The Butterfly Plan

Life coach, radio broadcaster, speaker, entrepreneur, influencer and dear friend of The Canny Group, Roxie Bennett is a life changer and ‘butterfly woman’ with a mission to build a kaleidoscope of butterflies wherever she goes.  Roxie Bennett combines life coaching and her work as a radio presenter with running her boutique marketing, events and PR agency, Plan.It Roxie.  Her positivity is infectious, her smile lights up a room and her determination to see those around her succeed gives them the confidence and courage to become the very best they can be.

From growing up in the country as part of a large, working class family, Roxie always shone out and knew she wanted more from life.  After university she found her way to a career as a radio broadcaster.  At 35 with two small children she was diagnosed with Breast Cancer and, instead of focusing on herself, she continued her radio show where she chronicled her chemotherapy and radiation treatments, sharing her hopes and fears with her listeners every morning.

The diagnosis sparked a 20-year journey to truly find herself, the person she was always meant to be.  Roxie has led a life of resilience and positivity, accepting and embracing the challenges she faced, always knowing they would lead her to the best of all possible places.

 

WELCOME // THE BUTTERFLY PLAN

The Butterfly Plan is a 12-week program and journal to guide you to weight loss and wellbeing.  It’s designed for women of a ‘certain age’ who have found themselves weighed down by the ‘middle age malaise’.  A wholistic plan, it addresses all areas of your life including your gut, your mind, your body and your spirit.

The Butterfly Plan will step you through a journey of self-discovery, learning what really matters to you.  You’ll soon realise that your health and wellbeing are the most important gifts you can have, and they are gifts that only you can give to yourself.  You’ll learn that you can’t be everything for everyone else until you can be everything for yourself.  And, you’ll learn that you are the most important and powerful person you know!

After hitting 50, Roxie Bennett, the author of The Butterfly Plan noticed that she was sluggish, putting on weight she just couldn’t budge and generally felt flat and in a funk.  She knew she was eating too much, wasn’t exercising like she should, was  stressed out and definitely drinking too much alcohol.  And, while she knew all this, nothing she tried ever seemed to work and she just couldn’t figure out how to change.

Eventually Roxie decided she had to make a choice, either accept it and learn to be happy with the woman she’d become (a moth) or, NOT accept it and turn herself into the woman she wanted to be (a butterfly).  This book shows which one she chose!  Roxie combined all the elements of health and wellbeing that she enjoyed and that had worked for her in the past, she put them together and The Butterfly Plan was born.

Within three months Roxie had reached her goal of losing 20Kgs, best of all she felt absolutely amazing and it showed, people literally stopped her in the street to tell her how radiant she looked!  That’s when she realised, she had something special and, she had to share it!

Designed to be inexpensive, easy to follow and sustainable, The Butterfly Plan will become your ‘new’ normal.  It will guide you week by week via a journal format to keep you on track and motivated towards your goal.  You will lose weight quickly, your mood will be improve dramatically and you’ll start to really love who you are, inside and out, today and forever!

https://publishizer.com/the-butterfly-plan/

 

The Butterfly Plan - Roxie Bennett

Deceased Estates

There are no inheritance or estate taxes in Australia.  The person responsible for administering a deceased estate is most commonly referred to as an executor, but could also be an administrator where letters of administration are granted by a court.  Both are considered a legal personal representative by us.

When a person dies, there are some important tax and superannuation issues for the executor and the beneficiaries, including:

 

IF YOU ARE A BENEFICIARY OF A DECEASED ESTATE

There may be some tax obligations for beneficiaries, depending on the nature of any distribution they may receive:

RECEIVING SUPER BENEFITS

If the deceased person had super, the super fund’s trustee will work out who to pay any benefit to [either as a lump sum or an income stream].  Super paid after a person’s death is called a ‘super death benefit’.  The tax on a super death benefit depends on:

  • WHETHER YOU WERE A DEPENDENT OF THE DECEASED UNDER TAXATION LAW
  • WHETHER IT IS PAID AS A LUMP SUM OR INCOME STREAM
  • WHETHER THE SUPER IS TAX-FREE OR TAXABLE AND WHETHER THE SUPER FUND HAS ALREADY PAID TAX ON THE TAXABLE COMPONENT
  • YOUR AGE AND THE AGE OF THE DECEASED PERSON WHEN THEY DIED (FOR INCOME STREAMS).

RECEIVING ASSETS

Capital gains tax (CGT) applies to the disposal of an asset; so if you receive an asset you are not affected by CGT.  If you later sell that asset, CGT may apply.

EARNING INCOME

If you as a beneficiary are presently entitled to income of the deceased estate, the income is assessable in the year your present entitlement arose, not in the year the amount is received.

For example, if you were presently entitled to the deceased estate income on 30 June 2018 but did not receive it until September 2018, you are personally assessable on that amount in the year ended 30 June 2018, not in the year ended 30 June 2019.

COMPLETING YOUR TAX RETURN

As a beneficiary, you need the following information:

  • YOUR SHARE OF TRUST INCOME TO WHICH YOU ARE PRESENTLY ENTITLED
  • THE AMOUNT OF YOUR ENTITLEMENT THAT WAS PAID TO SOMEONE ELSE FOR YOUR BENEFIT
  • THE ASSESSABLE INCOME AMOUNT
  • YOUR SHARE OF FRANKING CREDITS ASSOCIATED WITH ANY DIVIDENDS IN THE TRUST DISTRIBUTION
    • THIS MEANS THAT THE COMPANY PAYING THE DIVIDENDS HAS PAID INCOME TAX FOR THE AMOUNT.
    • IF YOU ARE AN AUSTRALIAN RESIDENT BENEFICIARY, YOU ARE ENTITLED TO THE ASSOCIATED FRANKING CREDIT WHEN THE INCOME DISTRIBUTION IS INCLUDED IN YOUR TAX RETURN FOR INDIVIDUALS.

BENEFICIARIES PRESENTLY ENTITLED BUT UNDER A LEGAL DISABILITY

If you are a beneficiary presently entitled but under a legal disability you also need to know the amount of tax the trust paid on your behalf.  If you need to lodge your own tax return you are entitled to receive a tax credit for this so that the same amount isn’t taxed twice.

NON-RESIDENT BENEFICIARIES

If you are a non-resident beneficiary, you will also need to know the amount of:

  • INTEREST IN YOUR DISTRIBUTION AND THE WITHHOLDING TAX PAID
  • UNFRANKED DIVIDENDS IN YOUR DISTRIBUTION AND THE WITHHOLDING TAX PAID
  • FRANKED DIVIDENDS IN YOUR DISTRIBUTION
  • TAX THE TRUST PAID ON YOUR BEHALF

 

Kim Sandhu – Senior Accountant

CPA – B.Com M.Acc

Investment Properties – What Happens When You Sell?

Investment Properties – What happens when you sell?

When you sell an investment property, you are likely to make a capital gain or profit and will be required to pay tax on it.  The tax consequences depend on a range of issues, from whether you inherited or purchased the property, to your intention for the property if it was a new build.

In certain circumstances, an inherited property can be tax free when it is sold, but this is dependent on who you inherited the property from, how they used the property before you and when you sold it.  Was it an investment property for them or a principal place of residence?  The answers to these questions will have a bearing on whether there is no taxable capital gain or whether you will end up with a large amount of tax to pay.

Your intention for an investment property can make a difference on whether the ATO will consider it to be subject to capital gains tax or if it should be considered a profit-making venture, especially if you are building on vacant land.  Your intention should be made clear from the outset and documented to avoid complications further down the track.  If your intention is to build a property and keep it for a number of years and rent it, this leans more to the fact that it should be treated as a capital gain.  If you have to sell earlier than you had wished for, the ATO could view it as being a profit-making venture, depending on the time frame between the build being complete and the sale.  This is where documenting your intention can become important.  Where you buy vacant land, or land with a house and demolish it, then proceed to build units on the land, the ATO will consider this a profit-making venture.  In this circumstance, you are likely to be required to register for GST as well.

There are many considerations that need to be taken into account when selling an investment property and it is not always a simple process to determine the tax consequences.

 

Danny Grigg – Senior Accountant

B.Comm CA

Advantages + Disadvantages of Investment Properties

Advantages + Disadvantages of Investment Properties

Purchasing an investment property can be a very exciting time and can help build your wealth over time.  However, before rushing out to buy an investment property, it is important you consider the pros and cons.

ADVANTAGES

  • Provision of rental income to help top of other income
  • Help reduce income tax if the property is negatively geared i.e. the rental income is less than the interest on the loan
  • Potential capital growth in value of the property
  • Can be less volatile than shares or other investment options

DISADVANTAGES

  • Lack of investment diversification
  • A lot of money is tied up in one asset that can take time to sell
  • Buying and selling costs can be high
  • Tenancy risk. There is a chance your investment property will have periods of time where it is not tenanted.
  • You are responsible for all ongoing maintenance
  • Capital gains tax will be payable if the property is sold at a profit
  • Interest rate risk – a rise in rates will result in higher loan repayments and a potential reduction in net income
  • A substantial amount of capital is required from the outset

As always, we encourage you to seek professional advice to ensure the decision is right for you.

 

Samantha Butcher – Financial Adviser

BComs Dip FS

Furry Tails Mobile Hydrobath

Jacqui Smith, like many of us had hit a road block in her career and was on a journey to discover what her real passion in life was.  In a bid to find some inspiration, she typed the word ‘dogs’ into JobSeek and eight months later she is the trusted furry-god mother to so many amazing puppies and pooches!

WHAT IS FURRY TALES…?

Furry tails is a locally run dog washing/grooming business that comes right to your door!

HOW DID FURRY TAILS COME ABOUT.. come to life?

Furry Tails was born out of a sheer love for dogs and their happiness.  My dream wasn’t fully realised until I had hit a roadblock in my career.  While on a journey to discover my passion, I had typed the word ‘dogs’ into JobSeek hoping to be inspired, and that’s when a mobile dog wash company popped up!
This sparked the idea, and I realised this could be the career I had always dreamed of.  I started investigating further, and volunteered at a veterinary clinic assisting in the grooming of the dogs.  It was so great!  I found that my love of dogs and their wellbeing had led me to the perfect job.  I have a background in graphic design so used those skills to create my branding.  I wanted it to be to be clean, eye catching and fun, so I recreated something I had been drawing since kindergarten, a dog under a rainbow.  And that’s how my furry tail story began!

HOW LONG HAS FURRY TAILS BEEN UP + RUNNING FOR?
Eight wonderful months

EVERYBODY HAS SOMETHING.. what do you love about your job?

Being a furry god mother to all the wonderful dogs out there and being able to pamper them and make them sparkle!  PLUS I get to pat all the dogs which is just the dream and I meet so many lovely people on the way.

IS YOUR JOB EXCITING.. or do you just play with dogs all day?

It’s definitely exciting because I play with dogs all day!  There is a lot of excitement that comes with visiting new/returning dogs and getting to know them.  Most of the dogs are fantastic and take a bath like a champ, others can be tricky but that’s why I always have a wide range of locally made tasty treats with me at all times!  I win them over.  Some dogs can be cheeky but I try to create a positive experience for all my furry tail creatures so that they enjoy their bath time.

WHAT IS PLANNED FOR THE FUTURE OF FURRY TALES?

My hopes for the future are to grow the business and expand my customer database around Geelong and surrounds.  I have plans to expand the business into other areas, for example, home-made dog treats, cologne sprays and hand-made dog collars.

I see Furry Tails potentially expanding into a franchise down the track.  I’d love to give other people the opportunity to work at an amazing job that is super fur-fulling.

 

HOW DO I BOOK AN APPOINTMENT.. get in contact + find out more?

Give me a call or text on 0404 706 506 to book an appointment!

You can also check me out on Facebook – furrytailsmobile OR browse the cute dog pictures on my Instagramfurrytailshydrobath

How To Plan For Your Possible 2019 Tax Refund + Possibly Maximise It!

How to plan for your possible 2019 tax refund and possibly maximise it!

As the days tick down towards the end of the financial year it is without doubt that many of you are beginning to consider your 2019 Tax Return and hope or perhaps expect you will be in a tax refundable position this year.

I suggest now is the time to begin collating your tax receipts into a tidy folder.  Grouping your deductible tax invoices by the type of expense will assist dramatically in allowing us to process your return effectively and efficiently.  For those taxpayers that have numerous allowable deductions, consider storing copies of the tax invoices on your phone in a folder titled “2018/19 Tax Receipts”.  Further, for example, a tradesman who may have purchased a number of tools during the year, adding these into an excel spreadsheet and totalling them will be of great assistance.

With the above in mind in order maximise any tax refund you may be entitled to [or reduce your tax payable] ensuring you include/remember all your allowable deductions is essential.  The Australian Taxation Office provides “industry and occupation specific guides” [see link at the bottom of the article].  These guides will allow a number of you to review what expenditures you may have incurred in carrying on your job as a wage earner in common industries [note this is not an exhaustive list].  Moreover, they will advise you on a number of deductions that are not allowable and save you the time of collecting these.

Hopefully the above tips will assist you this tax season and come the new financial year we look forward to seeing you all and again assisting in the preparation of your Tax Returns.

https://www.ato.gov.au/Individuals/Income-and-deductions/Occupation-and-industry-specific-guides/

 

Sam Higgins – Accountant

BComm

Just One Thing. Imagine (jot.I)

Kim Bradbury isn’t just a mum-preneur, she isn’t just our very own Business Manager AND she’s featured on Domain.com.  Determined to provide a real solution to our worlds waste problem.  That is the driving force behind Just One Thing. Imagine (jot.I) and believing in the most ordinary products that can make the biggest impact.

 

WHAT DO YOU DO AT JOT.I? – where did you start to where you are now?

At jot.I, I take unloved and unwanted pieces of clothing and turn them into something completely new…bags.  One of my favourite things when designing a new bag, is to make sure it retains a piece of what it once was – which I hope brings a smile to my customers.

I started with a small idea for a shopping bag – supermarkets were advertising that they were going to stop single use plastic bags, but would replace them with a different type of manufactured bag, which seemed a little counterproductive to the environmental problems that the world is facing – and I knew that I didn’t want to manufacture a bag in a factory, I wanted to create something that might make a difference to the world in which we live.  So I thought about fashion waste and how we as a country discard on average 23kg of textile waste per year, much of which ends up in landfill, despite donations to charity shops; and so, I looked for a way that I could use clothing to make a shopping bag, that might in some small way, leave a positive impact on the world.  That’s how Just One Thing. Imagine (or jot.I for short) was born.

The solution I came up with, was a shopping bag made entirely from a men’s shirt.  It still has the placket and the pocket, which I think is fun and it wraps up neatly to fit in a handbag or sit in your car, and is secured by the cuff of the shirt, making it 100% recycled.

From this one idea, I now make satchels, totes, lunch bags, phone stands, sunglass cases…anything I can think of to make sure I use every scrap of material and ensure I am a true zero waste business.

HOW LONG HAVE YOU BEEN UPCYCLING/RECYCLING + REDUCING WASTE… and making master pieces?

This question was a bit of an eye opener for me, because I officially started upcycling when I started my business in October 2018.  However, when I look back, I have been doing this since I was a little girl.

One of my strongest memories as a child is sitting with scraps of material that were left over from garments that my Mum would sew (I am lucky by the way, to have a very talented seamstress for a Mum) and I would wrap the scraps around my dolls to create what I thought was the most wonderful couture outfits.

Then when I was a teenager,  before I threw out any clothes, I would always try them on and consider if they could be re-vamped with the talents of my Mum, before I threw them out.  This often meant that dresses became a top, or a long skirt became a mini and I always had a wardrobe that was filled with one of a kind pieces.

So, looking back, I guess I have been upcycling all of my life, but now I have a child of my own, I take it a little more serious as I want to leave a legacy for him that we can be proud of.

WHAT DO YOU LOVE ABOUT YOUR JOB?

In one word… creating and problem solving.  I love looking at an unloved piece of clothing and then turning that into as many useful everyday pieces as I can.

My favourite so far has been coming up with the idea to use the extra men’s shirt cuffs that I had left over from my shopping bags and to incorporate them into a functional part of the design for my sunglasses cases.

WHAT IS your SECRET.. to being a mum-preneur?

Family and friends.  Without their honest feedback, encouragement and support – I wouldn’t have had the courage to become a mum-preneur.

 

To check out Kim Bradbury’s website to go: https://justonethingimagine.com.au/

Instagram: https://www.instagram.com/jot.imagine/

OR have a read of Kim’s feature on domain.com.au : https://www.domain.com.au/living/the-rise-of-the-hobbyist-796778/?utm_campaign=strap-masthead&utm_source=domain-homepage&utm_medium=link

Cars + Running Expenses

Did you know transport is the second largest expense after housing, equating to almost 14% of household budgets?  As this cost continues to climb, people are looking for more effective ways to reduce their daily bills.  A Novated Lease on a new or existing vehicle may be the solution, providing significant tax savings on the purchase price and running costs of a vehicle.

BE SURE TO CONSIDER ALL YOUR OPTIONS..

Have you consulted with Canny Group about a smarter way to purchase your next vehicle?  Or if there is a more financially sound way to run your existing one?

As transport costs continue to climb, people are looking for more effective ways to reduce their daily bills.  On average individuals spend over $17,000 annually on transportation, equating to almost 14% of household budgets^.

A Novated Lease on a new or existing vehicle may be a solution to ease transport bills.  It is a three-way agreement between you, the financier and your employer, consisting of a vehicle salary packaging arrangement to pay a large portion of the finance and running costs using your pre-tax income. No business-use is required.

There is no other product or method in Australia that allows tax savings on the personal-use of a vehicle.

And whilst business-use can be taken into account, because of the way the ATO have catered for this concession, unless significant, business-use likely won’t increase the saving any further.

Novated Lease savings come from four key areas:

  • PAYG TAX ON VEHICLE REPAYMENTS + RUNNING COSTS – Australian tax law allows you to salary package a significant portion of the total finance repayments and anything the ATO deems to be a necessary vehicle running cost.
  • GST ON FINANCE REPAYMENTS + RUNNING COSTS – In addition to saving on PAYG tax, you also have the ability to save the GST on the salary packaged portion of finance repayments and running costs (i.e. an additional 10%).
  • REDUCED VEHICLE PURCHASE PRICE – Leasing providers like FleetChoice have purchasing power, resulting in significant discounts on the price of a new vehicle.
  • NO GST ON VEHICLE PURCHASE PRICE – If you purchase the vehicle from a GST-registered vendor (e.g. A fleet provider, a new/used car dealership or a GST registered business), you have the opportunity to not pay GST on the purchase price of the vehicle.  The vendor is paid the full price for the vehicle however you will only finance the GST exclusive price of the vehicle.

Put simply, a Novated Lease allows you to drive the car you want and pay for it in a cost effective way.  It’s also common for families to take advantage of multiple Novated Leases as the lease holder does not need to be the main driver of the vehicle.

Whether you travel 0km or 50,000km per year, the total cost of ownership under a novated lease is more often than not, much cheaper than had you paid cash for the vehicle.

Significant discounts on new cars are accessible via a Fleet Provider because of the sheer volume of vehicles they purchase each year.  And whilst a used or demo vehicle could be put into a Novated Lease agreement, it’s a good idea to get a comparative lease quote on the brand new equivalent.  In some cases, a year old used vehicle or demo model may come in at the same lease cost, or more!

Alternatively, if you aren’t ready to say goodbye to your existing car, you can have a Novated Leasing Consultant run the numbers on packaging your existing vehicle and running costs into a Novated Lease agreement.

Whilst fleet pricing is just as good all year round, May-June can provide that little bit of extra saving.  With EOFY knocking down the door, if you find you are in the market for a car, it might be a good idea to enquire into a Novated Lease soon, so you have enough time to compare your vehicle options wisely.

Most people don’t realise the amount of money they spend on getting from A to B, including to and from work.  It’s the second largest expense after housing, so it’s not surprising that 48% of employees are stressed about the cost of transport^.

If this sounds like something you are interested in knowing more about, get in touch here or speak to a Novated Specialist on 1300 34 33 88.

Alternatively if you would like to understand more about the benefits Novated Leasing can bring to your business, at no cost, download a free copy of The Forgotten Employer Initiative whitepaper.

FleetChoice specialise in the SME market and we make it easy for the employer because ultimately they do have to agree to be a part of the employees Novated Leasing agreement.

 

By Ellen Jessop

After a long 10+ years in the industry, Ellen has a passionate focus and demonstrated history in Income Tax Law, Fringe Benefits and more specifically Novated Leasing.  Enjoyer of expensive things like Reformer Pilates and our good old friend interior design, she currently helps pay for her fabulous Art Deco apartment renovation and ongoing exercise classes using the savings she enjoys on leasing her car.

 

*(FY19; 32.5% for those on $37,001-$90,000 annual Income, 37% for those on $90,001-$180,000 annual income). ^Source: 2018 Employer Talent Investment index. A national study conducted by Mantis Research.

 

 

Financial Savvy

Mark it in your diaries ladies.. FRIDAY 31ST MAY + FRIDAY 21ST JUNE!

We are hosting a FREE seminar for women who would like some education on their finances + most importantly their financial security!

Our in-house Financial Planner, Samantha Butcher will be covering topics such as:

  • Women’s Money Challenges
  • Life Events + Women
  • Women’s Money Goals
  • The Need for Insurance
  • Tax Effective Ways to Contribute to Superannuation
  • Superannuation Beneficiaries
  • Superannuation Investment Options
  • Budgeting/Credit Card Debts
  • Wills + Powers of Attorney

Refreshments included + all children welcome!

LIMITED TICKETS VIA EVENTBRITE: https://www.eventbrite.com.au/e/financial-savvy-tickets-62243498981

Cyber Security – How Not To Be An April Fool

Do you know how valuable you are?  Identity thieves do!

Every year thousands of Australians have their identities stolen.  Criminals use stolen personal information to commit identity crimes.  This can leave their victims with a bad credit rating and impact their ability to gain finance, run a business, or access government services.

Once your identity is stolen it can take a long time to recover.  The same goes for your business, staff and client information and ensuring that this is also secure.  If your data is lost or compromised, it can be extremely difficult as well as very costly to recover.

The Australian Taxation Office (ATO) along with the leading industry bodies, consultation with the Cyber Security Working Group (CSWG), a group of tax practitioner industry groups and other partners, such as software developer associations have created a list of top identity security tips to help keep you, your information and your business safe.

Some tips and tricks for Individuals to consider:

TREAT YOUR PERSONAL INFORMATION LIKE CASH

Do not leave your personal information lying around. If your personal information is stole, it is very difficult to get back.  Keep your personal information private.  Only share it when you are required to, and only share it through authorised processes and to authorised people.

Some tips and tricks for Businesses to consider:

REMOVE SYSTEM ACCESS FROM PEOPLE WHO NO LONGER NEED IT

Immediately remove access for people who; no longer work for your business or have changed positions and no longer require access.  Unauthorised access to systems by past employees is a common cause of identity security or fraud issues for businesses.

DO NOT USE USBS OR EXTERNAL HARD DRIVES FROM AN UNFAMILIAR SOURCE

USBs and external hard drives may contain malware, which can infect your business computers without you noticing.  It can cost your business a lot of money to repair the damage.  Stolen information could be used to commit crimes, often in your business’s name.

Some tips and tricks for both individuals and businesses to consider:

ENSURE YOUR PASSWORDS ARE STRONG AND SECURE

Use multi-factor authentication where possible.  Regularly change passwords, and do not share them.  Multi-factor authentication required used to provide multiple pieces of information to authenticate themselves – for example, a text message sent to your phone when logging in to a website.  An additional layer of security on your accounts can make it harder for others to access your accounts.  Strong passwords with a mix of upper and lower case letters, numbers, and symbols also make your accounts harder to hack.

ENSURE ALL DEVICES HAVE THE LATEST AVAILABLE SECURITY UPDATES

Run weekly anti-virus and malware scans and have up-to-date security software.  Instances of malicious software (malware) are increasing.  It can be easy to accidentally click on an email or website link which can infect your computer.  In some instances, your device may be impacted by ransomware.  Ransomeware can; lock your computer until you pay a fee to criminal and/or install software which provides access to your bank accounts, allowing criminals to steal your money.

USE A SPAM FILTER ON YOUR EMAIL ACCOUNT

Always use a spam filter on your email account and do not open unsolicited messages.  Be wary of downloading attachments or opening email links you receive, even if they are from a person or a business you know.  They can infect your computer with malware and lead to your business or client information being used to commit fraud.  Spam emails can be embedded with malware and/or used to trick you into providing information, paying fraudulent invoices or buying non-legitimate goods.

SECURE YOUR WIRELESS NETWORK

Be vigilant when using public wireless networks.  Avoid making online transactions while using public or complimentary wi-fi.  Not all wi-fi access points are secure.  By making online transactions (such as online banking) on an unsecured network, you can put your information and money at risk.

BE VIGILANT ABOUT WHAT YOU SHARE ON SOCIAL MEDIA

Keep personal information private and be aware of who you are interacting with.  People are accustomed to sharing personal information on social media.  The same goes for many businesses as they also now have a social media presence.  However, before sharing ask yourself if it is information you want strangers to have access to.  It is very easy for information on social media sites to be shared outside of your network, even when your security settings are set to private.  Scammers can take information you publicly display and impersonate you or your business.  Impersonators may send emails to trick your staff into providing valuable information or releasing funds.

MONITOR YOUR ACCOUNTS FOR UNUSUAL ACTIVITY OR TRANSACTIONS

Check your accounts (including bank accounts, digital portals and social media) for transactions or interactions you did not make, or content you did not post.  If an organisation you deal with sends you an email alerting you to unexpected changes on your account, do not; click on included hyperlinks or open any attachments.  You should immediately; check your account and contact the organisation by phone.

ENSURE YOUR MAIL IS SECURE

Ensure your mail is secure and consider using a secure PO Box.  Mail theft is a leading cause of personal information security breaches.

DO NOT DOWNLOAD PROGRAMS OR OPEN ATTACHMENTS

Some programs contain malware that can infect your computer, or be used to harvest your personal and business information.  Be sure you are downloading authorised and legitimate programs.  Unless you know the program is legitimate, do not open attachments or download it.

DO NOT LEAVE YOUR INFORMATION UNATTENDED

Secure your electronic devices wherever you are.  Your personal information can be taken in an instant.  In some situations, you won’t even know it was stolen.  Make sure you; do not leave electronic devices unattended, secure your electronic devices with passcodes and securely store portable storage devices (such as thumb and hard drives) when not in use.

 

Source: Australian Taxation Office (ATO)

Ivy Recruitment Partners

Ivy Recruitment Partners is a niche boutique recruitment consultancy specialising in financial planning recruitment for boutique to medium sized financial planning firms across Melbourne and Kim Eveleigh is the powerhouse behind it all.

 

How did Ivy Recruitment Partners come to life?

I owned another recruitment agency for nine years and after returning from maternity leave with my third child, my then business partner and I decided it was time to go our separate ways.  This is when I met Mandy from Canny Group who assisted through the sales process (she was amazing!).  When we settled I sold my shares, established Ivy Recruitment Partners and I haven’t looked back!

How long has Ivy Recruitment Partners been up and running for?

Seven amazing months!  As part of the sale I was able to take my clients with me and I anticipated just working on those roles.  However it has absolutely taken off and completely surpassed any of my expectations that I previously had.

What do you love about your job?

The relationships most of all!  I have amazing relationships with my clients and due to this they always give me repeat business which is incredible.  Some of my clients are like friends now.  Because of the relationships I have built, I get many referrals which means I regularly get new financial planning businesses contacting me off the back of my existing relationships.

I love dealing with candidates.  There are some candidates that I placed many years ago in junior roles who have worked their way up and are now my clients!

I also wouldn’t be a recruiter if I didn’t enjoy the satisfaction of making placements – it’s not only the thrill of placing a great candidate (particularly the junior candidates when you hear them squeal with delight that they’ve been offered their dream role), but also the praise the client gives when you’ve secured them their ideal candidate and how pleased they are that they’re been provided a great service.

It’s a pretty lucrative career as well.  If you love it… you do it well.

Is your job exciting or do you just look at peoples resumes all day?

It has its highs and lows.  One day you have multiple roles on with candidates going out to interviews and making placements and it’s so motivating!  Then the next day, you might have a candidate withdraw or another agency fills the role you are working on (as there are a few businesses that use several agencies for one role), or it could be that something else happens and the placement you thought you were to to make just simply doesn’t happen.  That’s when you turn it up a notch and go into overdrive to fill the roles for your clients.

You certainly do look at a lot of resumes, but having been in recruitment for 13 years now, it’s second nature and I can easily pick a top candidate out of 50 applications through quick screening.

What’s planned for the future of Ivy Recruitment Partners?

At the moment, I absolutely love having the flexibility and freedom of working for myself around the kids as life is busy with three!  However, I have so much business coming through, much more so than I had anticipated, that I might need to look at bringing on another consultant sooner rather than later.  Ideally, I’d like to continue as I am until my littlest reaches kinder and hopefully I am able to do that.  At that point, I’ll be back talk to Mandy about how to build the business and put a plan into place.

How do I get into contact or find our more about Ivy Recruitment Partners?

You can e-mail me directly at kim@ivyrecruitmentpartners.com.au.

I am always on LinkedIn as well so that’s another good way to make contact!

 

Kim Eveleigh – Director

Ivy Recruitment Partners

Superannuation – Is It Still Worthwhile?

The constant changes to superannuation can be frustrating to many as they find it difficult to maintain their confidence in the superannuation industry.  Many have chosen to put the bare minimum into superannuation with their preference to build for their nest egg outside superannuation where they have full control and access without impact from the changes to superannuation.  However, is superannuation still a worthwhile consideration?

Currently, compared to other tax structures available, such as companies, trusts and partnerships, and personal tax, superannuation is still one the best tax structures available for many and should not be discounted.  All income in superannuation is taxed at a fixed rate of 15% and capital gains can be taxed as low as 10%.  If you commence receiving a pension for superannuation then all the income and capitals gains will be taxed at 0% up to the $1.6 million cap.

So are you taking full advantage of the changes to superannuation available to you?  Due to the many changes, it can be easy to overlook what you may be eligible for and what may impact you. Below are some things that may be relevant to you:

  • Tax Deduction for personal contributions – You may claim a tax deduction for personal contributions up to the concessional contributions cap of $25,000. Note, if you aged between 65-75 years you will need to meet a work test in order to claim a tax deduction.
  • Super Co-contribution – you may be eligible for a co-contribution of $500 if your total income is less than $37,697 and you make personal contribution of $1000 to your super. If your income exceeds $37,697 but is below $52,697, you will receive a reduced co-contribution.
  • Low Income Superannuation Tax Offset – a tax offset up a maximum of $500 is available to individuals with an adjusted taxable income of $37,000 or less. As long as your fund has received and reported a concessional contribution and you have lodged your tax return, the ATO will pay this directly to your superannuation account.
  • Low Income Spouse Tax Offset – a tax offset up to a maximum of $540 is available to individuals who make personal contributions to super on behalf of their spouse and their spouse’s income (including fringe benefits and reportable employer super contributions) is $37,000 or less. Where the spouse’s income is $40,000 or less but exceeds $37,000, a reduced tax offset is available.
  • Downsizer contributions – if you are aged 65 years or over and have sold your personal home, you may be eligible to make a downsizer contribution to your superannuation of up to $300,000 from the proceeds of selling your home.
  • Rolling 5 year concessional contributions – If you have a super balance of less than $500,000, you can make additional catch-up concessional contributions if you have not reached your concessional contributions cap in previous years. This applies from 1 July 2018.
  • Division 293 tax – high income earners pay an additional tax if their income exceeds $250,000. Income for the purposes of Division 293 tax includes taxable income, reportable fringe benefits, net financial investment/rental property loss, net amount of which family trust distribution tax has been paid, super lump taxed elements with zero tax rate.

If you have the long term goal to build for wealth and your retirement, superannuation should be considered as part of your financial plan.

If you would like further information on how to do this or would like to discuss a self-managed superannuation fund, please contact our team.

 

Helen Yau – Accountant Manager & Financial Planner

CA, BComm, Dip FP, SSA