1,346,925
$ 290,651
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Gross Profit Percentage
21.
17.8%
Less Overhead Costs (Ref. 15)
$ 236,000
Budgeted Profitability
$
54,651
.2
The original aim was to earn a profit of $50,000.00 - this is what will be achieved if this
strategy can be implemented.
.3
If Management was able to reduce the write-downs on labour, which has been budgeted at
5%, then higher profitability could be achieved. Also, if it were possible to achieve a higher
mark-up on materials then 10%, then this would improve profitability.
.4
At the same time, consideration would probably have to be given to many businesses for
loss on materials through off-cuts, spoilage, wastage etc., and this would have to be built in
to the exercise.
.5
The overall aim was to recover profitability of about $50,000 and to pay the Owner/Manager
a salary of $120,000. What these calculations have indicated is that subject to the stated
Labour Productivity Figures being achieved and the business being able to recover the
calculated charge out rates, that a profit of $54,651 (after a management salary of
$120,000) could be earned.
Key Performance Indicators To Be Monitored
For any trade type business, it is essential that key performance indicators are monitored and if it is
found that there are variations from budget, that either the problem is immediately fixed or the
budget calculations are re-done and an attempt is then made to adjust charge out rates accordingly.
Obviously in the real world market place conditions, there may have to be some fine-tuning in the
final determination of charge out rates. But at least management will then know the probable affect
of that fine tuning in the achievement of their overall budget profitability target.
Key Performance Indicators to be monitored will include:

Net hours worked for each employee.

Labour productivity percentage - this is a vital percentage, which should be calculated each
week. This shows how much of the net hours worked i.e. (not including holiday pay) have been
charged to a job which the business expects to be able to charge a customer for.

The actual salary being paid to each employee. Obviously if there is an increase in the amount
being paid to an employee, then an adjustment will have to be done in the calculations.

The actual labour on-costs being incurred. Naturally if there are increases in these costs, then
new calculations will have to be made.

The targeted profitability for the business. If this varies, then new calculations will have to be
made.
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
Budgeted overhead costs should be continually reviewed against actual monthly Profit & Loss
Accounts and if it is obvious that there have been significant changes in the expected overhead
expenses for a year, then there should be a re-calculation of the charge out rates that are being
targeted.

Budgeted materials mark-up. This should be closely monitored as in actual practice there could
be some instances of stock write-down through shortage, theft, deterioration, spoilage, off-cuts
etc. If the business is aiming for an overall mark-up of 10%, then the actual mark-up will have to
be set at a figure higher than 10% so as to compensate for any reductions that are going to
occur.
If these items are closely monitored on, at least, a monthly basis, it should ensure that the business
has correctly set its charge-out rates to achieve the business’ desired profitability figure at the end
of the year.
The other key item that trade businesses have to monitor is the recovery of amounts invoiced to
their customers. If bad debts start occurring, these should be built into budgeted overhead costs so
that a recovery is being made for Bad Debts.
22.
Professional Assistance
Your professional advisor has invested in:
 training material
 seminars
 check lists
and procedural matters, so that they are fully aware of GST.
It is recommended that you seek professional advice on any queries you may have on any aspects
of the operation of the Goods and Services Tax.
 - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439
Paper 165-010
060213
Page 14
AN IMPORTANT MESSAGE
The forms and commentaries contained in this paper are provided as a guide only and should not
form the sole basis for any advice in relation to the particular situation of any person without first
obtaining proper professional advice.
This paper is provided on the understanding that ESS BIZTOOLS Pty Ltd (ACN: 078 451 439) will
not be responsible as a result of any use made by users hereof of the forms or commentaries of this
paper without first obtaining specific professional advice. Neither shall ESS BIZTOOLS Pty Ltd be
responsible for any errors or omissions contained in these papers. ESS BIZTOOLS Pty Ltd
expressly disclaims liability whether under contract or negligence and whether to a direct purchaser
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damage flowing therefrom whether direct or consequential. In particular and without limiting the
extent of this disclaimer ESS BIZTOOLS Pty Ltd accepts no liability if any form or commentary
contained herein, whether used in its original form or altered in some way by the user, proves not to
be valid or not to attain the end result desired by the user. This exclusion shall extend both to the
user and to any client of the user who may suffer loss as a result of the use of these papers and it
shall apply even though ESS BIZTOOLS Pty Ltd may have been negligent in the publication or
preparation of these papers. The user acknowledges that it has not made known to ESS
BIZTOOLS Pty Ltd any particular purpose for which these papers are required and that it has not
relied on ESS BIZTOOLS Pty Ltd's skill or judgement to provide a paper suitable for any such
purpose.
INTELLECTUAL PROPERTY NOTICE
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Ltd (ACN: 078 451 439).
 - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439
Paper 165-010
060213
Page 15