The Aged Care Season

1. The Aged Care Season

2. The up-and-coming Christmas and festive period is also known as the ‘aged care season’ where family gatherings often bring to light the changing needs of aging parents. Parents may no longer be as independent as they once were and it can be a crucial period for discussing and planning for aged care, Here are a few points to consider:

3. A robust conversation: Family discussions can be difficult to start but not impossible – for example, “Hey there, and before you go today, think we should have a quick chat about looking at some different accommodation and care possibilities next year to make your life simple and easier?”

4. Get care needs assessed: Contact MyAgedCare for a care needs assessment, which is necessary to access government-funded aged care services. Does your MyAgedCare assessment need to be updated? Not all facilities can look after any resident as they may need specialised care needs.

5. Consider Age Pension consequences: Will renting or selling your family home or the sale of other assets to move into care affect or qualify you for the Age Pension and other entitlements? You may be surprised.

6. Get the timing right: For couples, the timing of moving into aged care can affect costs. Moving separately can sometimes be beneficial in terms of costs and subsidies.

7. Who is your trusted Enduring Power of Attorney: Ensure you have an Enduring Power of Attorney in place for someone to make decisions on your behalf if you are unable to do so. It a good idea to review these arrangements.

8. Estate plan: Developing a comprehensive estate plan will not only document your wishes and bequests but should raise and raise awareness of potential tax and aged care fee issues for the survivor of a couple.

9. Get good advice: Consult an Aged Care Specialist® like myself to understand all options, use strategies to make it more affordable, and avoid surprises. This article was written by Harry Kalaitzoglou CIMA, who is available for a conversation on the above topics should you wish to discuss further. https://www.ikeep.com.au/

10. Find out more • Have a look at the South Australian Department of State Growth’s information on Growing your business. • Check out our Growing a business checklist, which takes you through the different methods and issues you should consider when growing your business. Advertising your business

11. Advertising can help you to reach a larger audience and attract more customers to your business. There are a number of ways to advertise your business, including through: • having your own business website – provides a way for people to reach your business and details in their own time and location. You may even be able to set it up so you can sell your goods or services directly from your website • social media – engage with your customers and advertise your business by sharing your messages with your audience online

12. email newsletters or blogs – regularly create content related to your business to keep your audience engaged. If using an email newsletter, it’s important that you get permission before you send emails to people • newspapers and magazines – have a print advertisement or list your services within the classifieds • television – advertising on television can be costly, but can help you reach a large audience

13. radio – similar to advertising on television, though the cost is usually less and the audience reach is more localised • mail – dropping advertisements in mailboxes can be a simple cost effective way to reach your local area • phone books and directories – have your business listed on various business directories so you can be found by potential customers when they’re looking for a service.

14. When choosing the best way to advertise your business, consider the audience you are trying to reach, as well as the costs involved. You don’t have to spend a lot of money to advertise and promote your brand, so choose what is likely to be the most effective for your business.

15. Find out more • Check out our advertising page for more information on advertising your business. • Read more about Ways to advertise your business on the Business Victoria website. • Not sure where to start? Here are some tips and tools to help you develop a marketing strategy. • Read about some things to consider before you promote your business. Read about marketing your business during COVID-19 and how to keep your customers loyal during the pandemic.

16. MARKETING Saving money on energy costs Reviewing the energy usage in your business is a great way to help you save on costs. While it seems like a necessary expense, you can often find ways to save through: • understanding how energy is being used in your business and where you can reduce your usage • reviewing your contract and searching or negotiating for better deals • upgrading to more energy efficient equipment – while this may be a big cost upfront, it may save you money in the long run.

17. Being environmentally conscious in your business can also boost your business and brand reputation to the public. Find out more about environmental management in your business. If your business is struggling with energy bills due to COVID-19, find out what help you can get with your energy bills.

18. SAVING ON YOUR ENERGY BILL Planning for exiting your business Even though you may not want to think about selling or closing your business, it’s important to plan properly for when and if you do. There can be many reasons why you decide to exit your business, including:

19. your business is no longer viable to keep running • you are looking to retire or pursue other opportunities in life and no longer want to run your business • you have achieved your business goals and are ready to close or pass the business on • your business is forced to close as it has become insolvent. Whatever your circumstances are for exiting, planning your exit ahead of time will help make what can be a difficult and emotional process easier.

20. Watch the journey of selling or closing a small business video series for help through the process of exiting your business. Tip: If you are selling or closing your business you should cancel your ABN. Did you know? You can call the ATO if you sell or close your business, to find out if you need to finalise any GST, employee, contractor or other obligations, and what records you need to keep.

21. Find out more • Read about the important things to consider when deciding whether to sell or close your business. • Find information on tax issues to consider when changing, selling or closing your business on the ATO website. • Check out these suggested steps to guide you through the process of closing your business or selling your business.

22. Find out more about closing your company and cancelling your business name with the Australian Securities & Investments Commission (ASIC). https://www.ikeep.com.au/