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"Keeping the busy professional informed" Welcome to the 2010 June edition of The Quintessential Brief. The end of another financial year is almost upon us and the chilly winter mornings have well and truly set in. The recent release of the federal Budget has illustrated that the current Government is attempting to strengthen the economy and bring the country back into surplus sooner rather than later. Only time will tell whether their ambitions will become reality! Although there have been numerous interest rate rises already this year, you may be able to ease some financial strain if you are eligible for some of the tax rebates that are available this year. See our article in Accounting News on page 5 to find out about the more common rebates that you could be eligible for. Also in Accounting News this month, with 30 June fast approaching we reiterate a number of important tasks to help you prepare for your business' end of financial year obligations. In Legal News this quarter we look at the importance of Intellectual Property and specifically the issue of ‘passing off’ – imitating another company’s IP that is them imitating yours. We also take a look at the new Consumer Credit Protection Legislation that has just come into effect and how it will affect both those who provide credit services and those who use credit services. Susan from Balance at Work provides us some insight on protecting your business with suitable candidate selection and we explain the importance of an exit plan in keeping your business functioning when you are not there. Clarity Marketing gives us some tips on how to build your customer base through networking and referrals and challenges us to think about the types of customers we are targeting and how well we know them, if in fact at all. We hope that you find this edition of The Quintessential Brief beneficial. If there are any legal, accounting, tax or financial planning issues that you would like us to address in future editions, please call us on 1300 QUINNS or visit www.quinns.com.au and submit an online enquiry. You can also register to receive the latest legal, accounting and financial news update each week via our Weekly Client Alert. Regards Michael |
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Are you eligible for any tax offsets this year? Tax offsets (sometimes also referred to as rebates) directly reduce the amount of tax you must pay. Unlike deductions, your tax already owing is reduced by the total amount of your tax offset, instead of reducing your taxable income. |
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Start planning now to minimise your tax this financial year With the end of the financial year just a few weeks away, there is no time to waste in preparing your tax plan. Tax planning involves examining your business’ recent and updated financial records, BAS and your expected income for the coming quarter. Once this has been done, you can start to employ a variety of methods in order to legally minimise your tax liability. |
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Is your Intellectual Property protected? “Passing off” is a law tort which protects unregistered trademarks. The basic idea of passing off is that a trader cannot represent his or her product the same as another entity’s product. This prevents a misrepresentation that can cause a lot of damage to a business’ goodwill and reputation. There are three elements in the tort; in order for action to be taken the plaintiff must produce evidence of each. |
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Do you engage in Credit Activities? New Legislation you need to know about The new National Consumer Credit Protection Legislation 2009 took effect on 1 April 2010. Under the new laws, if you currently engage in credit activities under State or Territory Legislation, and you want to continue to engage in credit activities from 1 July 2010, you may need to be registered with ASIC. Generally, a person or business who is involved in credit activities is engaged in credit contracts, consumer leases, mortgages or guarantees. |
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Do you know who your customers are?
Clarity Marketing More often than not, otherwise savvy small business owners either have no idea who will buy from them, or they simply assume that 'everyone' will. Assumptions like this can lead to wrong decisions, wrong pricing, wrong marketing strategy – and potential business failure. In order to build a stronger and more profitable business you need to be able to identify your target market by determining exactly who the people buying from you will be. |
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The miracle of networking and referrals
Clarity Marketing It’s no secret that networking and referrals are two of the best ways to grow your business with very minimal cost to you. So, what can you do to build your networks and referrals? |
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If one in three candidates admit lying when they apply for jobs, how do you protect your business?
Susan Rochester Balance at Work Pty Ltd Applying for their dream job, or any job, can bring out the worst in some people. Studies consistently show that at least a third of all candidates are prone to 'embellish' their suitability for the job they want.
The
three most common ‘lies’ you may encounter in a recruiting
situation are: |
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Can your business survive without you? As a small business owner it is a fair assumption that you spend a large proportion of your life working hard towards building a profitable and successful business. This is no mean feat and certainly not something to be taken lightly. |
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Quinns Free Seminars Quinns are able to offer businesses and associations the opportunity to host business seminars for the benefit of their members and associates. Our seminars are provided at no cost to you and are hosted by our Principal, Michael Quinn, who is both a Chartered Accountant and a practicing Solicitor. Michael's extensive experience advising businesses and individuals sees him able to present on a range of key legal and accounting issues that may be of interest to various businesses and associations.
Recently presented topics include: In addition to these presentations, we are able to tailor or combine seminars to deliver the most benefit for your organisation's members and associates. We can provide a Seminar Survey for circulation to interested attendees to ensure that we are addressing issues and topics that are relevant to the members. Your Seminars can be held before, during or after business hours. Each seminar usually runs for one hour including Question and Answer Time or can be tailored to be as long or short as you would like. We also offer half day workshops for some particular sessions. Each attendee to a Quinns seminars receives an information pack which includes a copy of the presentation slides and any notes, workbooks or other added extras where applicable. If you would like to book your next free seminar or you would like more information please call us on 1300 QUINNS (784 667) or visit www.quinns.com.au and submit an online enquiry. |
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Farewell Karaoke
Unfortunately, this quarter we had to say goodbye to two of our
Accounting Staff, Scarlett and Julia. They will be missed;
however we celebrated their time here in true Quinns fashion
with a scrumptious dinner at the Golden Century Seafood
Restaurant, followed by two hours of non-stop laughs as we
entertained ourselves with Karaoke. The definite stand out
attraction was Deb’s version of Lily Allen’s ‘It’s Not Fair’!
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Roslyn Lindsay
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Disclaimer: The contents of this document titled "The Quintessential Brief" (the "Material") are provided as general information only. It is not intended to be given as advice and should not be relied upon as such. If you are concerned about any issue raised by the Material then you should seek your own professional advice. No warranty is given in relation to the accuracy, currency or completeness of the Material. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice. Where applicable, liability is limited by the NSW Solicitors Scheme under the Professional Standards Act 1994 (NSW), and other relevant state legislation. The Quinn Group respects your privacy. Should you not wish to receive this newsletter in the future please contact us on 1300 784 667.