JobKeeper Programme: Extensions Announced

Last week, the government announced two extensions for the JobKeeper programme.

The enrollment to the JobKeeper programme has been extended to the 31st of May. So there’s no rush to enrol now.
If you want to claim JobKeeper from the start ( the fortnight beginning on the 30th of March) you need to make sure, any back pay for those first two fortnights, are paid by the 8th of May.

We’re really pleased with the announcement as it gives us a bit of time to not rush things through and to help more people.

If you need help with JobKeeper book a strategy call with one of our accountants: https://calendly.com/inspireca/strategycall

Happiness is a number between 1 and 10. What’s yours?

If happiness was as simple as forcibly contracting a set of facial muscles, we’d all be happy – whenever we wanted and the world might be a better a place. However, that’s not the case. So this question might sound a bit forced but it’s a starting point to finding more happiness in your business life, drawing it out and enjoying it with family and friends. On a scale of 1-10 (10 being “all-the-time” awesome and one being “I’m so exhausted, my brain has decided to switch everything off but my heart and lungs), how happy are you?

Wait, don’t answer that yet. How happy are you at the end of your weekend when Monday, whenever that occurs for you, is only a few hours away? Dreading it? Take a point off. Does the weekend just mean that you can get on with more work and admin without having to necessarily answer the phone or emails? Take another point off. Has it become a pattern that another weekend flew by without you having a chance to have some meaningful time with your family – or even your “non-work self”? Take a thousand points off! Yes, a thousand! Now answer.

We get it, you’re operating on auto-pilot, staggering from one week to the next, maybe you don’t know what to do about it and that’s all very frustrating. But as usual there is an answer.

Men are from Mars, Women are from Venus and Frustration comes from not knowing

Frustration makes you feel helpless, a little bit angry and comes with an overwhelming feeling that change is a long, long way away. Of all the numbers we like to talk about such as your magic number, what your business is worth, the payment terms you offer etc, all roads surely lead to this number: Your happiness score out of 10. Your happiness score’s natural enemy is frustration and frustration comes from not knowing your other numbers. Let’s look at a couple of test scenarios in dot point form:

You don’t know how much money you’re going to have to pay out this month – frustration
You don’t know how much money is coming in this month – frustration
You don’t know if you’ll have enough to cover BAS (how’s that for timing?) – frustration
You don’t know if you could have paid less tax – frustration, anger, resentment, bitterness

You know what? There’s no way you could enjoy a true happiness score over maybe a 4 with all that frustration.

Lift your awareness, lift the burden, lift your game, raise your happiness score

Rather than us simply saying to you, “if you’re not as happy as you think you should be, just force a smile and you’ll feel better”, we want to offer you the type of sound advice that allows you the freedom to be genuinely happy. Happy with yourself, your business and of course your family. If you’re not feeling it, they’ll know and no amount of cheek muscle raises and flexes will fix that.

We’re all about, helping you get to a point where work doesn’t feel like toil and it actually brings a certain joy to you and your family – and if not joy at least an average score of around 8/10. If you like the sound of that then please feel free to call our number and let’s get to work on it.

Would you like to pay by the hour or by the result? Let’s focus on saving money not charging fees

Do you ever feel yourself getting a little uncomfortable, suspicious or even cynical when you are getting charged by the hour by a consultant of some sort? It’s okay, we do too. It’s not a bad thing and it’s totally normal to wonder what’s really going on while you’re not around. Here’s another question, do you find it difficult to explain a problem while you’re on the clock? And that clock is removing hard-earned cash from your wallet every 6 to 15 minutes? In which case are you thinking about the advice you’re receiving or the money you’re spending?

I am asking you to think about these questions because as you know our focus is on helping you to pull more money and family time and happiness from your business and sidestep the stress where possible. Oh and make no mistake – those feelings of cynicism quickly turn to stress when you’re paying huge amounts of tax unnecessarily and you don’t even know why.

The beginning and the end

We are all at the tail end of another BAS quarter (that came around quickly, didn’t it?) and right on the door step of another tax season. We’ve made no secret of the fact that saving tax is all about having and executing a good, solid plan. We had a tax-saving plan last year and we even set ourselves an ambitious target: save our clients $500k. However, things got a little out of hand and we managed to saved our clients more than double that. Our advice to you is to get onto either executing, working on or starting a plan to help maximise your savings.

If you need help with that, please do ask us – we’d love to help.

You’re paying for more savings and great advice, not hours and minutes

So one of the things that makes us unique here at Inspire is that our clients pay for a result. We pride ourselves on tax saved, on positive impacts created within and outside our communities and of course the quality of life we have a hand in creating with the service we provide. We don’t talk about billable hours, filling up timesheets and revenue raised. Why would we when we started our business to help others, not helping ourselves to others cash.

It sounds like a bit of a brag and maybe it is in one way, but in reality we are just so focused on delivering to you what you’re paying for. Which is great advice and cold, hard, tax savings. That’s what our clients pay us for – not time.

The Real Cost of Cars – A CBD carpark, yours for $407K. It all counts

Sometimes you find yourself driving around the city on a weekend wishing you had a guaranteed space to park your car. That’s just part of normal life nowadays but it can get frustrating. But finding a place to park, let alone finding a “dream-spot”, is only half the problem as the price of parking in some cities is increasing at a rate that would make a real estate agent blush.

With some Sydney-based commuters spending upwards of $19K a year on CBD parking alone, is it any wonder people are purchasing parking spots for huge sums? A few years ago it was reported that a New York City car spot was going for around a million dollars. However, last Saturday marked the anniversary of a Sydney paper reporting the sale price of a Bond Street car space for $400,000 – breath-taking!

Australians have a reputation for loving their cars or at the very least, the freedom that comes with access to a car. But we often forget about the cost of running a car. It’s not just the price of purchase (or lease if you’ve gone that way), it’s the fuel, rego, maintenance, cleaning and… the parking!

But really, how bad could it be?

Cars make life a whole lot easier in many areas of Australia however, the costs are one of the numbers you’ll need to keep an eye on as a business owner. Some time ago, I decided to break down the various vehicle-related costs I was accruing on a very nice, leased, top-of-the-line vehicle. From an emotional standpoint I could happily tell everyone that the comfort, the performance, the prestige and the admiration of likeminded car enthusiasts, more than made up for the costs.

But there’s more to most stories than emotion… there are cold, hard, uncompromising facts. Facts and figures that Ben was more than happy (too happy?) to go over with me and then share on a recent facebook live (squirm).

Turns out that thanks to monthly expenses like the lease ($1200), fuel ($500), rego, premium cleaning (for a prestige car – very necessary), private carpark (also necessary), valet parking at Qantas… put it this way, we’re already a hair over $2700 every month. Wait, what!?!

Wow, so what now?

What now? Nowadays, I do what I should have done instead of falling under the spell of that fantastic car and everything it forced me to do against my will. Confronted with the numbers, I joined the growing legion of people who are increasingly looking to a combination of public transport, Uber, their own cars, pedal power and just legging it from point A to point B?

For me, travel is a very necessary part of what I do and I don’t see that slowing down – there’s far too much knowledge out there and value in being (literally) present to stay put. However, by practising what we preach, I weigh the cost of getting around against the value (dollars, experiences, knowledge) that is derived. That’s how I maintain a favourable balance between costs and benefits. So over-priced parking costs, rarely come into the equation.

To have a conversation about how you could balance your costs or even just to find out if you can afford a nice carpark in Sydney, feel free to contact us.

Saying “No” to Necker? First World solutions to third world problems

First World solutions to first world problems with real life impacts

I want to start by saying that this is a guilt-free article, packed with opportunity and inspiration. So don’t worry, you needn’t try to hide any first world problems you might have. It’s not about that.

Besides, having “first world” problems is nothing to be ashamed of if your heart’s in the right place. After all, we live in the first world, so it’s safe to say that many, if not, all of our problems are going to be from there (here). But here’s a question. Should a business owner spend a large sum to visit Richard Branson’s luxurious Necker Island to commune with like-minded entrepreneurs or help provide hope to those eking out an existence in third world conditions? When you put it like that – the answer seems pretty clear. The answer that you’d be willing to say out loud in a crowd anyway. That’s because you have been offered a clear choice between a fair answer and one that ticks an awful lot of boxes and might actually be the perfect one.

Think about this: what if we removed or obscured the second alternative and simply asked, “should a business owner spend a large sum to visit Richard Branson’s luxurious Necker Island to commune with like-minded entrepreneurs?” Now it feels like the only possible answer is “yes, I’ll just grab my passport and sunhat.”

Tip – Recognise that the biggest first world problem is not a lack of focus but too narrow a focus. Widen that to see other possibilities and your eyes may be opened (wide) to new opportunities to make a difference.

Malawi – the place and the opportunity

In many ways Malawi, the land-locked east African nation, is a place of striking beauty but it has suffered some cruel blows. Held to ransom by drought, lack of reliable nutrition and poverty, it shares an unhappy legacy with many other countries whose populations grapple with sickness and despair on a daily basis.

The good thing (and the opportunity) is that a lot of commodities in places like Malawi are very inexpensive when compared to what we pay in our cities and towns. For example, one dollar for 600ml of bottled water seems like a steal in Brisbane, Sydney or Melbourne. But in places like Malawi, that dollar could literally change lives – if only for a month. Put enough of those dollars together and before too long, lives, families, communities are on the road to reclaiming sustainability – planting hope and reaping life.

We feel very passionate about this because we have been inspired by the difference we could help make by supporting carefully selected program partners such at B1G1.

So “no to Necker?”

Yes… and no. We figured that the wonderful opportunity that is Necker Island will be there for some time to come. But for the estimated 1.7million people in Malawi who risk disease and even death because of the lack of drinkable water, well, there’s not a moment to lose.

Fact: $0.01aud is the cost of access to water for one day in places like Malawi.

We hope to inspire you to join our journey to provide a country in dire need with one million days of access to clean water through a special initiative we’ll be embarking upon. It’ll be rewarding, impactful and something you can help with.

We’ll let you know how and share more of our very exciting story, very soon.

5 Ways To Deal With An Unexpected Tax Bill

This week, Business owners around Australia are getting smashed with BAS & PAYG Tax Bills. While there’s no way to avoid paying tax (other than earning no profit or doing something dodgy / illegal) here’s 5 ways you can experience some Small Business Tax Relief …

>> PAY IT <<

No one likes paying Tax but did you realise paying tax is actually a good thing! You pay tax on profits you make so a Tax bill is actually a measure of success. Our philosphy is to pay your fair share in tax, just, NOT A CENT MORE! So step 1, Pay Your Tax Bill, knowing your making a good profit.

>> VARY IT <<

Business is tough. There are good times & bad times. Many ups & downs. Now a PAYG Instalment notice for example is a pre-payment of tax NOW based on a snapshot of your PAST business performance. So if you’re having a tough year (compared to last) there’s a chance your BAS or even PAYG Installment can be ‘varied down’, which can equal major cashflow relief.

>> PLAN IT <<

The golden standard of Financial Control is to be able to pay every tax bill, in full & on time. The way to achieve this is knowing either 1) what percentage of every dollar you earn, needs to be put aside into a Tax War Chest or 2) what amount every week / month needs to be deposited into your Tax War Chest. Having a healthy amount of money set aside for profit, a rainy day and especially tax, can be the difference between stress & success in business.

>> ARRANGE IT <<

The ATO will occasionally allow a payment arrangements if you aren’t able to pay a bill in full and on time. Please use this option as a last resort .. but be aware that this should be a powerful reminder that you urgently need improved financial controls.

>> QUERY IT <<

If your tax bill is too high or you received the right bill too late, then in might be time to Change Accountants. Most business owners pay too much tax, because their current Accountant is a dinosaur. Here’s 10 signs they … Charge by Hour – Not proactive – Surprise bills – Slow to respond – Just do tax – Not tech savvy – You push them – Not entrepreneurial – $$ to ask questions – No Tax Savings.

If you think it might be time to change Accountants or you want to ask some questions about these 5 steps, let’s book in a time for a Cashed Up Strategy Call – https://inspire.business/chat/

>> BONUS PROFIT STRATEGY <<

Many business owners ask us, ‘How much Profit should I pay myself?’ Well, What if for every dollar in tax you paid to the tax man, you paid yourself a dollar in profit as the founder? Imagine if every time you got a tax bill – say for $20,000 – it felt like a great because it was also a trigger to pay yourself a Profit Bill! See if you’re not paying yourself in Profit AT LEAST as much as you’re paying the Tax Man, then Barnaby Joyce is making more money from your business then you are.

So if you just got blindsided by an unexpected Tax Bill, there’s 5 things you can do – Pay It, Vary It, Plan It, Arrange It & Query It. Good luck & talk soon – https://inspire.business/chat/

How The 2019-2020 Proposed Federal Budget Will Affect Individuals, Businesses, & Superannuation – Client Webinar

The Federal Budget for 2019-2020 is in. Liberal and Labor have put forward their economic and fiscal outlook, including expenditure and changes to tax and super. In this article, we’ll outline the key elements of both parties budgets, and how the changes will affect you. Please note, the views in this article are our opinion only.

We’ve broken down the LNP’s budget changes to address the effects on individuals, business, superannuation, and finally, we run through Labor’s proposed changes that have raised a few eyebrows.

Has the Budget taken affect already?

The budget is not law yet. It’s also an election budget, so you don’t need to worry about any changes affecting you yet. However, the changes will affect you depending on which party holds power after the election, so it’s important to know what each party is proposing.

The budget wasn’t groundbreaking, and there are no enormous changes. That being said, we are concerned about the election due to proposed changes from Labor’s strategy. We’ll give our opinion based on what we know today and what Labor has outlined. It’s worth noting that We ARE biased towards families, businesses, and economic growth. We believe that’s worth backing.

How will the Budget affect Individuals?

Middle-income earners will be taxed slightly less. The 19% tax bracket will increase from $18,201 – $37,000 to $18,201 – $45,000.

The low-to-middle income offset will also increase, from $530 to $1,080. This is good news for individuals who earn between $48,000 and $90,000. Those earners will now receive up to a $1,080 tax offset. With 4.5 million taxpayers falling into the $48,000 to $90,000 range, it’s a handy tax break for a lot of people.

How will the Budget affect Businesses?

The budget proposes an enhanced instant asset write-off. The amount for individual assets costing less than $25,000 will increase to $30,000, an added incentive for businesses to purchase more assets.

The turnover requirements for the instant asset write-off will also increase from $10 million per year to $50 million per year. That’s 22,000 additional businesses employing 1.7 million workers (almost 20% of Australia’s population) that will now have access to the instant asset write-off.

There will also be a change to the ABN system. If you don’t lodge your tax returns, your ABN will be suspended on 1 July, 2021. There will also be an annual details check introduced – a simple confirmation that your details are correct.

How will the Budget affect Superannuation?

If you’re 65 or 66 years old, previously you couldn’t, but now you will now be able to:

Make voluntary contributions without a work test. The work test is a rule that says you have to show that you’ve worked a certain amount before you can put super in as a tax deduction. Now, you can add super without showing that you’ve worked.
Access the Bring Forward Rule. After-tax money can be put into super as well as tax deductible money. However, the after tax money per year limit is $100,000 per person. The Bring Forward Rule says that you can bring forward up to 3 years of the $100,000 limit, and use it in one hit. It’s handy if you sell a business, get an inheritance, sell a house, or downsize, and want to put a larger amount into your Super fund.

Labor’s Proposal

So that’s about it for budget changes under a Liberal government, but we wanted to share some proposals that Labour has put forward. We’re actually quite concerned about the effect of some of these – and even the logic in them.

In our opinion, Labor has put forward some suggestions that will hurt low-to-middle income earners, businesses, and the economy. We’ve identified 6 ‘eyebrow raising’ suggestions that Labor has included in their proposed federal budget, and unpacked each one to explain how they will affect you.

Labor’s Eyebrow Raising Suggestion #1

Concept: Halving the Capital Gains Tax Discount from a 50% discount to only a 25% discount.

Impact: This means that you’ll pay twice the amount of tax on your capital gains. Despite this change, the Superannuation discount will remain at 33%. The overall affect of this change is that you will be paying twice as much tax on capital gains.

The purpose of the 50% discount was to provide another way to calculate your capital gains as a replacement to the index method. The index method said that if you bought your property for $400,00 back in 1990, it would be adjusted for CPI, for example, the equivalent of today’s money might be $600,000.

Labor’s Eyebrow Raising Suggestion #2

Concept: Limit negative gearing to new property only.

Impact: This change isn’t the end of the world, but it’s not great either. Some people have a loss making property for tax purposes. But the big benefits of negative gearing are seen with new property anyway, so the affect won’t be huge. The impact of this change is that new property developments will be encouraged for investors rather than buying existing property.

Labor’s Eyebrow Raising Suggestion #3

Concept: Remove the ‘refundable’ part of franking credits.

Impact: Firstly, what is a Franking Credit? When a company (big listed one or small business that’s structured as a company) pays tax, that tax is kept as a franking credit by the ATO. Shareholders can still access that ‘franking credit’ when you pay dividends out of your company.

When those dividends are paid to shareholders or investors, the investors are taxed on that dividend, and they get a credit for that 30% or 27.5% tax rate. So, if they’re a high income earner paying 47%, they get a 30% credit and only pay 17% ‘top up’ tax. If they earn nothing, the tax rate would be zero on the first $20,000 they earn, so they will receive the 30% franking credit as a refund.

This change will hurt low-income investors and self-funded retirees, taking money out of their pocket and increasing dependence on the government. Conversely, it will have no effect on the wealthy, they will still get the full benefit of the credit. Ultimately, it will encourage people to move money out of Australian companies, to offshore businesses or property or other investment classes, where they will get more bang for the buck, which we believe will ultimately hurt the Australian economy.

Labor’s Eyebrow Raising Suggestion #4

Concept: 30% minimum tax rate on discretionary trust distributions

Impact: This change will target ‘mum and dad’ businesses, effectively taxing trusts like companies and impacting people earning less than $37,000. The wealthy and mega-wealthy are already paying 30%, so it will have low or no effect on them. Instead, mum and dad businesses who might use their trust to distribute money to their children for University or living expenses will now be taxed at 30%.

Labor’s Eyebrow Raising Suggestion #5

Concept: Limit deductions for tax affairs/accounting fees to $3,000 per individual.

Impact: This is targeted at the 0.0000002875% of the population (69 Australians) who claimed a massive amount of accounting fees. This is ridiculous to bring in a change to tax law, and discourage professional advice, for such a small amount of the population.

Go and fix a real problem, Bill.

Labor’s Eyebrow Raising Suggestion #6

Concept: Changes proposed to Superannuation and SMSF.

Some of these changes, if effected, are going to have massive repercussions on the economy, and dependency on the government. These rules are going to hurt older Australians.

Remove rollover for $25,000/year concessional cap. Currently, you can put $25,000 into Super per year. If you don’t use it, you can roll it over to next year, for up to 5 years, giving you the ability to contribute $125,000 in in the 5th year. Labour is pushing to remove this ‘roll over’.

Removing this will discourage people from building their own wealth and saving for retirement, making them more dependent on the government in retirement.

Reduce non-concessional cap from $100k to $75k. Reducing the cap to $75k will discourage people from putting more money into super, again making them more dependent on the government in retirement.

Reestablish the 10% test for extra super contributions. The 10% test states that if your employment income is more than 10% of your total income, you can’t contribute extra money to super from your after tax money. They removed this rule a couple of financial years ago.

Bringing this back in will affect semi-retired people who might earn more from investment than working. Just adds to the dependency problem we’ve pointed out above.

Reduce Div293 tax to $200k income (currently $250k income). The Div293 tax is an extra tax on your super contributions if you’re a high income earner. Instead of taxing super contributions at 15%, as a higher income earner, your super contributions are taxed at 30%. Labor are looking at changing the definition of a high income earner from 250k to 200k to capture more people under the 30% tax rule. Further taxing the people paying the biggest share of tax.

Push super guarantee up from 9.5% to 12% ASAP. This change was probably going to come into effect eventually say over the next decade, but Labor wants to push it forward and bring it in as soon as possible. If you run a business, it means a 2.5% increase to your wage bill. It’s good for employees, but bad for business owners with a shorter lead time on finding that extra cash which we believe will hurt businesses, which are the backbone of the Australian economy.

Ban LRBA’s. LBRA stands for Limited Recourse Borrowing Arrangement. LRBA’s allow super funds to borrow money from banks or related parties. For example, you can lend your own money to your super fund, allowing you to purchase commercial property, transfer property from your own name into your SMSF, or even buy a business or shares. Banning LBRA’s will discourage people from putting their money into Super because it reduces their flexibility and makes super less accessible. It will have an impact on younger generations who will now lose the ability to invest and plan for their future.

We struggle to see any positives of the proposed changes labour has suggested.

Vote with caution this election – it’s the first election I’ve actually been concerned with the result of, because the proposed changes will mean massive (negative) changes for business, families, superannuation and the economy in general.

Setting Up Single Touch Payroll on Xero – Client Webinar

This week’s Client Webinar is on Setting up Single Touch Payroll on Xero.

We explore a number of things around Single Touch Payroll, or ‘STP’:
– What is Single Touch Payroll?
– Who is it for?
– When does it start?
– How do you do it?

We show you click by click how to set it up in Xero, starting at 18 minutes and 45 seconds into the recording.

Single Touch Payroll Update

Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO, and as of July 1, 2019, using STP will be made mandatory unless your employee headcount is zero.

While the ATO has stated that they will be lenient for the first 12 months as businesses adjust, it’s a good idea to get your head around the changes and adapt as soon as possible.

This article will explain everything you need to know about STP, show you how to set up STP in Xero, and answer frequently asked questions about the new system.

What is Single Touch Payroll?

STP is real-time payroll reporting to ATO. Instead of reporting annually, you will now report each pay run. Pay run information is sent electronically to the ATO.

Who is Single Touch Payroll for?

Businesses that have any number of employees. If there are two directors of a company (only 2 employees on the payroll) your headcount would be zero, as directors are not included.

The following are included in a business’s headcount:

Full-time employees
Part-time employees (don’t apportion for ‘FTE’)
Casuals who worked in March or later
Overseas Employees (not ‘VA’s’)
Employees on leave

The following are NOT included in a business’s headcount:

Employees who stopped working before 1 April 2019
Independent contractors
People paid through labour hire
Religious practitioners
VA’s and contract workers

Are you a Company Director?

If you are the only person on your payroll and you’re the company director your payroll would be zero and you wouldn’t have to report to payroll. However, you would have to report at the end of the year with the payment summaries.

If you employ your spouse who isn’t a director, or another family member who isn’t a company director, then they would count towards headcount.

When does Single Touch Payroll start?

STP’s start date depends on how many employees are on your payroll. See the table below.

Number of employees	Reporting Start Date	Reporting Frequency
20 and up (substantial employer)	1 July 2018	Every Pay run
5-19(nonsubstantial employer)	1 July 2019	Every Pay run
1-4 (micro employer)	1 July 2019	Every Pay run

If you’re a substantial employer, don’t stress. The ATO will be lenient on start dates while the transition takes place.

Setting up Single Touch Payroll using Xero

STP reporting is included in all Xero subscriptions that include payroll. Xero also has a payroll only subscription if your software doesn’t support STP.

Before you start, it’s important to ensure that ALL employee details are up to date.

To implement STP using Xero, follow these steps (you’ll see this visually at 18 minutes and 45 seconds in the replay):

Hover over Payroll and go to “Pay Runs”.
“Seamlesss reporting with STP”, Click “Get Started”.
Opt-in to STP screen. Currently, it is optional, but as of July 1, 2019, it is mandatory. Click “Opt-in”.
Review organisation details, click “Continue”.
Connect Xero to the ATO. 1) Contact ATO, or 2)Provide proof of ownership with AusKey.
Click confirmation box “I have contacted the ATO to connect my Xero account”, then click “Register”.
Pay Runs screen shows “STP Filing” shows whether your pay runs have been filed with ATO.
Once you’ve set up STP and added payslips, click “File” and it sends information to ATO. You need to do this for every single pay run. You need to file the pay run information on or before the payroll date.

FAQ & Important Information

How do you pay yourself – drawings or salary?

Make sure you are paying yourself the right amount and using the correct strategy – getting this wrong could cost you thousands in overpaid tax.

How do I fix up pay runs if I’ve made a mistake?

If you’ve made an error, such as underpayment, overpayment issues, etc. you can edit, lodge and amend pay runs on Xero.

What if I need an extension?

If you’re a substantial employee and you haven’t yet implemented STP, you can apply for an extension until you get your pay roll system sorted.

Are there any changes to IAS or BAS reporting?

No, IAS and BAS reporting remain the same.

Why has the ATO implemented STP?

In my opinion, the government is moving more towards the ability to take the PAYG tax out of Australian bank accounts because a lot of the ATO’s debt is small businesses who are paying BAS late, not paying Super. It’s my belief that the ATO eventually wants to implement an automated system that pays the ATO as quickly as possible – a similar system to what is done in the United States.

Click here for more information about Single Touch Payroll on the ATO’s website.

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Paul Dunn: The 3 L’s That Determine Your Legacy, And How You Can Leverage it To Do Good

Today on the show, it is a great privilege to chat with Paul Dunn. Paul is the man behind B1G1, a global business initiative on a mission to create a world full of giving. He is a 4-time TEDx Speaker, entrepreneur, and master presenter. Paul spearheaded the Business for Good Movement, which has inspired businesses across the world to give back to those in need.

I asked Paul to share his very first memory of wanting to do good for somebody else. Paul talks about how from the start of his life, giving back was always his passion. At a young age, he was able to share a table with people like David Packard and Bill Hewlett, Founders of The Hewlett -Packard Company. In their presence, he learned the two driving forces that pushed him to do what he does now; giving abundantly.

In the middle part of our conversation, Paul tells us that 84 businesses are being founded every hour. Why is this number so high? Why are so many people choosing to build a business? Is it for themselves or the greater good? He recalls a quote from a Richard Branson speech, where he said, “Businesses who do good, do better.” We discuss why developing and discovering a business’s purpose, passion, and values are so important.

When you listen to Paul talk about his purpose and passion in this episode, you’ll find yourself reflecting on your business and your life, asking the question: “Why do I do what I do?”

What You Will Discover in This Episode:

The story behind Paul’s decision to create a movement that encouraged charitable giving.
The two driving forces that lead Paul to create B1G1.
The 3 L’s that determine your Legacy.
How business owners can leverage their legacy.
Paul sharing his passion for giving abundantly and why all entrepreneurs should follow suit.
Paul’s tipping point: How the 2006 tsunami made him realise that he has a bigger obligation to the world.
The mindset shift that business owners need to make to embrace the idea of doing business while giving back.
Paul explaining why business owners are in the best position to make the world a happier place.

Resources:
ONE – Sharing the Joy of Giving by Masami Sato

Interview with Simon Sinek

Impact, Habit and Connection | Paul Dunn | TEDxStHelier

TEDxSingapore – Paul Dunn

TEDxChCh – Paul Dunn – Wow and Woow

London Brand Accelerator – Paul Dunn – Buy1GIVE1

Connect with Paul

Paul’s Website: PAULDUNNONLINE.COM

B1G1 Website: B1G1.COM/BUSINESSFORGOOD

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Sarah Riegelhuth On Helping Millennials Become Financially Free & How To Manage A Remote Team

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Is it true that millennials don’t know how to handle money? Millennials are our future leaders, so if they lack financial education, what does that mean for our future? This education gap inspired our guest, Sarah Riegelhuth, to create a community called Wealth Enhancers – a Financial Planning and Advice Company for Gen Y’s and Millennials across Australia.

In today’s episode, I sit down with Sarah, who is a serial entrepreneur and one of Australia’s leading finance experts. She is also the Author of ‘Get Rich Slow: Start Now, Start Small to Achieve Real Wealth.’ Sarah is passionate about personal finance and helping people, truly embodying her company’s purpose of enabling millennials to become financially free.

We kickstart this episode by asking Sarah about her passion for finance and her experience in the industry. She shares that with Wealth Enhancers, they built a community for high achieving millennials who want to be the best they can be. They believe that current and future leaders must have financial stability, so they can achieve their personal goals, live their values, and create a better world.

We also learn how Sarah has built Wealth Enhancers with a fully remote team, and discover the benefits and issues behind this strategy.

We talk about Sarah’s latest project – Wealth Creation for Millennials. It’s a Free 4-week personal finance course that covers everything millennials need to know about money. Tune in to gain insights on how to lead a remote team, financial tips for business owners, and how mindset has played a role in Sarah’s success.