Public speaking like a pro

Public speaking can be intimidating and challenging, especially if it is in front of other business professionals. Chances are, if you work in a business environment you will be required to speak in public at some stage in your career, whether it’s for a presentation, meeting, or seminar. Here are three tips to help you improve your public speaking and deliver your message effectively.

Prepare and practice:
Spending enough time preparing your notes, pace, presentation visuals, and timeliness before the day is crucial; it can help tame your nerves and provide you with reassurance that you know what you’re going to talk about. Try preparing an opening line or run over a personal story you might want to use to engage the audience and show charisma.

As well as this, you should also prepare your material to run slightly under time, i.e, a 15 minute speech if you’re given a 20 minute time slot. This accounts for audience interruptions, comments and questions, and allows you to implement thought-provoking pauses. Prepping if you are going on a stage is also useful in preventing embarrassing blunders during your presentation, so make sure to test your microphone, presentation slides and lighting if possible.

Speak slowly:
A common mistake people make when they are nervous is to talk too quickly. Mumbling or talking at a fast pace to rush through the content and end the ordeal shows your nervousness and is one of the easiest ways to lose your audience’s attention. It is a good idea to speak slowly and use pauses throughout your presentation, and not just at the end of phrases or sentences. You’ll often find that if you go quiet for a moment, the audience will wait for you and anticipate what you will say next. This way you retain audience engagement while also getting a chance to take a full breath and slow down.

Be passionate:
Speakers that show passion exude confidence and engage with their audiences. If you focus on giving to your audience rather than appearing to speak for your own benefit, you can almost guarantee that your audience will respond positively. Showing that you want to benefit your audience and that you care can be done through tactics like explaining high-level topics thoroughly, asking questions to ensure they understand what you’re saying, or even sharing a funny, moving, or relatable anecdote. Don’t hold back when discussing subjects that evoke emotion in you; if you feel strongly about something then convey it. Passionate speakers are much more likely to be remembered, and even favoured, for their authenticity.

Providing Affordable Housing? You Could Be Eligible For A CGT Discount

An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing.

This will increase the potential maximum capital gains discount percentage on your sale from 50% to 60%.

What Is Affordable Housing?

For the affordable housing CGT discount purposes, affordable housing is any dwelling (house, unit or apartment) where the following conditions are satisfied:

  • The dwelling is both a taxable Australian real property (TARP) and residential premises that you rent out or genuinely make available for rent. Caravans, mobile homes and houseboats are not residential premises.
  • The dwelling is not a commercial residential premises.
  • Management of the tenancy or its occupancy is done exclusively by a registered community housing provider (CHP).
  • Each entity that holds an ownership interest in the dwelling has a certificate from the provider showing that the dwelling was used to provide affordable housing.
  • No entity that has an ownership interest in the dwelling is in receipt of an incentive from the National Rental Affordability Scheme (NRAS) for the NRAS year.
  • If a managed investment trust (MIT) has an ownership interest in the dwelling, the tenant does not have an interest in the MIT that passes the non-portfolio test.

Eligibility For Affordable Housing CGT Discount

When you sell a rental property used to provide affordable housing, you may make a capital gain on the profit. This may qualify you for an additional (up to 10%) affordable housing capital gain discount if you meet the following eligibility criteria:

The capital gain must have been either

  • made by you as an Australian resident individual, or
  • distributed or attributed to you either
    • directly from a trust or managed investment trust (MIT)
    • indirectly from a trust through an interposed partnership, MIT or other trusts (this does not include public unit trusts or super funds).

You must have also provided:

  • new or existing affordable housing
  • rental rates below market rent
  • affordable housing to eligible tenants on low to moderate incomes (based on household income thresholds and household consumption)
  • Affordable housing for a minimum period of three years (1,095 days) from 1 January 2018. This can be continuous or an aggregation of three years over a longer period.

The additional discount will be pro-rated for periods where you don’t use the property for affordable housing purposes or were a foreign or temporary resident for part of the time you owned the property.

Investing In Affordable Housing Through a Trust 

You can invest in affordable housing through a trust.

As an individual investor, only you can claim the additional affordable housing CGT discount. The trust cannot claim this discount.

For you to qualify for the affordable housing CGT discount:

  • the trust can be a managed investment trust (MIT), but not a public unit trust or super fund
  • the trust must be entitled to the general CGT discount on the capital gain on the property, either in full or part.

The capital gain can be distributed or attributed to you:

  • directly from the trust or MIT
  • indirectly from the trust or MIT through an interposed partnership, MIT or other trust, but not through a public unit trust or super fund.

Consulting with a tax professional could assist you in determining your eligibility for CGT discounts – why not speak with us today?

Protecting yourself from super scams

Superannuation is an attractive target for scammers as a significant volume of funds are placed into super funds by Australians. 

There are some straightforward steps you can take to protect yourself from super scams. 

Know the rules

  • Becoming familiar with the rules surrounding superannuation will alert you against scams which make false claims e.g. offering early access to your super
  • Keep up to date with the relevant authorities and so that you don’t put in your personal information into the wrong websites – always check that relevant institutions have verified their authenticity!

Check your balance and contact details

  • Check what your super balance is on a regular basis – if you notice something that doesn’t quite look right then immediately get into contact with your super fund and ask them about what could have happened.
  • Every once in a while, check that your super fund has the right postal address, email address and mobile number – this will help them get in touch with you if they spot any suspicious activity. 

Stop identity theft

  • Taking the steps to stop identity theft will also help protect your super
  • This does not have to be all too complicated e.g. shred important documents, change passwords every few months, etc.

Protecting your staff from phishing scams

Businesses with employees working remotely must consider digital security measures to protect their business assets and the safety of their employees. Phishing scams are a particularly prominent security issue, especially for employees working with their personal devices and networks that may be insecure. Phishing scams are designed to steal information through mediums such as emails or social media posts, using hackers posing as a legitimate and trustworthy source that asks for your personal details. To protect your staff from these attacks, consider the following measures:

Identification of phishing attacks
Awareness is a key factor in identifying and avoiding phishing attacks. Some key characteristics of phishing scams to look out for are:

  • They are asking you to verify your bank account details and password via a link and website.
  • They are asking you to confirm your details for a maintenance upgrade or as part of a security check.
  • Their email or text message includes spelling or grammatical errors.
  • A bank or financial institution is asking you to verify your bank account details even though you are not a customer.
  • They do not include your full name in their email or text message, or have no specific addressee.

Teach staff what to do
After your employees have identified the phishing attacks, make sure that they:

  • Don’t click on any suspicious links sent to them.
  • Never give away their personal or business information to sources that aren’t verified.
  • Block the sender of phishing emails or text messages to prevent future attacks.

Use antivirus software
Signing up for antivirus software for your employees’ devices may prove to be a worthwhile investment. Antivirus software can prevent phishing attacks from escalating and becoming damaging. When using antivirus software, it is important to keep up with regular updates to ensure security measures are up to scratch.

Encourage communication
To decrease the risks of an employee giving confidential information to phishing scammers, encourage open dialogue between staff about third party emails. If employees double-check email addresses and links amongst each other, it can help them identify what is legitimate or not. Employees can also alert other staff members when they receive a suspicious email asking for business information to spread caution.

Protecting your small business from legal fallout

Protecting your business from legal fallout isn’t at the forefront when you are focussing your efforts on growing your small business. However, it is necessary. You can take the following simple steps so that you are protected from potential legal issues:

  • Use written agreements: Don’t rely on the aural agreements on their own, confirm what is said in writing. This applies to any new relationship you establish as a business. This also ensures that all terms are clearly understood as there is less scope for misunderstanding. 
  • Keep up-to-date paperwork: Having updated documentation and record-keeping whenever changes are made is integral. Maintaining paperwork is important for taxation and auditing purposes.
  • Do your research: Having a basic grasp of legalities associated with your business will be beneficial. Although there may be other industry-specific ones, general areas to build some legal knowledge include intellectual property, finances, employment and labour, marketing and advertising. 
  • Register intellectual property: Protecting your intellectual property is vital. You need to protect your creative ideas and designs by registering trademarks and copyrights where possible. 
  • Obtain legal advice: Legalities can be complicated and it is important to seek advice to clear any doubts you may have. You could opt for a one-time consultation or continued representation – depending on what your business needs. 

Protecting your digital assets

Cyber risk is one of the leading threats for small businesses in Australia, with the cost of a cyber incident averaging $276,000 for businesses.

Whether it’s marketing material, legal documents or customer details, businesses nowadays depend on the digital for operation. This is why it’s so important to make sure your digital assets are protected and safe from hackers, viruses and malware.

Keep track of all your digital assets
Listing all of your digital assets will make it easier to ensure that you’ve got everything covered, as we often don’t realise how many digital assets we have. These could include your social media accounts, trademarks, customer information, contracts and websites. You can prioritise these assets by which ones you want to protect the most to ones that wouldn’t affect your business if they were stolen.

Secure your servers
You can physically protect your servers by keeping server rooms cool, monitoring and limiting access to server rooms and keeping servers, switches and hubs locked. Securing your servers digital can be done by restricting the number of administrator passwords, using updates anti-virus software, regularly backing up data, setting up a firewall and keeping track of server reports to monitor changes and irregularities. You can see what security measures are available for your servers by seeking advice from a trusted supplier.

Implement two-factor identification
Two-factor identification requires a user to get through two layers of security in order to be allowed access. For example, having to enter a password and then entering a code sent to your phone. Implementing two-factor identification wherever possible will help add an extra layer of security, and for most online platforms such as Google and Mailchimp, no additional software is needed as you can choose to enable two-factor identification.

Secure networks
Protecting your network from unauthorised access can be done by using a firewall and reviewing firewall logs for unusual activity on your network. You can also restrict your staff from installing software and content for personal uses as they may allow remote access to the network and could bring in viruses and hackers. Additionally, it is important to always keep your operating system and security software up to date. Replacing any weak passwords with strong and unique ones can also go a long way.

Consider cyber insurance
Cyber insurance can be used to protect your business against digital breaches and risks, meaning that if your digital assets are lost, cyber insurance can cover related costs such as investigation and crisis management costs such as notifying customers and lawsuits. If you’re thinking of implementing cyber insurance, check if your current insurance company has the option to add it to your plan. If not, there are many separate cyber insurance companies you can use.

Protecting your business from online scams

Protecting your business from any kind of threat is a priority. When it comes to online security, however, many owners are not practising secure measures to properly protect their business.

Online scamming and fraud is a lucrative industry, with large amounts of money being transferred to scammers under false pretences. Small businesses are unfortunately too often the target of online scamming and should practice a number of strategies to ensure their online security.

Keep personal details secure:
Protecting your personal details is important because scammers can use your information to target a specific scam towards your business, making it more believable or realistic. Be mindful of how much personal information is accessible on your website and social media profiles. Back up your content and avoid using public computers or hotspots where possible.

Ensure you are using password protection and that you choose your passwords carefully. An organisation-wide password policy can also go a long way in protecting businesses from online fraud. Passwords should not be shared between colleagues or used across multiple sites.

Practice caution:
Keep your wits about you when online. It is common for small businesses to receive fake invoices which can easily be paid if not enough attention is being paid. Keep records of everything and check the credibility of people who are contacting you online expecting some kind of financial transaction.

Take the time to educate your employees about the importance of not clicking on links in emails or messages, or opening attachments from people or organisations they don’t know. Often scams will threaten immediate action, it is important that you and your employees stay calm and not overreact if a scam is intimidating.

Install appropriate anti-virus software:
Ensuring all technologies used for your business are protected from vicious spyware or malware is a necessary step when preventing online scamming from occurring. Do your research to find the best software for your business and your business needs. Be sure to read reviews before deciding on the software you will install.

Protecting your business from cybercrime

Having a digital presence nowadays is crucial to getting the most out of marketing your business. However, being online puts you at risk of being a target for cybercrime, which means that you and your customers are at risk of being scammed, hacked, harassed or stalked. Business owners have legal responsibilities to ensure that their business and customer information is safe. For this reason, it is vital that you take precautions when putting anything online.

While social media platforms such as Facebook and Instagram have policies in place to prevent people being victim to cybercrime, it is still possible for hackers to dodge these measures and attack your business. It is therefore important that you implement your own safety measures to reduce the risk of being targeted.

Many cybercriminals target business’ social media accounts to get access to a large following of people they can trick or manipulate. It is crucial that your business account has a strong password consisting of at least 8 characters, with a mix of upper and lower case letters, numbers and symbols. Ensure that only authorised users have access to the business’ social media accounts. 

Create a social media use policy for your staff to ensure that they are aware of the consequences and risks of sharing account information and being careless with social media handling to reduce the risk of misuse and security breaches. It is also useful to provide a cybersecurity incident response management plan to help your business prepare for security breaches and know how to respond to them quickly and effectively to prevent them from escalating. 

When planning a social media campaign, think about ways you can prevent your campaign from being hijacked by hackers to keep you and your followers safe. For example, if your campaign is a competition that involves participation from your followers such as them uploading a photo, think about ways to keep them safe from hackers. Perhaps you can provide guidelines for entering the social media competition, such as discouraging them from geotagging their location and ensuring they don’t have their house or any other personal details evident in the picture.

Protect your business’ intellectual property

Intellectual property (IP) is a valuable asset to any business. It can be anything from a manufacturing process to a trade secret – it is essentially intangible proprietary property. Protecting IP has become increasingly important and the following steps are the minimum precautions you should take to keep your IP safe.

  • Know what intellectual property your business has: Understanding what needs to be protected will help you understand how you can protect it.
  • Know where your intellectual property is: Various devices in the office and outside of the office could contain IP. This includes input/output devices such as printers, cloud-based applications, employees personal devices, third party systems shared with other businesses. 
  • Prioritise your IP: Some of your IP is more valuable than others. Assess the risks associated with losing different types of IP and take steps to protect the high-risk IP first.
  • Label valuable IP: If for whatever reason your business ends up in court, you should be able to demonstrate that a particular piece of IP was protected. This is much easier to do so if it is labelled appropriately. 
  • Physical and digital protection: Use passwords and only distribute them to relevant employees for digital protection. Lock rooms where sensitive data is stored for physical protection. 
  • Educate employees about IP: Inform your employees about IP and what sort of practices they should adopt to prevent leaking IP. 

Pros and cons of reverse mortgages

Reverse mortgages allow you to use the equity in your home as security to borrow money. The following are pros and cons of acquiring a reverse mortgage. 

Pros

  • You will be the owner of your home and can continue to live in it
  • Some of the money you gain from it could be used to supplement retirement (especially relevant if your super isn’t covering all expenses 
  • You could use the lump sum payment for renovations if your home is in a bad condition
  • You could put the money aside for emergencies that can arise 
  • You won’t feel stressed about your living situation

Cons

  • Over time, your debt will grow while your equity decreases
  • Interest and fees will accumulate and contribute significantly to your loan balance
  • The interest rate that is charged on a reverse mortgage will be higher than on a standard home loan
  • Reverse mortgages could impact whether you receive Age Pension
  • Reverse mortgages could inhibit your ability to afford aged care
  • If you are the sole owner of your home, then if you move or pass away, the person staying with you may not be able to stay
  • If you plan to invest the money from your reverse mortgage, then your home is at risk (not just the portion being invested) 

Planning for unforeseeable circumstances is especially important during retirement. Therefore before you choose to opt for a reverse mortgage, make sure you consider your options.