The OHL Wire issue 6

THE

OHL WIRE

NEWSLETTER

January 2015

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INVESTING IN 2015

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NEW YEARS RESOLUTIONS FOR A WEALTHY 2015

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SELLING YOUR BUSINESS BEING READY

LEGAL – WEALTH PROTECTION – INVESTMENTS – BUSINESS – LIFESTYLE – SYDNEY

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BUSINESS TIPS FOR 2015

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WHATS ON SYDNEY

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Investing in 2015

Investing money in new projects can be an effective way to earn more money and to give interesting projects the chance to succeed. For opportunity to gain some profitable investment in the New Year, we sum up some tips and tricks for profitable investment projects.

1. Make an overall financial plan for the coming year.

So you can see how much space you have in your budget to invest, reserve this money and make sure that you don’t need this money. Never invest with borrowed money.

2. Invest yourself or let an investment adviser do this for you: When you don’t have the relevant knowledge about investing or not enough of time, you can decide to use an investment adviser.

When you want to use an investment foundation be thorough with your search for a suitable foundation that meets your goals. Especially listed investment companies (LIC’s) are well established funds and have some considerable funds compared to managed funds. For a full list about listed investment companies in Australia visit this website: indexfundinvestor.com.au/list-of-asxlisted-investment-companies/

3. Spread your chances (and the risks): Don’t invest all your money in one project; you never know beforehand how this project is going to develop.

4. Download the investment program plus 500 trading software, this is a powerful trading tool that lets you trade the world’s most popular financial instruments from one platform.

5. Keep up to date with the latest investment news, trends and developments. You can do this by frequently checking the websites of some interesting investment sources like moneymanagement.com.au and financialreview. com, also visit event and network opportunities for investors in Australia.

WE REVIEW THE Aztec Treasures Exhibition

This exhibition is an impressive blockbuster with more than 200 priceless artefacts and treasures from various international museums, including multimedia touch-screens that show the story of the stunning rise and fall of the Aztec empire. This is a unique opportunity to experience one of the world’s most ancient civilizations.

The Aztec citizens were certain ethnic groups lived in central Mexico, especially those groups who spoke the Nahuatl language. From the 13th century, the Valley of Mexico was an important place for Aztec civilization.

Aztec culture, history and life are well known through archaeological evidence found in excavations in Mexico City. Aztec culture was a rigidly hierarchical society in which a small numbers of people lived in the lap of luxury and others had virtually nothing.

Moreover, every single aspect of Aztec life was permeated by a certain degree of religious beliefs.

In addition, they also believed that to die in battle or to be sacrificed were a kind of honourable form of death, which ensuring a speedy transition to the afterlife.

By stepping inside this amazing exhibition you can learn about the gods and the sacrificial rituals and uncover the mysteries of the Aztec afterlife as well as the origins of the Aztecs, religious beliefs, war, conquest, family life, agriculture and the fall of the Aztec empire.

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The artefacts include remarkable ceramic sculptures of Aztec gods, such as Mictlantecuhtli. Others intricate models are available, like the superb centrepiece of the exhibition that is a scale model replica of the exterior of the Great Temple Huey Teocalli, the most important Aztec temple that was considered to be the centre of the universe.

Without doubt this is your chance to take home part of the Aztecs exhibition and you will be able to see the pop up gallery featuring a stunning collection of contemporary artworks for sale.

All in all, this is a terrific exhibition for you take the whole family. The richness and depth of the Aztecs exhibition will capture your imagination. This is one of those once in a lifetime event exhibitions to see, a must for all those interested in arts and culture, which is today still mainly misunderstood.

The exhibition is open on the 13 September 2014 through to 1 February 2015.

Where: Australian Museum Details: australianmuseum.net.au/landing/aztecs/

OWEN HODGE LAWYERS

New Years Resolutions FOR A WEALTHY 2015

It’s time to start thinking about your financial success for 2015 and start pondering about life changes as well as what you would like to tackle and overcome this year. An astonishing number of people set their goals at the beginning of this year, such as losing weight, increasing physical activity, reducing debt or saving money.

This often means committing to improving one’s lifestyle by doing something meaningful.

Everybody wants to be wealthier, but it’s not simple and easy. Most of us find it taxing to follow a diet or a sensible investment strategy 100% of the time.

Here are some common-sense advices that can lead you to better resolutions for a wealthy 2015.

1. First of all, it is crucial to set your goals. Be specific, realistic, and write down your short and long term goals. Keep each goal simple and give it a time frame. The first step to getting sorted is to work out where you want to be financially and what you want to achieve by the end of the year.

2. For each goal give a dollar amount and adjust your budget in order to meet that goal.

3. Review your spending patterns and check if it is possible save an amount of money every month.

The point here is to recognize when spending is discretionary rather than necessary. Sometimes, you should reconsider some of these activities so as to reach your financial goals.

4. If you have high-interest debt, like credit card, the best thing you can do is to pay that debt off as soon as possible. Don’t use a credit card unless you know you’ll have the money to pay the bill when it arrives. In general, most credit cards charge high rates. Furthermore, it is worth checking your credit report, because it will provide you an overview of where you’re at right now.

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5. Re-examine your mortgage rate to make sure you’re getting the best deal. If you are doing anything when rates change or your mortgage deal ends you could lose out to better deals that are available in the market.

6. The New Year is also an excellent opportunity to review your investment options. You can also contribute a little bit more to your superannuation in 2015 so you have more money in the years to come. You need to be aware and know how much you need to contribute to superannuation, because it requires planning, don’t wait a couple of years to start working towards them.

7. To be healthier is part of the process. Get the most happiness with your family and do not forget to do some exercise, eat natural food, get plenty of sleep and spend quality time with your colleagues.

To sum up, for many people, 2015 can represent an opportunity to dedicate time and energy to getting physically healthy. For others, the main focus of their self-improvement efforts will be their finances.

For that reason, setting a clear and realistic goal is essential for the success of any resolution and do not forget to ensure you will actually follow through on your promise. If it is necessary, consider making an appointment with a financial adviser to really put your finances through their paces.

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OWEN HODGE LAWYERS

Selling your BusinessBE ING READY One year has ended and now a new year dawns upon us. Starting a new business or even the selling of an old business are some goals many entrepreneurs and business owners may be dwelling upon in this New Year. Starting up a business alone is an emotional rollercoaster filled with more difficulty than you could have ever anticipated.

Selling your business isn’t any easier, it is a complex process, one which is considered one of the most important decisions you’ll have to make in regards to your business.

There are copious amount of reasons why businesses stop operating; these may include the owner no longer wanting the business, the business not producing enough revenue or simply because the owner wishes to go into retirement. Regardless of the reasons behind selling, it is crucial to prepare yourself with an exit strategy that will ultimately allow you to obtain the best possible asking price for your business as selling your business can be a challenging task and so it is vital that you get it right.

There are a number of things that should be taken into consideration when making the decision to sell your business.

RIGHT DECISION Making the decision to sell your business is a significant step that not only affects your financial circumstances but also your personal circumstance.

You must thoroughly consider these circumstances before making any substantial decision. All factors within your life must be taken into consideration.

CONSULT WITH EXPERTS It should be note that you only sell your business once, one chance to get it right. If you are unsure or need help in planning for the selling of your

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business, seek help! There is absolutely no shame in seeking expert assistance. Using a business broker, an accountant or other professionals will significantly help you sell your business, making such a time consuming and complicated process less stressful.

Consulting an expert will allow you to focus on the things you do best in regards to your business.

VALUE OF YOUR BUSINESS Once the decision to sell has been reached, determining the value of your business becomes one of the most contentious parts of selling yet a quintessential component. Valuing your business is essentially working out how much your business is ultimately worked. While you may want to set the highest market price, it should be taken into consideration that the buyer will ultimately want the highest future profitability for the lowest market price. There are a number of common methods that can be used to effectively value your business.

These include estimating future profits, evaluating the value of your assets, market value, and even working out how much your business’s goodwill is actually worth.

Therefore it can be seen that there are clearly a number of things that should be taken into consideration when making the decision to sell your business. Making the right decision to sell, seeking and consulting with expert help and valuing your business is the just the start of a complex process, however significantly you will need to find buyers for your business, negotiating your business for sale, preparing the final contract and ultimately finalising the sale of your business. Once you have prepared your business for sale, the rest will come with ease.

Being prepared is key.

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The Importance of Making a Will – Planning for your Death With the New Year finally here, death is undeniably not a subject which most individuals like to discuss or even acknowledge. The fact is that like life, death is one of life’s most inevitability unpredictable events. Typically death occurs expectedly after a well lived life where on the other hand sometimes it arrives without any warning at all.

However the making of a will and planning the effective distribution of your estate is just one simple way of protecting those you love by making sure that they are protected from unnecessary financial hardship and emotional stress.

A will is essentially a formal and signed legal document which clearly states how you want your assets (things that you legally own) are to be disturbed upon your death. In circumstances where an individual dies without a will that efficiently distributes their assets in New South Wales can be described as dying interstate. In these circumstances the

individuals assets will effectively be distributed according to the law, with a suitable administrator being appointed to administer the deceased’s estate.

In NSW, dying intestate means that the deceased’s assets will be distributed according to a standard predetermined formula with total disregard to the deceased wishes. Furthermore provided that the deceased’s estate comprises sufficient assets, the individuals spouse inherits the whole intestate estate.

However where the intestate leaves no spouse, the Succession Act 2006 (NSW) provides the next individuals entitled to the estate according to their proximity of their family relationship. The order provided by the Succession Act 2006 is as follows: • Spouse • Children • Parents

• Reflect your customers: Who and where your customers are over the last year, when did they buy? What did they buy? How much did they spend? And when you have a clear picture of this: How can you improve this?

• Take advantages of upcoming technology: Fact is that technology is changing the world we are living in.

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• Aunts and uncles • If there are no surviving relatives closer than cousins, the State Government will receive your estate.

Ultimately making a will can safeguard your loved ones against the rules of intestacy as without a will the way in which the law operates results in your estate going to relatives that you had little to no contact with. IT is also of great importance that your will is constantly updated to reflect major changes in your life such as starting a family, separation, divorce, retirement and etc as such circumstances can make the distribution of an estate complicated, lengthy and costly and in some cases render the will invalid. It is overall important to take the time to carefully plan for your estate as a will is by far one of the most important legal documents you will ever draft.

• Brothers and Sisters

Business Tips for 2015 The start of the New Year always brings a lot of opportunities with it, a reflective period and a time to get organized and do things differently than you did before.

Especially when you are a business owner, the beginning of the year is the point where you have to make some time to work ‘on’ the business instead of ‘in’ it.

That’s why we have listed some tips and tricks to help have an effective kick start in 2015.

• Grandparents

Embracing new technologies can make your business more attractive and can make you work more effectively and efficiently. Our advice is to keep up to date with upcoming technologies that can be interesting for your business. You can do this by visiting technology fairs, reading the latest technology news and blogs, or talking to an expert.

• Plan your reflection points in the coming year: Only reflecting on the beginning or the end of year is not enough. Reflecting should be a routine, so you can find mistakes or grow further on possibilities.

By planning fixed dates during the year to reflect on your business you are enabling yourself to be able to find mistakes in your business earlier and to correct them and to take advantage of business opportunities.

• Plan your business growth for 2015: ‘’You will either step forward into growth or you will step back into safety’’ Abraham Maslow.

• Re-consider your business activities, your products and services. Think about your business grow for the New Year, maybe your business can grow through an acquisition with another company or maybe your company is ready for growth by exporting to other countries. For every all legal advice on your expanding plans for your business, please contact Owen Hodge Lawyers to make an appointment with one of our business experts. Email to: ohl@ owenhodge.com.au or call 1800 770 780 to make an appointment.

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What’s On in Sydney Opera Round Up

The Chatswood Family Festival

Manly World Food Markets

1st Jan till 31st Jan (+61 2) 9250 7777

9th Jan till 26th Jan www.theconcourse.com.au/event/ chatswood-family-festival

Every Friday from 9th Jan till 27th March 5pm – 9pm

Experience some brilliant operas at the Sydney Opera House including, La Boheme, Madam Butterfly, The Magic Flute, and Tosca. Tickets always sell out so book early, this is one of those ‘must do’ experiences in Sydney!

The newest family festival on the North Shore, located at the Chatswood Concourse! Check out a range of movie screenings, performances, exhibitions and various other family friendly activities.

Located on Manly Wharf, you can enjoy a wide range of excellent food from some international stalls whilst enjoying some live music. Bring your family, friends and a picnic blanket to relax under the stars for a night.

25th Art of Sydney Awards Exhibition

Australia Day Ferrython

Twilight at Taronga Concerts

24th Jan till 27th Jan 9:45am – 7pm Free Admission – Australian National Maritime Museum

Monday 26th Jan 11am

Fri and Sat from 30th Jan – 21st March Gates open: 5:30 Concerts: 7pm – 9:30pm www.twilightattaronga.org.au

Come along and check out some fantastic pieces of artwork from all over Sydney. The exhibition will raise much needed funds for Care flight, and all artwork will be up for sale.

Find a spot along the shore to catch all the action. As one of the grandest Australia Day celebrations, ferries will set out at Circular Quay, head out to Shark Island and back and go on to finish at the Harbour Bridge. The event also features a best dressed ferry award.

Fantastic views of Sydney, great music, dinner with friends on the lawns at the zoo - enjoy a concert under the stars featuring a great line-up of stars including Ross Wilson. Check the website for concert headliners.

New Years Resolutions

With the New Year there comes New Year resolutions. Inevitably people set themselves new goals of varying difficulty to achieve in the New Year. What is the actual story behind the tradition of New Year’s Resolutions?

Where did they first originate, what is their history and how do you actually make them happen?

New Year’s Resolutions date back to the Roman time.

As believed, the month January takes its name from Janus, the two- faced god who looks backwards into the old year and forward into the New Year. When the Romans reformed their calendar they named the first month of the year January, in honour of Janus, establishing January 1 as the day of new beginnings.

Many New Year’s resolutions are forgotten or discarded by the end of January. This is because New Year’s resolutions are mostly about changing patterns, and that is not as easy as just waking up on the first of January and doing things differently to many years of engrained traditions. Hence these helpful tips for actually achieving your New Year’s Resolutions.

One of the most important steps that comes with every goal that you wish to achieve in your life is to make a plan of how your goals to be achieved. One of the best tips is to make smaller sub goals. For

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example if you aim to lose at least three pounds of weight in two months, think about how often you need to put aside time for increased exercise. Also think about what strategies you are going to use to achieve these goals.

Inform your friends and family about your New Year’s resolutions. By telling them you have more motivation to achieve your resolutions and they can motivate you as well.

Try to find someone who has the same resolutions as you. You will stick to your resolution longer if you’re with more people who want to achieve the same goal. With two people you can motivate each other.

Lastly when it seems like everything is going wrong when trying to achieve your goals, don’t give up directly. Just try again, as you will eventually succeed.

Remember the achievement will be bigger if the way to it was not so easy.

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INDIVIDUAL AND COMMERCIAL LAW SPECIALISTS Enhancing the lives of our clients by providing for their financial and legal requirements in the acquisition of wealth, protection and management of assets and the transfer of wealth throughout generations.

CALL 1800 770 780 VIEW www.owenhodge.com.au VISIT Sydney Office Level 3, 171 Clarence Street, Sydney NSW 2000 Hurstville Office Ormonde Parade, Hurstville NSW 2220