Alison, Ruth and Rose from the Raymond Terrace Branch

Well done to the Raymond Terrace branch staff for a great effort with their fundraiser BBQ in support of Camp Quality.

On Saturday 3 July Ruth, Alison, Rose and their partners Craig, Mick and Wayne fired up the BBQ to raise funds for the Foundation partnership with Camp Quality supporting their Junior Camps. The funds raised totalled close to $600, a fantastic effort.

We would also like to thank all the local businesses who kindly donated items for the BBQ and raffle:
- Brown’s Butchery
- Bake & Break Cafe Bakery
- Australian Shark and Ray Centre, Port Stephens
- Emily Russell, Mary Kay Beauty Consultant
- Pure Surf Industries
- Nunzia Hair & Beauty
- All About You, Hair
- Biondi’s Restaurant

July 6th, 2010 | 1 Comment »

The Bash Crew: John Kopfler (the bash car mechanic & owner of All Care Car Services Kurri), Denise and Andrew Crane with Kurri Branch Manager Maree Henry

Variety the Children’s Charity holds annual Variety Bashes Australia wide. This year 40 cars took part in the 2010 Newcastle Variety Bash which began on Sunday 16 May at Spears Point and, following a week of travelling through NSW towns, finished on Saturday 22 May in Newcastle. Companion Credit Union supported the Bash by sponsoring the car entered by Companion members Andrew and Dee Crane from Kurri Kurri.

The Newcastle Bash raised a net of $300,000 which goes directly to assisting individual children suffering one, or multiple of, 74 different conditions. The support is in the form of specialised equipment and experiences as well as organisational equipment grants to children’s intensive care units, children’s emergency transport services, children’s support and educational organisations.

Variety is a not-for-profit, non-government funded organisation and relies on individual donors, corporate donors and sponsors like Companion to improve the lives of Australian children.

Well done to the Cranes for their effort in this year’s Bash.

June 8th, 2010 | Leave a Comment »

At our 2009 Annual General Meeting, one of our members stood up to voice his concerns about awareness of Credit Unions in our communities. Of particular concern was that many young workers are unaware of what a credit union is or does.

Well now we have an answer for this.

Today is the launch of an industry wide campaign for all Credit Unions, Mutuals and Building societies. 4.5 million Australians choose to bank at a place that isn’t a bank at all.

You can read up about credit unions here or watch a 30sec summary

What do you think of the national mutuals campaign?

May 17th, 2010 | Leave a Comment »

Given all the recent discussion in the media abouth the Henry Review we thought it was important to share a summary of proposed changes that will impact on local businesses. Here it is;

1. Changes to Company Taxation

The company tax rate will reduce form its current level of 30% down to 28%, implemented sooner for ‘eligible small business companies’:

2. Changes to Small Business Write-Offs

From 1 July 2012, small business will be able to:
• Write off immediately assets valued at under $5,000 (currently the limit is up to $1,000)
• Write off other assets (i.e. those valued at over $5,000) in one deprecation pool at the rate of 30% (currently they may be allocated to 2 different depreciation pools). This will not apply to buildings.

3. Resource Super Profits Tax

The government’s progress on other elements of its tax reform agenda will be largely dependent on the revenue derived from the RSPT.

The RSPT will be introduced on 1st July 2012 at a rate of 40% on profits made from exploitation of non-renewable resources. It will replace the crude oil excise, and operate in parallel with State and Territory royalty regimes. Under the RSPT a refundable credit for royalties paid to State and Territory governments will be available. The refundable credit will eliminate investment distortions associated with the state royalty systems and ensure there is no ‘double taxation’ of resource profits.

The Government will consult extensively with stakeholders on the design of the RSPT.

Further information on the above changes and the Henry Tax Review can be found under the ‘Strong, Fairer, Simpler’ link contained on the Treasury website, www.treasury.gov.au or follow this link: http://www.futuretax.gov.au/pages/default.aspx

May 17th, 2010 | Leave a Comment »

Making sense of the Henry Review- what does it mean for me?

There will be four main changes to superannuation:

1. Superannuation increased to 12%
The Superannuation Guarantee Charge will increase from the current 9% up to a maximum of 12% by the 2019/20 financial year. This will happen in increments as shown below:
2.Superannuation cut-out extended to age 75
The entitlement age for the SGC will be lifted from age 70 to age 75 for workers. This change will commence for the 2013/14 financial year.

3. New concessional contribution cap for over 50’s with low super balance
Eligible workers who are 50 years of age and older who have super balances of under $500,000, will be able to make contributions of $50,000 per year (indexed annually according to Treasury).

This low balance cap applies from 1 July 2012 and effectively replaces the current transitional cap for workers aged 50 and older which expires on 30 June 2011.

4. Low income workers government contribution
From the 1st July, 2012, the Government will provide a contribution equal to 15% of concessional contributions made, up to $3,333, for low income earners with an adjusted taxable income (ATI) of up to $37,000. The maximum Government contribution paid will be $500 (not indexed).

This will mean that a person with an ATI of up to $37,000 will effectively not pay contributions tax on their SG contributions. The measure makes super contributions tax neutral for those on a 0% and a 15% marginal tax rate, as shown in the following table:

May 10th, 2010 | Leave a Comment »

Buying a new car is a very exciting time – but there are many things to consider!

Once you’ve decided on your dream car, you should consider getting a pre-approved car loan so that you know exactly how much you have to spend. That way you have bargaining power when negotiating the final sale price.

There are many different types of car finance available, and it is important to consider all of the features when comparing loans.

To save time, you can research different car models, features, and prices on the internet. The Red Book website www.redbook.com.au is useful for finding out the value of used and new cars, especially if you have a trade-in to offer. If you are buying a car through a dealer, make sure that you are negotiating a ‘drive away price’ rather than how much it will cost per week. You may think that you are getting a great deal by bundling finance and paying a low weekly rate, but beware! The repayment period may be longer than anticipated and in the end be far more than you expected to pay.

Finally, when buying a car there are a few other expenses to consider, such as stamp duty and insurance. It’s a good idea to get a quote for vehicle insurance before you buy the car so that you know your ongoing expense. Then once you’ve bought the car your insurer can start your policy immediately, giving you peace of mind.

May 3rd, 2010 | Leave a Comment »

I still remember my very first car, we went to look at it and because it was a manual (and I had only ever driven auto) my father took it for a test drive. I was as proud as punch when we got it home, I couldn’t wait to drive it for the very first time.

I took it for a test drive in our neighbourhood so I could work out the gears. I took off from the roadside and sailed down the road towards the corner and went to turn the steering wheel…and nearly drove off the other side of the road! My dad didn’t tell me it didn’t have power steering, I didn’t even know cars came without power steering and I had never driven without it before! My arm muscles got very strong driving that little car!

My first lesson in buying a used car was; make sure you ask all the questions before purchasing!

I’ve created a checklist for you to look at before you make that big purchase;

- REVS check (to make sure there aren’t any fines or money owing on the car)
- Redbook (you can check the car’s estimated value to ensure you are paying the right amount)
- Mechanic check- get your local mechanic to check it out so you don’t get any unexpected bills or worse stranded somewhere
- Tread on tyres- make sure they still have some life left in them
- Radio/CD player- does it work? And does it come with the car?
- Seat reclines- does this work? (yep had that happen to me too)
- Check for rust/panel damage
- Registration- how long is left on the rego?
- How much will insurance cost you? Can you afford it?
- Check under car seat covers and mats as this could be hiding something.
- Why are they selling it?
- Test the air conditioning
- Check the lights, blinkers, brake lights
- Test drive the car

What else can be added to the checklist?

April 19th, 2010 | 3 Comments »

Following on from our previous travel feature about accessing your money overseas, the next most important part of booking your holiday is making sure you will be covered in the event of an emergency. Personally I always take out a policy before travelling to any overseas destination, buts its not just me recommending you take our travel insurance Smart Traveller urges all Australian to take our travel insurance, saying that each year they assist over 25,000 travelling Australians in need.

Travel insurance covers you for things like medical bills in case of an accident while travelling, loss/theft, cancellation or disruption to flights and more.

A friend of mine recently returned from a holiday in Japan and dislocated his knee/ligament damage, without travel insurance he would have been responsible for large medical bills. I also recently returned from holidays where my return flight was cancelled and rescheduled for the following day, I had organised travel insurance through Companion Credit Union before I left so luckily I could claim my hotel for the night I was delayed, and transport to/from the airport due to the delay. Which I was very happy about!

Have you ever had to use your travel insurance? Tell me about it,

Cas

March 15th, 2010 | 1 Comment »

A poll on our website currently shows that over 56% of members plan to travel in the next 12 months, and with the all time low prices of international flights it’s a great time to travel.

So the next few blog postings will revolve around one of my favourite topics- travel!!

So I thought I would start on a few travel basics, first of all you will need to be able to access your money while you are travelling.

There are a few ways you can access money when you are travelling overseas which may depends on what country you are visiting, so some research may be involved (personally I have always found Lonely Planet a good starting point!). Each of the following ways of accessing your money has their pros and cons:

- Travellers Cheques: Can be organised at your local financial institution (like ours!). Travellers cheques are safe, as long as you record the serial codes on the cheques and keep them separate from the cheques (in case they are lost or stolen). In most countries it’s easy to find somewhere to cash them.
- Cash Passport: acts similar to an ATM card, its PIN protected and you can use them anywhere. For added security you also receive 2 cards, which you keep separately incase one is lost or stolen then you will still be able to access your funds via your second card.
- Credit Card: can be used worldwide, you must use your credit card wisely though and protect your details from unscrupulous persons. You will be charged a withdrawal fee and also a higher interest rate for cash withdrawals. Having a credit card while travelling is handy for booking accommodation or flights through reputable agencies. But you will need to ensure you notify your financial institution you are travelling overseas. If you do lose your credit card and need it replaced while still overseas this can be costly.
- Debit Card: can be used like a credit card but instead you are accessing your own money, make sure you tell your financial institution you are travelling overseas. You will be charged an ATM fee in most countries. If you do lose your debit card and need it replaced while still overseas this can be costly.
- Foreign Currency: Foreign currency can be ordered through most financial institutions (like ours!). It’s handy to have a small amount of foreign currency for when you arrive at your destination so you can purchase drinks, hire a taxi etc.

I highly recommend selecting a couple of these options for when you go travelling, and try not to keep them all in the one spot. Just recently I met a girl overseas who had her purse pick pocketed out of her handbag. This meant she had no way of accessing any of her funds, luckily her friends all gave her money so she could get home ok.

Keep security in mind when you are travelling, its wise to keep your funds in different locations i.e. cash in your purse, credit card and debit card in the hotel safe etc.

Please keep in mind this is my personal opinion and not that of Companion Credit Union, you will need to research your destination and decide what suits your financial situation best.

March 10th, 2010 | Leave a Comment »

With the holiday season in full swing, it’s easy to spend more than you realise – which could make it a very lean and difficult start to 2010 if haven’t already put some thought into saving and budgeting.

If you’re already concerned about mounting holiday season debts, there are some sound steps you can take to take control of your finances in preparation for the New Year.

Here are some things to remember when spending money over the New Year holiday period, to help you avoid the debt hangover – and some budgeting tips on how to help get out of it:
1. Your monthly credit card statement will outline the ‘outstanding balance’ and the ‘minimum payment’. You should aim to repay the outstanding balance by the due date whenever possible to avoid paying interest. If you can’t do this, try to pay more than the minimum payment to avoid paying excess interest.
2. Consider consolidating your debts by taking out a personal loan. If you have a large credit card debt for example, you could save a lot of money by paying off your credit card debt and paying back a personal loan at a lower interest rate;
3. Make a budget plan for 2010, be brutally honest with yourself and in detail outline all your outgoings and incomings. Try to set an amount aside each week – and stick to your budget;
4. It may sound obvious, but try to be intentional with your purchases and don’t buy more than you need – especially if you’re using credit.
5. With the money you set aside each week, check out term deposit offerings and put your money to work for you with a great interest rate.
You can access more financial advice through the Take Control series, which includes advice on budgeting & saving, buying a car, buying property, protecting your assets and wealth creation.

January 11th, 2010 | Leave a Comment »