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Australian Retirement Income Policy aims to help older Australians have adequate income during their retirement. Australia’s ageing population also indicates the need for an income policy to guarantee income during retirement. This policy works based on the ‘Three Pillars‘ Approach’ that include: 

1. The social security age pension. 
2. The compulsory superannuation contribution by employer, or super guarantee. 
3. Additional saving and voluntary superannuation contribution. 

Therefore, superannuation is a very important tool of financial planning to establish a well-financed retirement. It is important to understand that super is not an investment but it is a structure for holding assets. It is regulated and supervised by agencies such as APRA, ASIC, ATO and SCT.  

There are three stages of superannuation: 

1. Contribution– when cash is being paid into superannuation funds for its members.  
2. Accumulation- when contribution are invested in different sectors by fund trustees for the benefit of the member.  
3. Benefit- when the benefit earned by the fund are paid to the member based on the fund rules.  

Superannuation is very important and is one of the main techniques to grow wealth, whether an individual has just started a career or getting ready to retire. It is an individual’s money that has the potential to turn into significant savings by regular contribution and help pay for life in retirement.

Following are some of the reasons why it is important to save for retirement through super: 

• People tend to live longer than last few decades and the standard of living has enhanced. Individuals do not really know how long they will live, so retirement can last long. Therefore, it is important to save enough funds that can cover the life after retirement.  
• The amount received through Centrelink or age pension may not be sufficient to fund the retirement. In other words, this amount may not be enough to fund the lifestyle and other financial obligations an individuals might have. Furthermore, an individual may have plans to have holidays and enjoy life after years of work or may have other plans for retirement. Therefore, it is important that they have sufficient fund to cover all these costs.  
• It is an effective way that helps to save money over the long term by having a tax benefit. Since super fund is taxed at 15%, with super the individual can benefit by a reduced tax rate which otherwise could be higher as an income tax. Furthermore, the funds are invested into various sectors which helps the balance to grow overtime. This can help individuals stay financially secure once retired. 
• Some of the superannuation funds may have insurance covers that can provide individual with financial security. So, one does not have to worry about his financial obligations or his family members, if he/she encounters any event of death or disability.  

If you have been wondering what the difference between a Trademark, Copyright, and Patent is, then you are not alone. Here are the three Intellectual Properties explained in detail along with the symbols they represent.

Trademark:

A trademark is an intellectual property that makes your business stand out so that customers can easily recognize and identify you from another business. It symbolizes your services and products in the form of words, phrases, or a design representing your company’s name or logo.

A trademark can be used for up to 10 years and can be renewed once it is expired. The three symbols associated with trademarks are ®, ™, and ℠.

® indicates the registration of the trademark and exhibits that the trademark is protected under the trademark Act.

™ Only demonstrates the use of the trademark by the company but does not stand for the mark’s registration or protection under the trademark Act.

℠ stands for Service Mark.  It works similar to ™, and is mostly associated with service mark. However, it is not guaranteed to be protected under the Trademark Act.

 

Patent:

A patent is provided to protect the exclusive right of the inventor over the invention. It specifically allows the owner to prevent other parties from exploiting, using and selling the invention. A patent can be used for any device, method, process and substance. However, one may not be able to use patents over ideas, artistic creations, mathematical models etc.

If you wish to protect your invention, you need to register for a patent by filing out the application which is assessed by the relevant government body such as IPOS in Singapore and IP Australia in Australia. The patent is assessed based on its novelty and inventiveness. Therefore, it is wise to keep your invention private and not publicize it until you seek protection for it by a patent. Generally a standard patent lasts for 20 years that can be publicly used by other parties after the expiry date.

Copyrights:

Copyright provides protection to an individual’s artistic creation, effort and time. It provides the owner the exclusive right to reproduce his/her creation, expand or add to it prevent others to copy the creation. Generally, a copyright protects, textual materials computer programs, artistic work, musical and sound recordings, broadcasts, and published materials.

Copyrights last for the life of the relevant creator plus 70 years. However, the copyright owner can also transfer the rights to another party. There are also exclusions if the creator has been paid to create the work as part of being employed by the actual copyright owner.

 

Feature	Patent	Copyright	Trademark
Definition	Designed to protect the rights of inventors with innovative and new ideas	Designed to promote and protect artists’ rights of creating their own piece of work	Designed to protect companies’ unique marks used for their product
Aim	Protect inventor rights on their novel ideas	Protects rights of artists and their unique piece of work	Protects company rights of using unique marks exclusively for their products
Subject matter	Inventions for various purposes such as medical devices, drugs, jewellery, furniture design, musical instruments etc	Unique work of art such as music, books, photos, paintings etc.	All types of products and Brands
Exclusions	Prevents the plagiarism. In other words, copying and selling inventions of others	Prohibits the use of someone else’s art as their own	Prevents other parties from copying and using the mark for their products.
Term	20 years	No time limit	No time limit, but needs to be renewed every 10 years.

For a detailed consultation with our IP Expert, email info@trademarker.net.au!

If you live in Australia and searching for profitable small businesses ideas, this article will aid in finding you the right option, regardless of being an Australian or an outsider. Australia is a business friendly country that has the world’s ninth highest per capital income and is considered one of the world’s largest economy. Australia is a country of opportunities.

Below is the top 10 list of small businesses that are profitable in Australia and requires low investment:

1 Laundromat Businesses

The Laundromat business is an incredibly profitable business in Australia. The data from IBIS shows that laundry and dry cleaning services in Australia earn around $2 billion in revenue on annual basis.

2 Agriculture related businesses

Australia is one of the major exporters of agricultural products in the world. Agriculture related businesses is said to have a market size of $2.9 billion in Australia creating huge opportunities. Some of the projected growth sectors include fruits, vegetables, poultry, and dairy products beside farm inputs.

3 Rental Services

Rental services have been very popular in terms of money-making opportunities within Australia. Experts suggest that this sector contributes around 70% of GDP to this industry. Rental services may include car, truck, heavy equipment, luxury items etc.

4 Construction

It is one of the fastest growing sectors in Australia. Some common small business ideas in this category include landscaping, waterproofing scaffolding, tiling, painting and insulation services for businesses, residential buildings and commercial buildings.

5 Virtual Office Space Renting

With the growing number of businesses, demands for virtual have also increased. A virtual office provides an opportunity to businesses to operate from any location using technology. It is an address or location that only exists on the web. It assists businesses to save significantly.

6 Digital Marketing

Businesses need marketing and advertising to promote their services and goods. Marketing and advertising on digital platforms have dramatically increased and so has the demand for marketing agencies. Therefore, it is a potential sector that can generate significant revenues.

7 Business support services

Some of the categories in this sector include call centre operations, travel and tour agencies, recruitment agencies and employment placement services.

8 Transport services

Some of the common small businesses in this category are in huge demand such as taxi and limousine services, courier pickup and delivery services, and freight transport.

9 Network businesses

This business idea has recently gained huge popularity in the market. If you love meeting people, you can earn significantly with this business idea. It can start from home and does not require huge investment.  A lot of businesses refer to network and marketing businesses to promote themselves and expand their networks to gain more clients. Network businesses play an important role in working as a medium to expand businesses’ network.

10 Retail Trade

Grocery shops, bakery, convenience stores, supermarkets, fuel retailing, motor vehicle retailing and vehicle parts retiling are some of the most common business ideas that can be started small but are highly in demand. Other example include pharmacies, domestic appliances and garden retailing.

What do to when you see someone apply for a Trademark that is a little too similar to yours? You can oppose the mark!

Trademarks are open to opposition after they are being advertised as accepted in the Australian Official Journal of Trade Marks. It basically begins with a notice of intention to oppose being filed with IP Australia. If you are intending to file for an opposition, you need to file the intention to oppose notice within two months of the target trade mark being advertised as accepted. Simply put, there are two steps to filing an opposition:

• The first step to oppose a trade mark is filing a notice of intention to oppose and submitting the relevant fee.
• The second step requires you to submit a statement of grounds and particulars within one month of filing a notice of intention to oppose. This can be done free of cost and no charges are required for the statement of grounds and particulars.

If no statement of grounds and particulars is submitted within the required period, opposition will not be considered or filed. Moreover, the process will have a cooling-off period before the decision made by IP Australia and after the statement of grounds and particulars have been submitted.

It is important to mention that IP Australia provides the option of extending the time to file the notice of intention to oppose and the statement of grounds and particulars if the opposing party requires more time. The extension is available if:

• There are errors or omissions on the statement or notice by the opponent
• There are errors or omissions by IP Australia
• Other circumstances beyond the control of the opposing party.

For more information on opposing a third party mark, speak to our team today!

 

Before we step into how to register for an Australian Business Number (ANB) or an Australian Company Number (ACN), lets take a look at how they differ from each other.

ABN:

An ABN is made up of eleven digits secured by Australian businesses. It acts as an identification card for businesses regardless of the size, be it a sole-trader, partnership, company, or corporation, you need to apply for one. ABNs are issued by the ATO and is a requirement when a business registers for Goods and Services Tax (GST) and Payroll Tax. ABNs allows businesses to operate legitimately while dealing with other businesses.

ACN:

An ACN acts as an Identification number for Australian companies and is made of nine-digit numbers. ACNs are provided for companies only because of its difference with other types of businesses. Put differently, a Company is recognized legally independent from its owners and is managed by a group of people. A company does not affect its shareholders or directors if it runs into a financial hardship. ACNs are issued by Australian Securities and Investments Commissions (ASIC) who are also responsible for regulating companies. It is important to know that any company with commercial transactions need to acquire both ABN and ACN to operate legitimately.

How to apply for an ABN

If you intend to apply for an ABN, you may apply online and free of charge. You may also refer to an expert to make sure you are doing it correctly. The general requirements for registering an ABN includes:

• Details of the associates
• Contact details
• Business structure
• Business activity
• Locations
• A legal business name
• Tax File Number of the associates

How to register for an ACN

Before applying for an ACN, you need to register your company with ASIC first. You can either apply online or seek assistance from an expert. The general requirements for an ACN includes:

• Establishing a company as limited or unlimited
• Choose a company name such as Propriety Limited or Pty Ltd
• Location of registration
• Business Address
• Detail of company associates, such as directors
• Set out a share structure
• Shareholder details

While apply online, you need to complete Form 201 via the ASIC website. You will receive an ACN once the application is approved. If you are required to apply for an ABN too, you can do this once you receive your ACN.

Australian entrepreneurship is not reserved by men anymore. Female entrepreneurs are not just competing but also beating the stereotypical mindset about women in entrepreneurship.

There are thousands of women that deserve to be celebrated for their achievements.

Women entrepreneurs are still less than 35%, and assumed to significantly increase as more and more women are starting businesses and making history.

In this blog we are celebrating top 10 influential female entrepreneurs in Australia who are leading the way and inspiring us all.

 

     1. Yenda Lee- Founder of Bing Lee

Annual Turnover: 490 Million

The Bing Lee electronic stores are highly famous in Australia which was established by Yenda Lee. It is the largest chain of privately owned superstores, specialising in electronics and consumer goods. She has been successfully managing the company for the past 60 years. She has noticeable contributions towards charity work. Her donations to the Victor Chang Cardiac Research Institute and the Cure Brain Cancer Foundation are highly inspirational.

     2. Kayla Itsines- Founder of Sweat App

Net Worth: 64 Million

From being a personal gym trainer to building one of the world’s most successful fitness app, this women has come a long way at such a young age. At just 30, she has become a great example for the next generation of entrepreneurs.

     3. Melanie Perkins -CEO and co-founder of the Australian Tech company Canva

Net Worth: 1.3 Billion

She founded this online design and publishing tool in 2013 which has become one of the world’s most successful tech companies since then. In 2020, Canva was valued at $8.6 billion making her one of the most successful entrepreneur’s in Australia.

     4. Diana Williams- Founder of Fernwood Women’s Health Club

Net Worth: Turnover of over 75 Million/year

From being a stay at home mother, she is now running 70 Fernwood Women’s Health Clubs with over 73,000 members. Her passion and background for fitness helped her hone her vision for fitness and promoting it not just for women in Australia but also around the world.

Her studios offer a range of perks from yoga, Pilates, Tai Chi, and Zumba, to free breakfast and hair care. No wonder her business is doing so well.

     5. Janine Allis- Founder of Boost Juice

Net Worth: 66 Million

When in Australia you are more likely to notice a boost juice bar than anything else. Janine started selling juice from her home which turned to become an empire of 550 stores around the world.

She is also a part-owner for Retail Zoo, Salsa’s Fresh Mex Grill and Cibo Espresso. She has authored The Accidental Entrepreneur-The Juicy Bits, which indicates the importance of leadership and resilience to achieve greater heights.

     6. Katie Page- Harvey Norman

Net Worth: 2.547 Billion

Katie has a long history of 21 years as CEO of Harvey Norman Holdings. She is considered to be the mastermind behind the success of Harvey Norman.  She is successfully managing a network of 277 branches around the world.

Katie also actively promotes women in sports. She was the first women elected as the board of National Rugby League (NRL) where she then introduced the NRL’s women in league. She is a true example of inspiration to men and women.

 

     7. Catriona Wallace- Founder of Flamingo AI

One of the most famous faces in the field of Artificial Intelligence is Catriona Wallace, who founded Flamingo. Flamingo became one of its kind to be listed on the Australian Stock Exchange which is drawing more capital with its virtual assistance program.

In 2020, she launched Ethical AI Advisory to integrate and promote ethical conduct into the AI industry.

     8. Maxine Horne- Founder of Vita Group

Founder of the Vita Group, 2014 EY Entrepreneur of the Year (northern region), Courier Mail Business Person of the Year in 2019, and 2006 QBR Businesswoman of the Year. She is a woman who picked herself up every time she failed and achieved the pinnacle of success.

She employs more than 1700 people in Vita Group and owns a $600 million annual revenue which is extremely inspiring for all the female entrepreneurs.

     9. Leslie Gillespie- Founder of Bakery Delight

Annual Revenue of Baker’s Delight: 600 Million

Starting with a small bakery store, her brand is expanded to more than 700 stores Australia wide and has created a multimillion dollar company- known as Bakery Delight. She has also been committed to charity work and community services.

Her business is now run by her children, while she and her husband are contributing to a greater charitable cause, the Breast Cancer Network Australia. She is a perfect example of entrepreneurship while making a positive impact in the community.

     10. Naomi Milgrom- Founder of Sussan Group

Net Worth: 795 Million

Recipient of the Companion of the Order of Australia award (2020) and Officer of the Order of Australia award (2010), Naomi is the Chief Executive of Sussan Group. She comes from a family of entrepreneurs that has helped her in developing her keen entrepreneurial skills.

She is a committed charity loving entrepreneur and is an active community service representative. She focuses on promoting mental health and cultural awareness through her foundation.

 

Know any strong women who would like to be inspired by this post? Tag them below!

PayPal has announced the launch of its credit card in Australia, “The PayPal Rewards Credit Card”

PayPal is all set to launch it new credit card ‘PayPal Rewards Card’ in Australia by mid-July. This will be a zero fee card that will bear an interest rate of 20.99% on annual basis across the Visa global network.

Reward points are earned with every eligible purchase which can also be redeemed at more than 750,000 PayPal businesses which include the more than 300,000 in Australia only.

The new launch will be completely in contrast of the company trend, entering into a brick-and-mortar stores in addition to being the online payment platform.  Data from the Reserve Bank of Australia (RBA) indicates the annual fall in goods being bought on credit by 29%. PayPal’s new launch will be in stark opposite of the credit card industry trend.

However, Andrew Toon, the general Manager of Payments at PayPal Australia expresses that there are huge demands for credit cards by our customers where they could make purchases via a physical payment method beside a digital payment medium.  He further added that we are continuing to enhance the flexibility of choices for our customers and make the shopping experience worthwhile both online and in the physical world.

Based on customers’ demand, the reward points are very flexible and can be redeemed by customers, however they would like and at an eligible physical store. Mr. Toon further commented that the pandemic has played a critical role in the increasing demand for rewards points as Australians were left with rewards points unused due to travel restrictions.

PayPal users can track their spending and Reward points via the PayPal app which makes tracing more convenient.  The Rewards card will appear in users’ online PayPal wallets immediately after approval and will be ready to use for online purchases while they are waiting for the physical cards to arrive at their doors.  The Applications will be open this July 2021.

Additionally, PayPal is also set to release a Buy Now Pay Later offering to compete with AfterPay and ZipPay.