| Volume 3, Issue 33 |
25 September 2008 |
Greetings!
Welcome to the Infocus.
The team from our Toowoomba office attended the 'Steven Bradbury' seminar recently. As all sporting fanatics would know, Steven made Australian sporting history, when he won Australia's first Winter Olympic Gold Medal in the men's short track 1000 metres event at the Salt Lake City Games in 2002.
In an interview after winning his gold, Steven said: "Obviously I wasn't the fastest skater. I don't think I'll take the medal as the minute-and-a-half of the race I actually won. I'll take it as the last decade of the hard slog I put in."
Steven's story is one of determination, commitment and passion - not to mention the funny bits.
With the markets the way they are at the moment, we are all hoping that they will soon be 'doing a Bradbury'.
In this Issue of inFocus, Kate Hardy has a say on her personal approach to the balance of working mothers in 'The Modern World We Live In.'
The ever changing requirements on the Superannuation Guarantee Contribution (SGC) are captured by Prue Wehl's article, 'Choice of Super: Insurance - Are you Covered?'. Worthy of note for any employer and employee about the insurance provision requirements implemented from 1 July 2008.
This Saturday, the world-famous Talwood Picnic Races are on. Get your racing gear on and head west!
I hope you enjoy the read. Any feedback and questions are welcome, so please feel free to send them to us.
|
 The Modern World We Live In contributed by Kate Hardy
|
|
Traditionally, men have taken on the role of bread-winners while women have opted to stay home to look after the kids. How times are changing! The reversal of these roles is becoming more and more common and is testament to the modern world in which we live.
My partner, Shannon and I welcomed our son Luke into the world in April this year. After much consideration, we made the decision that it would be more beneficial for our family if I were to return to the workforce and he became "Mr Mum".
There are many reasons why couples choose this option. Whilst financial reasons are an obvious factor, quality of life is also an important consideration, especially when children are involved. For example: Shannon's job required him to work shift work at different times throughout the year, meaning long hours and time away from home, which did not fit well with our current priorities as a family.
The decision was made somewhat easier by the fact that my position with Insight, for the last 2 years has been based from my home office, in Gunnedah, NSW.
The accounting profession is screaming for CA and CPA qualified accountants. Increasingly, firms are finding it hard to recruit and retain suitablity qualified staff. Firms in country towns particularly, are struggling to attract degree qualified staff, let alone CA / CPA Professionals.
Two years ago, Shannon and I decided to sell our beautiful home in Goondiwindi and move back to Gunnedah, predominantly to be closer to Shannon's daughter, Sharlene. The technological advances in communication made it possible for me to continue working for Insight from 320km away. When I turn on my computer each morning I have access to the same information as if I was sitting in my office in Goondiwindi!
The ability to work from home made my decision to return to the workforce just 2 months after Luke's birth a lot easier. Had I been required to attend an office to fulfill my duties I don't think I would have let go of the primary carer role as easily.
As it turns out, Shannon has quite adeptly taken to the everyday chores of being a stay at home dad. Whilst I think that he is regretting his initial comment of "I don't know what you do all day?", he does still find time to fit in a round of golf every now and then. Regulars at the golf club are now use to Shannon pottering around the course, pushing the pram and pulling his golf cart!
For me, my breaks during the working day consist of spending as much time with Luke as possible. As he is now getting to the age where he "does stuff", I am comforted by the fact that I won't miss out on anything, as I'm only a room away.
Whilst dirty nappies and the cutest face in the world covered with mashed pumpkin is all part of the joy of parenthood and moments that I will cherish, how good it is to be able to hand him back to dad and say "gee is that the phone, I'd better get that!".
|
|
'Count' is the trading name of Count Financial Limited. AFSL 227232 ABN 19 001 974 625 |
|
| Choice of Super: Insurance - Are you covered?
|
The ATO is reminding employers that, from 1 July 2008, employer-nominated super funds must offer minimum levels of life insurance cover to members.
An employer-nominated super fund is the fund that an employer chooses to pay an employee's super guarantee contributions SGC to if the employee does not choose a fund (i.e. the default fund).
Insurance requirements
Employer-nominated super funds must offer minimum life insurance for members:
- at a premium of at least $0.50 per week for those aged under 56;
- with at least the level of insurance cover shown in the following table; or
- at least at a level of cover equivalent to the following table if the contributions are made to a defined benefit fund on behalf of a defined benefit member.
Age Range Minimum level of life
insurance cover
0 to 19 Nil
20 to 34 $50,000
35 to 39 $35,000
40 to 44 $20,000
45 to 49 $14,000
50 to 55 $ 7,000
56 + Nil
If an employer's nominated super fund does not offer minimum life insurance for members, employers may need to arrange insurance either with another super fund or with an insurance provider.
There are some instances where the employer nominated super funds not need meet the life insurance requirements stated above.
Instances such as where the employer has arranged (outside the super system) insurance that includes death cover for their employee that is at least equivalent to the minimum insurance requirements, or where the employer is making contributions under a federal award, or is unable to obtain insurance from the fund normally used by the employer in respect of a particular employee due to the employee's health, occupation or hours worked.
Employers are also exempt where they have made contributions to a fund whose governing rules were in place in 11 March 2005 and determining that an amount not less than $50,000 will be payable in respect of the death of an employee. The Treasury, Australian Government, viewed 22 September 2008, http://www.treasury.gov.au/.
|
|
Your Say
Do you have a question for our Accounting and/or Financial Planning team? |
|
Send us your question and we will try to feature it in one of our upcoming newsletters.
|
KEY DATES
- 21 October 2008
- Sept 08 - Monthly BAS and IAS due
- Annual PAYG Installment Notice due
28 October 2008
- Quarterly BAS due
- Quarterly IAS due
- Quarterly Superannuation guarantee contributions due
20-24 November 2008
- First Test at the Gabba - Australia vs New Zealand
|
|
Insight is a proud supporter of the
Talwood Races
True Bush Racing
Saturday 27 September 2008
|
|
| |
The information contained in this publication is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Insight Business & Financial Services, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication. | |
|
|
Market Update
|
 |
|
|
| Access past newsletters by clicking on the link below. |
|
| |
|
