Home' Border Enterprise : Summer-Autumn 2011-2012 Contents 15
Vol 5. Summer/Autumn
Paul Clitheroe is a founding director of
financial planning firm ipac, chairman of the
Australian Government Financial Literacy Board
and chief commentator for Money magazine.
WEALTH can be created
by anyone who spends
less than they earn and
who invests regularly.
Yet running a small
business offers opportunities to build wealth,
especially if you're prepared to work hard.
Federal and states recognise the value of
small businesses by offering lots of support
to the sector.
For those thinking of starting your own
business, it may be worth studying the
Federal Government's New Enterprise
It's available to job seekers with an idea
for new business, and it provides financial
support - the NEIS Allowance, for 52 weeks
at a rate equal to Newstart Allowance, which
is $474.90 a fortnight.
A plus of the allowance is that the amount
you receive isn't affected by the income the
Established businesses can access a
wide range of federal and state government
grants to cover expansion, research and
development, innovation and exporting.
The details can be found on the
government's business portal - business.
gov.au. Click on "grants and assistance
finder" for the full list.
Of the support services small businesses
can tap into, the small business
superannuation clearing house, run by
Medicare, is worth a look.
Open to businesses with fewer than 20
employees, this free service is designed
to reduce red tape and administration
costs associated with employer-paid super
Instead of making separate super
payments to our employees' chosen funds,
businesses simply make a single electronic
payment to the clearing house, and this is
distributed to the relevant super funds.
For more details visit medicareaustralia.
Apart from this help, business owners
need to be aware there are many pitfalls to
be avoided, not all of them involving difficult
trading conditions or tough economic times.
There is no shortage of scammers about,
including crooks posing as government
agents offering tax-free investment deals or
other incentives in return for a small fee.
You can find details of the latest scams at
It pays to be sure you're dealing with a
legitimate government authority if you're
seeking business support.
Phone calls or emails that arrive out of the
blue should always be viewed with a healthy
dose of caution.
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