The document highlights the importance of planning for aged care during the festive season as families assess the changing needs of aging parents. Key points include initiating conversations about care options, obtaining care needs assessments, considering the implications for age pension eligibility, and ensuring proper estate planning and enduring power of attorney arrangements. Additionally, it touches on advertising and cost-saving strategies for businesses, as well as the significance of preparing for exiting a business.

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/