Territory Stories

The Centralian advocate Tue 5 Aug 2008



The Centralian advocate Tue 5 Aug 2008


Centralian Advocate; NewspaperNT




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Community newspapers -- Northern Territory -- Alice Springs; Tennant Creek (N.T.) -- Newspapers; Alice Springs (N.T.) -- Newspapers.; Australia, Central -- Newspapers

Publisher name

Nationwide News Pty. Limited

Place of publication

Alice Springs


v. 62 no. 21

File type



Copyright. Made available by the publisher under licence.

Copyright owner

Nationwide News Pty. Limited



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Centralian Advocate, Tuesday, August 5, 2008 11 PU B : C A D V D A T E : 5A U G -2 00 8 PA G E : 11 C O L O R : C M Y K BUSINESS & FINANCE Rock Bar clarified AN article on the Business and Finance page in last Tuesdays July 29 edition of The Centralian Advocate requires clarification. The article, titled New Alice pubs liquor licence suspended, incorrectlynamedRobert Cowan and Jo George as members of Coprax Pty Ltd. Coprax is solely owned by Malathi Stewart. Also, the new company Malathi and The Rock Boys Pty Ltdwas set up in April 2007, not 2008. Mates rates offer for Masters Games Daniel Burdon BUSINESSES in Alice Springs will offer mates rates discounts to people taking part in the Masters Games in October. Masters Games runners Robert Ellershaw and Chris Simpson welcome the mates rates. Picture: PIETER NAESSENS The program was devised by Games organisers and gives businesses the chance to promote themselves. Gamesmedia andmarketing co-ordinator Aimee Cadan said the mates rates program has replaced the previous discount voucher bag system. She said: It has taken over from the bags of vouchers we used to give to competitors, and I think it is a much better way to help participants and local business. There are 55 businesses already signed up to the program which could become a regular part of the biennial Games. Ms Cadan said many businesses were offering a variety of specials, from a free multi-vitamin with a morning coffee and breakfast, to 10 per cent off brick andpaving supplies. She said: It will help to get people into businesses around town, especially small retailers. Weve already signed up everyone in Springs Plaza. Businesses in the mates rates program will get a poster and badges to identify them as a Mates Rates business and the offers will be included in a welcome pack for competitors. Each competitor will get a list of all the businesses involved. There is no outlay for businesses other than the discounts they offer. The last day people can register to take part in the Games is Saturday, August 9. For more information call the Masters Games office on 8951 6414. Phone access doubts over new stores card Daniel Burdon Human Services Minister Joe Ludwig with the new card. CENTRAL Australian businesses are cautiously optimistic about a new EFTPOS system for people on income management. An information meeting with Centrelink was attended by about 100 local business operators last week. Under the new system, people on income management will have aPIN-numberedEFTPOS card called the Basics Card to access their fortnightly cheque. Before shopping recipients will have to check their balance by calling a 1300 number. While pleased the red-tape of the old store-card and account systems are being replaced, businesses are worried that their need for an operating phone could be an issue. Gap Road Smart Mart owner Tony Phillips said: With the current system, it has taken ages to set-up and operate, and it looks like the new system will cut down the administration. Centrelink could not yet confirm whether a freecall number would be provided as part of the national roll-out of the Basics Card. Centrelink said introduction of the new system will start in Katherine in mid to late September. Mr Phillips said: With the way this works, people are going to need access to a phone, and I think they will be coming into the shop to do that when they shop. Often there is no working public phone in the area, and its going to cost them to make that call. Its a grey area. Centrelink could not confirm whether a freecall number would be provided for the new system. Trevor Gleeson general manager of Venturin Nominees which owns the Northside, Eastside and Flynn Drive Foodlands, said the phone calls could become an issue. He said: They cant go to an ATM to check their balance. Its going to make administration much simpler, but I can see that people could be coming in with insufficent funds on their cards. While recipients cannot check their balance through an ATM, a balance receipt can be obtained at point-of-sale each time they use the card. Jacinthas top secret AN innovative former Alice Springs resident has created a mens talcum powder, especially for the Central Australian climate. JacinthaBrown created the all-natural product to help prevent chafing in men. She called it Secret Mens Business. Secret Mens Business is a pure cornstarch powder infused with premium essential oils that have antibacterial, anti-fungal, anti-itching, antiodour and antiperspirant qualities. Saving for Christmas WITH Christmas now less than five months away, there are many people who sit back, comfortable in the knowledge that they are saving during the year. But just how much will they really have saved come December? Savings accounts and other vehicles through which people are encouraged to save for Christmas have interest rates that vary from almost nothing to around 5 per cent. With 12 monthly deposits of say, $100 per month, this adds up to $1200 plus interest (at 5 per cent) of around $33 (less about $10 in tax paid on the interest) for a total saving of $1223. Howeve r , many people with these savings plans often hold credit cards, personal loans or other revolving lines of credit. The rates of interest charged on these debts start at around 9 per cent and can exceed 20 per cent on the higherrated credit cards. If you have a credit card with an interest rate of 15 per cent anda starting balance of $1200. Over the same 12 months, given no addition in the amount outstanding on the card, youwill pay about $175 in interest. It is at this point that things get interesting. If you had put your $100 permonth into the credit card instead of the savings account, you would only have paid about $90 in interest on the credit card. This means that you ha v e e f f e c t i v e l y saved $85 in credit card interest. As for the $1200 of regular savings, they are gone from the savings account but you will have no credit card debt (assuming youpay the interest of $90). Ultimately, this is just another example highlighting the importance of considering paying off personal debt as part of your overall financial plans. Note also that the above scenario makes specific assumptions and the figures resulting will change depending on the individual circumstances. This article is of a generalnature onlyand is not intended to be relied upon as specific professional advice. Damian McGrath is the tax manager at Horwath Alice Springs, chartered accountants and business advisers.