Coffee Time Minutes - 23rd May 2012

Coffee Time Minutes 23rd May 2012


Welcome
Welcome to our new visitors

Apologies
Kathy Maree, Toni, Patrick, Rob B and Kate, Selma

Who we are?
Small and Home Business owners meeting to build relationships from other SBO’s.

What is CT?
Relatively casual meeting group, where you can network, talk about business ideas and strategies, and learn from one another.

Where?
Tuggerah’s Zenith Centre.

When?
At 10.30 am on the 2nd & 4th Wednesdays of the month. Arrival 10.25 am for 10.30 am start. (Runs for about 1 hour)

Update on our Raffle?
Today we raised $36 bringing the total this year raised $255 (including this week’s total) for this year for the Iris Foundation in 2012.

This year we will continue with our Raffles and donation to Iris Foundation. This year we will do a raffle again for the Iris Foundation. We will be looking for prizes/donations up to the value of $10. Its will be up to you if you would like to participate and none should feel obliged. Tickets will be $2 each, or three for $5.

Updated Members
We have over 120 members for Coffee Time. You can come when you are free, never feel obligated and always feel welcome. I have a list with everyone who has come along to Coffee Time; I am updating the distribution list. If you would like to be included, please check your details are correct, update where necessary and add if not on there.

I have bought a card box for everyone’s cards and the folders were ripped. Please utilise the card holder box, please pass around each meeting, and feel free to support each other and utilize their services.

Recap of last meeting
Who was here last meeting? Who remembers what we talked about? Did we put into practice? How did we go?

Workcover
Don’t forget Jay can come out to your workplace and do a free assessment; you can then get a $500 voucher/credit towards purchasing safe office things (chair, etc). Jay also has workshops, one on one meeting and assessments currently available. If you wish to have a free appointment with Jay please contact him on jay.lewis@workcover.nsw.gov.au


Networking:

• Coffee Time 13th June – Goal Setting with Tony Bourke

• Coffee Time 27th June – Work Cover with Jay Lewis

• Fridays round the coast SBNG – 3rd Friday here at Zenith

• BWC lunches on each month – for more info contact Kym Williams

• Success Women’s Networking Luncheon – 24th May

• Buy Local Race Day 31st May - $110 ticket, book in with Lyn or Suzie from B2B with a twist

• Wyong Chamber of commerce Dinner is on Tuesday the 29th May – Farewell to Sharyn Burgess , and the presentation is from Marcus Kroek, book in with the Chamber


Education:

2012 – Visit BEC upstairs or log on to www.ccbec.org.au

o BEC & Work cover courses – keeping small business safe

o 6th or 19th June – Sole Trader - not using subcontractors or employing staff

o 19th June or 24th July – Employing staff

o 6th June or 24th July - Using subcontractors

BEC has Memberships available:

- Business Basics Membership - $249.

- Business plus Membership - $748.

For more information, please speak to Darren or Debbie at the BEC – 02 4355 4885


Update:

• Buy Local Festival – 18th and 19th of May at Wyong. Was fantastic. People wanting to book in now. 2500 on the Friday and 17500 on the Saturday.

• Business Expo – 19th September at Mingara

• Buy Local Key Rings – going coin donation – money raised goes to the Iris Foundation

• 24th May – Gurney Financial Services Biggest Morning Tea


Who are you & what do you do: 30 Sec story about you


Tarnia Gurney
Gurney Financial Services http://www.gurneyfinancialservices.com.au/
Planningwerx4U http://www.planningwerx4u.com.au/

Nicolette Gregory
Photographer onefitone@bigpond.com

Dawn & Bev
Iris Foundation http://www.irisfoundation.org.au/

Warren Garth
Cats Accounting http://www.catsaccounting.com.au/

Rachel Dillon
Elite Embroidery http://www.eliteembroidery.com.au/

Kellie Targett
Insurance Adviser net ktargett@iaa.net.au

Tony Bourke
AIIB Insurance Brokers http://www.aiib.com.au/

Leeanna
Intimate Whispers http://www.intimatewhispers.com.au/

Marama Carmichael
Essential Wellbeing http://essentialwellbeingforbusiness.com/

Grant Pavett
CFS Accounting Group http://www.cfsgroup.com.au/

Kathryn Turdak
Kats Websites and more http://www.katswebsitesandmore.com/

Cassie Jones
Lollypotz http://www.lollypotz.com.au/

Sylvie Carter
Axiom Services http://www.axiomservices.com.au/


Wins

• Tarnia – got a heap of leads from the buy local festival and had a wonderful time
• Bev & Dawn – the stone carvers at the festival have donated a chess table to Iris Foundation, there are bids on it. As @ 23.5.12 highest bid was $1,500
• Warren – having a holiday
• Wyong Chamber – picked up 10 new clients at the Buy Local and 5 leads

Presentation today

Warren Garth on Accounting and Bookkeeping

What’s the difference between leasing and higher purchase?

• Lease – hire the vehicle; pay a charge and hand back car at the end; Claim in tax return; GST claim on a lease

• Higher purchase – purchase and own vehicle. Has depreciation; Interest is claimable;

• Chattel mortgage - Claimed GST upfront



What time is a good time to go to a company from a sole trader?

• Turnover – increasing $100K +

• To set up a company costs about $1 - $2K

• Tax minimisation with a company

• Structure is your foundation

• Most people set up as sole trader – all income is personal tax, there is no tax saving



What are the tax benefits of a company?

• 30% instead of MRT

• Legally protected in a company

• As a sole trader you are legally responsible



What is the benefit of meeting with your accountant before June 30th?

• Talk about cash flow

• Talk about strategies to minimise tax

• Tax benefits

• Tax planning from the start of the financial year

• Money into super

• Ways to save money, look a business spending



How complicated is it to switch from a sole trader to a company?

• New bank accounts

• New GST registration

• Company no.

• New insurances

• Registration of a company

• Meet with an accountant to set up correctly – this way winding any debts or credits to go to company can be set up correctly.



Important Note:

• Make sure you have good records – if you have good record it is cheaper when you meet with the accountant.

• Keep on top of your accounts

• Keep up to date with your GST and PAYE tax

Please note – this is general advice ONLY. Please seek professional advice for your situation as each person is different. Disclaimer – CATS Accounting and Gurney Financial Services are not/will not be liable for this general information provided. For further information please speak to your accountant or Warren.

Thank Warren for your presentation

Thanks everyone for your participation, hope everyone got something out of it.

Planningwerx4u has Business Planning CD’s for $50 (+ GST) each, if you would like one please let Tarnia know.

Today we raised $36 for Iris Foundation.

Thanks and see you next time

NEXT MEETING: 13th June - arrive 10.25am for 10.30 start – sharp
Presentation – Goal Setting With Tony Bourke

Coffee Time Minutes - 9th May 2012

Welcome - Welcome to our new visitors


Apologies - Kathy Maree, Toni, Patrick, Rob B and Kate


Who we are?  Small and Home Business owners meeting to build relationships from other SBO’s.


What is CT?  Relatively casual meeting group, where you can network, talk about business ideas and strategies, and learn from one another.


Where? The Edge Cafe, Tuggerah’s Zenith Centre.


When?  At 10.30 am on the 2nd & 4th Wednesdays of the month. Arrival 10.25 am for 10.30 am start. (Runs for about 1 hour)


Update on our Raffle?  Today we raised $48 bringing the total this year raised $219 (including this week’s total) for this year for the Iris Foundation in 2012.

This year we will continue with our Raffles and donation to Iris Foundation. This year we will do a raffle again for the Iris Foundation. We will be looking for prizes/donations up to the value of $10. Its will be up to you if you would like to participate and none should feel obliged. Tickets will be $2 each, or three for $5.



Updated Members

We have over 110 members for Coffee Time. You can come when you are free, never feel obligated and always feel welcome. I have a list with everyone who has come along to Coffee Time; I am updating the distribution list. If you would like to be included, please check your details are correct, update where necessary and add if not on there.

I have bought a card box for everyone’s cards and the folders were ripped. Please utilise the card holder box, please pass around each meeting, and feel free to support each other and utilize their services.


Recap of last meeting - Who was here last meeting? Who remembers what we talked about? Did we put into practice? How did we go?

Workcover

Don’t forget Jay can come out to your workplace and do a free assessment; you can then get a $500 voucher/credit towards purchasing safe office things (chair, etc). Jay also has workshops, one on one meeting and assessments currently available. If you wish to have a free appointment with Jay please contact him on jay.lewis@workcover.nsw.gov.au


Networking:

• Coffee Time 23rd May

• Fridays round the coast SBNG – 3rd Friday here at Zenith

• BWC lunches on each month – for more info contact Kym Williams

• Success Women’s Networking Luncheon – 24th May


Toukley Neighbourhood Centre

Info on cheap reconditioned computers. Call Kylie if interested. We have Hp and IBM desktops with 17" LCD screens 1Gb ram 80GB Hard Drive Intel Pentium 4 DVD burner, anti virus software, all windows updates, basic word processing software (open office) all for $150 with 3 months warranty! Just let me know how many and I can have them here within a day if not already here! 356-356 Main Rd EAST TOUKLEY. My number is 0413241331


Education:

2012 – Visit BEC upstairs or log on to www.ccbec.org.au

o May Courses:

o How to recover debts part A – 9th

o How to recover debts part B – 16th

o BEC & Work cover courses – keeping small business safe

o 6th or 19th June – Sole Trader - not using subcontractors or employing staff

o 19th June or 24th July – Employing staff

o 6th June or 24th July - Using subcontractors



BEC has Memberships available:

- Business Basics Membership - $249.

- Business plus Membership - $748.

For more information, please speak to Darren or Debbie at the BEC – 02 4355 4885



Update:

• Buy Local Festival – 18th and 19th of May at Wyong.

• Business Expo – 19th September at Mingara

• Buy Local Key Rings – going coin donation – money raised goes to the Iris Foundation

• Slither and slumber – for the Iris Foundation. The night was great and raised $27K.

• 24th May – Gurney Financial Services Biggest Morning Tea



Who are you & what do you do: 30 Sec story about you


Tarnia Gurney
Gurney Financial Services http://www.gurneyfinancialservices.com.au/
Planningwerx4U http://www.planningwerx4u.com.au/


Nicolette Gregory
Artistic Photography onefitone@bigpond.com


Dawn & Bev
Iris Foundation http://www.irisfoundation.org.au/


Leeanna & Ashley
Intimate Whispers http://www.intimatewhispers.com.au/


Rachel Dillon
Elite Embroidery http://www.eliteembroidery.com.au/


Kellie Targett
Insurance Adviser net ktargett@iaa.net.au

Kathy Bree
Coffee News http://www.coffeenews.com.au/

Casey Targett
Best Signs http://www.bestsigns.com.au/ & http://www.grassads.com.au/ 

Lyn Thompson
Buy Local online/ LBH Promotions/ B2B http://www.b2bwithatwist.com.au/

Rae Phillips
Inspire Success http://www.inspire-success.com/

Julie Watson
Karben Training http://www.karbentraining.com.au/
Ezipix http://www.ezipix.com.au/

Glenn Kirkwood
The Referral Guy http://thatreferralguy.wordpress.com/

Debbie Thompson
Group Ability http://www.groupability.com.au/

Katy Gregory
Landin http://www.landin.com.au/


Wins

• Tarnia – Nominated for the Telstra business women awards and the Northern lakes Business chamber awards

• Bev & Dawn – Raised $27K last Friday night

• Kellie – 5 new clients on Friday afternoon

• Lyn – B2B Festival next Friday and Saturday over 180 businesses booked in

Presentation today - Rae Phillips from Inspire Success


5 things for business owners

• Look at the structure of your business

• Are you set up correctly

• Are you a sole trader, partnership or company?

• Have you got in place the correct insurances?

• Do you know what you are responsible for?

• Engaging Support

• Do you employ support?

• Contractors, sub-contractors, casual, permanent, fulltime, part time

• Do you employ services from IT specialists, web designers, bookkeeper, accountants, sales managers, distributors.

• Are you covered? Are they covered?

• When engaging employees –have good agreements in place

• Look at whether you need casual or fulltime – casuals can work varied hours from week to week, full time or permanent need set hours each week.

• Have fixed contracts – set a time for work to be done with a contractor or sub-contractor

• Engaging sub-contractors

• E.g. – bookkeeper

• Have an agreement for what they will do, a list of their services performed, terms and conditions, how many hours or weeks, rate of pay and make sure you follow up, track and get and give feedback

• Engaging employees

• Probation period – 3 months

• Give feedback at 6 weeks and 12 weeks. What they are doing well, and what they need help with

• Have the employee sign off

• Make sure you meet with your employees every 3 months for 30 minutes to review staff, employees, contractors, sub-contractors

• Home base work agreements

• Protect yourself and your home team

• Have your staff sign off on a work agreement – where they work, is it OH&S approved, safe work place, who pays for what – internet, phone, computers,

• Who is responsible for each item - employee or employer?

• Have clarity

• Who has what – who provides what

• Separating from contractor/employee

• Have a checklist

• Remember to get your property back – computers, internet, manuals, keys, etc.

• Change logins and passwords

• Have them sign a confidentiality clause

• Check intellectual property

• Get your equipment back

• Make sure there is a positive outcome

• Insurance – may not extend to contractors, sub-contractors or employees

• Ask for your contractors and sub-contractors to provide certificate of currency showing they have insurance and protection

• If you’re not sure if you are an employee, contractor or sub-contractor check out the websites below for further information

• Non-disclosure statement and confidentiality agreements are important



Check out websites

http://www.inspire-success.com/

http://www.fairworkaustralia.com.au/

http://www.ato.com.au/


Thank Rae for your presentation

Thanks everyone for your participation, hope everyone got something out of it.

Planningwerx4u has Business Planning Cds for $50 each, if you would like one please let Tarnia know.

The winner of the raffle today was – Scott from Forsythes

Today we raised $48 for Iris Foundation.

Thanks and see you next time

NEXT MEETING: 23rd May 2012 - arrive 10.25am for 10.30 start – sharp

Presentation – Bookkeeping and Accounts with Warren Garth