Bachelor of Commerce, University of Queensland
Diploma Financial Planning
Registered Tax Agent
Registered SMSF Auditor
Member Certified Practicing Accountants (CPA) 1997
Fellow Taxation Institute (FTI) 1994
Brisbane Irish Rugby Football Club – Treasurer since 2010, Life Member
Karalee Country Club – Member
David works with executives, professionals and business owners in the mining and resources sectors. Since commencing his career in 1990, he has provided the type of proactive and well-considered advice that enables his clients to make clear decisions in complex circumstances.
David applies his significant experience when helping business owners in mining and resources to control expenses, maximise profit and implement plans that aim to secure the desired long-term outcomes.
David’s skill set ranges from the efficient management of compliance obligations to the thoughtful implementation of business strategies and structures; business valuation and appraisals; due diligence; tax planning and preparation of annual return; SMSF administration, fund audit and trustee support.
Amid the complexity in an industry affected by wide-ranging challenges that commonly include fluctuating costs, changing exchange rates and geographically difficult operating environments, David’s approach is to create clarity through simplifying his advice into three key foundations.
Namely, helping clients to understand the numbers; apply the insights derived from that understanding to develop strategy; and access the specialised advisory services that strive to achieve an integrated solution across business and personal financial affairs.
David works with mining and resources business owners to monitor and improve business performance. He offers practical solutions that include tailoring management reporting to deliver meaningful insights for tracking progress and providing financial clarity for every aspect of the business. This in turn enables better quality decisions to be made that create the positive change necessary for increasing profitability and achieving growth goals.
David understands that critical matters for business owners in mining and resources include carefully structured, tax effective trading entitles; efficiencies and profitability; cashflow management, particularly when navigating rapid growth; risk mitigation and asset protection for owners.
Salary packaging; managing Fringe Benefits Tax (FBT) implications; long service leave reporting; motor vehicle expenditures; living away from home allowances; and international residency and superannuation are all matters that require careful consideration for mining and resources businesses, executives and professionals. Further, David offers specialised advice relating to Executive Share Schemes (ESS), particularly in regard to tax treatment and planning for vesting.
Valued by his clients and peers for his ability to quickly analyse situations, David succinctly defines issues and articulates requirements of all parties.
Providing specialist accounting, tax and financial management commentary, David proactively represents his clients’ best interests for achieving ‘big picture’ solutions. He regularly collaborates with other professionals to achieve properly integrated business, accounting, financial planning and legal outcomes.
David has been immersed in business all his life. In fact, everyone in his family is either in business or has owned a business. His paternal grandfather built a successful regional bakery business while his maternal grandfather was a pioneering grazier. The family’s perseverance and successes provided role models who proved to a younger David that you are only limited by the possibilities you set for yourself – a principle he lives by to this day.
Born and raised in Brisbane, on leaving school David studied Commerce at the University of Queensland. After working together for a couple of years, he and Brenden Yantsch formed Pennell & Yantsch Accountants. Today, more than two decades later, their friendship and the business partnership prevails.
David is married to Amber and together they are raising 3 children – Poppy, Ruby and Digby. David is heavily involved in Brisbane Irish Rugby. He is a foundation player (1996) and Life Member of the Brisbane Irish Rugby Football Club where he has served as the Club’s treasurer since 2010.