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You'll find interesting and up to date information on our website at www.gcaccountants.com.au Be sure to read our blog which contains relevant and timely information plus great tips and coaching ideas to use in your business. FREE Insurance Seminar Date: Thursday, 23rd May 2013 Time:5.00pm for 5.30-7.30pm Venue: 88 Elder Street, Lambton RSVP: 20th May 2013 by calling our friendly receptionist Michelle on (02) 4956 1640 for catering purposes, or send her an Email: [email protected] Topic: Insurance, For All Stages Guest Speaker: Ms Kyleigh Perkins from CommInsure Have you ever considered whether you would be financially prepared if you became sick or injured and couldn’t work or care for your family? Could you continue to service debts such as your mortgage or pay essential costs such as the children’s school fees? How would you afford your medical bills? I would like to invite you and a friend to a free seminar where you can find out more about personal risk insurance. To be presented by an insurance expert, Ms Kyleigh Perkins from CommInsure, you will learn about the types of risks you face at different times during your life and the most appropriate insurance to provide you with the peace of mind you deserve. Book your place today I hope you and your guest will accept our invitation to this essential seminar. Places are limited, so please RSVP early to ensure you don’t miss out. I look forward to seeing you there. Yours sincerely Gary Croese Partner of GC Accountants Pty Limited Authorised Representative of Count Financial Limited ABN 19 001 974 625, AFSL 227232 GC Accountants Pty Limited continue to be a happy client of Eureka SEM, a local search engine marketing firm. Mr. Bren Hammel, Director of Eureka SEM is diligent, hard working and innovative, and has piloted GC Accountants to achieving a successful outcome of a premium online rank within the accounting industry. Gary and the entire team at GC Accountants has absolutely no hesitation in recommending Bren for any online SEM, pay per click or web designer assistance with your businesses. We thank him appreciatively for all of the consistently excellent work he performs for GC Accountants Pty Limited. May 2013. Please visit www.eurekasem.com.au , email to [email protected] or please phone 1300 912 979. coming soon..... Business Insurance Advice Seminar This seminar covers Key Management Protection and Succession Planning. Date: Thursday 20th June, 2013 Time: 5.00pm for 5.30-7.30pm Venue: 88 Elder St, LAMBTON To RSVP Phone: (02) 4956 1640 by 13/6/13 For an interesting 8 minute video on Business Succession Planning, please visit the following You Tube post. www.youtube.com/watch?v=a1n2Eh_OQQc Insuring your car, home or other possessions makes sense. So why do so few of us insure ourselves? If illness or injury stopped you from working for an extended period, could you keep paying your bills? Personal risk insurance provides peace of mind that if the unexpected occurs, you and those who depend on you will be provided for. What is personal risk insurance? Personal risk insurance is an important way of ensuring you and your dependants will be financially supported in the event of serious illness, disability or death. If your ability to earn an income is affected, a personal risk insurance policy may enable you to maintain your current lifestyle and continue supporting those who depend on you. Do you need insurance? While we recognise the emotional impact of events such as serious illness or death, the financial consequences can be equally devastating. If the unexpected did occur, having personal risk insurance can go a long way to helping you meet your basic living expenses such as your mortgage, groceries, petrol or school fees. Depending on the event, you may also need to cover significant medical expenses, rehabilitation, modifications to your home or services to help maintain your lifestyle. j Types of personal risk insurance There are four main types: • Life insurance: a lump sum payable on death or terminal illness. This can help support your dependants to maintain living standards or pay off debts. • Total and permanent disability (TPD) insurance: a lump sum to help support you if you are totally and permanently disabled due to illness or injury. • Income protection/salary continuance insurance: a monthly income stream to help support you if you are unable to work because of illness or injury whether it be permanent or temporary. • Trauma insurance: a lump sum to help support you if you are diagnosed with a specified major medical condition (e.g. heart attack, stroke or cancer). Life insurance Life insurance can help provide financial assistance for a family if they lose the homemaker or breadwinner. In a business situation, life insurance can help protect against the loss of a key employee or business partner. Total and permanent disability (TPD) insurance TPD is designed to help meet one-off and ongoing living expenses such as paying your home mortgage, as well as cover special expenses such as medical and rehabilitation costs. To receive a TPD insurance benefit, you must satisfy specific criteria to establish the genuine nature and extent of the disability (this can vary between insurers). These criteria usually include a range of permanently disabling conditions specified in the policy, such as paraplegia, as well as more general criteria relating to your total and permanent inability to work. Income protection/salary continuance insurance Income protection insurance, also known as salary continuance insurance if held through superannuation, pays a monthly benefit of up to 75% of your pre-tax salary if you are disabled due to an illness or injury for longer than the nominated waiting period. Since a salary continuance policy is held through superannuation, you must also satisfy the “ temporary incapacity” condition of release before the benefit can be paid. Income protection/salary continuance benefits begin after a predetermined waiting period (eg 30 days, 90 days, or two years) that you nominate when you take out the cover. Generally, a longer waiting period means a lower premium, however it also means you ’ll have to wait longer before you are eligible to receive a benefit payment. The policy will continue to pay the benefit for as long as you remain unable to work up to a maximum predetermined period. This can be a set timeframe such as two years or age based (eg up to age 65). Policies with a longer potential benefit period generally have a higher premium. It is important to note that different policies may have different features and you should speak to a financial adviser for the most appropriate insurance to suit your circumstance. Trauma insurance Trauma insurance provides a lump sum payment if you suffer a serious, debilitating medical condition (as specified in the policy you choose) such as heart attack, cancer or stroke. Trauma insurance is designed to help people cope with the financial impact of a traumatic event as they recuperate. Generally, you will receive the trauma benefit provided you survive for a set period after incurring the condition. What kind of insurance do you need and when? As your lifestyle and financial position change over time, so do your risk insurance needs. For example, during the years when you are supporting a young family or paying off a large mortgage, you will likely want more protection than later years when you may have downsized homes and your children are in the workforce. The diagram shows what type of insurance may be required most during each phase of life. Always insure what you can’t replace This document has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. ‘Count’ and Count Wealth Accountants® are trading names of Count. Count advisers are authorised representatives of Count. www.count.com.au This document does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision. 18989c/0113 Protect your family and your income Some things in life are irreplaceable – like family. That’s why it’s important to take care of those closest to you in case something unexpected happens to you. Having the right mix of insurance means you can enjoy life with the peace of mind knowing that your family will be looked after. A Financial Adviser can ensure you’re covered for everything you need and nothing you don’t. Call (02) 4956 1640 to arrange an appointment and discuss your options. www.gcaccountants.com.au P1 - It's Business Tax Planning time! P2 - Always insure what you can't replace P3 - Branding B2B's P3 - Insurance, For All Stages (Seminar) P4 - Should you use Google Adwords? P4 - Coming Soon, Business Insurance Seminar P5 - Managing anxiety with mindfulness where proactive actions can be taken to produce effective results in your net profit. Benefits of Business Tax Planning By engaging in Business Tax Planning, you can ensure that maximum deductions and write-offs are identified and together, we can minimise the amount of tax owed. In order to make educated decisions about your business, it’s imperative to scope Tax Planning. It forms a pivotal role in reaching your Profit Goals, through the effective implementation of your Business Plan. (If you don’t have one of these, you can engage our help with this also). Relevant deductions, loopholes, and exclusions are studied with some rigor. Business Tax Planning involves taking stock of assets and estimating tax liabilities well in advance of payment deadlines. This gives you time to react and re-shuffle certain divisions or debts in order to capitalise on the expected tax breaks. Taking advantage of a tax benefit at the earliest possible opportunity makes perfect sense. It saves you cash, which gives you the time value of the tax saved plus the immediacy of the benefit creates greater certainty for you. Sometimes the action of one day can make the difference of one year in when the tax is paid. While it is possible to run a business without planning for taxes, it is not usually advisable. Tax codes are complex, but are usually structured so as to reward companies who make sound investing or employment choices. Business Owners not in the know can miss out on a lot of savings if they do not make an investment in Business Tax Planning. It's Business Tax Planning time, now or never to minimise your tax. hjk Once again, we’re into the final quarter of the financial year, and it’s time to set up a meeting to go over your needs for appropriate Business Tax Planning initiatives. What is Business Tax Planning? Instead of your hard earned cash going to the Government, it’s free to be put to good use. This doesn’t mean “not paying taxes”, it simply means being smart about where you place your money to acquire maximum benefits to you and your future livelihood. The majority of tax planning falls into one of three categories – health and hygiene decisions that every business should review each year, timing benefits, and permanent savings. We will assess the implications of each of these in our meeting together. Business Tax Planning is more a wide methodology than a fixed protocol, and what is good for one company is not necessarily wise for another. This is why we need to sit down together and examine your individual circumstance. Only then are we able to provide the best conclusions for you. Post tax plan, you will know how to structure your business so that it receives the maximum amount of profits while keeping its tax bill as low as possible. Complete Business Service Packages to suit your needs For some, this fundamental service is already included within your Fixed Price Agreement options, which you have previously elected. For others, it must be examined closely to ensure we are given the opportunity to anticipate, and in many cases minimise, tax liabilities. Either way, the value you receive is substantial, and in the high majority of cases well worth the fee. However, if after your initial meeting it is deemed not necessary for your business, you will not be charged. Alternatively, you may prefer to engage in our Profit Planning/Business Development initiatives instead (of similar value), GC Accountants are Credible Knowledgeable Experts Our Partners, Gary Croese B.Bus.(Acc), CPA, FPS and Chris Stevens B.Fin., M. Acc, CPA are professionals who work with local business leaders to explain the governing tax rules and then make recommendations for change. Change often comes as enhanced operational plans and project plans concerning assets, liabilities, and the structuring of internal finances, and all advice is personalised to each individual business. We are continually focused, especially over the coming months, on helping businesses with strategic planning in anticipation of tax time. Talk to Gary or Chris ASAP (well before June 30) and they can outline all of the opportunities in your business for tax timing benefits. What do I have to do next? Please call Michelle, our friendly receptionist, if you haven’t already booked your Proactive Business Tax Planning meeting in preparation for the completion of the current financial year. Our phone number is (02) 4956 1640, please call Michelle now. Branding for B2B's In the world of fast moving consumer products a proliferation of branding is often the way a major, or ‘umbrella’ brand, can manage its product mix. In B2B marketing however, a multiplicity of brands will be confusing to those who make purchasing decisions. Businesses place a higher value than consumers do on the reputation of their supplier so a single, well recognised brand, can be important to winning a sale and turning that into repeat sales. In the B2B context it’s much more effective to create a single powerful brand for the business that can be carried above the products it sells. Research shows brandingʼs importance A study conducted by Accenture on the B2B sector found that B2B companies are neglecting one of the basic facts of marketing – the brand’s importance to the customer. In fact the study showed that the brand is highly important in the customer's mind, just as important as it is in business-to-consumer selling. It found that a well known brand with reputable connotations is the single most important B2B buyer preference, even scoring higher than service, price and variety. Branding needs double sided appeal Whether the target is a business owner or a buyer for a large organisation, the brand must appeal to both their personal and their business selves to have an impact on the selling process. Here are just some of the considerations B2B branding has to incorporate: Unlike consumer brand marketing, the targeting of B2B brand promotions is based on a person’s employment instead of their lifestyle or family needs. The purchase will be made for a business and not an individual. The personal characteristics of the people classified as ‘targets’ can vary widely as the only thing they have in common is that they are making a purchase for a business. Their decisions will often be based on factors of which the seller is unaware, such as the need to stay within a set budget. The emotional content of the buyer’s decision making process is likely to be overshadowed by practical considerations. The purchase will often be related to projects or business activities of which the marketer will have little or no direct knowledge. To successfully brand a B2B company the chosen positioning has to compete against other companies targeting the same market. It must be at least as impressive and promise at least the same level of customer satisfaction to be competitive. Perhaps the most difficult part of B2B branding is to find a point of differentiation that will make one company’s brand stand out clearly from all its competitors. The brand dimensions have to respond to the target group’s perceptions of what they want, and that includes such areas as wanting to be recognised for their purchasing abilities and a desire to demonstrate their efficiency to their employer. The golden rules of B2B branding There are a few ‘golden rules’ of B2B branding that can help guide the process for any business: • Focus on building a single, powerful brand • Base the brand on a point of difference unrelated to any competitor • Support the brand by outperforming competitors in areas of quality and service • Ensure that your brand makes a promise to your target audience about something that is critical to their own success B2B branding requires an investment of capital and time that many businesses aren’t willing to make. They become known by their products but not for themselves. In the longer term this costs them share-of-mind among their target group and can even affect such things as their ability to attract the best human talent in a competitive market. Should You Use Google Adwords? by Bren Hammel, Eureka SEM Google Adwords is probably the fastest way to get high quality traffic to your website. As we know the key to a successful business is getting more sales. And with Google Adwords you have the ability to get your products and/or services in front of people that are searching for them online. But, is Google Adwords right for you? We should know the difference, but just in case Reasons that Google Adwords is right for you? #1 Targeted Results There is nothing less productive than advertising or marketing to the wrong audience. Think about all the other traditional major marketing and advertising mediums you can use? They are all a little bit like looking for a needle in a haystack. They only work if the material is presented in front of and interested or prequalified prospect. Google Adwords on the other hand allows you to specifically target the keyword phrases that will attract the people that will have the best chance of completing your desired outcome (sales, enquiries etc.). Reason #2 Geographical Targeting Most businesses are applicable to the 80/20 rule in one way shape or form. In a lot of cases we find businesses have the majority of their clients (80%) within a 30 km radius of their businesses location. Fortunately Google Adwords is perfectly equipped to accommodate this. As we can see in the picture of the map it has an overlay of a circle. In this particular case ads for this business only show up within the radius of the circle, as that’s where the majority of their clients will be sourced from.What this does to an Adwords campaign is that it significantly mitigates the risk of wasted spending, as people who live too far away from the businesses location will not see the ads. Reason #3 Everything Can Be Tracked Unlike other marketing mediums, advertising with Google Adwords gives you unparalleled statistics about exactly what you’re marketing is doing. You have the ability to see how people interacting with your ads, and furthermore how they interacting specifically with your website. With this ability you can test and tweak ads and the pages you are sending traffic to improve the conversion rate of the amount of traffic you get to your website to the amount of inquiries or sales you get. The conversion rate optimisation is an often neglected part of the website marketing strategy. All too often here at Eureka SEM we see businesses that get good traffic that are not seeing the return on their investment as they would like. Reason 4# Flexibility and Control It is amazing the amount of flexibility and control you have when marketing with the Google Adwords platform. Not only do you have the ability to change ads in real-time, but you can also pause your account instantly if you ever have technical issues with your website or you have ran over budget. You have the ability to set a daily budget, which is vitally important if you are new to the Google Adwords platform and you do not want excessively spend. You can also schedule when your ads are seen in the Google search results. You can set specific times during the day or night when your ads will be displayed. Reason 5# Fast Results Once you have set up your PPC (pay per click) campaign and you have filled out your billing information, you can start to see visitors flooding to your website within a couple of hours. Ultimately from start to finish you can start generating sales or inquiries within a couple of hours of starting with the Google Adwords advertising system. Can you afford personal risk insurance? When you consider your existing financial commitments and level of savings, how long could you be without an income before you would need to sell the house or change schools? The cost of premiums for any personal risk insurance policy reflects both the risk (probability) of an insured event occurring and specific features of the policy. Some typical ‘risk factors’ are your age, the state of your health, your occupation and the type of recreational activities you participate in. Some of the policy features may include: • The amount of benefit payable upon claiming • The waiting period before benefits are paid • How long benefits will be paid out for Before taking out personal insurance, consider the policy features carefully and seek professional advice. And remember that a lower premium may indicate more restrictive conditions on claiming, particularly with a policy that is related to payment on illness or injury. Insuring through superannuation Acquiring life insurance through your superannuation fund can provide some tax concessions which are not generally available for life insurance policies held ‘outside super’. For example, by claiming a tax deduction for personal contributions to superannuation or making salary sacrifice contributions from your pre-tax income you can pay your insurance premiums tax- effectively. This could make it significantly cheaper (on an after tax basis) for you to insure through superannuation. Note that these contributions are subject to the concessional contribution caps. If these caps are exceeded, a tax of 31.5% applies to the excess amount in addition to the standard 15%. When insuring through superannuation, if life insurance benefits become payable they attract a tax liability if paid as a lump sum from a super fund to a non-dependant for tax purposes of 31.5%. However where life insurance benefits are paid to a dependant for tax purposes, they are tax free. Benefits for income protection acquired through superannuation are taxed at normal marginal tax rates. TPD insurance may attract tax as a superannuation living benefit. The importance of policy ownership Whether you are taking out risk insurance yourself, with your spouse or with a business partner, ownership of the insurance policy is an important consideration. There is different policy ownership options available. Each one can give a different outcome in certain circumstances. We recommend you seek professional advice on the structure that suits your goals and objectives. continued on last page..... Far from being a self-help buzzword, mindfulness is enabling me to manage one of the biggest hindrances to my wellbeing. So imagine what else it can do. I’ve come a long way since my first panic attack, which struck soon after starting my first ‘real job’. While sitting at my desk, I suddenly got really hot and I couldn’t breathe. The fear of losing control or collapsing made the symptoms worse. I can see now it happened because the expectations of me in that workplace were waaay too high. And so began my ongoing relationship with anxiety. Thankfully, its effects have been passing and not debilitating, but it certainly has a negative effect when it’s around. No, it hasn’t gone away. I’m not sure anxiety ever does. But I’ve become much better at managing it. And one habit I’ve recently committed to, which is more effective than anything else I’ve tried, is the practice of mindfulness. Mindfulness is when you are aware of your thoughts, feelings, sensations, breath and everything occurring in the present moment, without attaching judgment to those observations. Practising mindfulness involves sitting for a length of time, whether minutes or hours, and allowing your thoughts to pass by, while you make an effort not to get all wrapped up in the narrative. The idea is that, with practice, you can eventually become so aware of mind and body ‘events’ such as panic attacks that upon observing them, their weight evaporates instantly, like popping a bubble. Research has shown mindfulness can increase productivity, reduce stress and improve memory, focus and relationship satisfaction. You can see why I was eager to give it a go. Only problem is – it takes time and dedication to see results. For extra motivation, I signed up to some mindfulness workshops and downloaded an app to spur me to practice. And I did. Research has shown mindfulness can increase productivity, reduce stress and improve memory, focus and relationship satisfaction. You can see why I was eager to give it a go. Only problem is – it takes time and dedication to see results. For extra motivation, I signed up to some mindfulness workshops and downloaded an app to spur me to practice. And I did. Now, when I feel anxiety coming on – that horrible tightness in the stomach and throat – instead of reaching for quick ‘fixes’ (one reason why my wine cellar is always near empty) I force myself to sit. This is really difficult – especially when anxiety usually arises at times when you should be active and participating, the opposite of sitting and switching off. I’ve found that once I’ve sat with and watched the feeling for a while – with the intention not of getting rid of it, but of just being with it – the feeling disappears. I’ve had a glimpse into what mindfulness can do and I can’t wait to see what other benefits are in store… no expectations or anything. Have you experienced the benefits of mindfulness, or are you intrigued to give it a go? Jodie McLeod [email protected] | www.flyingsolo.com.au The Mindfulness App - Health & Fittness The Mindfulness App contains: 4 Guided meditations: 3, 5, 15, and 30 minutes 4 Silent meditations with bells: 3, 5, 15, and 30 minutes 1 Guided Body ScanPossibility of designing a modified meditation with our without guided intro Mindfulness Notices Reminder function Statistics. The Mindfulness App contains: -4 Guided meditations: 3, 5, 15, and 30 mins -4 Silent meditations with bells: 3, 5, 15, & 30 mins -1 Guided Body Scan -Possibility of designing a modified meditation with or without guided intro -Mindfulness Notices -Reminder function -Statistics $1.99 on Apple Apps Store 3 million Australians are living with depression or anxiety. beyondblue is working to reduce the impact of depression and anxiety in the community by raising awareness and understanding, empowering people to seek help, and supporting recovery, management and resilience. If anxiety affects you, find out more at http://www.beyondblue.org.au/ or call 1300 224 636. ......From Page 2 Speak to us for more information Working out how much insurance you need is not easy. It’s important to assess your needs in consultation with the Team at GC Accountants Pty Limited, your Count Financial Adviser. They can tailor an appropriate selection of insurance policies to suit your individual circumstances. Important information Parts of this document relating to insurance has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. ‘Count’ and Count Wealth Accountants® are trading names of Count. Count advisers are authorised representatives of Count. Count is a Professional Partner of the Financial Planning Association of Australia Limited. Information in this document is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document. This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.
