2013 The Year Ahead

A little crystal ball gazing and our look at what 2013 holds for business

No age limit for super contributions
From 1 July 2013, the upper age limit for superannuation contributions will be abolished. Employers will be required to contribute to the complying super funds of eligible mature age employees aged 70 and older.

Payslip reporting of super payments
From 1 July 2013, employers will need to provide additional information about superannuation contributions on an employee's payslip. Employers will need to report the amount and expected date of contributions they are making.

Living away from home Read more…

Free Strategic Business Review

New Year resolutions - do you pay lip service or take your business to task?
Did you, like many, resolve to do any number of things? If not, now is the time to be ready to grasp the opportunities coming your way as confidence slowly returns to the business sector

The pressures of New Year business issues (typically managing cash flow and juggling staff leave at this time of year) can often mean strategic planning takes a back seat.

If you're operating a small to medium business, or trying to get a new venture up and running, things might not quite be going your way, so it's not uncommon to feel a number of things like being overwhelmed, stressed or even conflicted.

With Dun and Bradstreet predicting a rise in business failure rates* and more businesses bankruptcies in 2013 yet to come, how can you safeguard your enterprise to be ready when full confidence returns?

To have a successful business you must plan ahead now - and the best way to do that is with our Strategic Business Review. Read more…

Safeguarding Your Intellectual Property

Unfortunately, intellectual property theft is growing

And Australia is not exempt. Intellectual property theft can be quite expensive for your business.  Intellectual property that can be considered as being very valuable includes:

  • customer and client lists
  • pricing lists
  • details of how prices are calculated for various important customers
  • contract lists
  • trade secrets
  • products under development in your research & development section and other similar items.

The key risk area is when an employee has indicated that they wish to leave your employment.  Unfortunately, some employees believe that they can enhance their value to a new employer or kick start their own business by stealing key intellectual property from your business.  This can be done by emailing documentation to their home email address, downloading it onto a memory stick or photocopying it and removing as a hard copy.  In considering your risk strategies it's a good idea to develop policies of limiting access to certain documentation to any employee who has resigned so as to remove the temptation to illegally obtain copies of your business' intellectual property.

If you have any concerns in relation to intellectual property being stolen from your business, we recommend that you contact your legal adviser.  If you'd like to discuss with us a risk management strategy for the protection of intellectual property within your business, please contact us on 02 6686 3000.

2013 Business Planning

Scenario and projection planning before major move helps thrust local business into new growth phase
Wade Kent, Blue Sky Outdoor's owner and 2012 BCCI awards winner, is thrilled that he finally got to stretch his wings and operate from larger premises. The business had out-grown its previous location which prompted the move to a larger retail site. Now recently relocated, the new shop places his business at the gateway to Ballina.

In the eight years of owning Blue Sky Outdoor, the business had grown substantially prompting Wade to look at his options. Collins Hume's Shane Bartrim offered our business optimisation service to help show the financial impact of the decision to move before doing so. For Wade this included working on some projections and looking at some 'what-if' scenarios.

Initially Wade said to Shane, "I want to go to the next level looking at new premises and other options". Shane was a little surprised given the current climate, but Wade's gut feeling together with the slowing of his business growth (termed as 'just treading water') only added weight to Shane's approach, "Shane understood that I was feeling restricted, so his scenario planning really helped," Wade says. "He knew where I was coming from and it was extremely useful to throw in 12-month and 3-year outlooks."

Wade said he found it beneficial to 'what-if', "We had a rough idea, but Collins Hume definitely helped by having the strategy and finances plotted out in advance." Read more…

Christmas Trading Hours

For your planning and ours, please note that the Collins Hume office will be closed for Christmas and New Year from midday Friday 21 December 2012 and will reopen on Monday 7 January 2013.

Wishing you and all those you hold dear a very happy Christmas and a healthy and prosperous 2013! We look forward very much to working with you next year.
Collins Hume
is a CPA Business