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Pros & Cons Of Paying Insurance Through Super
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Pros & Cons Of Paying Insurance Through Super

Generally, the benefit of paying insurance through super is cash flowed from super, so you don’t have to pay it personally and it may be tax effective. If there is a portion of life insurance that’s usually deductible in super and if you pay for that outside of super, then it is not tax deductible. […]
How Your Super Compares To An SMSF
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How Your Super Compares To An SMSF

A lot of people ask, “How much do I need in super to consider setting up an SMSF?” If you Google that question, the suggestions for the normal range is about $200,000 to $250,000 in super. But the idea is breaking even, comparing the costs of your current super to the cost of running an […]
How To Create An SMSF Investment Strategy
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How To Create An SMSF Investment Strategy

How To Create An SMSF Investment Strategy Some of the things that you should consider are: Risks of your investments If you’re investing in cryptocurrency, note that it might be extremely risky compared to leaving it in cash, which also has its risks with inflation. You need to basically have a common sense and documentation […]
300K Gain Tax-Free Case Study
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300K Gain Tax-Free Case Study

A few years ago, we had a client who had a commercial property outside of Super worth about a million dollar value. He is shifting into retirement and he wanted to move more money and assets into Super. So, he transferred that million-dollar property to Super. He wasn’t an owner-occupier, but he received rent for […]
5 Things To Know About Estate Planning
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5 Things To Know About Estate Planning

Estate planning is not just a ‘Will’. Superannuation proceeds after dying is dealt with by binding death benefit nominations. If you don’t have one in place, then that is dealt with under the trust deed. It may be simple for the trust deeds to deal with it if you don’t have a binding death benefit […]
The 3 Key Aspects Of Incapacity Planning
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The 3 Key Aspects Of Incapacity Planning

If you do lose capacity to make financial decisions for yourself, or another member of your SMSF is in that situation, always have an enduring power of attorney in place for every member of your SMSF.
The Cost of Setting Up A Company Structure
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The Cost of Setting Up A Company Structure

We give advice and education before we set something up. The session costs $750 plus GST, depending on what you need, because some situations are sometimes completely different. But most structures are around about $2,500 for us to implement for you.
Risk-Takers & Asset Holders Explained
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Risk-Takers & Asset Holders Explained

Here at Inspire, when we’ve got a husband and wife or there’s a couple in the family group, we designate one of them to be the risk-taker and one of them is the asset holder. And when we’re running the business, we are setting up structures for that family. When they are buying and investing […]
Why Division 7A Was Brought In
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Why Division 7A Was Brought In

https://youtu.be/aBsuxZ7zxPs If you were a sole trader and you made $1M, here are some options: Option 1: Taxed in your own name at 47% top tax rate. 47% is the highest marginal tax rate of an individual and it’s higher if they have a hex debt of another 8-10%. So, you are above half of […]
When Is A Bucket Company Worth It?
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When Is A Bucket Company Worth It?

https://youtu.be/kNTtyTZ-VGA A webinar attendee has said, “In the future, the personal income tax rate will reduce for most people to around 30%.” Yes, we have been signalled by previous budget releases, but we still have a high marginal tax rate which is still above the $180K of income or more. You still pay probably 47% […]
What Is A Franked Dividend?
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What Is A Franked Dividend?

https://youtu.be/Zm7IIwugVDk On a recent webinar, one of our attendees has asked, “Please define the term ‘franked dividend” Here’s our answer – If the company is earning $100,000 in profit, you will pay 26% of tax, and you’ve got $74,000 left in the bank account. You can pay a dividend, and you can attach the $26,000 […]
Taking Money Out Of A Company Vs A Trust
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Taking Money Out Of A Company Vs A Trust

In terms of taking money out of a company versus a trust, the first way to take money out of a company is through a salary. Take a salary out to pay yourself, or to your spouse if they work in the business. But you still have to take Pay As You Go withholding because […]
Short Term Solutions For Division 7A
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Short Term Solutions For Division 7A

https://youtu.be/q4PhwfGJdfQ One of the short term solutions is, a lot of clients put their excess cash in their offset account to reduce the interest on their home loan. They repay the loan before 30 June, and that is a repayment of the Division 7A loan. But technically, if you rip it back out on the 1st […]
Medium Term Solutions For Division 7A
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Medium Term Solutions For Division 7A

https://youtu.be/Pc4909N2WRk Option 1: Pay minimum repayments on unsecured loan A common one we do is pay the minimum repayments on the unsecured loan. Unsecured Division 7A loan is a 7-year term. There are minimum repayments and we can pay these in cash (transfer back). The alternative is to issue dividends to the shareholders, or pay […]
Long Term Solutions For Division 7A
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Long Term Solutions For Division 7A

https://youtu.be/ZkvOLJMSxrY It is possible to avoid Division 7A altogether, but there are potential drawbacks because we don’t get access to cash personally, but that may be okay depending on your circumstances. Option 1: Pay the cash back into the company Pay the cash back into the company and repay the loan. But the downside or […]
How Does An Offset Account Work?
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How Does An Offset Account Work?

https://youtu.be/rstfd9IuRcc On a recent webinar, one of our attendees asked, “Please define an offset account, and does an offset account only exist for a home loan?” Here’s our answer: Some of the banks offer it with a mortgage. If you put $10,000 in your offset account, that will offset a portion of the interest up […]
5 Rules For Division 7A Loans
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5 Rules For Division 7A Loans

https://youtu.be/q1ZH5znHrhE When Ben started in accounting, they had a couple of clients who had loans pre-1997, and they basically didn’t repay a cent because there were no requirements to abide by these sorts of rules. But in general, the loans need to be documented. There’s a principal, and interest repayments required, a maximum term, and […]
What Are Your Lending Options Inside Super?
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What Are Your Lending Options Inside Super?

https://youtu.be/IhgHD0B2grM LRBA is an acronym for Limited Recourse Borrowing Arrangement. Super funds on their own can’t lend money from a bank or anything. They are not supposed to lend in their own right. In the right conditions, you can borrow using funds with your super and receive the income into your super fund if you […]
The Process Of Buying Commercial Property
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The Process Of Buying Commercial Property

https://youtu.be/1xeYJ8K3YYI Step 1. Preapproval  The first step is to get preapproval or some idea that you can buy what you are looking to buy. If it’s Inside Super, you don’t necessarily need your SMSF set up – you could be looking but not have an SMSF. Whilst Outside Super is more simple than a home […]
4 Business Structures Explained
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4 Business Structures Explained

https://youtu.be/anZkxyD_eZY The first structure is in your own name, as a sole trader, or as an individual. Second is a company, third is trust, and fourth is a self-managed super fund. There are three things that we look at, one is the tax rate. If you’re an individual, you can pay up to 47% in […]
Distributing Money To Retired Parents
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Distributing Money To Retired Parents

https://youtu.be/5llWnWlYhXs Quick reminder, as an adult tax resident in Australia, you will get the first $20K or so of your income tax for free, that is called the tax free threshold. If you look at distributing $20K to one person at no tax versus giving it to yourself at 39% tax, you can save under […]
What Is A BAS Bank Account?
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What Is A BAS Bank Account?

https://youtu.be/sBvFIylg2cw BAS is an actual acronym for Bas And Super. BASes and superannuation are paid quarterly for GST purposes for most businesses. We want to make small contributions throughout the quarter and then you will take a big hit when you need to pay BAS and super. This is the account you do that in, […]
Tips To Pay Yourself From A Trust
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Tips To Pay Yourself From A Trust

https://youtu.be/pxILqbZ5TLQ If you’re the main person running the income and you have no other salary or income from other sources, here’s a guideline:We don’t want to take you up over $120K in taxable income and that is when the marginal tax rates go from 34.5% up to 39%. It used to be $90K, but now […]
The Secret To Hitting Your Weekly Magic Number
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The Secret To Hitting Your Weekly Magic Number

At Inspire, we report our magic number every single day. We have a team daily huddle and a target for the week. Obviously, not everyone is involved in sales but we share our numbers at our morning meeting so that everyone is aware of how we’re tracking and it gives absolute clarity and focus for the […]
How to Distribute To A Loss-Making Entity
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How to Distribute To A Loss-Making Entity

https://youtu.be/e4boqI4FhkE Ben initially created an accounting firm with a cafe in the foyer called Inspire cafe. It had a heap of losses over a number of years before it ended up closing. Over the accounting firm, it wasn’t making massive amounts of profits, because it was the first few years of the accounting firm and […]
The 4 Bank Accounts Every Business Needs
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The 4 Bank Accounts Every Business Needs

The first one is the main account, it receives all income and it pays the headline expenses which are your pay, the wage bill, and any big suppliers. It disperses the rest into the other accounts.You want all your income coming into this one, but a handful of transactions going out from the main account. […]
Why You Need A Rainy Day Fund
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Why You Need A Rainy Day Fund

The rainy day fund has an allocation of money to build a rainy day fund for your business. Start small with a small weekly contribution if you haven’t got anything and aim for three months worth of expenses.We had a number of business owners who came to workshops years ago, they didn’t necessarily become clients […]
Managing Multiple Bank Accounts In Xero
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Managing Multiple Bank Accounts In Xero

An attendee has asked: “If you’re feeding all the cash deposits from the sales and it goes into your main bank account, and you split off all these different accounts, as far as bookkeeping and all that sort of thing, how does that work with Xero and having all the different accounts, for tax time […]
How To Save Tax & Boost Your Super
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How To Save Tax & Boost Your Super

https://youtu.be/GuxS8jbXv50 A trust doesn’t technically distribute to a super fund like a discretionary trust but you as a member, can contribute the profit you receive from a trust into super. The current tax deductible cap into a super fund per year is $27.5K.  Keep in mind that when money goes into super, there is a […]
What Is Your Magic Number?
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What Is Your Magic Number?

https://youtu.be/L_9sRFXGOko Magic Number is one of the strategies that we use to help business owners understand how much sales they need to make in their business so that everyone is paid including suppliers, team, and themselves. They make a healthy profit which a lot of business owners don’t budget for, and any debt repayments that […]
The Rules For Giving To Churches Vs. Charities
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The Rules For Giving To Churches Vs. Charities

https://youtu.be/wuM4pvUXMtE Churches and charities are classed differently in terms of their ability to give pre-tax money. If you distribute tithes or give money to a church, and they are not a deductible gift recipient, then you need to make sure that they have an income tax exemption by looking their ABN on the Australian Business Register. […]
Minimise Tax With A Bucket Company
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Minimise Tax With A Bucket Company

https://youtu.be/PyACKDzvOZk If you have a trust earning $500K in profit and you have given $120K each for the husband and wife and for whatever reason, you have only given $60K to your grandparent or the parent. If we add all those up, you have distributed $300K and you still have $200K remaining to distribute.  Where […]
4 Categories Of Risks To A Business
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4 Categories Of Risks To A Business

Why would asset protection should be talked about when you haven’t run through what the actual risks are? People have had different experiences about getting sued so you may want to be prepared for it, rather than not prepared and have to react. There are four categories of risks to a business and the first […]
Benefits Of A Self Managed Super Fund
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Benefits Of A Self Managed Super Fund

https://youtu.be/S2nQbdvtkSc The tax rate of a self-managed super fund is 0% and this is not a trick like the trust was. In certain conditions, your self-managed super fund can actually pay 0% in tax on what it earns. The differentiator between the two is the 15% tax rate is what you pay when you’re accumulating […]
The Pty Ltd Business Structure Explained
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The Pty Ltd Business Structure Explained

https://youtu.be/ocKzefv1L-M How you tell someone has a company in their structure, is the letters “Pty Ltd” at the end of the name. For instance, our own structure is Inspire Accountants Pty Ltd. So we’ve got a company within our own structure. There are two tax rates. The first one is 30% and that was around […]
Draw Vs. Loan – What’s The Difference?
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Draw Vs. Loan – What’s The Difference?

https://youtu.be/qye0_4wIEPo A way to take money out of a company is through a loan and it’s quite complex. If you have a company structure you might have heard your accountant talk about this thing called Division 7A, or maybe a frustration with company loans.  Division 7A basically says you can’t just rip money out of […]
The Cons Of Being A Sole Trader
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The Cons Of Being A Sole Trader

https://youtu.be/9fHUFXw_0cM What is the highest rate of tax you can pay as an individual or a sole trader in Australia? The top marginal tax rate is 47%, and it goes higher than that if you’ve got HECS. You can pay north of 50% tax, where literally half of your profit is going to the tax […]
3 Characteristics Of A Trust
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3 Characteristics Of A Trust

https://youtu.be/uqFgRy5742U Trust is not a legal requirement like the Pty. Ltd. in a company. The tax rate of a trust is 0% and with a trust, it gives its profit to other people or other entities in the family group and they pay the tax for the trust. However, it is not technically zero because […]
Are You Running A High-Risk Business?
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Are You Running A High-Risk Business?

https://youtu.be/-R0o4ckIdy8 Sole traders are basically the highest risk you’ve got. In terms of asset protection, it is a continuum of how comfortable you are with risk. What we want to do when clients come on board is educate them on the principles around asset protection and some people start really far around the higher risk […]
Differences Between Dividends & Distributions
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Differences Between Dividends & Distributions

https://youtu.be/lXZ5hM3hQY8 For shareholders who own the company and who are entitled to the profits, you pay a dividend which is a payment of prior year profits to the shareholders. If the dividend is franked, which means the company has paid tax on that amount, the shareholder will receive a franking credit so that they don’t […]
Can A New Business Sponsor A Visa?
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Can A New Business Sponsor A Visa?

https://youtu.be/VjIh3eq99uU We recently invited Michel Sulzbach and Erica Carino, directors of Bravo Migration to a webinar on the topic, ‘Hiring Temporary Residents on a Visa’  Here’s what they said – Any business could be approved to become a sponsor. The requirements to get a blanket approval are minimal. A sole trader, a partnership, a PTY LTD, […]
How To Pull Money Out Of A Company
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How To Pull Money Out Of A Company

https://youtu.be/BbjdZVmkeL8 The first way to pull money out of a company is to pay yourself a salary. It is the context in terms of pulling money out. So, how do you put food on the table through a profit you generate in your company or trust? There are two things to keep in mind with […]
Should You Apply To Multiple Banks For Funding?
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Should You Apply To Multiple Banks For Funding?

https://youtu.be/D6FS6pA1eEc We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’  Here’s what he said – We have conversations with a number of banks to understand their appetites, but generally once we work out each different banks’ appetite, their viewpoint to a transaction, potential structures that […]
Why Growth Is The Most Vulnerable Stage
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Why Growth Is The Most Vulnerable Stage

https://youtu.be/tHOlIEypTz8 We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’  Here’s what she said – Why is growth the most vulnerable stage? Growth is the most vulnerable phase for a business and many people think that the most vulnerable phase of a business is […]
Will Banks Loan 100% Of The Purchase Price?
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Will Banks Loan 100% Of The Purchase Price?

https://youtu.be/FDQCtFgG0KI We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar and we asked the question, “Will the banks loan 100% of the purchase price? Or do they still look for that particular?”  Here’s what he said – In general, a bank won’t go to 100%. However, if you had security outside of that, […]
The 1st Thing Banks Look At When You Apply For Funding
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The 1st Thing Banks Look At When You Apply For Funding

https://youtu.be/ndJx51f_Pnc We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’  Here’s what he said – It comes down to the management experience and their skills, the industry that they are operating their business within and who are the key people in that business. I […]
The #1 Issue With Structure & Asset Protection
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The #1 Issue With Structure & Asset Protection

https://youtu.be/eNjn14FVLDM We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’  Here’s what she said – The number one common issue isn’t necessarily the one that I see most often, but it is the one that I see when it comes in and can have […]
What Do Banks Think About Vendor Finance Agreements?
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What Do Banks Think About Vendor Finance Agreements?

https://youtu.be/bQDRzQSXqT0 We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’  Here’s what he said – We see a lot of business acquisitions where the vendor was quite happy to provide some finance to the buyer on that business. It is accepted by the […]
The 3-Step Process In A 482 Visa
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The 3-Step Process In A 482 Visa

https://youtu.be/NsB3uj2F7GI We recently invited Michel Sulzbach and Erica Carino, directors of Bravo Migration to a webinar on the topic, ‘Hiring Temporary Residents on a Visa’  Here’s what they said – The most common visas today are starting with the 482 TSS. This is the new 457 visa which really is just the same with a […]
How Do Finance Providers Approach Pre-Purchase Structuring?
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How Do Finance Providers Approach Pre-Purchase Structuring?

https://youtu.be/t-4Nefgzy0g We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’  We asked him this question – How Do Finance Providers Approach Pre-Purchase Structuring? For example, if the business has high cash reserves and retained earnings, declaring dividends prior to purchase, and let’s say […]
Which Industries Have High Funding Potential?
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Which Industries Have High Funding Potential?

We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ Here’s what he said – These industries are by no means exhaustive. It just highlights a few of the industries where a lot of banks have specific policies around lending to these industries. So, […]
5 Types Of Employer Sponsored Visas
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5 Types Of Employer Sponsored Visas

https://youtu.be/RTzUG7VpdR0 We recently invited Michel Sulzbach and Erica Carino, directors of Bravo Migration to a webinar on the topic, ‘Hiring Temporary Residents on a Visa’  Here’s what they said – The options under temporary visas would be the 482 TSS Sponsorship Visa, which is the old 457. In 2017, the Government woke up and said, […]
Can You Get A Loan For A 6-Month Old Business?
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Can You Get A Loan For A 6-Month Old Business?

https://youtu.be/P7SSfDd-4Tw We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’   Here’s what he said – 6 months trading is not a huge amount from a bank’s point of view, but certainly you would need information up to date and a very comprehensive and […]
Do This To Prevent Late Payments From Clients
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Do This To Prevent Late Payments From Clients

https://youtu.be/bE08ptt8CFI We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’  Here’s what she said – The reason for non-payment and slow payment, is a lack of provision in your client agreement when they don’t pay on time. You have the right to […]
The 2 Main Ways To Manage Purchase Structures
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The 2 Main Ways To Manage Purchase Structures

https://youtu.be/NK_THI9DT7o We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ We asked him if he had any insights into the two main purchase structures.  Here’s what he said – In regards to the shares in the business, if you are buying shares in […]
What You Must Know About CapEx
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What You Must Know About CapEx

https://youtu.be/KzplpIwYAYI We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’  Here’s what he said – It is important to understand when you are buying a business that there is often a purchase price. You might have to buy some stock, but if that […]
How To Reduce Personal Liability As A Director
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How To Reduce Personal Liability As A Director

https://youtu.be/VDUf6UHf0dY We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’  Here’s what she said – Be aware of where your financials are. Keep regular communication up with your accountants. If you’re in financial distress, don’t put your head in the sand, deal […]
The 4 C’s Of Funding
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The 4 C’s Of Funding

https://youtu.be/fL5d6Ntntuw We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’  Here’s what we said – First is the ‘Character’ of the business. A fairly decent and a sort of low risk approach in terms of their makeup and history. Second is the ‘Capacity’ […]
How Border Closures Affect Workforce Participation
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How Border Closures Affect Workforce Participation

https://youtu.be/Bal0feMWanQ We recently invited Michel Sulzbach and Erica Carino, directors of Bravo Migration to a webinar on the topic, ‘Hiring Temporary Residents on a Visa’  Here’s what they said – A lot of the applicants that end up being sponsored by companies in Australia and end up being absorbed by the workforce, those are people […]
Time Frames For Funding Transactions
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Time Frames For Funding Transactions

https://youtu.be/cHCzD4s3kNg We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’  And we were asked, “Can you provide some insight around time frames?  How long do the transactions take?” Here’s our answer – It is bank specific and potentially the size of the transaction as […]
The Importance Of Protecting IP
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The Importance Of Protecting IP

https://youtu.be/cbp4xNHZBXI We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’  Here’s what he said – Clients may not realise how much value sits in their intellectual property. You will realise how much value sits in it when someone tries to take it […]
What Do Bankers Look For In A Business Plan?
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What Do Bankers Look For In A Business Plan?

https://youtu.be/6OViSv9FA0E On our recent webinar with Scott McGregor – Commercial Broker at Mortar Finance, we were asked, “Is there a key element of a business plan that banks put emphasis on?”  Here’s our answer – The business plans are handy. It gives the bank an understanding of the borrower’s thought processes around that business. The […]
What Is A Visa?
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What Is A Visa?

https://youtu.be/VNWGeaiXu3I We recently invited Michel Sulzbach and Erica Carino, directors of Bravo Migration to a webinar on the topic, ‘Hiring Temporary Residents on a Visa’  Here’s what they said – It is a legal document that allows a foreigner to not only enter the country, but also remain in the country for a particular period […]
How Banks Determine Capacity For Funding
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How Banks Determine Capacity For Funding

https://youtu.be/RrmpXV0efIY We recently invited Scott McGregor, Commercial Broker at Mortar Finance on a webinar on the topic, ‘Funding your next business acquisition.’  Here’s what he said – Banks are going to look at the capacity, which is effectively the ability to repay the loans. That is what the bank refers to as the Primary Exit, […]
What Costs Are Involved In Acquiring A Business?
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What Costs Are Involved In Acquiring A Business?

https://youtu.be/XyZtKkqih6E There would be accounting fees and there is also potentially tax depending on how you purchase it and depending on which state you purchase the business in. For instance in Queensland, if you were to buy a business/asset sale or purchase, you pay stamp duty on that but New South Wales has a zero […]
An Update On Our Big Hairy Audacious Goal
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An Update On Our Big Hairy Audacious Goal

https://youtu.be/7FdzhL0KCdI The interesting update is we’ve actually hit almost $4.3 million. We’ve more than doubled our target and our team is stoked and clearly we set the bar or the target too low and so good that we’ve been able to save our client base over $4 million. Blown away as a team and through […]
What Is The Fortify Methodology?
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What Is The Fortify Methodology?

https://youtu.be/pM1blIoZAU4 We recently invited Joanna Oakey, director of Aspect Legal on a webinar on the topic ‘Acquiring A Business.’  Here’s what she said – It’s important to fortify your business before you acquire, and then after.  We have been identifying, protecting, preventing and predicting. It is identifying issues that might be sitting there in your […]
Most Lawyers Won’t Talk About This
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Most Lawyers Won’t Talk About This

https://youtu.be/9yTunM_-_xA We recently invited Joanna Oakey, director of Aspect Legal on a webinar on the topic ‘Acquiring A Business.’  Here’s what she said – Process is something most lawyers won’t even talk about, because most lawyers don’t have a defined process for how they see acquisitions.  They might have a process in that they know […]
The Risks Involved In Purchasing Business
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The Risks Involved In Purchasing Business

https://youtu.be/NUFVJ7v8jtE There are a number of different risks that could be involved in a business purchase and it is going to depend on the business and the industry. They are probably more specific to an application. An important one to bear in mind is a ‘lease’ sort of business. If you’re buying a business with […]
How To Fund An Acquisition
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How To Fund An Acquisition

https://youtu.be/jFbgg0-T3gQ We recently invited Joanna Oakey, director of Aspect Legal on a webinar on the topic ‘Acquiring A Business’ and we had a question come through, ‘how to fund an acquisition?’ Here’s what she said –  There’s a number of ways that you can fund it. You can fund it from your own investors into […]
The Problem With Your BHAG
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The Problem With Your BHAG

https://youtu.be/z_3ksd59JM4 In a recent webinar, we invited Dr David Dugan from Abundance global on the topic ‘How to Navigate in 2021.’ Here’s what he said –  A Big Hairy Audacious Goal (or a BHAG) should be something that is almost a theory or almost difficult for you to achieve – We at Abundance Global call […]
The 5 Drivers Of Killer Deals
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The 5 Drivers Of Killer Deals

https://youtu.be/nyQDm-NPxOw Number one is preparation. You need to get yourself sorted right from the beginning. Make sure your ship’s in order right from the beginning. Make sure your stuff is in order and you understand where you’re going. In many instances, the greatest issues have occurred from just a lack of clarity of what the […]
Creditworthiness Vs. Business Value
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Creditworthiness Vs. Business Value

https://youtu.be/FDiQdCIp-uA “Are the 4 C’s the way a lender would value a business? Or is there another way?” That’s not the way a lender would value the business, it’s the way they’re going to assess the business from a credit point of view. The valuation of the business will come in a number of forms […]
Different Ways To Value A Business
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Different Ways To Value A Business

https://youtu.be/8LN-pkXG2lg One of the services we can help with is business valuation of a prospective purchase. A couple of the ways that you might value a business is a multiple of profit. In the technology space, it becomes less about profit or revenue. It can become more about what’s the value of this asset, because […]
Is A Novated Lease Right For You?
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Is A Novated Lease Right For You?

https://youtu.be/GxfwaA4CIy0 Two types of novated leases are fully maintained, which involves maintenance, fuel, tyres, servicing and non-maintained. The thing with a novated lease is that whilst it does have some tax benefits, when they’re put up against a commercial chattel mortgage, the cost of the novated lease per month is generally far higher than the […]
The 2 Main Ways To Purchase A Business
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The 2 Main Ways To Purchase A Business

https://youtu.be/t45pZ0w77R0 The first one is to buy the actual business or assets of the business versus the shares in a company or the units in a unit trust. They’re kind of the two main ways. The Business or Assets, the accounting word for that is ‘goodwill’ and it is the most common way. You buy […]
How To Approach Exclusivity In Acquisitions
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How To Approach Exclusivity In Acquisitions

https://youtu.be/o4MvQPqDlz0 On the recent webinar, we were asked “Is that period of exclusivity, a bit like a property contract?” We can do it in two ways. We can do it either in the Terms Sheet, which is the exclusivity. The problem is it will end at some point. So generally we see exclusivity between 1 month […]
This Is How Banks Look At Funding
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This Is How Banks Look At Funding

https://youtu.be/Z6dbJ23JL3E A little bit of a rule of thumb, in terms of how banks will look at some of the funding, the first one there is a bit of a shared risk. Banks are going to want to know that the owners of the business have got some skin in the game. An industry term  […]
The Importance Of Knowing Your Numbers In Detail
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The Importance Of Knowing Your Numbers In Detail

“Not enough detail,” is kind of caused by a couple of things. When you set up a Xero account or a chartered account, the list of expenses or the list of income, will only give you a standard list. Let’s take subscriptions for instance, we’re a service business and we have at least 20 software […]
Winter Is The Season Where Millionaires Are Made
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Winter Is The Season Where Millionaires Are Made

The right strategy at the wrong time is the wrong strategy.  You need to know what season we are in. Economically, you’ve got it wrong. There are only one or two people that actually get it right. Where are we right now? We’ve had a downturn and uptick. There’s a growth wave and this is […]
The Rules For Claiming Meal Expenses
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The Rules For Claiming Meal Expenses

Something that you can do as a business is to pay a meal allowance for your employees. The reason why you pay meal allowances is if they went for a business trip, and you send them off for a seminar and you pay them a meal allowance. That meal allowance is usually included on your […]
The 5 Keys To Total Financial Control
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The 5 Keys To Total Financial Control

When I was putting this together, I kind of felt there were five main things to talk about. And they’re in this particular order for a reason, because we can kind of build on each of the topics as we go. The first one, bit of the old Simon Sinek, but I want to start […]
The Acquisition Process – Deal Flow
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The Acquisition Process – Deal Flow

What are you trying to do? Let’s get a strategy of how you’re getting this. So you can work out what your targets are, What do they look like? Where are you going to find them? Go find your targets, understand a bit about the business to the extent that you can agree on commercial […]
How Does A Bucket Company Work?
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How Does A Bucket Company Work?

In a recent webinar, we were asked the questions, “Must the distribution money need to be paid to the Bucket Company? If yes, when?”  Let’s say, the Bucket Company will receive a distribution this year. You say, “Look, you’re going to receive $30,000 in distribution.” Now, at 30 Virginia, Ryan Perook signed a trust distribution […]
The 3 Ways To Play The Game Of Business
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The 3 Ways To Play The Game Of Business

Are there three ways to play the game? The first way is ‘Drifting Business’, an example of this is like, “Hey, we got JobKeeper, we’ve got a good war chest, things are looking good. You know what? We’ll just maybe cruise. We’ll see what happens with the economy. We’ll just keep on doing what we’re […]
Why 8-Figure Entrepreneurs Often Hate Their Business
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Why 8-Figure Entrepreneurs Often Hate Their Business

What true scale really means is for your energy or money output to get a disproportionately higher return than what you did before that scale. Most people grow their businesses. Now, you can grow your mindset. You can grow your leadership ability, however, you want to be very careful about growing your business. You want […]
Why You Have To Understand Your Cash Flow Days
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Why You Have To Understand Your Cash Flow Days

Cashflow days are made up of three components. We’ve got debtor days which is how long it takes you to get paid, basically. We’ve got stock days or inventory days or even invoicing days if you’re a service business let’s say you might not carry a physical stock and you invoice your customers. And so […]
3 Reasons For SMEs To Consider Acquisition
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3 Reasons For SMEs To Consider Acquisition

The idea that in a single signature, you can double or triple or quadruple the value of your business in comparison to decades of building a business is, I think, the number one reason for SMEs to consider acquisition versus organic, but of course you never stop with organic, but it’s just looking at that […]
What You Need To Know About Car Allowances
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What You Need To Know About Car Allowances

I was hosting a webinar recently, and one of our attendees asked: “Do you have any advice on car allowances from the individual/company audit?” Here’s our response:When it comes to car allowances, usually what typically happens when there’s a company that you work for, If you use your car for work purposes instead of the […]
What Are The New Criteria For Loss Carryback?
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What Are The New Criteria For Loss Carryback?

I’d just like to touch on some changes from last year’s budget. There’s a new strategy that we’re putting into play before the 30th of June called “The Loss Carry Back”.The criteria is if you’re running a company and you’re a small business, if you make a loss in 2021 financial year, after this 30 […]
Do You Have Multiple “Teams” Of Income?
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Do You Have Multiple “Teams” Of Income?

One of the stages within the B.O.S.S Steps is called STAR. Now in the STAR phase, you get a true sense of freedom. It’s somewhere between $350 and $800 K. Now, you can sit at the $350 – sometimes it’s a touch more than that to $400, and you can be on that borderline. But […]
Chattel Mortgage Vs. Finance Lease
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Chattel Mortgage Vs. Finance Lease

I was on a webinar recently with Ashley Smith from ASA finance group, and here’s what he had to say in regards to Chattel Mortgage vs. Finance Lease for vehicle finance – Ashley: 98% of the stuff I write is a chattel mortgage. Finance lease is a little outdated. I can’t comment on the tax […]
Can You Delay Assets If You’ve Only Made A Minimal Profit?
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Can You Delay Assets If You’ve Only Made A Minimal Profit?

During a recent webinar, one of our viewers asked “If I have only made a minimal profit in 2021, can I delay the asset write off to 2022 when my business is more profitable and there’s more to write off?” My answer: I guess in a way that depends –  it depends on when you […]
Interest Rates In Asset Finance Are On The Rise
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Interest Rates In Asset Finance Are On The Rise

Traditionally I would say we’ve been in a declining rate market for between roughly six to eight years. Rates have been coming off, which is great news – everyone keeps being told to renegotiate their rates around home loans and all these other things. The reality is, rates are pretty much as low as they’re […]
Why Every Business Needs A War Chest
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Why Every Business Needs A War Chest

We strongly recommend that every business has a war chest –  there’s many authors, business writers and even personal finance writers who suggest something like this as well. A war chest is basically an emergency fund, where you’ve got – for example – three months’ worth of your business’s recurring expenses in cash, just sitting […]
Why Businesses Stay Stuck In The Startup Phase
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Why Businesses Stay Stuck In The Startup Phase

https://youtu.be/GZ3OAB-WFkw When you first build your business, you’re going to experience the first step, which is what we call the “start-up phase”.  As a guide, the start-up phase is somewhere between 0 to $10,000 a month. If you’re in construction, retail, restaurants and cafes and that space, then this still applies to you – the […]
The #1 Challenge For Most Entrepreneurs
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The #1 Challenge For Most Entrepreneurs

https://youtu.be/nc3TZ5Pfoe0 For most business owners/entrepreneurs, their biggest challenge is scaling their business. Now, a lot of people don’t understand what scaling really means – the goal is to build an asset.  Just to be clear on this, you’ve got an accountant with you, so you’re going to be having a balance sheet discussion with them […]
Why Acquire A Business?
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Why Acquire A Business?

https://youtu.be/CHhEDzxTKU0 I was speaking with a business owner recently and we’d had discussions around prepping for exit over a few months, and I’d just mentioned acquisition, and he’d been thinking about it anyway.  So last week, he spoke to me and he said, “Do you know what? I’ve decided to put on hold exit for […]
Let’s Talk About The Tax Impact Of Covid Stimulus Measures
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Let’s Talk About The Tax Impact Of Covid Stimulus Measures

https://youtu.be/pmQI5fRdEPs Lets talk about the tax impact of COVID stimulus measures.  There were two main stimulus measures which were announced last year, one of which was the “cashflow boost” – that’s if you employ someone including yourself. Certainly it didn’t really matter as long as the business employed someone, then you’re entitled to what they […]
Why You Shouldn’t DIY Your Bookkeeping
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Why You Shouldn’t DIY Your Bookkeeping

https://youtu.be/sjCj82Xs24Y Business owners shouldn’t DIY their own bookkeeping. Similarly, I’m not the best person to go and rewire my house for electricity or the wires. I’m probably going to end up killing myself if I was to do that, or harm my family, or the house would burn down at some stage.  So I want […]
How To Know If Your Product Will Sell
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How To Know If Your Product Will Sell

https://youtu.be/YXwrUv9sECU It is totally okay for you to go out there with a product that you’re learning how to do – and the way to do it is really, really simple: it’s signal. Don’t put any more work into it. Don’t say: “I need to get the web page right” or, “I need to have […]
The Wrong Business Structure Will Eat Into Your Profits (Sharon Cliffe Podcast)
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The Wrong Business Structure Will Eat Into Your Profits (Sharon Cliffe Podcast)

https://youtu.be/ddtHdqaO5JA Sharon: When setting up your business, it’s so important to ensure that you’ve got the right business structure to set you up legally, so that you don’t come into any pitfalls and leave yourself open to any kind of legal issues. It’s also important to make sure that this is set up correctly from […]
The 2 Ways To Treat Business Purchases
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The 2 Ways To Treat Business Purchases

https://youtu.be/SrKJBY9QrDU When we look at purchasing things in our business, there’s kind of two ways to treat them: The first, is if you’re buying consumables, where you might use them in the work that you do -for Accountants, it’s a little bit tough. We might be consuming pens and stuff as we work – but […]
What Should You Track In A Logbook After Buying A Car?
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What Should You Track In A Logbook After Buying A Car?

https://youtu.be/BVwRYiVR3H4 My recommendation is you use some sort of app to track your logbook for ATO reporting purposes. Inspire’s app – which can be found on the app store (link in the bio) actually has a log book feature that can also track GPS and do kilometre tracking for you.  What you need to do […]
Tax Tip: Work Your Family Trust
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Tax Tip: Work Your Family Trust

https://youtu.be/b-9VFG_pA-k This tax tip I want to share here is: Work your family trust.. Now, what we mean by that is if you’re trading through a family trust, or maybe your family trust owns shares in the company that runs your business, we want to make sure you’re using that to your absolute potential.  A […]
Federal Budget: Key Details About Downsizer Contribution
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Federal Budget: Key Details About Downsizer Contribution

https://youtu.be/o9wSItBFVe4 One of the announcements in the most recent federal budget was the downsizer contribution. For context, let’s say you’ve got parents whose kids have left the nest, they don’t need the five-bedroom house anymore – they want to get into maybe a two or three-bedroom house or apartment. In the process of selling the […]
Tax Tip: Pay Employee Super Early
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Tax Tip: Pay Employee Super Early

https://youtu.be/t0GTyPjdWFQ If you hire employees and pay super for them, or even yourself – you might even have yourself paying wages to yourself, and therefore superannuation on that – then you’ve got to pay super.  Superannuation is accrued every three months, so let’s take the March quarter (January, February, March) and you’ve got to pay […]
Federal Budget: Low To Middle Income Tax Offset Extended
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Federal Budget: Low To Middle Income Tax Offset Extended

https://youtu.be/q9c4OzqF5n4 LMITO stands for Low to Middle Income Tax Offset. You might’ve heard of this last year – It was supposed to end on 30th of June 2021. So essentially, if you’re a low to middle income earner, you can get a maximum of $1,080 off that tax offset. Tax offsets are super powerful – unlike […]
Tax Tip: Salaries Paid To Business Owners
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Tax Tip: Salaries Paid To Business Owners

https://youtu.be/2wcV6Pc9ScQ Salaries paid to business owners is actually a really common thing we see done, which is totally fine. When you run a company or a trust, one of the ways to get money out of either of those structures is to actually pay a salary to the business owners. Some of the pitfalls, or […]
Federal Budget: Can A Couple Sell Their 10+ Year Home Into Their SMSF?
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Federal Budget: Can A Couple Sell Their 10+ Year Home Into Their SMSF?

https://youtu.be/VV0gGt5XIus “Can a couple sell their 10-year-plus home into their SMSF?” So the answer to that is: I wish we could, but you can only transfer assets that you own outside of super into an SMSF if they’re market-listed shares or commercial real property. So unfortunately we cannot sell a residential property into your SMSF.  […]
Federal Budget: The Extension of the Company Loss Carry Back
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Federal Budget: The Extension of the Company Loss Carry Back

https://youtu.be/O1kui0rnC2I During the federal budget broadcast, the government announced an extension of one of the stimulus measures which was mentioned about a year ago, which is the company loss carry back. Just as a reminder for what this one is – if you use a company structure and you’ve been profitable (which I hope many […]
Get Your Approval & Order Your Assets NOW
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Get Your Approval & Order Your Assets NOW

https://youtu.be/Jyz8SYvWVN8 What we’re seeing at the moment is times are increasing with our lenders. There’s an issue due to COVID, where the financiers sent home all the staff. So where staff were typically in the office all day long working together, they’re now working from home. So as a lot of businesses experienced, it created […]
Federal Budget: Updates On The Temporary Full-Expensing Measures
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Federal Budget: Updates On The Temporary Full-Expensing Measures

https://youtu.be/_bzhBXYr8JY Essentially, what the government has brought in was the temporary full expensing of any assets that’s purchased as a small business. If you’ve bought anything in terms of an asset, the threshold was $5 billion in turnover, which is massive! So it will cover quite a lot of the small businesses that we work […]
Tax Tip: Keep A Motor Vehicle Logbook
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Tax Tip: Keep A Motor Vehicle Logbook

https://youtu.be/2IbdWzkksAE There used to be four ways to claim vehicles, but now there’s only two ways to claim vehicles as a business: The first way is the cents per kilometre method, where the ATO gives you a specified amount each year, and based on how many kilometres you do for work purposes, you can actually […]
Federal Budget: Important Changes To The Child Care Rebate Cap
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Federal Budget: Important Changes To The Child Care Rebate Cap

https://youtu.be/olEjJ8dIAeQ Couples or as a household who earn over $189,000 combined receive a childcare rebate of $10,560 per child. This is relatively easy to do when you’ve got a profitable business, and you might be distributing $100,000 each, you’re already over that limit. The good news is the cap per child is now removed.  But […]
Tax Tip: Ensure Family Members Are In The Same Tax Bracket
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Tax Tip: Ensure Family Members Are In The Same Tax Bracket

https://youtu.be/-bvRHiXXPlk This tax tip actually assumes that you’re using a trust, a discretionary trust maybe, or a company that might be owned by a trust to be able to distribute some dividends around and be able to have the flexibility to distribute to different family members. So what we want to see with this tax […]
Federal Budget: This Superannuation Change Is Pretty Amazing
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Federal Budget: This Superannuation Change Is Pretty Amazing

https://youtu.be/5hIoiPxZQjQ This is relevant for those who have an SMSF or a super fund. When it comes to contributions, there’s an age limit in which you can contribute your Super into.  Now, in the 2021 federal budget, they’ve updated this one rule called the work test rule. If you’re 67 years old, you couldn’t contribute […]
Federal Budget: Super Limits Are Changing
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Federal Budget: Super Limits Are Changing

https://youtu.be/qQKnGqbuV5E This was announced before the Federal Budget. Essentially, there’s some exciting news about super contribution limits. Prior to 1st of July, 2021 (this finance year we’re in), you can contribute $25,000 maximum concessional contribution, which is tax deductible – that’s pre-tax money into super fund.  Now from 1st of July, that’s going to be […]
Tax Tip: Establish An SMSF
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Tax Tip: Establish An SMSF

https://youtu.be/iiHl6cLdW2g This tax tip is about establishing a SMSF, or self-managed super fund. I’m not going to give you advice whether you should do this from a personal perspective, but I’ll just outline some tax saving tips that you can actually do if you have a self-managed super fund. A super fund is another option […]
Tax Tip: Prepaying Expenses
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Tax Tip: Prepaying Expenses

https://youtu.be/dgVTp-t3re8 As a small business in Australia, there’s a special rule around prepayment of expenses – what you’re able to do is claim up to 12 months’ worth of prepayments.  Let’s say your business rents an office, or a building, or a warehouse, you can actually claim up to 12 months’ prepayments. So if you […]
What’s A Good Rainy Day Number To Have?
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What’s A Good Rainy Day Number To Have?

https://youtu.be/ZuYsJKamaB8 In terms of setting your businesses Rainy Day Number – anything is better than nothing. But if I was to give any business a target, it is three months worth of expenses to run your business. That means that if you couldn’t sell anything for three months, you could pay all of your expenses […]
Tax Tip: Repairs And Maintenance
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Tax Tip: Repairs And Maintenance

https://youtu.be/ckF06DRJ5hY When you’re running a business, sometimes things break or need repair, and you have to go and fix the printer, or a piece of machinery that might be busted in the warehouse – what this tax tip suggests is that if you need some repairs or maintenance done on something, if you get them […]
We Want To Save Our Clients $2.1 Million In Tax In 2021
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We Want To Save Our Clients $2.1 Million In Tax In 2021

https://youtu.be/PA3G_uDy2-g We want to save our clients $2.1 million in tax in 2021, which is a massive goal for our team! Interestingly enough, we’ve already hit $769,000 out of that target (as at 4 May 2021) – so just over 36% which I’m blown away with. We’ve still got more work to do and it’s […]
Tax Tip: Update Your Trust Deed
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Tax Tip: Update Your Trust Deed

https://youtu.be/3svfQGRY7Sw This tax tip will be relevant for you if you’ve got a family trust or a discretionary trust, and it runs a business or receives investment income, and you use that to distribute to family members or entities in your family group.  A trust deed is the document we use to make sure someone […]
2021 Tax Rates For Individuals Vs. Companies
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2021 Tax Rates For Individuals Vs. Companies

https://youtu.be/rdm38IeDgp8 As an individual, the tax rates have actually changed from 2021 Financial Year versus the year beforehand. But with individuals, the more money that you earn, the more tax you pay as a percent. Here’s the income threshold breakdown for individuals: The first $20,000 – you pay no tax at all, and that’s what we call […]
Tax Tip: Amazing Power Of Bucket Companies
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Tax Tip: Amazing Power Of Bucket Companies

https://youtu.be/QGRVI8FfCNE So this strategy actually requires you to have a trust that’s earning income – that could be investment income or business income, it doesn’t really matter too much, but the whole purpose of a bucket company is to receive the rest of the distribution from a trust.  When we’re looking to distribute from a […]
Cut Your Tax Bill In Half With Tax Planning
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Cut Your Tax Bill In Half With Tax Planning

https://youtu.be/zFIDP0MHM_g Our tax planning season is between March and June every single year, and this involves every single client. Now, the reason why we enforce that is because it’s so critical – It’s just such a no-brainer part of working with a client, that we need to do this with you. There’s plenty of other […]
The 4 Savings Accounts Every Entrepreneur Should Have
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The 4 Savings Accounts Every Entrepreneur Should Have

https://youtu.be/dRnVvk_v8YM I’m not suggesting you have 30 accounts for your business, but there’s a couple of main ones that we want you to have, and these are; An account for your tax savings – to cover your quarterly BAS and your monthly IAS. An account for Super – If your super is $5,000 a month, just start […]
Practical Ways To Improve Your Cash Flow Days
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Practical Ways To Improve Your Cash Flow Days

https://youtu.be/ZR-rnvtSu4Y Some practical little nuggets that you could pull the trigger on to improve your cash flow days is to keep less stock on hand – but don’t be doing it so you can’t deliver to your customers, don’t go so low. If you’re a service business, it could be invoicing earlier; don’t wait four […]
The Importance Of Financial Forecasting
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The Importance Of Financial Forecasting

https://youtu.be/qQxWMAZTJYg If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple? The answer is an indication of the risk in your business. So, you get a higher business multiple if you’re a lower-risk industry or business, or you’ve got systems in […]
How To Increase Your Business Value
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How To Increase Your Business Value

https://youtu.be/I0MwFGddGSk If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple? The answer is an indication of the risk in your business. So, you get a higher business multiple if you’re a lower-risk industry or business, or you’ve got systems in […]
What The Plot Twist Of 2020 Really Taught Us
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What The Plot Twist Of 2020 Really Taught Us

https://youtu.be/9KjWsy20Sko I was recently invited to jump on the @EmployeeMatters Podcast hosted by HR Guru @NatashaHawker and we spoke about the positive outcomes from COVID. Natasha Hawker: What has been a positive outcome from COVID for you either professionally, personally, or from a society point of view? Ben: Professionally (and maybe even in my own […]
How To Avoid Trouble With The ATO
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How To Avoid Trouble With The ATO

https://youtu.be/OtNy1NofLNw Natasha Hawker: What’s your view of the ATO now? You were pretty impressed with them when we spoke last time – how do you think they’ve managed this? Ben Walker: Overall, I’m fairly impressed. I wouldn’t say 10 out of 10 – they still get things wrong. We use their system quite frequently during the week, […]
A Lot Of Businesses Make This Bookkeeping Mistake
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A Lot Of Businesses Make This Bookkeeping Mistake

https://youtu.be/GqAAUEKbbFE One mistake I see a lot of businesses make, is the lack of reviews they perform on their bookkeepers’ work. Every single month I go through what our bookkeeper has prepared, and make sure it lines up with the story from the last month in my head. The numbers tell me what’s happened from […]
The #1 Way To Keep Track Of Your Cashflow
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The #1 Way To Keep Track Of Your Cashflow

https://youtu.be/L203RMGdWBY I don’t want this to sound harder than it is, because it’s not super simple, but it’s not super complex either. But when it comes to keeping an eye on cashflow, my best tip is to actually do a budget.  From a business perspective, if you’re using accounting software like Xero, it’s relatively straightforward […]
Daily, Weekly, Monthly & Quarterly Reports
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Daily, Weekly, Monthly & Quarterly Reports

https://youtu.be/Y0Zlm2yYwxQ Reporting allows business owners to look at what’s happened in the past, and what we need to keep in mind or adjust to go forward.  Some things to keep in mind from a calendar perspective:  Daily “magic number” reporting – but setting the target from a weekly perspective.  Monthly reporting – you want to be having […]
How To Find A Good Bookkeeper
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How To Find A Good Bookkeeper

https://youtu.be/opV0j336aUM If you’ve never had a bookkeeper before, a good question is “How do I find a good one?”.  In the first instance, I would look at what delivery they offer in terms of services? Is it just coding the bank transactions and then that’s it? Or do they have different levels of services? From […]
How To Calculate Your Magic Sales Number
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How To Calculate Your Magic Sales Number

https://youtu.be/I9W0QT4nGto A ‘magic number’ is our term for how much money you need to hit in sales each week, or each day. For example, let’s say you’re running a hair salon, you might want your team to work towards a daily target because you’re a high-transaction business and you really need to keep an eye […]
What Is An Ungeared Unit Trust?
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What Is An Ungeared Unit Trust?

https://youtu.be/R0ZK2RV1n2M An Ungeared Unit Trust may or may not be perfect for your development or your property holding, but it does allow multiple owners, including super (even your own super). It allows holding an asset; so you can buy a property, but it cannot have a mortgage. You can’t secure any debt on the property […]
The Most Important Number To Know In Business
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The Most Important Number To Know In Business

https://youtu.be/-iTZhNbmfiU The most important number to know in business is what I actually call our “magic number”, and we do it internally at Inspire.  Our magic number is our sales target each week.That sales target is how much we need to bring in into the new proposals accepted, and to make sure that all the […]
‘You Get What You Pay For’ Also Applies To Bookkeepers
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‘You Get What You Pay For’ Also Applies To Bookkeepers

https://youtu.be/1cb5YXlEhjM A common thing that I see is business owners may not know enough to outsource this component appropriately, and they might put too much trust in a bookkeeper who doesn’t have the skillset to be able to offer advice to that client. We typically see this when clients go direct to offshore bookkeepers – […]
Tax Structures Of Business vs Capital Developments
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Tax Structures Of Business vs Capital Developments

https://youtu.be/ElqWOxr40jU When comparing Business vs Capital developments, It’s not black and white when it comes to legislation. There’s a lot of case law that supports arguments either way. Unfortunately, you get a worse tax outcome with business – but that’s what’s going to be most developers. Most property developers are going to be seen as […]
Watch This If You’re Afraid Of Doing Your Taxes
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Watch This If You’re Afraid Of Doing Your Taxes

https://youtu.be/1hPWokajw_U Recently, on The Sharon Cliffe Podcast (@sharoncliffe), we talked about the fear of money in business, the fear of the unknown and what you need to do to be more comfortable around your finances. Sharon: A lot of conversations that I have with female entrepreneurs and business owners in general (and myself included), is […]
5 Things Business Owners Need To Know Before Getting Into Property Development
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5 Things Business Owners Need To Know Before Getting Into Property Development

https://youtu.be/R_foJoUAKrc Income tax will be payable on developments that aren’t capital, and most developments will be on an income tax basis. So choose your structure wisely: this includes your company trust, and individual name. CGT will be payable on developments that are ‘capital’; It’s a very small percentage, It might be that backyard that you’re […]
High-Level Structures For Tax Efficient Property Development
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High-Level Structures For Tax Efficient Property Development

https://youtu.be/A3MAf95uujQ Here’s some high-level things we need to think about when we’re approaching the structure of carrying out a development.  Income Tax How does that play out? If you buy it in a personal name, then you’re looking at upwards of 47% tax, depending on your marginal tax rates.  Structuring Through A Company Depending on […]
What You Need To Know About Land Tax
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What You Need To Know About Land Tax

https://youtu.be/NTTLTIiErFs In terms of the structure; once you’ve purchased a property, it’s usually whoever holds the land will become the seller once you develop it.  For instance, if you buy a block of land in a company and develop it, the company will still own those blocks of land at the end of it – […]
3 Ways To Fund Property Development
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3 Ways To Fund Property Development

https://youtu.be/jI_tvFlzHQE The way you fund a development varies from client to client. The easiest of it all would be if a client is self-funded. However, because of the cost of land and construction on top of that, usually someone needs funding from a bank or (and what we’ve seen recently is) using the help of […]
4 Key Points About Development In A Discretionary Trust
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4 Key Points About Development In A Discretionary Trust

https://youtu.be/xeCdWTl4500 A discretionary trust is very simple; it’s not a very complex trust structure at all.  The limitations of a discretionary trust is that only one family can be involved in the development, at least the entity that carries out. If someone’s got two different families going into a development, I personally wouldn’t be using […]
What’s The Maximum Number of Unit Holders We Can Have?
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What’s The Maximum Number of Unit Holders We Can Have?

https://youtu.be/D2aanWzCl0UThat’s really up to the trust deed. There might be a maximum before you’re starting to consider a managed investment trust, which I think is about 20, and it depends on how much money you’ve got in the trust as well. Let’s say you’re starting to push over five to 10, then you’d want advice around […]
How Much Money Do You Need To Start An SMSF?
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How Much Money Do You Need To Start An SMSF?

https://youtu.be/wuvqLenCrlo There’s no black and white number there – it depends on what you want to do with your super, and you also want to make sure it’s not a silly financial decision. If you go and Google that question, you’ll see numbers of around $200,000 to $250,000. Again, that’s not advice, but that’s the […]
Hired a new employee since 7 October 2020? You could be eligible for $200 per week!
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Hired a new employee since 7 October 2020? You could be eligible for $200 per week!

JobMaker Hiring Credit claim has started this month and the aim of this program is to incentivise businesses to hire young job seekers. So if you hired a new employee recently or thinking of hiring a new employee, you could be eligible. Please check your eligibility below: Employer Eligibility Register for JobMaker Hiring Credit scheme […]
Update on JobKeeper 2.2 (JobKeeper 2.0, extension 2)
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Update on JobKeeper 2.2 (JobKeeper 2.0, extension 2)

For: 4 January to 28 March 2021 Eligibility: Dec 20 QTR vs Dec 19 QTR – same as BAS lodgement Payment rates: Tier 1 (>20 hr / wk) $1,000 per fortnight Tier 2 (<20 hr / wk) $650 per fortnight Meet payment requirements for January by 31 January Report January fortnights from 1 February Watch the quick […]
How We Track Our Marketing Results With The LAPS Method
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How We Track Our Marketing Results With The LAPS Method

https://youtu.be/aLBrG16otiE We use a method called “LAPS” we learned from our friends at Dent, and that essentially stands for; Leads, Appointments, Presentations, and Sales. From COVID until now, I was able to track how many leads we were able to get each week. There were roughly 21 leads a week, and that includes new contacts […]
The #1 Piece of Advice We Got From Gary Vee
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The #1 Piece of Advice We Got From Gary Vee

https://youtu.be/asg70xaKHNcWhen we create a social media post, we post it both on my personal facebook, and on our Inspire facebook page. So, whatever goes on Ben’s account goes on Inspire’s. I recently tuned into a webinar with Gary Vee, and when I was on that call someone asked him, “Hey, wouldn’t seeing two or three videos […]
Finding It Hard To Pay Your BAS On Time?
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Finding It Hard To Pay Your BAS On Time?

If you’re reading this and you are sort of running the business week to week when it comes to cash, it can be hard thinking about having 50 grand in an account just sitting there as a cash buffer, or paying your BAS in full.
Do You Take 12 Weeks Off A Year From Your Business?
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Do You Take 12 Weeks Off A Year From Your Business?

https://youtu.be/kNdIN8eeDSQUsually as business owners, we’ll just pour hours and hours into our business and we’ll work big days. Often we’ll find the whole reason why we went into business, which was to give more freedom to our family, is flipped and it ends up working against us. What we’ve found is – looking at other people […]
The Truth About How Much Time We Spend On Marketing
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The Truth About How Much Time We Spend On Marketing

https://youtu.be/PNHf4p871Q4Our Chief Experience Officer, Roze, reckons that about 80% of her role is spent in marketing. Keep in mind that she also does the event side of things, and also the partnerships – which includes keeping in touch with our key partners and referral partners at Inspire – so that’s her two other roles. So […]
Track & Grow Your Wealth With The New Inspire App
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Track & Grow Your Wealth With The New Inspire App

https://youtu.be/QrCLty5TDj4 We’ve recently launched an app that tracks your wealth. The purpose of this app is to know where you are now, see where you’re going, and we can even set goals in the app so it gives you an update each month on how you’re tracking. We can add anything from an asset or […]
The Documentation You Need To Pass On Your Wealth
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The Documentation You Need To Pass On Your Wealth

https://youtu.be/6fJ9Xf3OLdI Statistics show that about 60% of Australians die without a will, which is huge. In terms of an estate plan – for business owners especially – an estate plan isn’t just a will. When you’ve got structures like trusts, companies, and self managed super funds, there is much more to consider when you’re looking […]
How We Turn 1 Webinar Into 50 Pieces Of Content
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How We Turn 1 Webinar Into 50 Pieces Of Content

https://youtu.be/doZf3W00huo The number one question that I get quite a lot is: Who do we use to create these amazing videos, and how do we get all these templates? We use a company called Splasheo, and It’s just been so simple and easy to use their software. We started off with their seven day free […]
How To Create An Automated Household Budget
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How To Create An Automated Household Budget

https://youtu.be/o0YDCfKmg5s I’ve created an automated household budget template where you can use this to track your BSB and account number and know exactly how much a week goes into each of those accounts. On the template you can see that I’ve set up the first four accounts as transaction accounts, the rest are savings; they […]
Need To Change Accountants? Why Now Is The Best Time
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Need To Change Accountants? Why Now Is The Best Time

https://youtu.be/vSMX615QhgY It’s the first few days of January and I really want to encourage you – when you’re setting New Year’s resolutions – to reflect on the last 12 months that you’ve had. What I’m specifically asking is: how have the last 12 months gone with your accountant? For many business owners in Australia, it’s […]
JobKeeper December Claim
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JobKeeper December Claim

https://youtu.be/B1kDWLKKDuo Quick reminder about JobKeeper for the month of December – we actually get three fortnights for the month of December, and the third one actually finishes on the 4th of January. So if you are eligible for the first extension of JobKeeper 2.0, our last month is to claim for this December – you […]
4 Steps To An Effective Business Budget
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4 Steps To An Effective Business Budget

https://youtu.be/bBLjUZPUehQ You actually get to know a few insights from having a business budget, but my recommendation is that your budget is inside your accounting software. Xero makes this quite easy for us to do – It also allows you to know what your sales target needs to be to make sure you pay all […]
The First Step In Creating Wealth for Life
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The First Step In Creating Wealth for Life

https://youtu.be/VziOfjcKXC4 I truly believe you need to take time and plan out what you want in life. Anything about goals, creating wealth, or that sort of thing needs to be contextual into what you want out of life. Some of our clients want a couple million dollar lifestyle property in the Gold or Sunshine Coast […]
How To Review Your Profitability In Xero
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How To Review Your Profitability In Xero

https://youtu.be/7MnmkbiFKhA I’m going to give you a demo on how to review your profitability using Xero. In your Xero dashboard, what we want to do to have a look at profitability in your profit and loss statement (which can be found in the “reports” field). I’ll be using the old report style as you can […]
Our Daily Content Planning System Revealed
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Our Daily Content Planning System Revealed

https://youtu.be/UCDMXMBRnIw I was recently on a webinar with Roze Ferrer – Head of Marketing at Inspire – Life Changing Accountants and she revealed our daily content planning system. Here’s what she said – We keep track of our daily content schedule in an Excel spreadsheet. Using the spreadsheet like a calendar, we map out the […]
Why Estate Planning Is Not ‘Set and Forget’
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Why Estate Planning Is Not ‘Set and Forget’

https://youtu.be/3AEKSxy5CTQ If you get married, any previous wills you had are automatically void – that’s pretty huge. I follow an estate planning lawyer on social media, and she (basically at the same table) signed her wedding certificate, and signed her updated will; she had it already prepared and signed it straight away. That’s pretty nuts. […]
3 Key Tips To Start Your Rainy Day Fund
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3 Key Tips To Start Your Rainy Day Fund

https://youtu.be/IMmmjxHMGF4 I strongly encourage you to set up a rainy day fund, or a “profit war chest”. We had a client in May of this year who sent us a Thank You note, saying that a couple of years ago, we recommended that they start a separate bank account called the profit war chest, and […]
Are You Making An Operating Profit Without The Stimulus Measures
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Are You Making An Operating Profit Without The Stimulus Measures

https://youtu.be/MkrVC9LM6Yc When you’re preparing your profit and loss statement, I want you to look to really make sure that you’re actually making an operating profit. In terms of your layout of your profit and loss statement; every business will look different. But what you want to look at is, if you’ve got cash flow boost […]
Why You Don’t Have To Spend 10K on A Wealth Creation Course
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Why You Don’t Have To Spend 10K on A Wealth Creation Course

https://youtu.be/XLUFzC8oSqk If you look at it from a financial perspective, the whole idea of wealth creation is increasing the value of your family’s wealth. There are thousands of dollars you could spend on courses to go and learn about how to create wealth, and at the end of the day it comes down to a […]
How To Protect Yourself Against Health Incidents
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How To Protect Yourself Against Health Incidents

https://youtu.be/yAbzXQKYENY This is usually called “Trauma Insurance”. “Critical Illness Insurance” is another one that some of the insurers use – It’s basically heart problems, heart attacks, stroke, and all sorts of varieties of cancers. But we’ve had clients who went down to their skin clinic, got a melanoma removed, met the conditions of a payout […]
The #1 Question To Ask At The End Of 2020
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The #1 Question To Ask At The End Of 2020

https://youtu.be/D1Jr50x6Dkc From a financial perspective, this year has been one of the most interesting things we’ve ever seen, as accountants, and probably you as a business owner. I think we’ve had some high highs and some low lows – I don’t think anyone’s been exempt from both of those things this year.What we want to […]
The Power of Compound Returns
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The Power of Compound Returns

https://youtu.be/xb9VHy-jVPQ This is an example of the power of compound returns. Let say Aaron begins saving at age 20, and saves $2,000 a year for 10 years. So overall, he’s saved $20,000 into an investment that earns 8% a year. When he turns 65, that’s worth $500,000. That’s not bad. Bob begins saving at age […]
A Quick Overview Of The Federal Budget Update
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A Quick Overview Of The Federal Budget Update

https://youtu.be/fJlcq_gmQu8 Scott Morrison said, “the results of the dip in the economy globally are 45 times worse than the GFC.” That’s an incredible dip compared to something that shook up the Australian economy a few years ago. What they’ve encouraged is more spending, especially for businesses.They’ve done extensive stuff with what they’re calling the “job […]
4 Types Of Investments To Grow Your Wealth
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4 Types Of Investments To Grow Your Wealth

https://youtu.be/3VAXhSi97v8 In terms of investment, I’ve learned about and looked into a whole heap of different things from Bitcoin to silver bars – and different clients like different things. I’ve worked with a whole range of different tastes: shares, managed funds, index funds, property, commercial property, all sorts of different stuff.It can be super overwhelming […]
Is Debt A Dirty Word?
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Is Debt A Dirty Word?

https://youtu.be/ejDhqtEtv4U Good debt is usually referred to as “tax deductible debt”, and bad debt is referred to as “non-tax deductible debt”.Some examples of bad debt is: the mortgage on your own home (if you’re not claiming any tax deduction on it) or personal loans/credit cards for personal expenses, that sort of thing. Good debt is: […]
Intellectual Property & The Immediate Asset Write Off
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Intellectual Property & The Immediate Asset Write Off

https://youtu.be/KFkDrXD0fHc Can intellectual property qualify as an eligible asset write off? My answer to that is no – it’s more so physical depreciating assets. Some examples that do qualify are: computer equipment or furniture, if you’re an office space business, manufacturing plant equipment for other types of businesses, or buses and vehicles that aren’t caught […]
The 5 Bank Accounts You Need To Stay In Control Of Your Finance
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The 5 Bank Accounts You Need To Stay In Control Of Your Finance

https://youtu.be/eOvEnsr4p_Y Instead of envelopes, opt for different bank accounts, that’s the idea here.The idea is that your income comes into one central account, and then it spreads out into each of the other “buckets”, or the other accounts based on what its purpose is. You can preset this so that it’s automatic transfers. This will […]
The 3 Different Tax Rates For Super Explained
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The 3 Different Tax Rates For Super Explained

https://youtu.be/FslFPJNpicY There’s a couple of different tax rates for Super.The two main differences, or “zones” of superannuation, is when you’re accumulating your balance – that’s throughout the majority of your life when you’re contributing to Super, building it up, and then you reach a point where you might retire or start drawing a pension. As […]
Claiming Depreciation On An Office Fit-Out
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Claiming Depreciation On An Office Fit-Out

https://youtu.be/oFw3esUzOd4 So for guidance with a fit-out for the actual construction and fit-out of a building (so things you can’t move, like walls, glass panels, and reception desks that are built out of the ground, that sort of thing) unfortunately we’ve got to claim them over forty years because they’re fittings, rather than things like […]
Is there any tax on transfer of listed shares to the SMSF?
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Is there any tax on transfer of listed shares to the SMSF?

https://youtu.be/TnyrMzU4iJg If you own shares, let’s say you own shares in your personal name and you transfer them to your SMSF, that is deemed to be a disposal of the shares in your own name, so you will have CGT implications when you transfer them in.So the answer is, yes. You’re not guaranteed tax – […]
The 2 Ways To Pass Assets To Beneficiaries
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The 2 Ways To Pass Assets To Beneficiaries

There are two ways to pass assets on to beneficiaries: Lawyers call this the “I love you” way, where you pass assets directly to the person – so someone dies and it goes straight to that person under the will (I don’t know why they call it that).The “testamentary trust” is the other alternative, where […]
Why You Should Setup A Slush Fund
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Why You Should Setup A Slush Fund

https://youtu.be/E30Z4sARx6k This is a philosophy that is shared with a lot of different people who speak and write about this topic. The guy I initially listened to on this topic was a guy called Dave Ramsey, and he wrote a book called “Total Money Makeover”. But if you’ve read “Barefoot Investor” it’s a similar sort […]
Can You Only Withdraw Profit From SMSF After You Turn 60?
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Can You Only Withdraw Profit From SMSF After You Turn 60?

https://youtu.be/oASkZpbjdNo If you’re a member, drawing a pension is only possible where you’ve met preservation age. Now there are so many rules around this, but preservation age depends on when you were born.So if you’re born after 1964, which maths is suggesting you are born after that day, your preservation age is 60. If you’re […]
Use Your SMSF To Become and Angel Investor
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Use Your SMSF To Become and Angel Investor

https://youtu.be/LKRIzas0HyY Investing in private companies – there’s a few different layers here. Let’s put our ‘angel investor’ hat on. Let’s say we’re the sharks off ‘Shark Tank’ and we’ve got people asking to invest in their business for 5, 10, or 20% holdings. You can actually be an angel investor with your SMSF. There are […]
Buying Commercial Or Residential Property In Super?
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Buying Commercial Or Residential Property In Super?

https://youtu.be/qCUJr8-N9Jo The ones you can do is you can buy an established property.So let’s say there’s a house down the street, residential or commercial, you can buy that with bank funds or that limited recourse borrowing, you can do that. You can also buy off the plan property because you go for finance on that […]
Can You Access Part Of Your Super for Short Term Business Cashflow?
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Can You Access Part Of Your Super for Short Term Business Cashflow?

https://youtu.be/tMDpZdCIO5M The answer to that is: Yes. You need to document the loan, and you need to make sure that it doesn’t go above 5% of your fund balance at any one day. Let’s say we’re back in February 2020 (before things hit the fan) and you had a million dollar super fund balance, and […]
How to Save $5,500 A Year With One Simple Change
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How to Save $5,500 A Year With One Simple Change

I’m going to just explain a bit of a personal story about this – it was a couple of grand a year we saved by not spending so much on coffees.Stevie and I, at the time, we’re drinking two cups a day, each. We both drink a long black with a dash of cold milk. […]
The Rules For Lending Money With Your SMSF
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The Rules For Lending Money With Your SMSF

https://youtu.be/HuFe-Y_J1Hw The general rule is that you can actually loan money with your SMSF. This means a loan to another person is considered an investment. What you need to do is make sure you’re charging an appropriate interest rate, appropriate term and the appropriate security for that loan as well.Now, there’s a couple of distinctions, […]
Why You Should Never Set Up An SMSF Without A Corporate Trustee
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Why You Should Never Set Up An SMSF Without A Corporate Trustee

We will never, ever, ever, ever, ever set up a self-managed super fund without a corporate trustee. There are administration benefits to it and the estate planning benefits are insane when you compare it to individual trustees. Individual trustees are relatively nightmares compared to corporate trustees. A question i’ve been asked is “Why are 80% […]
What You Need To Realise Before Setting Up An SMSF
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What You Need To Realise Before Setting Up An SMSF

https://youtu.be/EJl7Xi98tWg A bit of a warning to people who are considering setting up an SMSF. The “SM” in “SMSF” stands for “self-managed”. So you actually have to be actively engaged in making decisions about what you invest in, about doing the documentation and the compliance side of things, and making sure you’re doing the steps […]
Is It Hard To Get Finance In An SMSF For Share Or Property Purchase?
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Is It Hard To Get Finance In An SMSF For Share Or Property Purchase?

https://youtu.be/l2IeCQjghho I don’t think the bank is going to lend you for a share purchase (margin lending in Super). But, you can under certain rules, fund a share purchase with outside of Super money.You can lend it to your SMSF to buy shares. However, it is complex and you would need to have a good […]
How To Get Your Business Ready for After JobKeeper
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How To Get Your Business Ready for After JobKeeper

https://youtu.be/rgT38Mpwfqk For some businesses, the end of JobKeeper 1.0 might have been 27 October 2020. But if you are eligible for JobKeeper 2.0 going forward, then your endpoint for JobKeeper is potentially from January 2021 onwards or from April 2021 onwards. Some things to check, is your business making a profit without the stimulus measures? […]
Can I contribute more money to my SMSF than my $25,000 annual contribution?
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Can I contribute more money to my SMSF than my $25,000 annual contribution?

https://youtu.be/m3nFKzK_orU Yes, you can. There’s two ways you can contribute to Super. The first one is as a tax deductible contribution or what we call concessional contributions. Concessional contributions, you are capped at $25,000 per person per year. But, from the 2019 financial year onwards, if you don’t use all of your $25,000 contribution, let’s […]
When Does It Make Sense To Set Up An SMSF?
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When Does It Make Sense To Set Up An SMSF?

https://youtu.be/aYCLiAvipvY The most common question I get when someone’s exploring self-managed super is, when does it make sense to set one up? The answer to that is never simple. It depends on what your current super is doing and what the performance is like. The most relevant question is, what do you want to invest […]
Grow Your Wealth In A Legal Tax “Haven”
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Grow Your Wealth In A Legal Tax “Haven”

https://youtu.be/JN6UTZIzF00 Tax Free Capital Gains Tax or CGTLet’s say you run a business and you want to buy the premises. The premises is worth $1,000,000. You’re 40 years old. You might fund that mostly from the bank, around $600,000, $700,000 and the rest from your SMSF. Over the next 20 years through to retirement, you […]
FBT Red Tape Reduction Explained
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FBT Red Tape Reduction Explained

https://youtu.be/F42J7xXGfXk FBT is a bit of a pain to deal with if your business provides benefits to employees, that are not tax deductible in general. Things like car parking, if they park near your work, attracted FBT now no longer applies from the 1st of April, 2021 – it is next FBT year onwards. There’s […]
Which Employees Are Eligible For the JobMaker Hiring Credit?
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Which Employees Are Eligible For the JobMaker Hiring Credit?

https://youtu.be/JqRsdVCvjj4 Eligibility Criteria: It needs to be within one year of the relevant age ranges in their first year of employment. So they need to be in the age range. Have worked at least 20 hours paid per week, on average for the full weeks they are employed. Have commenced their employment between 7th of […]
What You Need To Know About The JobMaker Hiring Credit
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What You Need To Know About The JobMaker Hiring Credit

https://youtu.be/kba1V_DnqE0 This is pretty exciting. Like JobKeeper, it needs your business and employees to be eligible.Anyone hired from the 7th of October you get a credit for 12 months. Similar to JobKeeper, you almost get a subsidy on the wages which is $100 – $200 a week. This is age-based and it’s aimed at younger […]
The Small Business Pool Write Off
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The Small Business Pool Write Off

https://youtu.be/CurVbWx0hFs Another announcement is the ability to deduct your pool. Now, I don’t mean actually going and building a pool in your backyard. But under the simplified depreciation rules that are allowable for small businesses, you can actually deduct your closing balance of your pool.Now this has been around for ages. The deduction of the […]
Changes To The Immediate Asset Write Off
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Changes To The Immediate Asset Write Off

https://youtu.be/VwpYDINWdzI This applies to assets such as cars, laptops, computers, machinery – assets that you purchase in your business, but under normal rules, you can’t write off as soon as you buy them such as consumables. You actually have to write them off over a number of years.So what have they changed them to now? […]
How the Tax Loss “Carry Back” Can Benefit You
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How the Tax Loss “Carry Back” Can Benefit You

https://youtu.be/p6bOOqaxX1I How the Tax Loss “Carry Back” Can Benefit You If your business is making losses now because of COVID and if you’re structured as a company, then you can actually offset your 2020, 2021 or 2022 financial year.This is fantastic news if you’re in the unfortunate position of making losses at the moment. Normally […]
Is Your Company Eligible For Up To $200/wk/employee JobMaker Hiring Credit?
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Is Your Company Eligible For Up To $200/wk/employee JobMaker Hiring Credit?

https://youtu.be/ckp4t3wNCak Employer eligibility key criteria: 📩 You need to be up to date with tax lodgements. You can’t have any overdue or outstanding tax returns.📝 You also need to be registered for Pay As You Go (PAYG) withholding, which is a requirement of employing people. 💻 You need to report payroll through Single Touch Payroll. […]
Can we operate a business from Super?
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Can we operate a business from Super?

https://youtu.be/EyziE1TM8I8 There’s no specific law that says you cannot run a business from Super. Often, it is impractical because you might break another rule to run a business from Super. How we get business profits to Super is, we don’t run the business in the Super Fund, we own the shares or the units in […]
Practical Steps for JobKeeper 2.0 – to do before end of this month
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Practical Steps for JobKeeper 2.0 – to do before end of this month

https://youtu.be/gU3-Jjjhm0U If you are already part of JobKeeper 2.0, you don’t need to re-enrol for the December 2020 extension and March 2021 extension. You don’t need to re-assess your employees eligibility or ask your employees to agree to be nominated again. The practical thing you can do is if you have Xero, you can actually […]
What’s the difference between a salary and a drawing?
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What’s the difference between a salary and a drawing?

https://youtu.be/lF2uuFKnXMs The difference between the two is basically the way that you take money out of your business structure.Now, there’s three ways to take money out of a company and a trust. The one you need to do depends on your family structure, what your business does and what we’ve got to work with. The […]
Why Property Development In Super Is So Attractive
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Why Property Development In Super Is So Attractive

https://youtu.be/NqkGzVrMXLk It’s hard to get access to bank money to fund projects especially when you’ve got no experience at property development. The attractive point of property development is that you can often, especially if you’ve got friends who are cashed up in their super funds, you can pool money together, and as long as you […]
Important Details About The 20-hour Test For Employees
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Important Details About The 20-hour Test For Employees

https://youtu.be/4aWe5s8JSLI In terms of the 20-hour test, we actually look back to February, 2020 – just before COVID made things a bit weird in the world. Tier one is for employees who have worked on average 20+ hours per week. Tier two is for employees who have worked below 20 hours on average per week. […]
Save Money With These Super Fund Strategies
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Save Money With These Super Fund Strategies

https://youtu.be/DuD5_QfqB9Y If you’ve got excess money outside of super that you don’t need to live on, you could invest that outside of super such as property, shares or, you can put it into super and invest it through your super fund.The benefit of doing that is, when your investments earn a return, you’re going to […]
Are JobKeeper Contributions masking concerning statistics in your business
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Are JobKeeper Contributions masking concerning statistics in your business

https://youtu.be/Y865VdwX9MQ I was on a recent webinar, with Employment Law Specialist, Danny King (Danny King Legal) She spoke about the concerning statistics JobKeeper could be masking for your business.Here’s what she said – Just because you’re getting JobKeeper, doesn’t mean you should continue blindly into the JobKeeper sphere and not think about the consequences for […]
Why You Need Separate Bank Accounts For Your Personal And Business Finance
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Why You Need Separate Bank Accounts For Your Personal And Business Finance

https://youtu.be/ITzQqR1gfO0 I was recently invited to speak at Dr. Ben Carvosso (The On Button ) Mentor Live Session. One of the things we spoke about is having separate bank accounts for your personal and business finance. You absolutely need to have separate bank accounts and if you don’t already have that, I’d be pretty surprised.When […]
The Easy Way To Save $500 Every Month
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The Easy Way To Save $500 Every Month

https://youtu.be/-R7FflKlgY4 I’ll share a personal story from Stevie and I about coffee. Stevie and I love a good coffee. We used to go out for coffee because we just can’t stand instant. Now a long black with a dash of milk costs $4.50 in Queensland (probably $6.50 in Melbourne) and there’s two of us. We […]
What You Need To Consider When Setting Up A Family Trust
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What You Need To Consider When Setting Up A Family Trust

https://youtu.be/QEaTsuuwniU Number one is you. Our magic number is about $90,000 in how much we want to cap out at giving you. The reason is because the tax rate goes from 34.5% to 39%. We’re better off sending money to a bucket company after the $90,000 mark. However, we don’t want to rush straight to […]
Do you have a seperate account for irregular bills to prevent financial strain?
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Do you have a seperate account for irregular bills to prevent financial strain?

https://youtu.be/mA-IyJuVlbc Let’s say, if you don’t account for it, you’ve got two car rego’s and they all come in the same week, you’re probably not going to have enough money to pay that if you’re following the system in your living expenses account. We’ve set up a separate account for irregular bills such as insurances, […]
How To Review Your Annual Leave Balances In Xero
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How To Review Your Annual Leave Balances In Xero

https://youtu.be/w2U7PZvo3pQ Assuming your Xero is up to date and your payroll’s been done correctly, you can check where a team member is at if you’re considering restructuring your team or redundancy. Under Accounting, click on Reports Scroll down to Payroll Reports and select Leave Balances to effective date, put in today’s date then select update […]
Asset Protection Options For Business Owners
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Asset Protection Options For Business Owners

https://youtu.be/aH-oLq5uQmw If you’re a sole trader, you’ve got very limited options to protect your personal assets. If I was a sole trader it would literally be Ben Walker, trading as Inspire CA. If something were to go wrong in the business and someone sued me, then any assets that I own would be exposed. Now […]
Set Up A System To Save Money On AutoPilot
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Set Up A System To Save Money On AutoPilot

https://youtu.be/WHUJPX4QRpY “I’ve got 50 grand sitting there for a rainy day, and it’s a rainy day.” From a cash flow management perspective, a lot of our clients say that they’re not number’s people and don’t do well with all the dollars. What’s human nature is our tendency to spend everything that’s in the account. Then […]
JobKeeper 2.0 Payment Changes You Need To Know About
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JobKeeper 2.0 Payment Changes You Need To Know About

https://youtu.be/iT4IXtg1htc After September, the payment amount is going to change. You have to consider whether or not, before the 1st of March, on a four-week average period, did any of your employees work more than twenty hours? If they did, the payment drops down to $1,200 per fortnight for the September to December period. Then […]
How To Claim Tax Deductible Donations With Churches or Charities
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How To Claim Tax Deductible Donations With Churches or Charities

https://youtu.be/ZEO9INnBcQI There are two categories. With a charity, the way you know whether you can claim a tax deduction is to Google their ABN. They need to be what we call a DGR or a Deductible Gift Recipient. You can do this by going to the Australian Business Register (https://abr.business.gov.au/) and let’s say you want […]
How To Cut Your Tax Bill Through Super
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How To Cut Your Tax Bill Through Super

https://youtu.be/-d5Hsz5OopM With super, it’s not a trust distribution but a tax deduction from a trust. We need to consider our $25,000 cap per person, per year. If you do have under $500,000 in super on the 30 June of the previous financial year, you are able to carry forward any unused cap from 2019 onwards. […]
Interesting Statistics About The Impact Of JobKeeper
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Interesting Statistics About The Impact Of JobKeeper

https://youtu.be/ltizTg-9ItQ We’ve gone through April, May and June with JobKeeper supporting Australian small businesses. Now we can see some results that we are able to extract from. In the video, Inspire Chartered Accountant, Rizal Ramzan walks us through a bit of an update that was released in the JobKeeper reviews, this was a report done […]
The Difference Between Businesses That Succeed And Those Who Fail
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The Difference Between Businesses That Succeed And Those Who Fail

https://youtu.be/EW1xPpt6HUc I had the pleasure of joining Natasha Hawker on a webinar last week around the topic of JobKeeper 2.0. Natasha is an employee expert and founder of Employee Matters. Here’s what she said – “It’s not the strongest of the species that survives, not the most intelligent that survive, it is the one that […]
Rapid Fire Strategies To Pay a lot less tax
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Rapid Fire Strategies To Pay a lot less tax

https://youtu.be/6PUKPRwkr_I Don’t pay tax on money you haven’t received yet. This is applicable more so for service-based businesses where you’re primarily providing a service. You can choose to pay tax on what they call the receipts based method of your sales, rather than an accruals basis which is when you raise the invoice. So we’ve […]
A Quick Self Assessment To Find Out How Your Business Is Doing Without The Stimulus Measures
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A Quick Self Assessment To Find Out How Your Business Is Doing Without The Stimulus Measures

https://youtu.be/v4Z4c09ZJ5U This is the stuff we need to know now, because at the moment, with all these stimulus measures, we’re making a profit. But, if your business would no longer be eligible after September, then you may have some cashflow issues with this business. In the video, we’ll be walking through step by step, how […]
Simple Tweaks To Your Business Can Have A Massive Financial Impact
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Simple Tweaks To Your Business Can Have A Massive Financial Impact

https://youtu.be/NEyoDh3EZWc On a recent webinar, Inspire’s Chartered Accountant, Rizal Ramzan shared his story on simple tweaks he made for our clients that have made a massive financial impact. Here’s what he said – I want to share a story with our Emergency Assistance Meetings – we did quite a few of them back in April, […]
How To Manage Your Cashflow
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How To Manage Your Cashflow

https://youtu.be/tmd7tbXRzZk Cash is the lifeblood of the business. We need to make sure that we’ve got enough coming in and not too much going out (“in versus out”.) If our “in” is coming down because we’re getting less sales or we had to shut our doors, then we need to manage what’s going “out” to […]
JobKeeper 2.0 – Employment Date 1 July
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JobKeeper 2.0 – Employment Date 1 July

https://youtu.be/TWpnb8py-Uc One of the changes with JobKeeper 2.0 is the employee eligibility date. In the original JobKeeper package, an employee, either full time or part time, needed to be employed before the 1st of March 2020. Now, if they were casual, they needed to have been working for that business for at least 12 months […]
JobKeeper 3.0 – Update 7 August
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JobKeeper 3.0 – Update 7 August

Last week we hosted a JobKeeper 2.0 webinar. In that webinar, we shared that to be eligible for the JobKeeper extension, the June quarter of a business’s turnover needed to be down compared to last year as well as the September quarter.Now, on the 7th of August, which was last Friday, the government amended the […]
JobKeeper 2.0 – What’s changed?
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JobKeeper 2.0 – What’s changed?

https://youtu.be/MPbVe0AqZtk On the 21st of July, the federal government announced the extension of the JobKeeper Programme – they’re calling this JobKeeper 2.0. Here are a few changes that are happening – Extension to the JobKeeper ProgramIn terms of the timeline of the extensions, the first JobKeeper package ran from April through till September this year, […]
JobKeeper 2.0 – Restructuring Your People For After JobKeeper
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JobKeeper 2.0 – Restructuring Your People For After JobKeeper

https://youtu.be/EW1xPpt6HUc On the 13th of August I hosted a webinar with Employment Law Expert, Danny King and HR Guru, Natasha Hawker as we combine our expertise on reviewing and restructuring your team with the effects of COVID and what your business needs to prepare now with the end of JobKeeper in sight. We will walk […]
$7.5M worth of help – Client Success Stories From A Tough Quarter
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$7.5M worth of help – Client Success Stories From A Tough Quarter

https://youtu.be/R6PrXTXJquM The last quarter was a bit weird for most of us. We went from working in an office to working from home. Now, the June quarter is usually a really busy time for us. It’s the time we do tax planning for all our clients. It was a pretty tough quarter on top of […]
JobKeeper: Do I Pay Employees I Stood Down?
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JobKeeper: Do I Pay Employees I Stood Down?

https://youtu.be/0C6xgbUmTMM “If employees have been stood down after the first of March 2020, does an employer have to pay them to receive the $1,500 reimbursement per fortnight?” The answer is, yes. In another video, we talked about the requirement to pay the employees first, before you receive the reimbursement. This includes employees who have been […]
JobKeeper: Do I Need to Pay Employees First?
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JobKeeper: Do I Need to Pay Employees First?

https://youtu.be/0C6xgbUmTMM JobKeeper: Do I need to pay employees first, to be eligible? The answer is absolutely. The JobKeeper payment is a reimbursement from the ATO for wages that you’ve paid in the month previous. The first JobKeeper fortnight commenced on Monday, 30th of March 2020 and ended on Sunday, 12th of April 2020. You need […]
JobKeeper: URGENT Before 30 May (updated)
Jobkeeper Urgent Before 20 April (3)

JobKeeper: URGENT Before 30 May (updated)

https://youtu.be/_J0VxXkfRmk If you’re looking to claim JobKeeper from the month of April onwards (Including from the date it was available from – 30th of March) there are five things you need to keep in mind you need to do before the end of May to make sure you’ll be paid when the ATO makes the […]
$5M Profit Tax Free? | Selling your business without selling your soul to the ATO
$5m Profit Tax Free? | Selling Your Business Without Selling Your Soul To The Ato

$5M Profit Tax Free? | Selling your business without selling your soul to the ATO

“Hi Ben, I’m about to sell my business after building it for the last 10 years.  I’ll probably pocket $5M from the transaction (woo-freaking-hoo!).  How do I keep the tax man’s sticky little hands off my gains? Please help…” Ben:  First of all congratulations.  Wow! So, broadly speaking you’re looking to make capital gains or […]
50 ways to Save Tax & Keep More of Your Hard Earned Cash | Checklist
50 Ways To Save Tax & Keep More Of Your Hard Earned Cash | Checklist
6 Reasons cash rich business owners take time out
6 Reasons Cash Rich Business Owners Take Time Out

6 Reasons cash rich business owners take time out

In the lead-up to the busiest time of the year, if you’re an accountant, we have been putting a significant amount of time, energy and resources into… chilling out.  Yes, holidays, time out from the business, cultural immersion, all of that.  Some would simply say, “half your luck” and leave it at that.  Some would […]
Ah, well there’s your problem – you work too hard. It’s time to take a chainsaw to your workload
It’s Time To Take A Chainsaw To Your Workload

Ah, well there’s your problem – you work too hard. It’s time to take a chainsaw to your workload

The key to success is to work hard, we’re told.  But they’re only telling us half the story.  The often quoted saying should be amended to “the key to success is to work hard for a while and then enjoy the results.” If you set sail on the dream of providing for your family through small business […]
3 reasons your original purpose can determine your future
3 Reasons Your Original Purpose Can Determine Your Future

3 reasons your original purpose can determine your future

If you can’t tell someone in two sentences what you do and why, your business is in trouble or heading that way.  Sure you may have a solid business structure, you’ve minimised your tax and things might be going well but your sales and/or service pipeline is kept full by a fuel called purpose.  Purpose […]
The accidental tax (over)payer. Are you really going to tip the ATO?
The Accidental Tax (over)payer. Are You Really Going To Tip The Ato?

The accidental tax (over)payer. Are you really going to tip the ATO?

Just like any good business or even a studious school kid, our government works to a budget.  They look at the income and outgoings of our great land and even come up with a magic number of sorts to plan and allocate spend on roads, schools, health… helicopter rides (maybe).  The fact is that they […]
6 Reasons to book your holiday right now!
6 Reasons To Book Your Holiday Right Now!

6 Reasons to book your holiday right now!

You’ve heard the saying, “make hay while the sun shines”, right?  It means that you should work as hard as you can, for as long as you can while the money is still on offer.  It makes some sense but workaholics and people who feel they have to keep pedalling hard to keep their business […]
The agony of almost making it to the end of the month. Cashflow catastrophes and how to avoid them
The Agony Of Almost Making It To The End Of The Month. Cashflow Catastrophes And How To Avoid Them

The agony of almost making it to the end of the month. Cashflow catastrophes and how to avoid them

Few Olympic or endurance track images are as enduring as the long distance runner that, despite a body that has clearly given up, manages to will themselves over the line.  Last place never looked so good.  But what about those that cannot make it.  They actually fall over a few agonising steps from their goal […]
The 80/20 rule, the ATO and you
The 80/20 Rule, The Ato And You

The 80/20 rule, the ATO and you

Saving tax by offering individual care and service to small businesses is our heart and soul.  But what about the individual who works for a larger business as an employee?  How can they reduce their tax? Well as an individual, it’s a tougher proposition.  You can still claim standard deductions here and there plus we […]
Make Additional Super Contributions – Tax Planning Strategies to action prior to 30 June
Make Additional Super Contributions

Make Additional Super Contributions – Tax Planning Strategies to action prior to 30 June

  Make Additional Super Contributions to reduce your tax How does this strategy work? You may be aware that superannuation is the best investment vehicle for tax purposes out there. It’s also easy to put this in the back of your mind for a number of reasons. You might think: 1) “I can’t touch it […]
Write Off Bad Debts – Tax Planning Strategies to action prior to 30 June
Write Off Bad Debts

Write Off Bad Debts – Tax Planning Strategies to action prior to 30 June

Write Off Bad Debts How does this strategy work? Let’s say you are a plumber, and builders are your clients. You send them invoices regularly for your work. Sometimes they pay. Sometimes they don’t. There always seems to be a dispute. Let’s say for a $1,000 invoice you send, the builder pays $800 but refuses […]
Do you see an apple seed, or an apple tree?
Apple Tree

Do you see an apple seed, or an apple tree?

“What you are [going] to be, you are now becoming” After our first few months out and about, we’ve seen some HUGE potential to lead our clients and future clients to the next level!  The current “economic climate” has presented its challenges to quite a lot of businesses, but our question is – what can […]
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