All posts by Jens Staermose

Smarts Ways To Ease Yourself Into Retirement, Pay Less Tax and Boost Your Super

Two things first up: (1) If you want to (or have to) work past the age of 55, you need to read this article; or (2) If you know someone else who that applies to, please forward them this article or a link to it. They’ll thank you for it. There are now ways you can ease into retirement, tap into your super before you fully retire, save tax and potentially boost your super as you do it. Before this legislation came in, people had to fully retire and leave the workforce before they could access their super. These days,…

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Social Media for Business: A Fad or a Permanent Shift in How We Communicate?

Isn’t Twitter a waste of time? Isn’t Facebook for the kids? Not anymore. It’s true that Twitter and Facebook started out with very ‘non-business’ objectives. The founder of Twitter actually did invent it so you could tell everyone you were going to the shop to get some milk; and anyone who has seen the movie The Social Network knows about the very lowbrow origins of Facebook. Other social media platforms include LinkedIn, Google+, YouTube, Pinterest, Instagram, Snapchat, Foursquare, Quora, Tumblr, Vine, Flickr and MySpace, among others. In recent years savvy marketers and business owners have worked out how to use…

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Chameleon Contractors: When a Contractor Becomes an Employee, and a Liability

In a lot of situations, hiring a contractor to get a particular job done makes perfect sense. It may require expertise or skills none of your employees has. You may only need someone for a short timeframe to clear a backlog of work. Or maybe you just want to avoid having to go through a formal recruitment process. But be careful. Even though you hired them as a contractor, the Australian Taxation Office (ATO) may actually see them as an employee. And the penalties for disguising an employee as an independent contractor (known as “sham contracting”) can be up to…

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Business Owners: Ready to ride the SuperStream?

If you’re still paying your employees’ super with bank transfers (or worse still, cheques), then you need to change the way you do things–and fast. From 1 July 2014, if you make super contributions for 20 or more employees you’ll have to make those payments online. (Those of you with fewer than 20 employees have until 1 July 2015.) That means you’ll no longer be able to pay by cheque (yes, some super funds still insist on being paid that way). And chances are a bank transfer won’t cut it either because you’ll also need to include other details such…

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Business Owners, So You Think You’re Insured Properly: 5 Things to Check

Whoever said, “You can never have too much insurance” obviously never had to pay the premiums. Still, there’s no denying the fact you need it to protect your business and its assets. So you probably have building and contents, public liability and public indemnity insurance. But what else should you get cover for? What else can you get cover for? The answer to the first question really depends on the type of business you own. As for what you can get cover for, you may be surprised. Here are five types of insurance every business should consider: • Business Interruption…

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Business Owners: Why Cash is King, Profit is Theory

There’s a saying in business, “You can go broke making a profit.” And another, “Cash is king. Profit is theory.” As you know only too well, you don’t pay rent, meet payroll or pay your bills with profit. You pay them with cash. A business can make a lot of sales, have a book full of orders, have delighted customers and clients, have a great reputation, be growing, and yet still go broke. Why? Cash flow. The business might be profitable on paper, but have no money left in the bank. They cannot pay their bills and they become insolvent….

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Business Owners: 5 Types of Insurance You Might Be Overlooking

Whoever said, “You can never have too much insurance” obviously never had to pay the premiums. Still, there’s no denying the fact you need it to protect your business and its assets. So you probably have building and contents, public liability and public indemnity insurance. But what else should you get cover for? What else can you get cover for? The answer to the first question really depends on the type of business you own. As for what you can get cover for, you may be surprised. Here are five types of insurance every business should consider: • Business Interruption…

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Where there’s a Will, there’s an Estate Plan. Well, there should be.

Let’s face it: no-one likes to think of death, especially their own. It’s not exactly a great conversation starter, is it? This might explain why so many people end up “dying Intestate” which means they die without a will and, as a consequence, have their assets distributed according to State law. Sadly, the way State law distributes a deceased person’s assets among family members can often be a lot different to the way a deceased person wanted their assets distributed It can create a lot of unnecessary stress and conflict within a family. So unless you’re living as a hermit…

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Where Did It Go?: Taking The Mystery (And Pain) Out Of Managing Your Money

Most people will quite literally earn millions of dollars in their lifetime. Yet many people struggle financially and live from paycheque to paycheque. With the ageing population and many Baby Boomers now continuing to work, at least on a part-time basis, past the traditional retirement age, people are working more years than ever. Even if a person works only 40 years, at average earnings, that’s a lot of money. It is said, Money talks, but for many, all it ever says is, Good-bye. Have you ever found that the month lasts longer than the money? Or have you ever got…

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3 Reasons Personal Budgeting Is Brilliant, Not Boring

If a business owner said to you that they run their business without a budget, what would you think? You’d think they were incompetent. Or perhaps lazy? Or both? But what do most families do? When you think about it, a family is actually a mini business. There is income, there are expenses and there is, hopefully, something left over to invest and to enjoy. So why don’t most families operate to a budget? After all, a personal budget helps you to see your financial direction and helps you stay (or get back!) on track. It’s a great comfort. One…

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