your partner in business health and personal wealth

 

Welcome to our July e-Bulletin - the first for the new financial year!

In this issue ...

 

It's Time ...

  • Time to get on top of your business.

  • Time to get the ATO off your back.

  • Time to plan for the future.

  • Time  to give Phillipsons a call!

Phone 03 5144 4566 

... or drop in at 388 Raymond Street, Sale to book your appointment.

 

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Successful succession

Try saying that 10 times!

Many of us dream of retirement, but it is rare that business owners completely fulfil their dreams – at least not to their full potential. Mostly this is because they work in and not on the business.

Working too much in your business looks like this:

  • You can never take a holiday.
  • You can never trust anyone else to do your work.
  • You can never plan very far ahead.
  • Your list of wishful to-dos never has enough time to be done.
  • You are frustrated by a lack of initiative in your staff.

Working on your business is basically the opposite of all those things. But the most important distinction is that when you work on your business, you have the opportunity to design a succession plan – a thought-out series of steps that transitions the business to another owner or next generation.

Many succession plans are constantly evolving and they almost never end up the way they start out – but the important thing is that they achieve something.

  



Contact Phillipsons and speak to one of our advisers about a succession plan for your business.

Phone 03 5144 4566 to make an appointment.







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Australia's new bullying laws: what you need to know

A word from David Bates, our specialist employee relations partner

The Commonwealth Government has foreshadowed major changes to the laws relating to workplace bullying. As the new laws are expected to begin operation on 1 January 2014, David says that you need to begin preparing now to ensure your business is protected from the expected avalanche of new claims. If you've been searching for a clear, simple and practical list of ER/HR must-dos, David's article in our Winter 2013 Business Briefing newsletter provides all the answers.

His article covers:

  • The proposed new laws
  • What is bullying?
  • Steps you should take now

Look out for our 12-page bumper issue of Business Briefing for David's expert advice. It's due out in mid-July.

 

 

To find out more about Workforce Guardian, jump onto their website - Workforce Guardian offers subscriptions to access expert advice and resources:

http://www.workforceguardian.com.au/
services?partner=PHILLIPSONS


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Outlook for the year ahead

Fred Strauss has prepared an outlook for the financial year ahead - you will find Fred's full article in our Winter 2013 Business Briefing newsletter, due out in mid-July.

Here are some quick bites from this upcoming article.

  • The increased volatility in Equity markets over the last few weeks has led investors to question if the rally in shares is over.

  • Uncertainty about the outlook for the US Federal Reserve's $85-billion-a-month bond-buying program has unsettled stock and bond markets in recent weeks. This market confusion has led to a rise in bond yields.

  • The Chinese Government now prefers to focus on more sustainable growth. Its growth targets supported by recent data suggest a pace of around 7.5% per annum.

  • Meanwhile in Australia, worries have increased over the past month with a downbeat Budget, Ford announcing the closure of manufacturing by 2016, a run of soft economic data and a sharp decrease in mining investment expected from 2014 onwards. However, there are some positives signs.

 



Fred Strauss

Fred Strauss is an independent and highly regarded investment expert, and is part of our investmnent committee.

If you would like to get more of Fred's insights or to discuss your individual investment strategy, contact our financial advisors on 03 5144 5207.





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Get social

The question about whether social media works or not is a waste of time. Just get with it.

Soon there will be a whole generation of consumers and business people that won't be able to remember a time when there wasn't a Facebook, Twitter or smartphone in their world. Already, there is a large portion of the adult population who cannot remember a time when there was no email.

Getting your business a presence on social media is not difficult and, while it may not improve your bottom line overnight – if ever, not having it will definitely not be a key to success.

Don't be naïve about the potential – both positive and negative – and be attentive to the potential audience.
 

 

To discuss what social media could mean to your business, give us a call. Ph: 03 5144 4566

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Audit insurance

The taxman continues to get tough on compliance with government agencies allocating additional resources for audit activity and refining their data matching capabilities. It's becoming increasingly common to receive some form of audit or enquiry from a government agency. 

If your business or individual return is subjected to a random audit, review or investigation, you are responsible for the costs involved in providing the required information. Even the simplest enquiry can require hours of work. In some cases, when there are complex environments, unusual circumstances, multiple years or multiple companies and trusts, thousands of dollars in accounting and legal fees can be incurred.

 We have responded to this growing threat by providing AuditAssure. This service is tax deductible, providing you with comprehensive relief from audit, review and investigation costs

Find out more in our fact sheet. Just click on this link.

 

July is renewal month for AuditAssure – if you haven't already renewed, or never taken up audit insurance, please give Helen Jeremiah or your Phillipsons adviser a call for more information.

Ph: 03 5144 4566

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And finally a word from the editor ...

Financial year 2014 is underway – we wish all of our readers the very best for the year ahead, and ask that you drop us a line if you have any ideas for topics or discussions that you would like us to follow in our bulletins.

Stay warm and dry – until next month.

Kurt Best
General Manager
Phillipsons.com.au

 






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