Page 1

What Would You Pay to See this ? Australians are being asked to use their wit and imagination to fundraise for eye health during July in a fun and poignant campaign launched today called What would you pay to see? The Eye Foundation’s month-long “julEYE” initiative is now live online at www.whatwouldyoupaytosee.com. au. julEYE is the month when individuals and teams from all around Australia will be getting away with almost anything, all in the name of charity. Say you play a team sport. You might ask your mates What would you pay to see me play a match in a tutu? You’ll create a challenge page on www. whatwouldyoupaytosee.com.au, set your fundraising target, ask friends and family to donate to your challenge and when you have reached your target you will perform your challenge, posting video or photographic evidence on your web page. You can also do a group or company activity. What would you pay to see your boss work at reception for an hour? Well, now you can see your boss answer those phones and deal with courier pickups. Your boss just needs to create a challenge page, set a fundraising target, ask the staff to donate and once the fundraising target has been reached, cover reception for an hour and provide evidence on their web page. During julEYE INXS musician and Eye Foundation ambassador Kirk Pengilly will face his fear of heights by skydiving and SBS World News presenter and new Eye Foundation ambassador Janice Petersen will swim with sharks. Other examples of how people can participate: An individual might ask their friends: What would you pay to see me give up chocolate for a week? or What would you pay to see me walk through the city dressed as a superhero? A department head may ask their staff: What would you pay to see me do the coffee run? A mayor might ask

6 THE LAKE VIEW July, 2009

residents: What would you pay to see me join the garbage run one morning? Seventy five percent of visual impairment can be either prevented or treated yet every 65 minutes an ordinary, everyday Australian loses their vision. Eye disease is something that will affect all of us in our lifetime – if we live long enough. Despite the common perception, vision loss is not restricted to the aging. Kirk Pengilly was in his 20s and touring with INXS when he was diagnosed with severe glaucoma, nearly losing his sight. julEYE funds crucial research into the causes, preventions and cures of eye disease with the vision of giving every Australian every opportunity to see. “We raised $640,000 last year and despite the challenging economic conditions this year, we’re hoping our campaign will encourage people to have fun and fundraise for us via their individual challenges,” said Eye Foundation CEO Belinda Sullivan. “You can also go to www. whatwouldyoupaytosee.com.au and make a donation.” To post your challenge, make a donation or see what others are doing, visit www.whatwouldyoupaytosee.com.au.

Legal Insights Deborah Narayanan - Swansea Legal Practice

PURCHASING A BUSINESS What to consider Owning a business is certainly not for everyone. It’s up to you to ensure you’ve considered a number of issues before buying into one. Amongst such matters as your knowledge, your skills and personality that suit the nature of a particular business; there are a number of legal issues you need to consider as well. Over the following months this column will address a number of very important factors to consider in making your decision. Type of Business Structure Firstly, you should consider your business structure prior to purchasing a business; do you wish to operate as a sole trader, a company, a partnership, a trust or a combination of a company and trust. These are very important matters as there are asset protection issues and taxation considerations that need to be addressed before entering into a contract for sale of business. In this regard you should seek the assistance of an accountant. Each of type of structure described attracts different start-up costs, ongoing compliance costs, tax rates and personal risk. For example; adopting a company structure, imposes numerous duties on the directors of that company. These responsibilities should be discussed with your Solicitor.

You need to ensure that the owners of the business, if a company, personally warrant that various matters relating to the business are in order. The apportionment of the price between the different assets being sold Secondly, some assets may be depreciable or may have been acquired at different times, for example, before the introduction of capital gains tax in September 1985. Also, there are usually competing interests between the vendor and purchaser as to the value to be placed on depreciable assets. Whilst as a purchaser you may want a high value to be put on these assets to maximise future depreciation, the vendor will usually want them recorded in the agreement at their written down value to avoid tax on any excess over that written down value. In any event, you should not overlook the written down values to the date of completion rather than simply use the values as at the previous 30 June. Next month we will look at further considerations in purchasing or selling a business. This article does not provide a comprehensive discussion of the matter and as always you should consult your solicitor about your individual circumstances.

Ski 4 Kids With Cancer Follow-up Pictured Above From Left to Right: julEYE ambassadors Kirk Pengilly and Janice Petersen

The Lake View caught up with local man, Scott Curtis, who along with his son and businessman Glenn Geary, planned to ski 120km nonstop from Newcastle to Darling Harbour. The aim of this event was to raise $10,000 of much needed funds for the vital research conducted by Hunter Medical Research Institute (HMRI) into the most common type of childhood cancer, Acute Lymphoblastic Leukaemia (ALL). The Ski eventually took place on the 7 May, after nearly twelve months of solid training which involved skiing at least three times a week doing distances of 50 to 100 km in a session. The training was long, grueling and also expensive with the cost of fuel involved, but these guys were determined that Ski 4 Kids With Cancer would happen. With some changes occurring with the boat that they intended to use, the men had to use a boat that could pull only two skiers and so only Scott and Glenn would undertake this marathon. Because of the inclement weather conditions and huge 2½ metre waves with a 1 metre chop, the boat was airborne most of the time. This proved

to be too difficult for the two men to ski together and so they decided to ski halfway each with Glenn skiing as far as Terrigal and Scott skiing the remaining leg of the journey. With the odds very much against them two very exhausted men completed their ski in 3 hours, and Scott said that it took him days to get over it. On a good day they would have been able to do the trip very easily together. As far as the fundraising, which was the most important aspect of this event, the amount raised has been somewhat disappointing with their target not being met. Scott thinks that the economy at the moment has had a part to play in this. He is very grateful for the support that he has had from Brett Jaeger of the Caves Beachside Hotel for his help in promoting the ski and fundraising. Anyone wanting to donate to Ski for Kids with Cancer can do so at Westpac Belmont, or go to the HMRI website www. hmri.net.au, or check it out on Facebook. All donations $2 and over are tax deductable. Thanks to Scott, Glenn and all involved for such a huge effort to raise money for such a worthy and important cause.

newhopeLAKE072009p06  

What to consider 6 THE LAKE VIEW July, 2009 Pictured Above From Left to Right: julEYE ambassadors Kirk Pengilly and Janice Petersen Deborah...