Fao Sindia

Excess contributions tax (ECT)

One of the key points in Stuarts speech was the fact that the ATO have had significant re-reporting of SMSF contributions. While much of the re- reporting is to correct errors, an increasing concern is that some of the fund information that is re-reported is not correct, occurs immediately after the ATO have notified the member that they may have an ECT liability and is aimed at reducing or removing the liability. Be very aware that the ATO are intensifying their scrutiny of this type of re-reporting. It was made clear that the number of people having potential excess contributions was greater than expected, and that one of the main reasons was poor contribution reporting practices by funds.

The ATO are also seeing a number of taxpayers applying for use of the Commissioners discretion to disregard or reallocate contributions for the purposes of ECT. However, you should be aware that the law places strict limits on the application of the discretion and the ATO can only disregard or reallocate contributions where:

* you have received an ECT assessment
* there are special circumstances
* doing so is in line with the purpose of ECT, which is to ensure that the amount of concessionally taxed super a person will receive results from contributions theyve made to accumulate super gradually over time.

Applicants for discretion will need to demonstrate why they believe their circumstances are special. Special circumstances are those that have been legally defined as unusual, exceptional, abnormal or uncommon and where applying the law would result in an unjust, unfair or otherwise inappropriate outcome. Simply having to pay ECT is not a special circumstance. Not understanding how the law would apply to you including getting incorrect professional advice and exceeding a cap unintentionally is also generally not a special circumstance.

Lodgment

Whilst most DIY Superannuation funds lodge their annual return on time, there are many that are still not doing so, despite ATO reminder notices. As a result, the ATO have begun a pilot exercise involving nearly 250 SMSFs and have issued each fund with pending default assessments of 45% of the funds assets, less non-concessional contributions. If a fund continues to refuse to meet their lodgment obligations despite several contacts , the ATO will have no choice but to make the fund non-complying.

The integrity of the SMSF system depends on willing engagement in the system. Funds which continually refuse to fulfil even their most basic requirements have no place in the SMSF sector. Note that the ATO will also consider prosecuting trustees who fail to meet their lodgment obligations. From 1 July 2009 to 30 June 2010, 280 SMSF trustees were prosecuted, resulting in 327 convictions for failure to lodge by the due date with fines and costs totalling close to 2,000 (some funds had more than one conviction).

Umbrella insurance is additional liability insurance. It is often bought as an ad-on insurance policy to one of the regular insurance policies. As the name suggests, umbrella insurance works like an umbrella sitting on the top of your other insurance policy and provide added financial protection if  other policies cannot compensate the loss.

For instance, your vehicle damages another vehicle, and you find out that you have to pay far more than your insurance coverage allows. In this case, if you don’t have an umbrella insurance policy, where will you to get that money?  Umbrella insurance, this aspect of additional payment is easily taken care of and you don’t have to worry for it.

Earlier the common belief was that only the rich and elite need to buy umbrella insurance. This is no longer the case now as people have realized that anyone can be sued for anything at any point of time.  Umbrella insurance is therefore now popular among one and all as it throws in added protection against losses.

Suppose a man falls on your front steps or the tree that you have on your land falls on a neighbor’s house during a storm, you can be successfully sued for damage.

Remember every incident that takes place on your property or has something to do with your property is your liability and you can be sued for it. Often it happens a traditional homeowners’ insurance doesn’t cover these additional losses. Umbrella policies will provide protection in all such situations which usual liability policies can not cover.

Though being being wealthy isn’t a prerequisite for needing umbrella insurance, most of the people who fall into this category require it.

Reason- the more money you have the more of a target you become for lawsuits.  Therefore you have to make an extra effort in ensuring protection of yourself. Umbrella insurance simply does that.

Click on the following link to contact us for affordable and comprehensive umbrella insurance policy.

Originally published: 2010-09-08

Part 1 of a 3 Part Series Making Business News Newsworthy:

Part 1: Learning What is Newsworthy
Part 2: Writing a Capturing News Release
Part 3: How to Send a Press Release

This 3 part series will be published over 4 weeks, so make sure to subscribe so you receive a full picture view of how to successfully make your business newsworthy.

PART 1: Learning What is Newsworthy

I can promise you there is only rule to obtaining media coverage:

Make your business’s accomplishment newsworthy

Most of you believe you can accomplish that one task easily, but you are mistaken.

In fact, most business owners and managers are so close to the business, they tend to think every accomplishment is newsworthy.  If that’s true, why aren’t news reporters pounding down your door?

As a marketing professional for 11 years and former television reporter and freelance journalist (1998-2004), I will provide you with some solid, easy to follow tips on how to turn your regular business updates into news flashes.

4 questions to gauge if your news is really news:

Is it controversial or does it have interest for others outside your regular customers?
Does it benefit the community or a group of people positively or negatively?
Will it prompt comments or discussion within the community?
Should anyone care except you (the owner)?

To be controversial or not to be

Controversy good and bad believe it or not will produce news and very often it has been said bad news coverage can actually be good news coverage.

The exception to this rule would be extremely bad news that has an adverse effect on the population such as BP’s oil spill.

A good example of bad news that prompted bad and good news coverage and helped a company is Tylenol’s recall some years ago that actually improved company sales.

To benefit the community or not to benefit

If your business’s news will help others in the community or prove interesting, then it might be newsworthy. For example, if Shoney’s or Perkins offered free meals for a full week to anyone that would be newsworthy, because during these economic times many families are struggling to feed themselves.

What would NOT be newsworthy is a story about a park throwing a community open house to connect people with services. Why not you ask? Because there is no wow factor – it’s just an event.

Another newsworthy “benefit” story example is if a fitness trainer were to say give away ,000 to the biggest loser for a weight loss competition in a city rated at the top of the obesity or unhealthy lists.

 

News that prompts community comments good and bad

Remember this above all else. Even if people are outraged at your news, (maybe you are closing a factory or raising prices) news coverage is still news coverage.  Very often, outrage can route right back around into solid, good news about your business.

Many businesses fear bad media coverage as a result of a negative announcement. You CANNOT CONTROL WHAT THE MEDIA WRITES. What you can control is what you say and how you say it.

Example: local park where I live had some employees leave a special needs teen in a hot car for a couple of hours purely by accident – media was all over it – but the park system handled it brilliantly by investigating the incident, temporarily suspending employees, meeting with the teen’s parents and honestly answering the media’s questions.  Controversial news became “what the park did right” news.

Should anyone care about the news but you?

Sure your new tanning beds, your new car washing services or your restaurant’s new dish may be interesting to you, but who else really cares about it unless you give them a reason to care?

If you want to send out a press release to give your business a pat on the back, you are not going to get media coverage.

Examples of stories that made news because people cared:

Collier County animal shelter announced a potential end to pet adoptions if the budget was cut
A state announces increases to sales or income taxes
Oil drilling off Florida shores

General examples of what is newsworthy in today’s news climate:

A business closing after being open for more than 30 years
A business laying off people, even if it’s fewer than 10
Businesses offering discounts or day of free service for unemployed
Free gift or prize without purchase
Food giveaways
New business or expansion of a business in this economic turmoil
Animals – always news regardless
Kids – always news if it has to do with helping them, raising money or special needs children

Use the above as a guide to identify where your news falls – on the floor or on in the paper?

Part 2 of this 3-part series is Writing a Capturing Press Release. To learn more about DREAMFly Marketing’s services, visit the firm’s website.

 

Best Business Opportunity 2011
This is NOT a pitch, you NEED to take
just 3 minutes and read this. Its IMPORTANT!
Im just shaking my head at this one
in total disbelief right now
You know that in this industry theres a
lot of junk out there, I dont have to tell
you that.

New products come out practically everyday
promising to make you rich overnight.
if you can even call them products.
Its getting old real quick, isnt it?
Thats why this tell-all video is so
refreshing:

If youre tired of being burned and
getting ripped off by the so-called
gurus who fill you with hype and then
burst your bubble with impossible to
follow instructions or rehashed garbage

Or if youre frustrated with never
being able to ACTUALLY make the kind of
money you see in all those product
launch screenhots
Then pay close attention to what Im
about to say

I dont usually come out so strong
but this time its different.
Its time YOU finally knew the TRUTH!
The guys behind this video (theyre a
legit Multi-Million Dollar per Year
company by the way not some 21 year
old kid living in his moms house)
have done something Ive never seen
before.

Theyve built a software that builds
you a FULL-BLOWN internet marketing
business in less than 10 clicks.

Its unbelievable.

When I say full blown I mean, not
some flakey robot, but the FULL sales
funnel from start to finish, EVERYTHING!

Check it out in this video:

http://www.easyinternetmarketingfor.com/BestBusiness

And heres why Im putting my name
on the line for this product.

1) Its super affordable

You dont have to break the bank
on this one. As a matter of fact
you wont believe it when you see it.

2) Its fast and easy to use

You will truly have your own
website online up and running
in just minutes and the money
it makes you, goes directly to
your paypal account.

3) The support is top notch

Because theyre a real company
they actually have employees!
Crazy concept huh? They have a
fully manned support system to
help you with anything you need.

4) Ive actually reviewed it

Most marketers just blindly send out
email promotions to sell whatever
garbage is being sold that week
to join the latest launch hoopla!

Not me. I actually personally
reviewed this software and it
works JUST AS SHOWN.
Its POWERFUL and PROFITABLE!

You have to see it for yourself
to fully grasp how easy it is.

I think its the missing element not
found in about 99% of other products
out there.

Please see what I did here
I bought the product myself and set up a website
useing the software. You can see it here at

http://fastcashvideos.mobi/go/index.php

Here you can see what you get before you
decide to buy just optin and you will receive
the free videos and your membership at the
The Fast Cash Club

Also here is a tip to get a good review of what people say who

have bought this find what real people say here is a link

http://www.warriorforum.com/internet-marketing-product-reviews-ratings/337830-income-infuser.html#Kl76CzCT5cp0bBZD

Auto insurance is a primary need for all vehicles. Your vehicle is barely insecure when it has not been insured; nobody knows what happens next in today’s flying world. Along with your own security your car ought to be insured. Now you can easily get your car insured online because it will save your time and money at the same time. Our online portal provides you to get insured your car today at http://cwik.com. Our car insurance quotes are suitable to your car and pocket at the same time.

Our online quotes are far better in pricing to safeguard your car than any other online space. We have car insurance quotes to suit all of your subsequent needs to keep your car up to date. Online quotes will differentiate our pricing at reasonable low rates from all other online insurance companies.

We have the cheapest car insurance quotes to fill the blank-space left by other insurance companies. We ascertain the fact that your car no matter where met with an unwanted or unexpected damage our services will reform it to perfection.

Subsequently in order to have cheap car insurance you may contact our online space at any time round the clock to secure a meeting for the insurance of your car. As soon as you have secured a quote for your car you will not fall short to get your car repaired any time. You have the facility to compare prices and than take a final decision. To provide your car with safeguard is our chief responsibility.

Car insurance is most important in any comparison with any other available service.

We assure the guarantee of lifetime adherence. From repairing to the adding some bucks to original cost of your car. We have established such facilities which empower you to protect your assets. Our prime importance is always directed towards the betterment of generation next facilities. Wherever you may go, you will find quotes and pricing cut throat but we assure you the supreme safeguard with row-breaking cheap services. Our services are unique and singular. Once you acquire the service you will always come to be served with open confidence.

In today’s competitive standards your car needs pivotal importance. We have arranged all the essentials to guide you through the process. The process is simple and straight. Select a quote that suits your pocket add to cart conventional service. No body knows the future but every body has chance to secure it by planning for it with rational consideration. Our utmost is inclined to comfort you with fine services. Our all service all mainly targeted to make you able to compare all the quotes with any quote available online and then select the one.

Everything available needs insurance these days due to scarcity of roads and everything. Your car, therefore, requires to be insured to drive it confidently wherever you want to take it to. Before our online portal you did not have much confidence about insurance services because most of the services did not produce much for the customers. They did just offer partial services at high prices. Resultantly we felt the pressing need to stay online for 24X7 to ensure you the guarantee to protect and secure your car with our sheer interest to give you the easiest and conveying service at cheap rates.

There are different ways in which you can try to look for the business opportunity. If you have the knowledge of some trade or business, then the same can be used to set up a new business or to take up a business that is being sold or even take up the franchise business opportunities. There are different mediums in which you can look to know the existing opportunities.

Some of the main ways in which this can be done are:
1. Government departments: Normally, the offices of the government which handle the company affairs or the industry affairs know about the ailing units and whether the same are being put up for sale or not. The public communication of the department could be the authoritative source of such information. The government normally informs about these through the newspapers.
2. The print media: This is the most common method used by the people to spot the business opportunity. The newspapers are the most important media. You can check for the classifieds sections of the daily newspapers to know the same. Magazines are not likely to carry these types of opportunities.
3. The electronic media: People generally do not make use of the TV and the radio for advertising business for sale. Therefore, it is not very much advisable to waste your time on this medium. However, internet is one medium which can be used quite fruitfully in this regard.

You can check for the different types of the opportunities in the internet directories dedicated for this purpose. The online classifieds feature these as per different categories of the business and also as per the different regions of the world.
While searching through the online medium for these business opportunities, it is very important to be clear about the exact products or the services business which you can manage. At the same time, it is also important to define the scope of your search. If you are looking for a business for sale, then you might be more interested in the local business opportunities rather than international ones. So is the case with the franchise business as well.

This is possible when you are very well aware of your strengths and weaknesses and your resources. A truthful assessment of these opportunities shall be done before deciding on any one of these. There could be many decision criteria. Some people might prefer those businesses which give a high rate of return in the present times. Some others might prefer going for that business opportunity which holds tremendous promise for the future but may not look very appealing for now. So, a very keen and deep insight is required to find the opportunity for the future.

With a franchise business, you can leverage the brand value of the existing business and get customers in no time. If you are confident of your ability to turn the tides then you can even take up a business for sale provided it fits into your business strategy and can be made profitable.