Find Geelong - January Edition

Find Geelong - January Edition 2021

www.findgeelong.com.au

PLATINUM SPONSOR

info@findaccountant.com.au | 1300 88 38 30

JANUARY SPONSOR

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JANUARY SPONSOR

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NEW FIND CARDS FOR 2021

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Boarders close as cases increase. Not the 2021 start we were all hoping for.

By Warren Strybosch

We were all hoping for a COVID free 2021 but that hope seems to have been dashed by the arrival of a handful of international travellers who were carriers before entering the country.

New South Wales was the first to be impacted and this does not look to be slowing down. Now, Victoria has new cases of COVID, likely from those travelling from NSW.

As cases have started to increase, boarders have started to close down. Holidays have been thrown into disarray and people are now concerned once again about the year ahead and how this will impact their future livelihoods.

Whilst we will continue to provide relevant information about the current events, we will endeavour to ‘Find’ some good in the everyday things with the hope of encouraging you through these stressful times.

We are here to help you and everyone in our local community; whether it be via our fundraising initiatives, through the upand-coming Not-For-Profit events that will be advertised here for free, via our Find Network events, or simply by providing local relevant content about our local community.

From all of us at Find, we wish you the best for 2021.

Renewed Call for JobSeeker Increase

By Robyn Wuth(Australian Associated Press)

Welfare groups are calling for a permanent increase in JobSeeker payments to bring people above the poverty line as the federal government moves to reduce COVID-19 benefits.

The Morrison government plans to lower the JobSeeker unemployment supplement by $100 a fortnight from Friday, January 1, and the JobKeeper payment by $200 on Monday.

The new rates will be $150 a fortnight for Jobseeker and $1000 for JobKeeper and are effective until the end of March.

The Australian Council of Social Service says the move will see vulnerable people trying to get by on $50 a day.

The agency has called for a permanent increase of JobSeeker to $65 a day to bring people above the poverty line.

“As 2021 begins and everyone tries to put 2020 behind them, people without paid work will be trying to get by on just $50 a day, which simply isn’t enough to cover housing, food, transport and bills,” ACOSS CEO Cassandra Goldie said.

“The number of people on JobSeeker doubled to 1.5 million during the pandemic and is expected to rise still more when JobKeeper ends in March.”

JobSeeker is scheduled to revert to its pre-coronavirus rate of an “unliveable” $40 a day, and the Youth Allowance will be $33 a day, Dr Goldie said.

“People and the economy need security to be able to rebuild – virtually every dollar of the coronavirus supplement goes straight back into the local economy, helping to keep other people in employment.”

The federal government has always said the increased payments were a temporary measure which began in March during the nationwide lockdown. They have been extended in staggered reductions.

Federal Labor warned it is too early to reduce the payment.

“We are not out of the woods yet with this pandemic and the economic effects, they (are) reverberating around the economy, especially in regional towns and suburbs where there is a lot of casual workers who have borne the biggest brunt,” Labor’s Bill Shorten told Nine’s Today Show on Tuesday.

“For the less well off, we shouldn’t be cutting their circumstances at this point in time.”

“The government should reconsider it.”

Are your tax affairs in order?

Find ACCOUNTANT

By Warren Strybosch

A new year, a new beginning. Let this year be the year to get your tax affairs in order.

Currently, I am on holidays after a very busy 2020. I am sitting in the common room of the caravan park trying to decide what to write for my first article in 2021. To be honest, I am finding it hard to get focussed – I would rather be in the sunshine or having a swim in the river.

Rather than providing some informative accounting information, I thought I would simply reflect on 2020 and provide some thoughts regarding tax in general.

1. I am still finding some business clients are using their personal accounts for business use. It is important to set up a business account and obtain a business credit card and to separate your personal expenses from your business expenses. Even if you are a sole trader this is still relevant. Keep your business transactions separate helps you to understand how your business is going.

2. When choosing a business name, make sure you check the domain name is available, that the name can be registered with ASIC and that there are no similar trademarks in place. You don’t want to set everything up to find a letter from a trademark attorney asking you to change/close down your business.

3. Make sure you put aside funds to cover your BAS and PAYG obligations. Don’t get caught out and start building up a debt with the ATO. This will impact your ability to borrow funds in the future. Lenders won’t to know you are meeting all of your responsibilities.

4. Ask your accountant if you have any outstanding returns that need completely. It amazes me how many times I take on a new client to discover they have outstanding tax returns from previous years.

5. Consider using appropriate bookkeeping software. Even if you just starting a new business, I would encourage you to start using bookkeeping software straight away. I tent to find that those clients who use appropriate bookkeeping software tend to grow their business faster than those who do not.

6. Spend time thinking about your business and where the next client is going to come from. Don’t just

do the work or wait for the work to come in. I believe you need to be asking yourself where the next client is going to come from regardless how busy you are.

7. Having a vision and a succession plan is also very important but I won’t cover those hear as these topics are beyond the scope of today. Don’t just do the work but work on the business.

Feel free to call me if you wish to discuss your business with someone. I don’t charge my clients to have a chat about their business. I wish you all the best for 2021.

Warren Strybosch

You can call them on 1300 88 38 30

or email

info@findaccountant.com.au

www.findaccountant.com.au

NEW YEAR - NEW WAYS

Find BUSINESS COACH | MENTOR

By Deb Fribbin

2020 was a year none of us will forget. As much as we would like to. Almost everybody was affected, directly or indirectly, by floods, fires, personal health, business health, family values, mental instabilities, financial instabilities, major juggling acts with kids, pets and spouse. Welcome 2021.

Take a moment to reflect on all the positives from 2020. We have learnt a new language, computer language that mostly. We all had to “Pivot” in these “Unprecedented times”. We have been in lock-down, social distancing, in “iso”, muted, to quote just a few. Many of us that were “technologically challenged” managed to learn technologies we had previously had no need for, or had successfully avoided up till now. We have been Zoomed, Whatsapped, Skyped, Facetimed, Wechatted, or any of the other configurations to communicate to our colleagues, clients and stakeholders around the country and the world at large. These mediums will continue to impact our lives as the benefits have often outweighed the disadvantages.

There are so many positive outcomes from this year that we need to learn from and carry through 2021 and beyond.

Gone are the meetings to plan a meeting. Gone are the repetitive meetings.

Gone are the two hour drives to and from meetings. Gone are the expensive car parks. Gone is the frustration of trying to find a car park. Gone are the constant interruptions. Gone are the expensive travel bills interstate or overseas.

Replaced with

More effective meetings. Greatly efficiencies in outcomes. More productive time instead of time wasted in travelling. More time available for research in the marketplace. Stronger outcomes based on research we had time to do. Realisation that employees can be trusted to get all the work done at home. More opportunities for learning new skills. Closer family ties with those around us. Greater awareness of our loved ones that we could not go and see. Introduction of pets to the family teaching kids responsibility. Increased exercise regime. Eating better home cooked meal less fast food. Appreciation of what we have and how we live.

As we apply the lessons, we have learnt from 2020 and develop a clear action plan for 2021 we will be on track to hit the targets we set. There is a general acceptance that life will not revert back to exactly how it was. Certain elements will revert.

Different generations and genders will react differently to the changes. The secret to success will be to ensure your messages are clear. Gone too, are the days of all inclusive marketing. Segment your marketing messages to attract the appropriate clientele. The products and underlying message is the same but the language we choose to use needs to be reflective of the specific clientele you are trying to attract. Simon Sinek says There are two ways to influence human behaviour, you can Manipulate or you can Inspire. Inspire your clients by servicing their needs.

My mantra has always been Be R.A.D Research what has happened, what is happening, what your competitors are doing and what you are consumers looking for How can you assist them. Analyse all the information you have at your disposal and how it impacts, you, your clients and your business then. DO IT- your way, Do not be a “Me too” Address the findings and plan your success.

Be R.A.D.

RESEARCH

ANALYSE

DO IT YOUR WAY

Deb Fribbins

Developing Excellence in Business 400 524 451 deb@debconsulting.com.au

The BestGift of All

Find LOAN SPECIALIST

By Lee Wisniewski

2020 is done. Can I get an Amen? Some of us had a great year, others not so great. In 2020 there was a lot of focus on our health (mental & physical), our finances (job losses, property prices, record low rates, share market highs), politics (even Aussies cared about the US election) and the new work from home movement.

But the overwhelming thing we can agree on is that 2020 is over. It’s not coming back.

Upon reflection how does that make you feel?

Are you proud of where you finished the year? Or are you regretful? You can’t change it any more. You can only improve upon your result from here.

If I’m being honest with you (such is my M.O) the only thing I regret from 2020 is being home every single day but not being present. Can you relate?

So, my present this Christmas to my family (apart from the epically wrapped gifts under our tree) was simple. My main present was to be present, from December 24th right up until January 12th when I return and then build some great foundations and balance in my life to ensure that it can continue.

Don’t get me wrong, my family life is not falling apart but I am just feeling like it needs some real focus. A boost if you will.

Maybe you can relate. Maybe not.What’s this got to do with home loans?

Well, more than you think. The reason most of us even get out of bed to go to work is to earn money, to exchange that money for things and the most expensive thing we spend our money on is (usually) a house in which to live. If we want to spend more time with our family or doing other things with our time then we probably need to become more efficient with our income earning potential (earn more for same hours/ effort) or we need to lower our housing costs.

So, how much is enough house? Now, I’m not advocating selling up everything and living in a shipping container but I am advocating making sure that you are getting the best bang for your buck on the place in which you live.

Here’s some ideas (Merry Christmas):

1. If you’re going to have a mortgage, make sure that you’re on a great deal. Why pay the banks more than you have to? A higher interest rate means extra cash to a bank and potentially years more that you will have to work (time away from family and friends) than you need to! With historical low rates at the moment, you need to chat to us about your current deal, especially if it’s been a few years since you reviewed it! Note: we just saved someone $15,000 a year (not a typo) on his home loan/s AND he had a “private banker” before coming to us… It took me 20mins. TOTAL.

2. Review your bills over the Christmas break. I’ll even make it easy for you… Check out our new service called Fidget Connect Bill Review (link here). A saving of $200 per month on your bills, redirected onto your $500k mortgage will save you 4 YEARS OFF YOUR HOME LOAN (again not a typo)

3. Move. OK OK. Don’t hate on me, you don’t have to do this. But consider this…You can either:

a. move to a place that’s in a major regional centre (hello Geelong) and save $200k. Same size house, arguably similar or better lifestyle;

b. If you’re renting, rent something cheaper and redirect the difference into something that is going to improve your asset/financial position

c. Buy something with less wasted space. I know there is stamp duty, sales commissions etc but who says you have to sell? You might be able to afford both! With rates so low you might find that rent covers your interest bill anyway and you might have enough equity to not even need a deposit.

So many ideas, so little time huh? There you have it, a great start to 2021.

Lee Wisniewski

Mortgage Broker Fidget Loan Specialist 401272505 lee@fidget.com.au

HOW TOGO FROMMEDIOCRE TOHEAD-TURNINGin 2021

Find LEADERSHIP & TEAM COACH

By Sally Higoe

“People don’t need to be managed, they need to be unleashed” - Richard Florida

What a great quote, it gets me excited at the possibilities.

Imagine... ... a team where everyone is two feet in, hungry and ready to commit 100% to the growth of the business, to support you, the leader and to share all of their amazing ideas and challenges.

... A team that thrives on innovative thinking and is empowered to ‘own’ it - both their own performance and also the outcome for the entire team.

...A form of leadership where the team are encouraged to create and ‘unleash’ without fear of judgement or criticism.

This form of high impact leadership focuses on the heart of any organisation –the people and the standards to which they operate. Great people want to improve themself, they want to contribute, and they want to make a difference.

I’m astounded to know that 6 out of 10 (!) workers are miserable (according to a survey conducted in the Daily Mail).. and at the top of the list of complaints is quality of leadership.

It all begins at the top.

If ‘good’ is ‘good enough’ the culture of the organisation will feel flat, the team members will do little to improve how things are done, and new team members will wonder what they’ve got themselves into.

If standards are set, if they’re nonnegotiable and they cover everything from answering the phone to submitting weekly goals... the team that you really

want, the one that grows the business, they’ll stay and play. This team will strive, they will thrive... and so, will business.

The possibilities are glowing;

• Many minds working together for the greater good.

• You, as the leader, leading the innovators (not following the pack!)

• A business that is profitable.

• Clients continuously come back.

• A team that is engaged, happy and encouraged to explore.

In this environment - a good day is where the team member knows they’ve made a difference and they were capable under pressure of finding a way. This is empowerment. This is the creation of a business that turns heads.

Leadership is MANY things, but it all comes down to one thing – You’re there to help your team to ‘think’ in a way that;

• Seeks to challenge their own beliefs and attitudes about what’s possible.

• Allows them to own their role.

• Boosts their personal performance.

• Gives them more job satisfaction.

• Encourages them to contribute to the improvements and innovations in the organisation.

• Guides them in how to solve problems in a way that demonstrates good judgement and thought for consequences.

• Allows them to think of others and the impact decisions have on them.

When your team has the ability to think in this way there is an increase in productivity, a rise in satisfaction a surge in results.

But the standards must be non-negotiable. And they must apply to everyone. Everyone contributes. Everyone speaks up. Everyone owns it.

This is the standard. As a leader I’ll encourage, inspire and assist as required. But if you don’t meet the standard, move on.

It is your standards that set you apart from the rest, that move you away from mediocre and into extraordinary. It is the standards that will encourage your team to push for the next level of excellence and demand more each and every day.

Such standards should include-

1. Communication excellence – team members expect to communicate with each other, the clients and the stakeholders with respect and courtesy at all times

2. At cause – the team holds themselves at cause and take 100% responsibility for their results and non-results

3. No hidden agendas. We are open and work through challenges

Other ideas for what to consider when

standard setting-

1. How will we operate with each other?

2. What will we guarantee to bring every single time no matter what?

3. What are our expectations of each other?

4. What can I count on in you?

5. Standards for people who do business with you, standards for your business.

Standards must be considered in performance reviews, given each 90 days. These points of culture are shared as the first thing they receive feedback on, because it’s that important.

Leadership is not a ‘sometimes’ undertaking. If you’re unsure if you have the right standards in place, if you’re on the right path to business excellence, to turn heads and to unleash the spectacular in

your team, then your likely not.

Email me on sally@team-resilience.com. au and I’ll happily reply with a free Needs Analysis questionnaire so you’re able to.

1. Identify gaps before they become a problem

2. Help to plan your training for 2021.

3. Highlight training you may not have considered

4. Ensure your training is focused on the right areas

5. Decide who should attend which trainings and

6. Help you to prioritise training needs

Make 2021 the year where your business stands well above the rest.

Sally Higoe

Leadership & Team Coach

Team Resilience Method

438963718

sally@team-resilience.com.au

RECORD KEEPING

Find BOOKKEEPER

By Mary-Clare Switz

To make it easier to collect and keep these there are digital tools such as Receipt Bank, Hubdoc, Lightyear and Datamolino. These products are design to automate accounts payable data capture and get that information into your bookkeeping software. One of the advantages of using one of these tools is it is yet another storage of documents as well as sending a copy of the document into your bookkeeping file, attached to the transactions.

These tools have phone apps with which you can snap a photo of a receipt or invoice and submit it for processing. This is ideal for tradies to avoid a crumpled pile of paperwork stashed in their ute!

Payment Gateways

For many business owners the biggest pain point with running a business is the record keeping. As a bookkeeper I tend to focus on the financial records but each business will also have other records they need to keep. These can include Sales management data, patient records, HR records … the list goes on.

The keys for good record management to be achievable are efficiency and accessibility. Efficient management eliminates wasted time and expense and allows you to keep focused on your core business. Accessibility is making sure your team (staff, contractors, bookkeeper, accountant, etc.) can access the information that they need to ensure your business runs efficiently (there is that word again!) and successfully.

Today we are blessed with a huge variety of tools to choose from to manage records. Lets look at a few common areas of record management …

Document management & your digital filing cabinet

Dropbox, Dropbox for Business, Box, Google Drive, SharePoint and One Drive are common options that you may have already heard of. They are all based on a subscription model starting at free and each can be scaled up with different features depending on what a business needs.

These are the modern version of filing cabinets. Staff can be invited in to access all or portions of the data. People outside your business such as your bookkeeper and your accountant can be invited into individual file folder (i.e. the folder where you store your bank statements).

As the documents are stored ‘in the cloud’ you and your staff can be anywhere and on any device to access them.

Bookkeeping/Accounting

This is my patch and passion. Our practice uses Xero for our clients’ bookkeeping. With features such as bank feeds and document attachment, the process of keeping bookkeeping records up to date is efficient and seamless. Again, as this tool is online it means the business, the bookkeeper and the accountant can all see the ‘One Ledger’ (the one data file) in real time. It does not require a backup of the file to be given to your accountant so that they can do your end of year tax return – they can just jump in and start! (Efficient & Accessible!!)

Invoices & Receipts

These are required by the ATO to be kept for five years from the date you lodge your tax return (longer in certain situations).

When claiming GST you need to retain all invoices and receipts for any payments over $75+GST. For income tax purposes it is all invoices and receipts related to a tax return.

Cheque payments are no longer a thing. It is a strong no from me … not efficient!

Payment Gateways are services that offer ways for your clients to pay your invoices. Most people will be very familiar with, and will have probably used, Paypal to pay an invoice. Eway, Square, Pin Payments, Go Cardless and Stripe are a few of many that are available.

We advise clients to make it easy for customers to pay their invoices. If you make it easy they are more likely to pay in a timely manner.

Customer Relationship Management (CRM)

This is about managing your relationship with your clients overtime. Collecting information, tracking conversations, building relationships, resolving queries and complaints, increasing sales. There are many to choose from such as Monday.com, Pipedrive, Sugar CRM, HubSpot, Sales Force.

Project and/or Business Management

Different to CRMs (but definitely may have a crossover) Project Management solutions are usually focused on the doing of your business where you managing projects or jobs that have a start and finish (ie. Web Designers, Architects, Bookkeepers, HR Recruitment etc.). Monday.com, TeamWork, Dubsado, Wrike, ClickUp, Trello, Asana are examples, and there are so many more.

Quite a few CRM products also double up

as Project Management solutions and visa versa. Some are designed for particular industries (i.e. Dubsado was designed for creatives).

Both CRMs and Project Management tools may also include the ability to quote, send proposals, send contracts, and accept payments. They are the record of your engagement with clients and customers.

Integration

With all the above tools to look at you can be left wondering if you can make any of the different tools talk to each other … YES you can. All these tools have the ability to ‘integrate’, or talk to, other software. The integration options do vary from product to product so do you research.

Integrations can include pushing a successfully signed proposal/contract into Xero as an invoice, send email into document storage, a query generating an auto email response. The options are endless.

The receipt management tools such as Receipt Bank and designed to integrate into your bookkeeping software as one of their main purposes.

Back to Efficiency and Accessibility

A set of tools tailored to your business from the examples above is called an “App Stack.” The whole point of choosing what combination your business will use is to build in efficient storage and movement of information and ensure that your team has accessibility to that information. When working with clients we suggest start with the core ones (bookkeeping, receipt management, payment & document storage) and then build from there.

Record keeping does not have to be scary … identify what you need to record and find a solution … they are so many to choose from that will fit your business

and help you grow.

And one final word … Security & Password Management

All the solutions I have discussed above are online (in the cloud). They are not dependent on being on just one computer or laptop. The data is secure and stored elsewhere. This ensures that a business does not lose its data when a laptop dies and no backup has been made.

Some of these solutions (ie Xero) have bank level security. Many require twofactor authentication (2FA) to be able to login. This mitigates security breaches of your data.

We recommend using a Password Management product to manage your passwords and your staff’s passwords (examples include 1Password, Dashlane, LogmeIn). Depending on your choice a business can manage everyone’s passwords in a central data base and also limit what a staff member can see, including limiting if a staff member can see their password.

One more final word

Happy New Year! Lets make 2021 a cracker!!

Mary-Clare Switz

BOOKKEEPING

0422 800 012

mc@biscuitbooks.com.au

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SEND US YOUR NEWS!

editor@findgeelong.com.au

Is your networking suffering from your interesting introduction?

Find BUSINESS KNOWLEDGE SYSTEM

By Brenda Thomson

One of the first things new business networkers are taught is the importance of having an interesting introduction, sometimes known as an ‘infomercial” or “elevator pitch”. But how well is your pitch serving your networking effectiveness?

One of the first things new business networkers are taught is the importance of having an interesting introduction, sometimes known as an ‘infomercial” or “elevator pitch”.

The idea is to ensure that you’re memorable and interesting enough for the other person to want to engage you in conversation and find out more about you.

So instead of saying “I’m an accountant” you might say “I help people save money”. Or instead of saying “I’m a financial planner” you might say “I make sure people can afford the future they dream of”. The idea is to create interest and further discussion around what you do.

And that is where I disagree! You don’t want to create interest and discussion around what you do; you should want to know all about what the other person does. It is FAR more important to be INTERESTED than INTERESTING.

Showing an interest in others will make you a better networker in two critical ways:

1. IT SHOWS THE OTHER PERSON YOU CARE

Every one’s favourite topic of conversation is themselves. If you encourage the other person to talk about themselves they will love you for it.

There is no better way to win someone’s trust than to be genuinely interested in them (critical word there, GENUINELY).

No-one cares how much you know until they know how much you care about them. When you talk about yourself, you’ll be able to show your experience and knowledge, however, this should come later.

Being genuinely interested and encouraging the other person to talk about themselves is showing how much you care – a critical first step in building a long-term relationship. Networking is all about building long-term relationships. I have no disagreement with my associates about that.

2. YOU’LL BE BETTER EQUIPPED TO FOLLOW-UP WITH YOUR NEW ACQUAINTANCES

This is critical. The more you know about another person, the easier it will be to follow-up with them effectively.

After meeting someone new, you should be able to answer the following:

• Can you make an informed decision about how you should follow-up?

• Would it be of value to have a oneon-one meeting with this person, or would you be wasting both of your time?

• Can you help them in some way?

• Can you introduce them to someone who can help them?

• Can you introduce them to someone they can help?

• And so on. Questions that can only be answered if you’ve talked about the other person and their needs, and not about yourself.

• Not everyone you meet at a networking event is going to be a good connection for you, or even someone you would want to work with.

If you steer the conversation to be about you instead of them, you’ll deprive yourself of the opportunity to work this out; you’ll end up following up with them, only to later work out it’s not the best connection.

So stop talking about yourself and start asking about others to make more informed decisions before following up.

A FINAL WORD ABOUT YOUR INTRODUCTION…

I just wanted to mention one final thing about introducing yourself at networking events … This is very personal for me and perhaps not the case for everyone but I wanted to mention it anyway.

I hate game playing. Well I actually love board games and card games and party games, but I hate manipulative games. When someone says to me “I help people save money” I feel manipulated.

If someone tells me they’re an accountant, I’ll instantly understand what it is they do. I’ll be wanting to know if they’re the sort of accountant I might be looking for and if they’re an accountant I can trust (and if so, I’ll keep them in mind for when I need an accountant or when someone I know does).

I don’t want to have to first work out if they’re an accountant, a mortgage broker, a financial planner or one of the other myriad of professions that claim to help people save money.

I hate it when someone does it to me and I don’t like doing it. Please don’t play games with the people you meet!

So next time you’re at a networking event and someone asks what you do – ditch the pitch – it’s quite OK to be uninteresting. It’s far better to be clear about what you do.

If you’re an accountant, a mortgage broker or a financial planner say so, in as few words as possible, and turn the conversation back to the other person. You’ll be glad you did! And if you don’t like what you hear – then perhaps they’re not a person you’d want to build a relationship with anyway. Until next time…

Got Something to Say? Say It With Video!

Find VIDEO

by Zoe Hollingsworth

We’ve all witnessed the huge shift from in-person meetings, chats, and opportunities to lengthy Zoom calls and cobbled together virtual communication solutions. Human connection during this time of isolation was mingled with the trials and tribulations of dealing with technology. Meanwhile, our living spaces were transformed into makeshift offices. This was how much of 2020 played out. Since the early days of the pandemic and lockdown we’ve come a long way, setting us up for a virtual future of work that seems closer than ever before. We’ve made our homes more comfortable to both live and work from, we found virtual solutions for connecting with co-workers and families while apart, and have had time to reflect on what’s important. This shock to the system has pushed nearly every institution from charities, to businesses, to community groups, into a new normal where new solutions are often required. The one tool people have moved to, in droves, to solve their problems during this time has been… Have you guessed it? It’s VIDEO!

A picture can say a thousand words, but a video can speak billions. Through a combination of visuals, spoken word, animations, music, graphics, subtitles, demonstrations, and much more; you have the ability to make the strongest human connection possible while circumstances have separated us. Video has always been an excellent tool for conveying the key facts to an ongoing array of new customers, coworkers, members or clients. It’s a tool that’s always been in our arsenal, but never seemed like the right choice for the moment. Until it was vitally needed.

Jumping head first into this world of cameras, lights, microphones, uploads, downloads, and messaging can be frightening for the uninitiated. Maybe you pushed past all your initial fears and jumped straight in and now you’ve got grander ambitions for future projects. As with all things in life, the skills required for video need to be practiced often to achieve an expert level. I’ve been doing this for 11 years and I still learn new things everyday.

No longer can we rely on jumping into a room full of people to get the job done; to speak to who we need to speak to,

when we need to. The leg work of getting new people to hear your message can no longer solely be done in-person. You need to rely on all the tools in your arsenal including video to do some of the legwork for you. That’s the way to reach people who have now seen the possibilities of flexible working arrangements, those who have used the pandemic to transform their work/life balance into something far more digital than physical. To see an example of how to use video in your messaging, search Video Confidence Coach on YouTube to see what possibilities the digital future may hold.

Zoe Hollingsworth

WEB DEVELOPER

0430 473 204

zoe@vcc.training

SALARY PACKAGING - January 2021

Find SALARY PACKAGING SERVICES

By Dan Nicholls

An employee can salary package different things depending upon their employers ABN classification. A notfor-profit or charity has many options to offer their employees to help them save potentially thousands of dollars a year. All businesses can salary package something so we encourage everyone to know what is available to them.

Our focus at this time of year is the looming end of the FBT year. As March 31st approaches our clients are making sure they have used up all of their allowance to maximise their savings. The two main categories are:-

Reportable Fringe Benefits:

The provision of Reportable Fringe Benefits runs over the FBT year being 1 April to 31 March, and are required to be included in the Employee PAYG Summary at the end of the financial year. Hence the Benefit being ‘Reportable’.

Reportable Fringe Benefits can be included within the Employee’s Rebatable CAP, currently to an expense value of $15,900 or Grossed Up Value of $30,000. The amounts paid through the Employee salary deduction is ‘Grossed- Up’ because they are not subject to income tax.

The permissible Reportable Fringe Benefits are:

• Mortgage repayments

• School and University fees

• Household and Living Expenses

• Credit Card Payments

• Life Insurance Premiums

• Child Care Expenses

• Aged Care Expenses

• Higher Education Loan Program (HELP)

• Private Domestic Travel Expenses

• Meal Entertainment & Facility Leasing*

• Private Home Rental

• Personal Loan repayments

• Health Insurance Premiums

• Medical, Dental and Optical Expenses

• General Insurance Premiums

• Disability Care Expenses

• House & Contents Insurance Premiums

• Private Overseas Travel Expenses

• Club Membership

• Motor Vehicle Expenses – Non Novated or Associate Lease

Meal Entertainment:

Meal Entertainment & Facility Leasing (ME) benefit has its own reportable Grossed Up CAP of $5,000 which is equivalent to $2,650 in expenses and can include:

• Meals and beverages in venues such as a restaurant, cafe and club over $15.

• Catering for functions where the main purpose is the consumption of food and beverages, e.g. Wedding or 21st.

• Hire of a function room, reception centre or marquee for an event.

• Hire of holiday accommodation, e.g. Hotel room or serviced apartment.

• Cruise costs if accommodation is included.

• Packaged Holidays.

Any unspent deductions under the Meal Entertainment result in a reduction in the CAP allowance for the following year so it is very important we ensure our customers are spending all of their payroll deductions.

Whilst we continue to manage our clients employee benefits through salary packaging throughout the year, helping our customers understand their current balances and how they can spend their remaining funds is a crucial part of our service.

The Salary Packaging People are a Geelong based business with over 30 years serving the local community and wider areas. Our customers range from very small to very large and we pride ourselves in delivering a personal, professional and value focussed service. We believe people like to deal with friendly people and so we don’t have call centres. We manage all aspects of salary packaging including novated leases, providing an end-to-end comprehensive service at outstanding value. Please contact us to see how we can assist you or your business (03) 5229 4200.

Dan Nicholls

Salary Packaging Services

040047998

dan@salarypackagingpeople.com.au

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DO RETIREES NEED A PROFITABLE HOBBY?

Find RETIREMENT

By Bernard Kelly

Today the concept of Retirement has lost its sharp definition.

Today retirement is best described as those 25-35 years after we leave the workplace.

And the related issue is that – for the first time ever since birth – we have to determine our own future. Which includes how best to generate some income to supplement the pension and the crumbs available from super.

There is a growing realization that, as we pass age 65, a woman has a probability (i.e. a better than a 50/50 chance) of reaching age 93 while a man’s probability is to reach age 91.

These ages are when the average “estate event” is likely to occur. It’s becoming obvious that over half of us will be living well into our 90s.

And that’s a long time to be bored, especially if we’re on a meagre income. In October 2017, ASFA reported that around 50 percent of men age 60-64 had

superannuation balances of less than $100,000. 50 percent of women in that same cohort had balances of less than $40,000.

We’ll need to keep working as long as possible, but if we can’t find a job later on, will the pension and super be adequate to maintain our lifestyle?

The answer is obvious, so we need to create an income through some form of self-employment.

Our superannuation nest egg will be inadequate to support our lifestyle indefinitely, and many of my articles over the years have included the benefits of having a “profitable hobby” in retirement.

We’re going to need additional income to be able to afford to visit the dentist, or to replace those worn car tyres.

The benefits from such a profitable hobby are not only financial – various TED Talks tell us that we’ll also maintain better health when our social interactions across the community remain vibrant.

And with a profitable hobby, you’ll find that your clients replace those friends that you lose along the way.

So let’s return to the issue at hand - the best solution to generate additional income as a senior is to take whatever hobby you have, and convert it into a “profitable hobby”.

Of course, even traditional hobbies - such as short story contests - will expand your mind and change your world and keep you stimulated. But they won’t generate an income for you.

Not only will you have additional income, but you’ll also avoid other age-related issues – such as becoming invisible and irrelevant.

Bernard Kelly

Bernard Kelly is the author of “Towards Successful Aging”. bernardkellygeelong@gmail.com

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