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Seize Cashbacks Before They Disappear
Seize Cashbacks Before They Disappear!

Seize Cashbacks Before They Disappear

Seize Cashbacks Before They Disappear We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said – “Cashbacks have been rife within the finance industry for the best part of the last three or four years. There’s been a lot of lenders that have access to cashback […]
How To Avoid A Division 7A Loan Disaster
How To Avoid A Division 7a Loan Disaster - FT

How To Avoid A Division 7A Loan Disaster

How To Avoid A Division 7A Loan Disaster On a recent webinar, Rizal Ramzan, Partner of Inspire, talked about how to avoid a Division 7A loan disaster. Here’s what he said: “There are situations where people want to keep their taxable income low and save taxes to maintain a lower income. So, what they do […]
The Reason Why Division 7A Loans Exist
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The Reason Why Division 7A Loans Exist

The Reason Why Division 7A Loans Exist Division 7A exists because if we leave money in companies to be taxed, and then we take it out without ourselves getting taxed on it, that’s generally how it happens. So, why would you need money out of a company? Let’s consider a scenario where all the business […]
The Benefits Of Secured Division 7A Loans
The Benefits Of Secured Division 7A Loans

The Benefits Of Secured Division 7A Loans

The Benefits Of Secured Division 7A Loans If you secure it, the ATO allows you to extend the repayment period from seven years to 25 years. What the ATO is trying to achieve is that if you borrow money from a company, as long as it’s on commercial terms, they’ll permit it.  So if you’re […]
What is the R&D Tax Incentive
What Is The R&d Tax Incentive

What is the R&D Tax Incentive

What is the R&D Tax Incentive The R&D Tax Incentive program is an initiative of the Australian government to encourage businesses to invest in research and development to generate new knowledge to benefit companies and increase productivity across the Australian Economy that may not otherwise have been conducted. To achieve this, the Australia government offers […]
Potential Good News For Mortgage Owners
Potential Good News For Mortgage Owners

Potential Good News For Mortgage Owners

Lenders’ Early Offers Vs. Brokers’ Tactics We invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar back in August 2023. Here’s what he said – “I think, overall, it looks relatively positive as to what the economists are saying from the Big 4 lenders. This is all based around the cash […]
Lenders’ Early Offers Vs. Brokers’ Tactics
Lenders' Early Offers Vs. Brokers' Tactics - Image

Lenders’ Early Offers Vs. Brokers’ Tactics

Lenders’ Early Offers Vs. Brokers’ Tactics We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said – “What we’re sometimes seeing, and not great from my point of view as a mortgage broker, but sometimes we can start an application for a client and then they […]
How To Escape The Mortgage Prison
How To Escape The Mortgage Prison

How To Escape The Mortgage Prison

How To Escape The Mortgage Prison We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said – Traditionally, whenever you’re applying for a loan, the bank will add around a 3% buffer on top of what the normal interest rate is. As interest rates go up, […]
Additional tax compliance requirements for professional firms
Additional Tax Compliance Requirements For Professional Firms

Additional tax compliance requirements for professional firms

Additional tax compliance requirements for professional firms If your business primarily sells products or is not considered a “professional firm,” you may be affected by the new guidelines published by the ATO regarding profit allocation arrangements. These guidelines will take effect on July 1, 2022, and will have a two-year transition period. Professional firms include […]
Running a home-based business from a company or trust?
Running A Home Based Business From A Company Or Trust

Running a home-based business from a company or trust?

Running a home-based business from a company or trust? To claim rent expenses under the company or trust, you will need to have a genuine market rate rental agreement between the owner of the property and your business. If you do not own your property, you will need a contract with your landlord. Alternatively, you […]
Typical Properties For SMSF Loans
Typical Properties For Smsf Loans - Feature Image

Typical Properties For SMSF Loans

Typical Properties For SMSF Loans We’ve previously invited Colin O-Loughlin, Director and Mortgage Broker of Arch Brokerage on the topic, “Buying A Commercial Property In SMSF”. In this video, he talks about typical properties for SMSF loans. Here’s what he said –  What sorts of things usually get funding? There are a few options: Shops […]
Paid Family and Domestic Violence Leave
The Key To Mapping Your Vision (1)

Paid Family and Domestic Violence Leave

Paid Family and Domestic Violence Leave Effective 1 February 2023, employees working for non-small business employers (15 or more employees on February 1, 2023) are entitled to 10 days of paid family domestic violence leave. Both part-time and casual employees are also eligible for the leave. For small business employers (less than 15 employees on […]
The Key To Mapping Your Vision
The Key To Mapping Your Vision

The Key To Mapping Your Vision

The Key To Mapping Your Vision We recently invited Sean Soole to a webinar on the topic  “How To Go From Stuck To Freedom In Your Business”. In this video, he talks about the key to mapping your vision. Sean says that your ‘Vision’ isn’t just a couple of lines or a quick blurb about […]
How Bookkeeping Can Save You Money, Time And Improve Your Business
How Bookkeeping Can Save You Money, Time And Improve Your Business

How Bookkeeping Can Save You Money, Time And Improve Your Business

How Bookkeeping Can Save You Money, Time And Improve Your Business The ATO will likely scrutinise business transactions in the event of an audit. If your business uses accounting software like Xero, you can attach a receipt/invoice to every transaction and leave a clear description of the expense. That’ll save you hours, including the accountant […]
Small Business Energy Incentive
Small Business Energy Incentive Feature Image

Small Business Energy Incentive

Small Business Energy Incentive The Australian government is offering a new tax break for small businesses that make energy-efficient investments. The Small Business Energy Incentive (SBEI) provides a bonus 20% deduction for eligible expenditure on assets that support electrification and more efficient use of energy. The SBEI is available to businesses with an aggregated annual […]
Stop Wasting Time On $25 An Hour Tasks
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Stop Wasting Time On $25 An Hour Tasks

Stop Wasting Time On $25 An Hour Tasks On a recent webinar, we had the pleasure of hosting Sean Soole on the topic, “Transitioning from Stagnation to Empowerment in Your Business.” Here’s what he said –  My favourite thing is to stop doing $25-an-hour tasks. And for those of you who rely on notifications, consider […]
Why Lodging Your BAS On Time Is Important
Why Lodging Your Bas On Time Is Important - Feature Image

Why Lodging Your BAS On Time Is Important

Why Lodging Your BAS On Time Is Important We can appreciate that receiving a BAS from your accountant can be overwhelming, especially if you do not have the required funds to pay by the due date. You may opt not to sign the BAS because it’s less stressful than the ATO, knowing you have to […]
Choosing The Right People For Your Business
Choosing The Right People For Your Business - Feature Image

Choosing The Right People For Your Business

Choosing Right People In Your Business Picking a winning team in business requires a combination of art and science. Selecting a team with diverse skill sets and experiences and individuals who can work well together and communicate effectively is vital. Choosing individuals that are great in their roles will only take you so far. Attributes […]
Pay Super At The Same Time As Wages
Pay Super At The Same Time As Wages Feature Image

Pay Super At The Same Time As Wages

In a few years, employers may be required to pay super at the same time as wages The Federal Government has announced that it’s considering amending super laws to require super to be paid on payday. The change is set to take effect from 1 July 2026, and it will aim to stop disreputable employers from exploiting […]
Do You Have a HECS-HELP Loan?
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Do You Have a HECS-HELP Loan?

Do You Have a HECS-HELP Loan? The Australian Government indexes HECS-HELP loans each year on the 1st of June. The Australian Government indexes HECS-HELP loans each year on the 1st of June. The percentage in which the debt amount will go up is directly linked to the cost of living (i.e. inflation). On the 1st […]
The Final ATO Ruling Affecting Trust Distributions
The Final Ato Ruling Affecting Trust Distributions Banner

The Final ATO Ruling Affecting Trust Distributions

The Final ATO Ruling Affecting Trust Distributions The ATO has finalised the section 100A ruling, which provides guidelines and a compliance approach to trust distributions. In essence, the ATO is concerned that the adult beneficiary who’s been made entitled to a trust distribution does not enjoy the economic benefit. More importantly, section 100A also focuses on taxpayers […]
How To Cut Energy Waste And Save Money
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How To Cut Energy Waste And Save Money

How To Cut Energy Waste And Save Money https://youtu.be/cD7PF3Ly9zo Small Business Energy Incentive is not too dissimilar to the small business skills boosts and investment boosts that we saw last year introduced by the previous government. Basically, it’s allowing you an extra 20% tax deduction for any expenses that are related to the use of […]
Your Last Chance To Carry Back Business Losses
Your Last Chance To Carry Back Business Losses Feature Image

Your Last Chance To Carry Back Business Losses

Your Last Chance To Carry Back Business Losses This is the last year in which, if you have a loss in your company, you can carry that loss and apply it back to any prior years where you’ve made a profit. There are limitations in how far back you can go, and there’s a process […]
Finding Balance Within Profit Allocation Rules
Finding Balance Within Profit Allocation Rules Feature Image

Finding Balance Within Profit Allocation Rules

Finding Balance Within the Allocation of Profits within professional firms Guidelines PC 2021/4 The industries that are affected by the Allocation of Professional Firm Profits Guidelines are the service-based businesses where you are selling knowledge or expertise. If you are using a trust or a company to run your service-based business, they want to attribute […]
Don’t Miss Out On These Tax Benefits
Don't Miss Out On These Tax Benefits - Feature Image

Don’t Miss Out On These Tax Benefits

Don’t Miss Out On These Tax Benefits For small business owners, The first thing that everyone’s been thinking of and waiting on is the temporary full expensing rules. Just a quick reminder, for assets that were purchased in this financial year, this will be the last time where there is no limit on what you […]
Tax Planning 2023: How to Keep More of Your Money with Legal Tax Strategies
Accountants Discussing Tax Planning Strategies

Tax Planning 2023: How to Keep More of Your Money with Legal Tax Strategies

Tax Planning 2023: How to Keep More of Your Money with Legal Tax Strategies What is Tax Planning? Taking place annually from March to June, tax planning is an exhilarating period for accountants. This phase, leading up to the end of the financial year, is when tax planning primarily happens. Some of these strategies are […]
The New Tax Strategy For EV Buyers
The New Tax Strategy For EV Buyers

The New Tax Strategy For EV Buyers

The New Tax Strategy For EV Buyers​ The government is encouraging the uptake of electric vehicles with this new strategy.  If you buy an electric vehicle before the end of this financial year (30 June 2023), you can claim it as a tax deduction in your business.  Previously, if your logbook had 50% business use, […]
Eligibility Criteria For Training Tax Deductions
Eligibility Criteria For Training Tax Deductions Thumbnail

Eligibility Criteria For Training Tax Deductions

Eligibility Criteria For Training Tax Deductions​ Claim an additional 20% expenditure Claim an additional 20% of expenditure that is incurred for the provision of external training courses to their employees. Eligibility Small Business Employee is in Australia Course is provided by a registered provider in Australia Make sure that not only does your entity qualify […]
Business Structure Tax Rates
Business Structure Tax Rates Feature Image

Business Structure Tax Rates

Business Structure Tax Rates You can use a business structure for doing anything like investing in shares, separating your assets out of your personal name. Also, you can even run a businesses out of companies and trusts. We use that a lot with our clients here at Inspire when we are structuring their businesses where […]
Family Business Distribution Rules Explained
Family

Family Business Distribution Rules Explained

Family Business Distribution Rules Explained Rules explained: If you’re distributing to a family member, the money should directly go to them, and they should be the one utilising that money for their economic benefit. If you’re a family business and you distribute funds to your spouse, that’s generally acceptable. For example, if you transfer the […]
Get 20% Extra Tax Deduction On Tech Expenses
Get 20% Extra Tax Deduction On Tech Expenses

Get 20% Extra Tax Deduction On Tech Expenses

Get 20% Extra Tax Deduction On Tech Expenses Get 20% extra tax deduction on tech expenses with the Small Business Investment Technology Boost You can claim extra 20% on expenses that support digital operations and digitising operations, such as:  Digital Enabling Items – e.g. cost to set up a digital payment system, any subscriptions that […]
Why I Will Probably Never Retire
Why I Will Probably Never Retire Feature Image

Why I Will Probably Never Retire

Why I Will Probably Never Retire Here’s a snippet from the Young Family, Small Business Podcast where we did a reverse interview with the host, Ben Walker. The question was asked, “When are you going to retire? When are you going to stop working and enjoying life?” We asked Ben the question, when are you […]
Margin Scheme – A Brief Overview
Accountant Demonstrating Margin Scheme In Vector Design

Margin Scheme – A Brief Overview

Margin Scheme – A Brief Overview https://www.youtube.com/watch?v=7yBYZi7EhXE In this article, we will discuss the Margin Scheme and the prerequisites for its application in your business. The Margin Scheme is particularly relevant for developers, as the Goods and Services Tax (GST) can significantly impact their operations. The Margin Scheme Explained Let’s suppose that you’re in the […]
Great Tax News For Businesses & Individuals
Great Tax News For Businesses and Individuals

Great Tax News For Businesses & Individuals

Great Tax News For Businesses & Individuals Unlocking great tax news for businesses & individuals 1. Small business skills and training boosts This was released in March earlier this year, where you make an investment in training, or in your employees. There’s some eligibility criteria that’s not being taken off the table, not that we […]
Write Off Bad Debts To Reduce Tax
Write Off Bad Debts To Reduce Tax Thumbnail

Write Off Bad Debts To Reduce Tax

Write Off Bad Debts To Reduce Tax In a scenario where you have provided a service to someone and they refuse to pay despite your efforts to resolve the matter, it may be wise to consider writing off the unpaid invoice instead of dwelling on it. By doing so, you can claim it as a […]
Ben Walker Gives Tips For Sustainable Success​
2 Business Tips For Sustainable Success Thumbnail

Ben Walker Gives Tips For Sustainable Success​

Ben Walker Gives Tips For Sustainable Success Being a business owner, you’re not capable of doing everything. You need to delegate and let go of some core business and key responsibilities for sustainable success. You have so many lives and livelihoods under your responsibility, which is why oversight is crucial. We’ve seen some business owners […]
How Do Banks Calculate Buying Capacity?
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How Do Banks Calculate Buying Capacity?

How Do Banks Calculate Buying Capacity? https://youtu.be/qh95sx6z3t8 We invited Colin O-Loughlin, Director and Mortgage Broker of Arch Brokerage on the topic, “Buying A Commercial Property In SMSF”. In the video he walks us through how banks calculate the buying capacity. When it comes to securing a loan from a bank, understanding how they calculate buying […]
Is A Budget The Same As A Forecast
Is A Budget The Same As A Forecast Thumbnail

Is A Budget The Same As A Forecast

Is A Budget The Same As A Forecast? On a recent webinar, a client had asked, “Is a budget the same as a forecast?” Here’s what we said –  We prefer to use the word ‘budget’. There are many different ways that Accountants, or CFO people forecast or budget. For us, it’s using the budget feature […]
Who Pays The Parental Leave

Who Pays The Parental Leave

Who Pays The Parental Leave https://youtube.com/shorts/sLeXkdEcfRE?feature=share A commonly asked question when it comes to parental leave is, “who pays the parental leave –  Is it the employer or the federal government?”  Who pays the Parental Leave? The answer is: The Department of Human Services. They manage any welfare payments such as age pension and paid […]
Should I Put My Home Into A Trust?

Should I Put My Home Into A Trust?

Should I Put My Home Into A Trust? By buying the family home in a personal name, we ensure we get the ‘Capital Gains Tax Main Residence Exemption’ when we sell that house later. There is a stamp duty concession once you’ve bought a home in your name. Those things often outweigh the benefits of […]
The Company Business Structure Explained

The Company Business Structure Explained

The Company Business Structure Explained The company structure is one of the most common business structures. Clients who have already done their research, or new clients who are looking at setting up a business, a company structure is  usually what they opt-in. For this structure, we have two different tax rates 25% – It used […]
How To Add Subscription Cost To Xero

How To Add Subscription Cost To Xero

How To Add Subscription Cost To Xero https://youtu.be/VuhPtTQE9eE   We want to make sure your expenses in Xero are in detail   Let’s take for example, subscriptions. At Inspire, we have about 15 to 20 accounts of subscriptions.  And in the chart of accounts, every account needs a number associated with it in Xero.  To […]
What To Look For When Investing

What To Look For When Investing

What To Look For When Investing We invited Phil Grant of NAI Harcourts Pinnacle to talk about investing in commercial property. Here’s what he said about what to look for when investing Good Location, Quality Tenant/s, Easily Relettable, Downturn Proof Some of the major things that really need to be taken into consideration when you’re […]
Why Trusts Are Great For Tax Planning

Why Trusts Are Great For Tax Planning

Why Trusts Are Great For Tax Planning https://youtu.be/0QjQKUXUB6Y A trust allows us to plan the tax so well so that it can be distributed to whoever it is needed for each financial year.  Keep in mind, it needs to be, not only a distribution on paper, but the cash also needs to exchange hands. The […]
Modernisation of PAYG instalments

Modernisation of PAYG instalments

Modernisation of PAYG instalments https://youtu.be/AVZ9eVXv6_w If you have a company running a business and you’re prepaying some tax for the current financial year, this is something that has been anticipated. The pay as you go (PAYG)  instalments is the way that you prepay tax for the current year and usually, it’s based on last year’s […]
The Impact Of Money Printing On Investors

The Impact Of Money Printing On Investors

The Impact Of Money Printing On Investors https://youtu.be/_oxoh3-zQkk We invited Nick Webb of RSM Financial Services Australia to share his thoughts on the impact of money printing on Investors    Here’s what he said: An important focus, for a physio clinic business, is to make sure you are getting a great utilisation from your team. […]
Every Business Owner Should Have This

Every Business Owner Should Have This

Every Business Owner Should Have This Rainy Day Fund When we went through the first few months of COVID and lockdowns, there was a valuable thing called a Rainy Day Fund. It is a backup account in case of an unforeseen event, you can get this easy-to-access pot of cash that can save the business. […]
Save Tax With A Motor Vehicle Logbook

Save Tax With A Motor Vehicle Logbook

Save Tax With A Motor Vehicle Logbook https://youtu.be/wd7b6eqUJ3Y   There are two ways to claim expenses for a motor vehicle Cents per kilometre method Your car depreciation, fuel, parking, tolls, repairs, insurance, etc. is grouped into one. You can claim $80 cents per kilometre, for every kilometre you have driven your car for business or […]
How To Make Your Employees Work Efficiently
How To Make Your Employees Work Efficiently

How To Make Your Employees Work Efficiently

How To Make Your Employees Work Efficiently For a lot of businesses, employment costs are the biggest expenses in their business. We noticed that if you do not have processes around making your employees more effective and efficient, there’s a lot of value that is being missed out on. Empowering your employees to either upsell, […]
How to convert Website traffic into leads?
Website traffic into leads

How to convert Website traffic into leads?

How to convert website traffic into leads? Have a compelling offer This is your chance to stand out from the crowd. Offer something your competitors are not. If you sell products, offer a free demonstration OR show them a video of how your existing clients use the product. Bear in mind that, you do not […]
Cryptocurrency Tax Accountant
Cryptocurrency Tax Australia

Cryptocurrency Tax Accountant

Cryptocurrency Tax Accountant It’s rare to see a client where crypto is their ‘day job’ – but more and more of our clients have portfolios, are trading, or are engaged in some form of investment or business with cryptocurrency here in Australia. Quick Links What we will cover Experience of Inspire Team who are involved […]
Buying Commercial Property SMSF | Inside and outside Super
How To Buy Your Clinic’s Premise – Inside or Outside SMSF

Buying Commercial Property SMSF | Inside and outside Super

Buying Commercial Property SMSF | Inside and Outside Super WHY WE’RE SHARING Ben Walker has personally been an SMSF member since 2011 He began working with SMSFs in 2007 (before starting Inspire) and his role was heavily geared towards SMSF’s to grow people’s wealth. Since then he worked with hundreds of SMSF’s throughout his career. […]
Business Structure Tax Rates
Business Structure Tax Rates Company Trust SMSF

Business Structure Tax Rates

Business Structure Tax Rates   You can use a business structure for doing anything like investing in shares, separating your assets out of your personal name. You can even run a businesses out of companies and trusts. We use that a lot with our clients here at Inspire when we are structuring their businesses where […]
Tracking Crypto Transactions For Tax
Tracking Crypto Transactions For Tax

Tracking Crypto Transactions For Tax

Tracking Crypto Transactions For Tax A very common question in our webinar registration page was, “How do I track crypto transactions for tax? We want to get it right and we don’t want to pay any more tax than we need to. We want to pay the tax we legally have to, and not a […]
The #1 Myth About Crypto Tax
The #1 Myth About Crypto Tax

The #1 Myth About Crypto Tax

The #1 Myth About Crypto Tax Crypto myth #1: “I’ll only pay tax when I convert it to Australian dollars” Cryptocurrency is like a currency. You’re not going to get taxed until you take it back out completely to Australian dollars. The timing of the tax event (or when you get taxed), is when you […]
Tax Warning For Crypto Hobbyists
Tax Warning For Crypto Hobbyists

Tax Warning For Crypto Hobbyists

Tax Warning For Crypto Hobbyists CRYPTO MYTH: “My Crypto is a hobby so I don’t have to pay tax” The ATO’s view is that crypto is personal use if it’s kept or used mainly to make purchases of items for personal use or consumption. You might hold a very small portfolio of Bitcoin, Ethereum, or […]
Don’t Make This Crypto Mistake
Don't Make This Crypto Mistake

Don’t Make This Crypto Mistake

Don’t Make This Crypto Mistake Crypto Myth: “I don’t have to pay tax because the ATO will never know about my portfolio.”  We kind of get that there is some level of anonymity but the ATO is onto this. Some of them aren’t incredibly helpful but in general, they’re not Muppets when it comes to […]
Crypto: Capital Vs. Revenue Accounts
Crypto: Capital vs Revenue accounts

Crypto: Capital Vs. Revenue Accounts

Crypto: Capital Vs. Revenue Accounts Another key tax concept when it comes to crypto, is your profit or what you earn on a revenue basis, a capital basis, or a capital account?  Money you receive is treated either as revenue account, or ordinary income. In terms of Revenue account: Normal ‘business’ income – If you […]
Can Your SMSF Invest In Crypto?
Can your SMSF invest in crypto?

Can Your SMSF Invest In Crypto?

Can Your SMSF Invest In Crypto? CRYPTO MYTH: “My SMSF cannot invest in crypto” If you have a self managed super fund, there are no laws preventing an SMSF from investing in cryptocurrency. But keep in mind that if you are going to do this – You must read the trust deed – Trust deed […]
Can You Delay Crypto Tax Bills?
Can you delay crypto tax bills?

Can You Delay Crypto Tax Bills?

Can You Delay Crypto Tax Bills? Unfortunately, the answer is not favourable to what you are hoping for.  Keep in mind that the timing of the tax event is when you dispose of any asset or currency. Regardless of what you purchase next, you’ve still made a gain at the time of selling.  “Is buying […]
The 1st Step Of A Killer Digital Strategy
The 1st step of a killer digital strategy

The 1st Step Of A Killer Digital Strategy

The 1st Step Of A Killer Digital Strategy We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said about the first step of a killer digital strategy – From a client engagement perspective, this is where we really dig […]
3 Benefits Of The BAC Grant
3 Benefits Of The BAC Grant

3 Benefits Of The BAC Grant

3 Benefits Of The BAC Grant On a recent webinar, we invited Michael Dunne, co-founder of Epic Sales Group to talk to us about the 50% Wage Subsidy for Eligible Employees. Here’s what he said about the benefits of The BAC Grant –  The 3 big ones are: Upskilling the team in your business.  Personal development […]
6 Tips To Reduce Your Crypto Tax
6 Tips to reduce your crypto tax

6 Tips To Reduce Your Crypto Tax

6 Tips To Reduce Your Crypto Tax How to reduce your Crypto Tax: Know the rules Get on the front foot (don’t bury your head) – We’ve heard of people who make a lot of money and they’re just like, “Oh, I’ll deal with that later.” make sure you get on the front foot with […]
Why Your Business Needs Professional Photos
Why Your Business Needs Professional Photos

Why Your Business Needs Professional Photos

Why Your Business Needs Professional Photos We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said why your business needs professional photos – What does your premises, office, or team look like? What is the process that you’ll […]
6 Steps To Research Your Competitors
6 Steps To Research Your Competitors

6 Steps To Research Your Competitors

6 Steps To Research Your Competitors We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said on the 6 steps to research your competitors – The cool thing about the internet is you can research all your competitors […]
Year In Review
Year In Review

Year In Review

It’s been a tough year that’s challenged us to our core. We’d like to take you on the journey through our incredible wins and one of the toughest calls we’ve made to date. If you were a fly on the wall at Thankyou HQ over the last year, all you’d hear us talk about were […]
Reasons Every Business Need A Website
Reasons every business need a website

Reasons Every Business Need A Website

Reasons Every Business Need A Website Why do we have a business website?   Early into business, when Ben started Inspire, he found a huge growth in the first couple of months from his own network. He was only 23 years old and his network wasn’t that massive. But all of a sudden the growth […]
The BAC Grant – What’s The Catch?
the bac grant - what's the catch?

The BAC Grant – What’s The Catch?

The BAC Grant – What’s The Catch? On a recent webinar, we invited Michael Dunne, co-founder of Epic Sales Group to talk to us about the 50% Wage Subsidy for Eligible Employees. Here’s what he said about The BAC Grant –   In terms of what’s the catch, there is no catch. Most people don’t […]
The Power Of Your Magic Number
The power of your magic number

The Power Of Your Magic Number

The Power Of Your Magic Number If you have one number that you can work towards, this is the number that makes sure that you pay for yourself, your team, contractors, suppliers, and rent. You pay for everything including the tax man and on top of that, you also make some profit. If you add […]
How To Protect What You’re Building
How to protect what you're building

How To Protect What You’re Building

How To Protect What You’re Building You have made some steps this year to move forward, and you’ve gone into this profit phase. How do you ensure that you don’t go backwards?    The problem when you make a profit, you start becoming like an attractive target. If you have a few categories of risk […]
Make Your Business Stand Out
Make your business stand out

Make Your Business Stand Out

Make Your Business Stand Out On a recent webinar, we invited Paul Dunn to talk all things about making your business stand out.   Here’s what he said –    When you become a Standout, people would love to buy from you, you become a magnet for talent, and they would want to work for […]
FBT Exemptions For Work Christmas Parties
FBT exemptions for work christmas parties

FBT Exemptions For Work Christmas Parties

FBT Exemptions For Work Christmas Parties The costs of food and drink associated with Christmas parties are exempt for FBT if they are provided on a working day on your business premises and consumed by current employees. The property benefit is only available for employees and not associates of the employees, or family and friends. […]
Fringe Benefit
What to know about fringe benefits

Fringe Benefit

Fringe Benefit A fringe benefit is a payment to an employee but in a different form to salary and wages.  Examples include: Allowing an employee to use a work car for private purposesGenerally, there are exemptions and reductions for this stuff Giving an employee a discounted loan Paying an employee’s gym membership Providing entertainment by […]
Work Christmas Parties and FBT – What You Need To Know
work christmas parties and FBT - what you need to know

Work Christmas Parties and FBT – What You Need To Know

Work Christmas Parties and FBT – What You Need To Know The differences between staff and their family and friends versus clients.  If you choose to invite clients to your Christmas party, the rules change. Regardless of the cost of the party, entertaining clients is not subject to FBT because FBT is for employees, their […]
Are Christmas Gifts FBT?
Blog Are Christmas Gifts FBT?

Are Christmas Gifts FBT?

Are Christmas Gifts FBT?   For tax purposes, a Christmas gift may also be considered as an entertainment.  There are two kinds of gifts: Entertainment gifts Items such as movie tickets, concert, airline, theatre tickets may be subject to FBT and not deductible for tax purposes.  Gifts that are more than $300 are subject to […]
It’s Not What You Sell, It’s What You Stand For
It's not what you sell, it's what you stand for

It’s Not What You Sell, It’s What You Stand For

It’s Not What You Sell, It’s What You Stand For Paul Dunn, Co-founder of B1G1 recently joined us on a webinar and he said, “It’s Not What You Sell, It’s What You Stand For” If the pandemic has taught us anything, it is that we are all connected. And so, this division that comes from […]
What To Watch Out For With Family Funds
What to watch out for with family funds

What To Watch Out For With Family Funds

What To Watch Out For With Family Funds In SMSF, it used to have up to 4 members but now it’s gone up to 6 members in the Superfund.  6 people’s balances are better than 1. If you have an average of 100 grand per person and you have 2 people in it, then you’ll […]
The Tax Benefits Of An SMSF
The tax benefits of an SMSF

The Tax Benefits Of An SMSF

The Tax Benefits Of An SMSF In a recent webinar, “Become an SMSF millionaire” we run through the SMSF tax benefits. SMSFs have a very low tax environment.  Under trust, it says 0% because trusts like discretionary trusts, give their profit to other entities or people in their family group and they pay the tax. […]
Pros & Cons Of Paying Insurance Through Super
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Pros & Cons Of Paying Insurance Through Super

Pros & Cons Of Paying Insurance Through Super 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, […]
How Your Super Compares To An SMSF
How your super compares to an smsf

How Your Super Compares To An SMSF

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 […]
How To Create An SMSF Investment Strategy
How to create an SMSF investment strategy

How To Create An SMSF Investment Strategy

How To Create An SMSF Investment Strategy Some of the things that you should consider in creating an SMSF strategy 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 […]
300K Gain Tax-Free Case Study
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300K Gain Tax-Free Case Study

300K Gain Tax-Free Case Study   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. […]
5 Things To Know About Estate Planning
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5 Things To Know About Estate Planning

https://www.youtube.com/watch?v=4G9X6jLY8Sc&t=8s 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 […]
The 3 Key Aspects Of Incapacity Planning
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The 3 Key Aspects Of Incapacity Planning

The 3 Key Aspects of Incapacity Planning in a webinar, “Become an SMSF Millionaire” we talked about the 3 key aspects of Incapacity planning. If you do lose the 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 […]
The Cost of Setting Up A Company Structure
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The Cost of Setting Up A Company Structure

The Cost of Setting Up A Company Structure We give advice and education before setting up a company structure. 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. We do that in the […]
Risk-Takers & Asset Holders Explained
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Risk-Takers & Asset Holders Explained

Risk-Takers & Asset Holders Explained Here at Inspire, when 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 in property […]
Why Division 7A Was Brought In
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Why Division 7A Was Brought In

Why Division 7A Was Brought In Why Division 7A was brought in? 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 […]
When Is A Bucket Company Worth It?
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When Is A Bucket Company Worth It?

When Is A Bucket Company Worth It? When is a bucket company worth it? 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 […]
What Is A Franked Dividend?
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What Is A Franked Dividend?

What Is A Franked Dividend? 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 […]
Taking Money Out Of A Company Vs A Trust
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Taking Money Out Of A Company Vs A Trust

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 […]
Short Term Solutions For Division 7A
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Short Term Solutions For Division 7A

Short Term Solutions For Division 7A One of the short term solutions for Division 7a 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, […]
Medium Term Solutions For Division 7A
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Medium Term Solutions For Division 7A

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).
Long Term Solutions For Division 7A
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Long Term Solutions For Division 7A

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.
How Does An Offset Account Work?
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How Does An Offset Account Work?

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:
5 Rules For Division 7A Loans
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5 Rules For Division 7A Loans

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.
What Are Your Lending Options Inside Super?
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What Are Your Lending Options Inside Super?

LRBA is an acronym for Limited Recourse Borrowing Arrangement. Super funds on their own can’t lend money from a bank or anything.
The Process Of Buying Commercial Property
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The Process Of Buying Commercial Property

Step 1. Preapproval The first step is to get preapproval or some idea that you can buy what you are looking to buy.
4 Business Structures Explained
4 business structures explained

4 Business Structures Explained

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.
Distributing Money To Retired Parents
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Distributing Money To Retired Parents

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 $8K per person in tax, so it can add up to a decent tax saving.
What Is A BAS Bank Account?
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What Is A BAS Bank Account?

BAS is an actual acronym for Bas And Super. BASes and superannuation are paid quarterly for GST purposes for most businesses.
Tips To Pay Yourself From A Trust
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Tips To Pay Yourself From A Trust

If you’re the main person running the income and you have no other salary or income from other sources, here’s a guideline:
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.
How to Distribute To A Loss-Making Entity
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How to Distribute To A Loss-Making Entity

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.
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.
Why You Need A Rainy Day Fund
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Why You Need A Rainy Day Fund

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 […]
Managing Multiple Bank Accounts In Xero
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Managing Multiple Bank Accounts In Xero

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 […]
How To Save Tax & Boost Your Super
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How To Save Tax & Boost Your Super

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.
What Is Your Magic Number?
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What Is Your Magic Number?

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.
The Rules For Giving To Churches Vs. Charities
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The Rules For Giving To Churches Vs. Charities

The Rules For Giving To Churches Vs. Charities 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 […]
Minimise Tax With A Bucket Company
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Minimise Tax With A Bucket Company

Minimise Tax With A Bucket Company 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 […]
4 Categories Of Risks To A Business
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4 Categories Of Risks To A Business

https://youtu.be/YNIiZ2lWc5Y 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 […]
Benefits Of A Self Managed Super Fund
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Benefits Of A Self Managed Super Fund

Benefits Of A Self Managed Super Fund 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 […]
The Pty Ltd Business Structure Explained
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The Pty Ltd Business Structure Explained

How you tell someone has a company in their structure, is the letters “Pty Ltd” at the end of the name.
Draw Vs. Loan – What’s The Difference?
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Draw Vs. Loan – What’s The Difference?

Draw Vs. Loan – What’s The Difference? 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 […]
The Cons Of Being A Sole Trader
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The Cons Of Being A Sole Trader

The Cons Of Being A Sole Trader 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 […]
3 Characteristics Of A Trust
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3 Characteristics Of A Trust

https://youtu.be/uqFgRy5742U 3 Characteristics Of A Trust 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 […]
Are You Running A High-Risk Business?
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Are You Running A High-Risk Business?

Are You Running A High-Risk Business? 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 […]
Differences Between Dividends & Distributions
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Differences Between Dividends & Distributions

Differences Between Dividends & Distributions 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 […]
Can A New Business Sponsor A Visa?
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Can A New Business Sponsor A Visa?

Can A New Business Sponsor A Visa? 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 […]
How To Pull Money Out Of A Company
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How To Pull Money Out Of A Company

How To Pull Money Out Of A Company 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 […]
Should You Apply To Multiple Banks For Funding?
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Should You Apply To Multiple Banks For Funding?

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,
Why Growth Is The Most Vulnerable Stage
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Why Growth Is The Most Vulnerable Stage

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 in startup,
Will Banks Loan 100% Of The Purchase Price?
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Will Banks Loan 100% Of The Purchase Price?

In general, a bank won’t go to 100%. However, if you had security outside of that, a residential property that was free of any debt and you put that property in as a security, then the bank would entertain that transaction up to 100%.
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

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.
The #1 Issue With Structure & Asset Protection
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The #1 Issue With Structure & Asset Protection

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 the most massive impacts, and that’s personal liability.
What Do Banks Think About Vendor Finance Agreements?
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What Do Banks Think About Vendor Finance Agreements?

We see a lot of business acquisitions where the vendor was quite happy to provide some finance to the buyer on that business.
The 3-Step Process In A 482 Visa
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The 3-Step Process In A 482 Visa

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 different name and a little bit of tweaking in the requirements
How Do Finance Providers Approach Pre-Purchase Structuring?
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How Do Finance Providers Approach Pre-Purchase Structuring?

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
Which Industries Have High Funding Potential?
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Which Industries Have High Funding Potential?

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
5 Types Of Employer Sponsored Visas
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5 Types Of Employer Sponsored Visas

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, “We’re abolishing the 457. No one else can be sponsored
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?

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, “We’re abolishing the 457. No one else can be sponsored
Do This To Prevent Late Payments From Clients
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Do This To Prevent Late Payments From Clients

The reason for non-payment and slow payment, is a lack of provision in your client agreement when they don't pay on time.
The 2 Main Ways To Manage Purchase Structures
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The 2 Main Ways To Manage Purchase Structures

In regards to the shares in the business, if you are buying shares in the business there are whitewash provisions.
What You Must Know About CapEx
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What You Must Know About CapEx

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 business has a high level of core trading or working assets in their machinery-type equipment,
How To Reduce Personal Liability As A Director
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How To Reduce Personal Liability As A Director

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 with it front-on, have those discussions with your lawyer and his team to make sure you're on top of understanding what to do in this situation.
The 4 C’s Of Funding
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The 4 C’s Of Funding

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’ to repay, which is like when you get a house and they want to check your income can repay the debt.
How Border Closures Affect Workforce Participation
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How Border Closures Affect Workforce Participation

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 that are coming here initially not on permanent visas,
Time Frames For Funding Transactions
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Time Frames For Funding Transactions

It is bank specific and potentially the size of the transaction as well. From a business banking point of view, the banks have SME type areas, and they have larger departments that look after different sized businesses.
The Importance Of Protecting IP
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The Importance Of Protecting IP

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 from you, when a competitor uses a similar brand, or if you receive a cease and desist action for a mark that you've used for years and years.
What Do Bankers Look For In A Business Plan?
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What Do Bankers Look For In A Business Plan?

The business plans are handy. It gives the bank an understanding of the borrower's thought processes around that business.
What Is A Visa?
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What Is A Visa?

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 of time. In Australia, we have three main sub-categories of visas.
How Banks Determine Capacity For Funding
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How Banks Determine Capacity For Funding

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, and how the businesses cash flow will afford the loan repayment.
What Costs Are Involved In Acquiring A Business?
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What Costs Are Involved In Acquiring A Business?

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.
An Update On Our Big Hairy Audacious Goal
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An Update On Our Big Hairy Audacious Goal

The interesting update is we've actually hit almost $4.3 million.
What Is The Fortify Methodology?
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What Is The Fortify Methodology?

We have been identifying, protecting, preventing and predicting. It is identifying issues that might be sitting there in your business. There could be landmines that might be about to go off.
Most Lawyers Won’t Talk About This
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Most Lawyers Won’t Talk About This

Process is something most lawyers won't even talk about, because most lawyers don't have a defined process for how they see acquisitions.
The Risks Involved In Purchasing Business
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The Risks Involved In Purchasing Business

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.
How To Fund An Acquisition
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How To Fund An Acquisition

There's a number of ways that you can fund it. You can fund it from your own investors into the business.
The Problem With Your BHAG
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The Problem With Your BHAG

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 this a Grand Vision.
The 5 Drivers Of Killer Deals
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The 5 Drivers Of Killer Deals

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.
Creditworthiness Vs. Business Value
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Creditworthiness Vs. Business Value

“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.
Different Ways To Value A Business
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Different Ways To Value A Business

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.
Is A Novated Lease Right For You?
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Is A Novated Lease Right For You?

Two types of novated leases are fully maintained, which involves maintenance, fuel, tyres, servicing and non-maintained.
The 2 Main Ways To Purchase A Business
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The 2 Main Ways To Purchase A Business

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.
How To Approach Exclusivity In Acquisitions
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How To Approach Exclusivity In Acquisitions

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.
This Is How Banks Look At Funding
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This Is How Banks Look At Funding

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.
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.
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.
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 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 Acquisition Process – Deal Flow
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The Acquisition Process – Deal Flow

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 […]
How Does A Bucket Company Work?
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How Does A Bucket Company Work?

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, […]
The 3 Ways To Play The Game Of Business
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The 3 Ways To Play The Game Of Business

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 […]
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

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 […]
3 Reasons For SMEs To Consider Acquisition
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3 Reasons For SMEs To Consider Acquisition

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 […]
What You Need To Know About Car Allowances
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What You Need To Know About Car Allowances

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 […]
What Are The New Criteria For Loss Carryback?
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What Are The New Criteria For Loss Carryback?

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 […]
Do You Have Multiple “Teams” Of Income?
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Do You Have Multiple “Teams” Of Income?

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 […]
Chattel Mortgage Vs. Finance Lease
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Chattel Mortgage Vs. Finance Lease

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 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?

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 […]
Interest Rates In Asset Finance Are On The Rise
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Interest Rates In Asset Finance Are On The Rise

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 […]
Why Every Business Needs A War Chest
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Why Every Business Needs A War Chest

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 […]
Why Businesses Stay Stuck In The Startup Phase
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Why Businesses Stay Stuck In The Startup Phase

When you first build your business, you’re going to experience the first step, which is what we call the “start-up phase”.
The #1 Challenge For Most Entrepreneurs
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The #1 Challenge For Most Entrepreneurs

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.
Why Acquire A Business?
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Why Acquire A Business?

When we talk about multiple, we're talking about the way to value business. But one of the ways to link to the way to value business, it's always some sort of calculations, so that might be profit or EBITDAR, multiplied by a number.
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

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.
Why You Shouldn’t DIY Your Bookkeeping
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Why You Shouldn’t DIY Your Bookkeeping

Business owners shouldn’t DIY their own bookkeeping.
How To Know If Your Product Will Sell
blog - how to know if your product will sell with Dr. David Dugan

How To Know If Your Product Will Sell

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.
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)

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.
The 2 Ways To Treat Business Purchases
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The 2 Ways To Treat Business Purchases

When we look at purchasing things in our business, there's kind of two ways to treat them:
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?

My recommendation is you use some sort of app to track your logbook for ATO reporting purposes.
Tax Tip: Work Your Family Trust
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Tax Tip: Work Your Family Trust

This tax tip I want to share here is: Work your family trust..
Federal Budget: Key Details About Downsizer Contribution
blog - 2021 Federal Budget Update key details about the downsizer contribution measure

Federal Budget: Key Details About Downsizer Contribution

One of the announcements in the most recent federal budget was the downsizer contribution.
Tax Tip: Pay Employee Super Early
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Tax Tip: Pay Employee Super Early

Tax Tip: Pay Employee Super Early 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) […]
Federal Budget: Low To Middle Income Tax Offset Extended
blog - 2021 federal budget update low to middle income tax offset extended

Federal Budget: Low To Middle Income Tax Offset Extended

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.
Tax Tip: Salaries Paid To Business Owners
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Tax Tip: Salaries Paid To Business Owners

Salaries paid to business owners is actually a really common thing we see done, which is totally fine.
Federal Budget: Can A Couple Sell Their 10+ Year Home Into Their SMSF?
blog - 2021 federal budget update Can a couple sell their 10+ year home into their smsf?

Federal Budget: Can A Couple Sell Their 10+ Year Home Into Their SMSF?

"Can a couple sell their 10-year-plus home into their SMSF?"
Federal Budget: The Extension of the Company Loss Carry Back
2021 Federal Budget Update The extension of the company loss carry back

Federal Budget: The Extension of the Company Loss Carry Back

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.
Get Your Approval & Order Your Assets NOW
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Get Your Approval & Order Your Assets NOW

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.
Federal Budget: Updates On The Temporary Full-Expensing Measures
blog - 2021 Federal budget update: Updates on the temporary full-expensing measures

Federal Budget: Updates On The Temporary Full-Expensing Measures

Essentially, what the government has brought in was the temporary full expensing of any assets that's purchased as a small business.
Tax Tip: Keep A Motor Vehicle Logbook
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Tax Tip: Keep A Motor Vehicle Logbook

There used to be four ways to claim vehicles, but now there's only two ways to claim vehicles as a business:
Federal Budget: Important Changes To The Child Care Rebate Cap
Family is number one

Federal Budget: Important Changes To The Child Care Rebate Cap

Couples or as a household who earn over $189,000 combined receive a childcare rebate of $10,560 per child.
Tax Tip: Ensure Family Members Are In The Same Tax Bracket
Blog - Tax Tip: Ensure family members are in the same tax bracket

Tax Tip: Ensure Family Members Are In The Same Tax Bracket

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.
Federal Budget: This Superannuation Change Is Pretty Amazing
Federal Budget: This superannuation change is pretty amazing

Federal Budget: This Superannuation Change Is Pretty Amazing

This is relevant for those who have an SMSF or a super fund.
Federal Budget: Super Limits Are Changing
Federal budget: Super Limits are changing, Coins

Federal Budget: Super Limits Are Changing

This was announced before the Federal Budget. Essentially, there's some exciting news about super contribution limits
Tax Tip: Establish An SMSF
Tax TIp: Establish an SMSF, Retirement

Tax Tip: Establish An SMSF

This tax tip is about establishing a SMSF, or self-managed super fund.
Tax Tip: Prepaying Expenses
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Tax Tip: Prepaying Expenses

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.
What’s A Good Rainy Day Number To Have?
What's a good rainy day number to have?

What’s A Good Rainy Day Number To Have?

In terms of setting your businesses Rainy Day Number - anything is better than nothing.
Tax Tip: Repairs And Maintenance
Tax Tip: Repairs and maintenance

Tax Tip: Repairs And Maintenance

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
We Want To Save Our Clients $2.1 Million In Tax In 2021
Kenya B1G1 study tour 2018

We Want To Save Our Clients $2.1 Million In Tax In 2021

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)
Tax Tip: Update Your Trust Deed
Update your trust deed

Tax Tip: Update Your Trust Deed

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.
2021 Tax Rates For Individuals Vs. Companies
2021 tax rates for individuals vs companies

2021 Tax Rates For Individuals Vs. Companies

As an individual, the tax rates have actually changed from 2021 Financial Year versus the year beforehand.
Tax Tip: Amazing Power Of Bucket Companies
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Tax Tip: Amazing Power Of Bucket Companies

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.
Cut Your Tax Bill In Half With Tax Planning
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Cut Your Tax Bill In Half With Tax Planning

Our tax planning season is between March and June every single year, and this involves every single client.
The 4 Savings Accounts Every Entrepreneur Should Have
blog - The 4 Savings Accounts every entrepreneur should have

The 4 Savings Accounts Every Entrepreneur Should Have

An account for your tax savings - to cover your quarterly BAS and your monthly IAS.
Practical Ways To Improve Your Cash Flow Days
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Practical Ways To Improve Your Cash Flow Days

Some practical little nuggets that you could pull the trigger on to improve your cash flow days is to keep less stock on hand
The Importance Of Financial Forecasting
blog - The importance of financial forecasting

The Importance Of Financial Forecasting

If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple?
How To Increase Your Business Value
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How To Increase Your Business Value

If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple?
What The Plot Twist Of 2020 Really Taught Us
blog - What the plot twist of 2020 really taught us

What The Plot Twist Of 2020 Really Taught Us

I was recently invited to jump on the @EmployeeMatters Podcast hosted by HR Guru @NatashaHawker and we spoke about the positive outcomes from COVID.
How To Avoid Trouble With The ATO
Blog - How to avoid trouble with the ATO

How To Avoid Trouble With The ATO

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?
A Lot Of Businesses Make This Bookkeeping Mistake
blog - A lot of business make this bookkeeping mistake

A Lot Of Businesses Make This Bookkeeping Mistake

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 #1 Way To Keep Track Of Your Cashflow
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The #1 Way To Keep Track Of Your Cashflow

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.
Daily, Weekly, Monthly & Quarterly Reports
blog - Daily weekly monthly and quarterly reports

Daily, Weekly, Monthly & Quarterly Reports

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.
How To Find A Good Bookkeeper
Blog - How to find a good bookkeeper

How To Find A Good Bookkeeper

If you’ve never had a bookkeeper before, a good question is “How do I find a good one?”.
How To Calculate Your Magic Sales Number
Blog - How to calculate your magic sales number

How To Calculate Your Magic Sales Number

A ‘magic number’ is our term for how much money you need to hit in sales each week, or each day.
What Is An Ungeared Unit Trust?
Blog - What is an ungeared unit trust?

What Is An Ungeared Unit Trust?

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).
The Most Important Number To Know In Business
blog - The most important number to know in business

The Most Important Number To Know In Business

The most important number to know in business is what I actually call our “magic number”, and we do it internally at Inspire.
‘You Get What You Pay For’ Also Applies To Bookkeepers
Blog - You get what you pay for also applies to bookkeepers

‘You Get What You Pay For’ Also Applies To Bookkeepers

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.
Tax Structures Of Business vs Capital Developments
Blog - Tax Sructures of Business vs Capital Developments

Tax Structures Of Business vs Capital Developments

When comparing Business vs Capital developments, It's not black and white when it comes to legislation.
Watch This If You’re Afraid Of Doing Your Taxes
Blog - Watch this if you're afraid of doing your taxes

Watch This If You’re Afraid Of Doing Your Taxes

Watch This If You’re Afraid Of Doing Your Taxes 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 […]
5 Things Business Owners Need To Know Before Getting Into Property Development
Blog - 5 things business owners need to know before getting into property development

5 Things Business Owners Need To Know Before Getting Into Property Development

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.
High-Level Structures For Tax Efficient Property Development
Blog - High-level structures for tax efficient property development

High-Level Structures For Tax Efficient Property Development

Here's some high-level things we need to think about when we're approaching the structure of carrying out a development.
What You Need To Know About Land Tax
Blog - What you need to know about land tax

What You Need To Know About Land Tax

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.
3 Ways To Fund Property Development
Blog - 3 ways to fund Property Development

3 Ways To Fund Property Development

https://youtu.be/jI_tvFlzHQE 3 Ways To Fund Property Development 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 […]
4 Key Points About Development In A Discretionary Trust
Blog - 4 Key points about development in a discretionary trust

4 Key Points About Development In A Discretionary Trust

A discretionary trust is very simple; it's not a very complex trust structure at all.
What’s The Maximum Number of Unit Holders We Can Have?
Blog - What's the maximum number of unit holders we can have?

What’s The Maximum Number of Unit Holders We Can Have?

That'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.
How Much Money Do You Need To Start An SMSF?
Blog - How much money do you need to start an SMSF?

How Much Money Do You Need To Start An SMSF?

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.
Hired a new employee since 7 October 2020? You could be eligible for $200 per week!
Blog - Hired a new employee since 7 October 2020? You could be eligible for $200 per week

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.
Update on JobKeeper 2.2 (JobKeeper 2.0, extension 2)
Blog - Update on JobKeeper 2.2

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
How We Track Our Marketing Results With The LAPS Method
Blog - How we track our marketing results with the LAPS method

How We Track Our Marketing Results With The LAPS Method

We use a method called “LAPS” we learned from our friends at Dent, and that essentially stands for; Leads, Appointments, Presentations, and Sales.
The #1 Piece of Advice We Got From Gary Vee
Blog - The #1 piece of advice we got from Gary Vee

The #1 Piece of Advice We Got From Gary Vee

When 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.
Finding It Hard To Pay Your BAS On Time?
Blog - Finding it hard to pay your BAS on time?

Finding It Hard To Pay Your BAS On Time?

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. It’s a […]
Do You Take 12 Weeks Off A Year From Your Business?
Blog - Do you take 12 weeks off a year from your business?

Do You Take 12 Weeks Off A Year From Your Business?

Usually as business owners, we’ll just pour hours and hours into our business and we’ll work big days
The Truth About How Much Time We Spend On Marketing
Blog - The truth about how much we spend on marketing

The Truth About How Much Time We Spend On Marketing

Our Chief Experience Officer, Roze, reckons that about 80% of her role is spent in marketing.
Track & Grow Your Wealth With The New Inspire App
Blog - Track and grow wealth with the new Inspire app

Track & Grow Your Wealth With The New Inspire App

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.
The Documentation You Need To Pass On Your Wealth
Blog - The documentation you need to pass on your wealth

The Documentation You Need To Pass On Your Wealth

Statistics show that about 60% of Australians die without a will, which is huge.
How We Turn 1 Webinar Into 50 Pieces Of Content
Blog - How we turn 1 webinar into 50 pieces of content

How We Turn 1 Webinar Into 50 Pieces Of Content

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?
How To Create An Automated Household Budget
Blog - How to create an automated household budget

How To Create An Automated Household Budget

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.
Need To Change Accountants? Why Now Is The Best Time
Blog - Need to change accountants? Why now is the best time

Need To Change Accountants? Why Now Is The Best Time

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.
JobKeeper December Claim
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JobKeeper December Claim

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.
4 Steps To An Effective Business Budget
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4 Steps To An Effective Business Budget

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.
The First Step In Creating Wealth for Life
Blog - The first step in Creating wealth for life

The First Step In Creating Wealth for Life

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.
How To Review Your Profitability In Xero
Blog - How to review your profitability in Xero

How To Review Your Profitability In Xero

I’m going to give you a demo on how to review your profitability using Xero.
Our Daily Content Planning System Revealed
Blog - Our daily content planning system revealed

Our Daily Content Planning System Revealed

We keep track of our daily content schedule in an Excel spreadsheet.
Why Estate Planning Is Not ‘Set and Forget’
Blog - Why Estate Planning is not 'set and forget'

Why Estate Planning Is Not ‘Set and Forget’

If you get married, any previous wills you had are automatically void - that’s pretty huge.
3 Key Tips To Start Your Rainy Day Fund
Blog - 3 Key Tips to start your rainy day fund

3 Key Tips To Start Your Rainy Day Fund

I strongly encourage you to set up a rainy day fund, or a “profit war chest”.
Are You Making An Operating Profit Without The Stimulus Measures
Blog - Are you making an operation profit without the stimulus measures

Are You Making An Operating Profit Without The Stimulus Measures

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.
Why You Don’t Have To Spend 10K on A Wealth Creation Course
Blog - Why you dont have to spend 10k on a Wealth Creation course

Why You Don’t Have To Spend 10K on A Wealth Creation Course

If you look at it from a financial perspective, the whole idea of wealth creation is increasing the value of your family's wealth.
How To Protect Yourself Against Health Incidents
Blog - How to protect yourself against health incidents

How To Protect Yourself Against Health Incidents

This is usually called “Trauma Insurance”. “Critical Illness Insurance” is another one that some of the insurers use
The #1 Question To Ask At The End Of 2020
log - The #1 Question to ask at the end of 2020

The #1 Question To Ask At The End Of 2020

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
The Power of Compound Returns
Blog - The power of compound returns

The Power of Compound Returns

This is an example of the power of compound returns.
A Quick Overview Of The Federal Budget Update
Blog - A quick overview of the federal budget update

A Quick Overview Of The Federal Budget Update

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.
4 Types Of Investments To Grow Your Wealth
Blog - 4 types of investments to grow your wealth

4 Types Of Investments To Grow Your Wealth

In terms of investment, I've learned about and looked into a whole heap of different things from Bitcoin to silver bars
Is Debt A Dirty Word?
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Is Debt A Dirty Word?

Good debt is usually referred to as “tax deductible debt”, and bad debt is referred to as “non-tax deductible debt”.
Intellectual Property & The Immediate Asset Write Off
Blog - intellectual Property anf the immediate asset write off

Intellectual Property & The Immediate Asset Write Off

Can intellectual property qualify as an eligible asset write off?
The 5 Bank Accounts You Need To Stay In Control Of Your Finance
Blog - The 5 bank accounts you need to stay in control of your finance

The 5 Bank Accounts You Need To Stay In Control Of Your Finance

Instead of envelopes, opt for different bank accounts, that's the idea here.
The 3 Different Tax Rates For Super Explained
Blog - the 3 different tax rates for super explained

The 3 Different Tax Rates For Super Explained

There's a couple of different tax rates for Super.
Claiming Depreciation On An Office Fit-Out
Blog - Claming depreciation on an office fit-out

Claiming Depreciation On An Office Fit-Out

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,
Is there any tax on transfer of listed shares to the SMSF?
Blog - is there any tax on transfer of listed shares to the SMSF?

Is there any tax on transfer of listed shares to the SMSF?

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.
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:
Why You Should Setup A Slush Fund
Blog - Why you should setup a Slush fund

Why You Should Setup A Slush Fund

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".
Can You Only Withdraw Profit From SMSF After You Turn 60?
Blog - Can you only withdraw profit from SMSF after you turn 60?

Can You Only Withdraw Profit From SMSF After You Turn 60?

If you're a member, drawing a pension is only possible where you've met preservation age.
Use Your SMSF To Become and Angel Investor
Blog - Use your SMSF to become and angel investor

Use Your SMSF To Become and Angel Investor

Investing in private companies - there's a few different layers here.
Buying Commercial Or Residential Property In Super?
Blog - Buying commercial or residential property in super?

Buying Commercial Or Residential Property In Super?

The ones you can do is you can buy an established property.
Can You Access Part Of Your Super for Short Term Business Cashflow?
Blog - Can you access part of your super for short term business cashflow?

Can You Access Part Of Your Super for Short Term Business Cashflow?

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.
How to Save $5,500 A Year With One Simple Change
blog - How to save $5,500 a year with one simple change

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.
The Rules For Lending Money With Your SMSF
blog - The rules for lending money with your SMSF

The Rules For Lending Money With Your SMSF

The general rule is that you can actually loan money with your SMSF.
Why You Should Never Set Up An SMSF Without A Corporate Trustee
Blog - Why you should never set up an SMSF without a corporate trustee

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.
What You Need To Realise Before Setting Up An SMSF
Blog - What you need to realise before setting up an SMSF

What You Need To Realise Before Setting Up An SMSF

A bit of a warning to people who are considering setting up an SMSF. The “SM” in “SMSF” stands for “self-managed”.
Is It Hard To Get Finance In An SMSF For Share Or Property Purchase?
Blog - Is it hard to get finance in an SMSF for share or property purchase?

Is It Hard To Get Finance In An SMSF For Share Or Property Purchase?

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.
How To Get Your Business Ready for After JobKeeper
How to get your business ready for after JobKeeper

How To Get Your Business Ready for After JobKeeper

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.
Can I contribute more money to my SMSF than my $25,000 annual contribution?
Blog - Can I contribute more money to my SMSF than my $25,000 annual contribution

Can I contribute more money to my SMSF than my $25,000 annual contribution?

Yes, you can. There's two ways you can contribute to Super.
When Does It Make Sense To Set Up An SMSF?
Blog - When does it make sense to set up an SMSF?

When Does It Make Sense To Set Up An SMSF?

The most common question I get when someone's exploring self-managed super is, when does it make sense to set one up?
Grow Your Wealth In A Legal Tax “Haven”
Blog - Grow your wealth in a legal tax "haven"

Grow Your Wealth In A Legal Tax “Haven”

Tax Free Capital Gains Tax or CGT
FBT Red Tape Reduction Explained
Blog - FBT Red tape reduction explained

FBT Red Tape Reduction Explained

FBT is a bit of a pain to deal with if your business provides benefits to employees, that are not tax deductible in general.
Which Employees Are Eligible For the JobMaker Hiring Credit?
Blog - Which employees are eligible for the jobmaker hiring credit?

Which Employees Are Eligible For the JobMaker Hiring Credit?

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.
What You Need To Know About The JobMaker Hiring Credit
What you need to know about the jobmaker hiring credit

What You Need To Know About The JobMaker Hiring Credit

This is pretty exciting. Like JobKeeper, it needs your business and employees to be eligible.
The Small Business Pool Write Off
Blog - The Small business pool write off

The Small Business Pool Write Off

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.
Changes To The Immediate Asset Write Off
Blog - Changes to the immediate asset write off

Changes To The Immediate Asset Write Off

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.
How the Tax Loss “Carry Back” Can Benefit You
Blog - How the tax loss "'carry back" can benefit you

How the Tax Loss “Carry Back” Can Benefit You

How the Tax Loss “Carry Back” Can Benefit You
Is Your Company Eligible For Up To $200/wk/employee JobMaker Hiring Credit?
Blog - Is your company Eligible for up to $200/wk/employee JobMaker Hiring credit?
Can we operate a business from Super?
Blog - Can we operate a business from Super?

Can we operate a business from Super?

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.
Practical Steps for JobKeeper 2.0 – to do before end of this month
Blog - Practical steps for Jobkeeper 2.0 - to do before end of this month

Practical Steps for JobKeeper 2.0 – to do before end of this month

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.
What’s the difference between a salary and a drawing?
Blog - What;s the difference between a salary and a drawing?

What’s the difference between a salary and a drawing?

The difference between the two is basically the way that you take money out of your business structure.
Why Property Development In Super Is So Attractive
Blog - Why property Development in super is so attractive

Why Property Development In Super Is So Attractive

It's hard to get access to bank money to fund projects especially when you've got no experience at property development.
Important Details About The 20-hour Test For Employees
Blog - Important details about the 20-hour test for employees

Important Details About The 20-hour Test For Employees

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
Blog - Save money with these super fund strategies

Save Money With These Super Fund Strategies

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.
Are JobKeeper Contributions masking concerning statistics in your business
Blog - Are JobKeeper Contributions masking concerning statisrics in your business

Are JobKeeper Contributions masking concerning statistics in your business

I was on a recent webinar, with Employment Law Specialist, Danny King (Danny King Legal)
Why You Need Separate Bank Accounts For Your Personal And Business Finance
Blog - Why you need separate bank accounts for your personal and business finance

Why You Need Separate Bank Accounts For Your Personal And Business Finance

One of the things we spoke about is having separate bank accounts for your personal and business finance.
The Easy Way To Save $500 Every Month
Blog - The easy way to save $500 every month

The Easy Way To Save $500 Every Month

I'll share a personal story from Stevie and I about coffee.
What You Need To Consider When Setting Up A Family Trust
Blog - What you need to consider when setting up a family trust

What You Need To Consider When Setting Up A Family Trust

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%.
Do you have a seperate account for irregular bills to prevent financial strain?
Blog - do you have a separate account for irregular bills to prevent financial strain?

Do you have a seperate account for irregular bills to prevent financial strain?

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.
How To Review Your Annual Leave Balances In Xero
Blog - how to review your annual leave balances in Xero

How To Review Your Annual Leave Balances In Xero

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.
Asset Protection Options For Business Owners
Blog - Asset Protection Options for business owners

Asset Protection Options For Business Owners

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.
Set Up A System To Save Money On AutoPilot
Blog - Set up a system to save money on autopilot

Set Up A System To Save Money On AutoPilot

"I've got 50 grand sitting there for a rainy day, and it's a rainy day."
JobKeeper 2.0 Payment Changes You Need To Know About
Blog - JobKeeper 2.0 payment changes you need to know about

JobKeeper 2.0 Payment Changes You Need To Know About

After September, the payment amount is going to change.
How To Claim Tax Deductible Donations With Churches or Charities
How to claim tax deductible donations with churches or charities

How To Claim Tax Deductible Donations With Churches or Charities

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.
How To Cut Your Tax Bill Through Super
Blog - How to cut your tax bill through super

How To Cut Your Tax Bill Through Super

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
Blog - Interesting Statistics about the impact of JobKeeper

Interesting Statistics About The Impact Of JobKeeper

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.
The Difference Between Businesses That Succeed And Those Who Fail
log - The difference between businesses that succeed and those who fail

The Difference Between Businesses That Succeed And Those Who Fail

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.
Rapid Fire Strategies To Pay a lot less tax
Blog - Rapid Fire Strategies to pay a lot less tax

Rapid Fire Strategies To Pay a lot less tax

Don't pay tax on money you haven't received yet.
A Quick Self Assessment To Find Out How Your Business Is Doing Without The Stimulus Measures
Blog - A quick self assessment to find out how your business is doing without the stimulus measures

A Quick Self Assessment To Find Out How Your Business Is Doing Without The Stimulus Measures

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.
Simple Tweaks To Your Business Can Have A Massive Financial Impact
Blog - Simple tweaks to your business can have a massive financial impact

Simple Tweaks To Your Business Can Have A Massive Financial Impact

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.
How To Manage Your Cashflow
Blog - how to manage your cashflow

How To Manage Your Cashflow

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".)
JobKeeper 2.0 – Employment Date 1 July
Blog - JobKeeper 2.0 - Employment Date 1 July

JobKeeper 2.0 – Employment Date 1 July

One of the changes with JobKeeper 2.0 is the employee eligibility date.
JobKeeper 3.0 – Update 7 August
JobKeeper 3.0 - Update 7 August

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.
JobKeeper 2.0 – What’s changed?
JobKeeper 20. - What's changed?

JobKeeper 2.0 – What’s changed?

On the 21st of July, the federal government announced the extension of the JobKeeper Programme - they’re calling this JobKeeper 2.0.
JobKeeper 2.0 – Restructuring Your People For After JobKeeper
The Accounting, Legal and HR Perspective - JobKeeper 20. - Restructuring your people for after JobKeeper

JobKeeper 2.0 – Restructuring Your People For After JobKeeper

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.
$7.5M worth of help – Client Success Stories From A Tough Quarter
Accountants Brisbane Giving Back

$7.5M worth of help – Client Success Stories From A Tough Quarter

The last quarter was a bit weird for most of us. We went from working in an office to working from home.
Are you properly protecting your personal assets?
Are you properly protecting your personal assets?

Are you properly protecting your personal assets?

  Are you properly protecting your personal assets? Recently, on the Reimagining Healthcare podcast  with @YianniSerpanos, I answered the question “When should somebody be thinking about asset protection when starting a business?” There are a couple of things to consider. When you have a director of the business (the person running the business) we actually don’t like […]
2 Key Pieces of Advice For SME Businesses in this Challenging Time
2 Key Pieces of Advice For SME Businesses in this Challenging Time

2 Key Pieces of Advice For SME Businesses in this Challenging Time

2 Key Pieces of Advice For SME Businesses in this Challenging Time 1) Make sure you have a plan for cash flow If you don’t already have a budget or forecast, make sure you go and do that for the next 3 to 6 months. We’ve been helping our clients with this through our “Emergency Assistance […]
How To Cut Down Expenses In Your Business
How To Cut Down Expenses In Your Business

How To Cut Down Expenses In Your Business

How To Cut Down Expenses In Your Business Here are some things to be mindful of when reviewing your costs – do we really need to be spending this? Software – make sure you’re paying for the right amount of licenses for that software. Especially when people leave, some people don’t off-board, including myself I’ve found. […]
JobKeeper: The Distinction Between Business Participants & Employees
JobKeeper: The Distinction Between Business Participants & Employees

JobKeeper: The Distinction Between Business Participants & Employees

JobKeeper: The Distinction Between Business Participants & Employees   FAQ – “Can you please clarify, the employee versus business participant? I do collect a wage and exclude myself as an employee and have added myself as a business participant. Is this correct or incorrect?”   An employee has to be on your payroll before the 1st […]
Critical Reasons to Stay On Top Of Your Bookkeeping
Critical Reasons to Stay On Top Of Your Bookkeeping

Critical Reasons to Stay On Top Of Your Bookkeeping

Critical Reasons to Stay On Top Of Your Bookkeeping JobKeeper Reporting  By the 14th of each month (no longer the 7th), you’ll need to report your JobKeeper-related GST turnover, as well as making sure your payroll information is correct as you’ll be reporting that to the ATO.   Preparing BAS When it’s BAS time, either […]
Buying a car with the $150,000 instant asset write off
Buying a car with the $150,000 instant asset write off

Buying a car with the $150,000 instant asset write off

  Buying a car with the $150,000 instant asset write off We’ve had a lot of clients ask us, “how does the increased instant asset write-off of $150,000 apply to a purchase of a car?” Here are a few things to consider: When you’re purchasing a car, you have to keep in mind that there are […]
Can you appeal a knock back for Cashflow Boost if you believe you’re eligible?
Can you appeal a knock back for Cashflow Boost if you believe you’re eligible?

Can you appeal a knock back for Cashflow Boost if you believe you’re eligible?

Can you appeal a knock back for Cashflow Boost if you believe you’re eligible? Yes. Reading the legislation as it applies, if you fail, then there is an appeals process for special circumstances that you can go through. They are structuring the process a little bit more, but at the moment, you can send your […]
Pass One of These Alternative Tests To Qualify For JobKeeper.
Pass One of These Alternative Tests To Qualify For JobKeeper.

Pass One of These Alternative Tests To Qualify For JobKeeper.

Pass One of These Alternative Tests To Qualify For JobKeeper There are rules and tests around the following – the name of each test is; Started the business recently Business disposals, purchases or restructures Fast-growth business – where you’ve had a substantial increase in turnover over the last 12 months Entities affected by drought or […]
What Happens If You Get Bookkeeping Wrong
What Happens If You Get Bookkeeping Wrong

What Happens If You Get Bookkeeping Wrong

What Happens If You Get Bookkeeping Wrong If you or the bookkeeper gets it wrong, it’s going to cost you money in some way, whether that may be missing out on GST, claiming GST where you’re not meant to or it might cost more in tax or accounting fees. Here’s some common bookkeeping errors we […]
Penalties For Illegally Claiming JobKeeper Benefits
Penalties For Illegally Claiming JobKeeper Benefits

Penalties For Illegally Claiming JobKeeper Benefits

Penalties For Illegally Claiming JobKeeper Benefits This is very real and as a reminder, the ATO and the Tax Practitioners Board, who licence tax agents have fired shots across the bow to accountants.  They’ve sent out newsletters and emails to us basically saying, “If you do the wrong thing, you’re risking your registration and obviously […]
JobKeeper Monthly Reporting Requirements
JobKeeper Monthly Reporting Requirements

JobKeeper Monthly Reporting Requirements

JobKeeper Monthly Reporting Requirements   Now that May has finished, and if you are eligible – my recommendation is to lodge your monthly reporting for JobKeeper as soon as you can. Each month, to receive the cash from JobKeeper, you need to process a claim for the JobKeeper payment from the ATO business portal and […]
Legal Options That Can Save Your Business
Legal Options That Can Save Your Business

Legal Options That Can Save Your Business

Legal Options That Can Save Your Business We spoke with @Danny King from Danny King Legal on our webinar last week about legal options when it comes to dealing with a team during COVID-19. 1 JobKeeper enabled stand down What we can do is a partial stand down where we shave off the excess wages […]
Should You Break Out Of Your Fixed Interest Rate?
Should You Break Out Of Your Fixed Interest Rate?

Should You Break Out Of Your Fixed Interest Rate?

Should You Break Out Of Your Fixed Interest Rate? “Variable rates are significantly lower than they were a year or two ago, which means that if I’m on a fixed rate of 4%, and I see variable rates in the 2s now, I’ve got this feeling I want to cancel my fixed rate and switch […]
The Employee Consultation Process – Is not just about ticking boxes
The Employee Consultation Process – Is not just about ticking boxes

The Employee Consultation Process – Is not just about ticking boxes

The Employee Consultation Process – Is not just about ticking boxes Natasha Hawker is the director and founder of Employee Matters, author of the book “From Fire to Hire & Everything in Between” and host of the HR Heroes Podcast. Here’s what she said on the webinar last week – The employee consultation process under […]
Mind-Blowing Bank Offers Available Right Now!
Mind-Blowing Bank Offers Available Right Now!

Mind-Blowing Bank Offers Available Right Now!

  Mind-Blowing Bank Offers Available Right Now! Here’s what Inspire’s mortgage broker, Colin O’Loughlin ran us through on a recent webinar – Right before we jumped on this webinar I checked one of the recent bank’s offers, and it was at a two-year fixed rate of 2.09% – which is absolutely incredible. Compared to what […]
JobKeeper Eligibility Update
JobKeeper Eligibility Update

JobKeeper Eligibility Update

JobKeeper Eligibility Update   The ATO wants to make sure you have done some research from an eligibility perspective, documenting why you believe you are eligible. The ATO have said that any attempts to defraud or fiddle with the numbers so that your business becomes eligible won’t be taken lightly and will take firm action […]
How To Get The Best Out Of Your Team During COVID-19
How To Get The Best Out Of Your Team During COVID-19

How To Get The Best Out Of Your Team During COVID-19

How To Get The Best Out Of Your Team During COVID-19 I had the pleasure of joining Natasha Hawker on a webinar last week around the topic of JobKeeper. Natasha is an employee expert and founder of Employee Matters. Her biggest piece of advice right now is to communicate! Here’s what she said – This […]
Don’t Make This Big Mistake When you apply for JobKeeper
Don’t Make This Big Mistake When you apply for JobKeeper

Don’t Make This Big Mistake When you apply for JobKeeper

Don’t Make This Big Mistake When you apply for JobKeeper “If accountants are advising to add directors on the payroll, is it wise to get their instructions in writing?”  Here’s what we suggest. We received an email from the Tax Practitioners Board regarding the response to COVID-19 saying, “Some advisers may be grappling with the […]
Monthly Reporting Requirements for JobKeeper
Monthly Reporting Requirements for JobKeeper

Monthly Reporting Requirements for JobKeeper

Monthly Reporting Requirements for JobKeeper Each month, to receive the cash from JobKeeper, you need to claim the JobKeeper payment from the ATO business portal and report some key numbers. You will need to go to BP.ATO.gov.au (Business Portal ATO) or your accountant can do it via their Tax Agent Portal and each month, report […]
YFSB Interview
YFSB Interview

YFSB Interview

YFSB Interview Owner and managing director of Wyntec – ideal technology solutions. Married to Christy  since 2001, 6 years old daughter, Arwin. Started company in 2005, around the time of the GFC and had a 6 month old daughter. – ‘Insane, is the word I would use to describe it’ What was your reasoning to start […]
YFSB Interview
YFSB Interview

YFSB Interview

What is your business? MyCladders does transportable buildings; colour bond roofing metal roofs, wall cladding we put on roofs and gutters and help builders build roves. What was your reasoning to start up your company? I am accountable to myself. I have the ability to give someone a full time job. What makes you a […]
YFSB Interview
YFSB Interview

YFSB Interview

  I started my own business in 2012 (3 years ago) I left a much larger corporation owning 50% of the company to take the plunge. Wife: Emma. 4 kids, (2 under 2years old). Isabella,Tate, Quinn, Enya What is your business and what do you focus on? Building and creative design-  innovation for entertainment through Law. The […]
Bucket Companies: The least known and most underutilised strategy to save thousands in tax
Bucket Companies: The least known and most underutilised strategy to save thousands in tax

Bucket Companies: The least known and most underutilised strategy to save thousands in tax

Bucket Companies: The least known and most underutilised strategy to save thousands in tax “Use Bucket companies – tax tip of the week!” I’d love to shed some light on what we call ‘Bucket Companies’, also called: Corporate Beneficiary Dump Company Family Vault Second Super And a few other creative ones! Why this strategy is […]
Bucket Companies: The least known and most underutilised strategy to save thousands in tax
Bucket Companies: The least known and most underutilised strategy to save thousands in tax

Bucket Companies: The least known and most underutilised strategy to save thousands in tax

Bucket Companies: The least known and most underutilised strategy to save thousands in tax “Use Bucket companies – tax tip of the week!” I’d love to shed some light on what we call ‘Bucket Companies’, also called: Corporate Beneficiary Dump Company Family Vault Second Super And a few other creative ones! Why this strategy is […]
JobKeeper: Do I Need to Pay Super?
JobKeeper: Do I Need to Pay Super?

JobKeeper: Do I Need to Pay Super?

JobKeeper: Do I Need to Pay Super?   “Do I have to pay superannuation on the JobKeeper payments?”    There are three relatively common examples your  team members might be in. Team members that have been stood down – not giving any hours to the business. You still need to pay the minimum $1,500 per fortnight […]
JobKeeper Programme: Extensions Announced
JobKeeper Programme: Extensions Announced

JobKeeper Programme: Extensions Announced

JobKeeper Programme: Extensions Announced   Last week, the government announced two extensions for the JobKeeper programme. The enrollment to the JobKeeper programme has been extended to the 31st of May. So there’s no rush to enrol now. If you want to claim JobKeeper from the start ( the fortnight beginning on the 30th of March) […]
JobKeeper: Do I Pay Employees I Stood Down?
Blog - JobKeeper: Do I pay employees I stood down?

JobKeeper: Do I Pay Employees I Stood Down?

"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?"
JobKeeper: Do I Need to Pay Employees First?
JobKeeper: Do I need to pay employees first?

JobKeeper: Do I Need to Pay Employees First?

The JobKeeper payment is a reimbursement from the ATO for wages that you’ve paid in the month previous.
JobKeeper: URGENT Before 30 May (updated)
Jobkeeper Urgent Before 20 April (3)

JobKeeper: URGENT Before 30 May (updated)

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 payments in early May.
Happiness is a number between 1 and 10. What’s yours?
Happiness is a number between 1 and 10. What’s yours?

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

Happiness is a number between 1 and 10. What’s yours? If happiness was as simple as forcibly contracting a set of facial muscles, we’d all be happy – whenever we wanted and the world might be a better a place.  However, that’s not the case.  So this question might sound a bit forced but it’s […]
Would you like to pay by the hour or by the result? Let’s focus on saving money not charging fees
Would you like to pay by the hour or by the result? Let’s focus on saving money not charging fees

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

Would you like to pay by the hour or by the result? Let’s focus on saving money not charging fees   Do you ever feel yourself getting a little uncomfortable, suspicious or even cynical when you are getting charged by the hour by a consultant of some sort?  It’s okay, we do too.  It’s not […]
The Real Cost of Cars – A CBD carpark, yours for $407K. It all counts…
The Real Cost of Cars – A CBD carpark, yours for $407K. It all counts…

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

The Real Cost of Cars – A CBD carpark, yours for $407K. It all counts   Sometimes you find yourself driving around the city on a weekend wishing you had a guaranteed space to park your car.  That’s just part of normal life nowadays but it can get frustrating.  But finding a place to park, […]
Saying “No” to Necker? First World solutions to third world problems
Saying “No” to Necker? First World solutions to third world problems

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

Saying “No” to Necker? First World solutions to third world problems First World solutions to first world problems with real life impacts I want to start by saying that this is a guilt-free article, packed with opportunity and inspiration.  So don’t worry, you needn’t try to hide any first world problems you might have.  It’s […]
5 Ways To Deal With An Unexpected Tax Bill
5 Ways To Deal With An Unexpected Tax Bill

5 Ways To Deal With An Unexpected Tax Bill

5 Ways To Deal With An Unexpected Tax Bill   This week, Business owners around Australia are getting smashed with BAS & PAYG Tax Bills.  While there’s no way to avoid paying tax (other than earning no profit or doing something dodgy / illegal) here’s 5 ways you can experience some Small Business Tax Relief […]
How The 2019-2020 Proposed Federal Budget Will Affect Individuals, Businesses, & Superannuation – Client Webinar
How The 2019-2020 Proposed Federal Budget Will Affect Individuals, Businesses, & Superannuation – Client Webinar

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

How The 2019-2020 Proposed Federal Budget Will Affect Individuals, Businesses, & Superannuation – Client Webinar The Federal Budget for 2019-2020 is in. Liberal and Labor have put forward their economic and fiscal outlook, including expenditure and changes to tax and super. In this article, we’ll outline the key elements of both parties budgets, and how […]
Setting Up Single Touch Payroll on Xero – Client Webinar
Setting Up Single Touch Payroll on Xero – Client Webinar

Setting Up Single Touch Payroll on Xero – Client Webinar

Setting Up Single Touch Payroll on Xero – Client Webinar This week’s Client Webinar is on Setting up Single Touch Payroll on Xero. We explore a number of things around Single Touch Payroll, or ‘STP’: – What is Single Touch Payroll? – Who is it for? – When does it start? – How do you do […]
Paul Dunn: The 3 L’s That Determine Your Legacy, And How You Can Leverage it To Do Good
Paul Dunn: The 3 L’s That Determine Your Legacy, And How You Can Leverage it To Do Good

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

Podcast: Play in new window | Download Subscribe: Apple Podcasts | Android | RSS Paul Dunn: The 3 L’s That Determine Your Legacy, And How You Can Leverage it To Do Good Today on the show, it is a great privilege to chat with Paul Dunn. Paul is the man behind B1G1, a global business initiative on a mission to create a world full […]
Sarah Riegelhuth On Helping Millennials Become Financially Free & How To Manage A Remote Team
Sarah Riegelhuth On Helping Millennials Become Financially Free & How To Manage A Remote Team

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

Sarah Riegelhuth On Helping Millennials Become Financially Free & How To Manage A Remote Team Podcast: Play in new window | Download Subscribe: Apple Podcasts | Android | RSS Is it true that millennials don’t know how to handle money? Millennials are our future leaders, so if they lack financial education, what does that mean for our future? This education gap inspired our […]
7 mistakes keeping business owners struggling for cash
7 mistakes keeping business owners struggling for cash

7 mistakes keeping business owners struggling for cash

7 mistakes keeping business owners struggling for cash   It’s always been our mission to help families pull more money, time and happiness from their business… But if you look at the stats, not a lot of businesses are actually achieving this… Of the almost 1.9 million small businesses around Australia, 60% either – earn […]
SAVE $500,000 TAX | Accounting that pays for itself
SAVE $500,000 TAX | Accounting that pays for itself

SAVE $500,000 TAX | Accounting that pays for itself

SAVE $500,000 TAX | Accounting that pays for itself   We are well known for a campaign we ran two years ago called Save $500,000 Tax. It was a bold and audacious target to save our clients half million dollars in tax by proactively implementing cutting edge tax saving strategies. We didn’t think we’d actually […]
Tax on Bitcoin and Cryptocurrency
Tax on Bitcoin and Cryptocurrency

Tax on Bitcoin and Cryptocurrency

Tax on Bitcoin and Cryptocurrency I’d like to clarify some thoughts around the tax on Bitcoin and cryptocurrency profits. Background of Bitcoin and Cryptocurrency Bitcoin has sometimes been referred to as the ‘currency of the underworld’. But whatever your view, it is likely that the currencies of the future will be cryptocurrencies. This topic is […]
B1G1 Study Tour to Kenya
B1G1 Study Tour to Kenya

B1G1 Study Tour to Kenya

B1G1 Study Tour to Kenya Property Development in Kenya We visited Aberdare Ranges Primary school on Day 2, then we drove up the road to the village which is where most of the children live. We learned that much of the poverty and displacement was due to political violence in 2007.  Due to an election, […]
[Infographic] What's Your Cashflow Story?
[Infographic] What's Your Cashflow Story?
3 Steps to Transition to Cloud Accounting
3 Steps to Transition to Cloud Accounting

3 Steps to Transition to Cloud Accounting

3 Steps to Transition to Cloud Accounting   How do you move to Cloud Accounting? The transition from a desktop based accounting system to a cloud accounting package is an art. 1. Choose your cloud accounting package Firstly, you will want to make sure you’ve chosen the right package for your business.  The best way […]
5 Questions to Plan for Profit in 2016 qu. 2
5 Questions to Plan for Profit in 2016 qu. 2

5 Questions to Plan for Profit in 2016 qu. 2

Question 2: Holidays (7:28) HARVEE: I love it. Grossly simplified, but that’s actually the power in the process. It’s very cool, let’s go onto the next one then, which is one of my favorite topics. What was the Holidays button there Ben? BEN: Yeah, yeah, I got reminded of it this morning actually. We want […]
5 Questions to Plan for Profit in 2016 1
5 Questions to Plan for Profit in 2016 1

5 Questions to Plan for Profit in 2016 1

Question 1: Profit (4:45) With that in mind,weI might start with that first one, Profit. What we’re talking about there is how much you’d like to take out of the business in the next 12 months. Whether that’s 100 grand, 200 grand, 300 grand, but putting a target or a number down. Yeah, something to […]
5 Questions to Plan for Profit in 2016 qu. 3+4
5 Questions to Plan for Profit in 2016 qu. 3+4

5 Questions to Plan for Profit in 2016 qu. 3+4

Question 3 and 4: Ins and Ons (10:00) Let’s go into Ins and Ons please Ben. BEN: Yes. What those two dots, the In and On mean is time spent in the business versus time spent on the business. This concept is shared in a book written by Michael Gerber called the E-Myth where usually […]
5 Questions to Plan for Profit in 2016 qu 5
5 Questions to Plan for Profit in 2016 qu 5

5 Questions to Plan for Profit in 2016 qu 5

Question 5: Retreats (12:36) BEN: Yes, yes, and you might look at this as an excuse to go somewhere lovely, but it’s exactly what we’re talking about at the start, where Stevie and I and Harvee went away for a couple of days with the sole focus of relaxing and also working on the business. […]
5 Questions to Plan for Profit in 2016 conclusion
5 Questions to Plan for Profit in 2016 conclusion

5 Questions to Plan for Profit in 2016 conclusion

Conclusion (14:37) HARVEE: Yeah, beautiful. There are the five considerations that I want you guys to give the gift to yourself of having at least, it doesn’t have to be perfect, and a wonderful five page plan. It can look as simple as some notes in your iPhone, or a little piece of paper where […]
Cash Flow Hibernation: How to Survive the Christmas Slump
Cash Flow Hibernation: How to Survive the Christmas Slump
Business’ Giving Insight Shedding light on the effect of sharing the wealth
Business’ Giving Insight  Shedding light on the effect of sharing the wealth

Business’ Giving Insight Shedding light on the effect of sharing the wealth

Business’ Giving Insight Shedding light on the effect of sharing the wealth Let’s start with a simple statement: giving to the needy is good.  We all know it and when possible, most of us are happy to contribute something – usually on a whim, oftentimes through some sort of set and forget direct debit system.  […]
DO NOT Set your prices based on your costs
DO NOT Set your prices based on your costs
Inspired to blur the line between the haves and the have-nots
Inspired to blur the line between the haves and the have-nots

Inspired to blur the line between the haves and the have-nots

Inspired to blur the line between the haves and the have-nots How we make it our business to make a difference Some of us are born in war torn, drought ravaged countries and some of us are born into favourable circumstances in affluent societies and that’s the truth.  And depending on which camp you fall […]
Mark Latham
Mark Latham

Mark Latham

Mark Latham Big is Better AFR A walking loudspeaker that is not connected to an Engine Room. 50% employment 2.5 mil small business   http://www.afr.com/opinion/columnists/big-is-best-so-why-are-politicians-capitalising-on-small-business-20150529-ghahzq
Media Release 24 November 2016 Finally! Accounting is cool again
Media Release  24 November 2016  Finally!  Accounting is cool again

Media Release 24 November 2016 Finally! Accounting is cool again

Inspire CA Media Release 24 November 2016 Finally!  Accounting is cool again Awarding a charitable and family first worldview Brisbane-based chartered accountants Inspire CA are doing things very differently and hope to win the Innovation Award in the 2016 Anthill Magazine Cool Company Awards in Melbourne next month. By reverse engineering their shared goal of […]
Plan for Profit in the New Year intro
Plan for Profit in the New Year intro

Plan for Profit in the New Year intro

Plan for Profit in the New Year intro   Hey, it’s Harvee here. If this is your first experience with us, Inspire, I would like to take this opportunity to be introduced. We’re the guys who help young families use their small business to achieve big goals. We definitely are here to sort out your […]
Price doesn’t drive cost – Little Creatures $ pint
Price doesn’t drive cost – Little Creatures $ pint

Price doesn’t drive cost – Little Creatures $ pint

Price does not drive cost – value and experience Little Creatures in Freemantle
Why the Accounting Industry is headed for Disaster
Why the Accounting Industry is headed for Disaster

Why the Accounting Industry is headed for Disaster

Why the Accounting Industry is headed for Disaster Photo idea: trainwreck   – Fee pressures of outsourcing – Inability of mid-tier and Big4 firms to change quickly enough – If these firms are to switch their focus to the smaller businesses, unlikely to pay big prices so have to reduce – If price reduce, service […]
What Makes up your Revenue and How to Measure it
What Makes up your Revenue and How to Measure it
Why all businesses should accept AMEX
Why all businesses should accept AMEX
YFSB Interview
YFSB Interview

YFSB Interview

YFSB Interview Tom Freer – Wyntec. Owner and managing director of Wyntec – ideal technology solutions. Married to Christy  since 2001, 6 years old daughter, Arwin. Started company in 2005, around the time of the GFC and had a 6 month old daughter. – ‘Insane, is the word I would use to describe it’ What […]
5 x GAME CHANGING TOOLS TO HELP MAKE 2018 YOUR BEST YEAR YET
5 x GAME CHANGING TOOLS TO HELP MAKE 2018 YOUR BEST YEAR YET

5 x GAME CHANGING TOOLS TO HELP MAKE 2018 YOUR BEST YEAR YET

5 x GAME CHANGING TOOLS TO HELP MAKE 2018 YOUR BEST YEAR YET   Happy New Year, Inspire Family. I want to support your success in 2018 by sharing with you 5 tools that I personally use every single week, that I believe are critical to business and life success in 2018. Bucket List – […]
Holiday for Good | Cambodia
Holiday for Good | Cambodia

Holiday for Good | Cambodia

Holiday for Good | Cambodia “Deep down I reckon every person wants to make a difference.  Maybe we’d all like to change something, but how do we do it?  How do we tap into the little part of everyone that wants to change the world and do it in a way that’s really simple?” Daniel […]
SAVING $8,000 A MONTH BY BUYING AN OFFICE (IN OUR SMSF)
SAVING $8,000 A MONTH BY BUYING AN OFFICE (IN OUR SMSF)

SAVING $8,000 A MONTH BY BUYING AN OFFICE (IN OUR SMSF)

SAVING $8,000 A MONTH BY BUYING AN OFFICE (IN OUR SMSF) 6 Quick wins buying a business property in your family SMSF I’ll start off by saying that as a serial entrepreneur, I was fairly “Anti-Super” for a very long time.  That was until my best mate, business partner and tax wizard Ben Walker showed […]
YEAR IN REVIEW 2017
YEAR IN REVIEW 2017

YEAR IN REVIEW 2017

YEAR IN REVIEW 2017 We are numbers people and WE BELIEVE THAT FAMILY IS NUMBER ONE Our model is simple Proactive Tax & Accounting that pays for itself in tax savings then Help to make the 7 Smart Financial Decisions of a Cashed UpTM Business. Perfect for Founders of 6 & 7 figure business owners WHO ARE […]
Australia’s Most Impactful Accounting Firm
Australia’s Most Impactful Accounting Firm

Australia’s Most Impactful Accounting Firm

Australia’s Most Impactful Accounting Firm WE DID IT | $3M in proactive Tax Savings & 3M days of help to families in need across 16 countries. With every dollar of tax we proactively save a small business, Inspire will help a person in need for a day. Day for a Dollar As of dec 2017, we’ve […]
Make BAS work for you
Make BAS work for you

Make BAS work for you

Make BAS work for you Learn how to turn a BAS Deadline into a BIZ Lifeline. A common mistake in thinking for business owners is that “BAS time sucks.” And while paying tax isn’t everyone’s favourite pastime, BAS lodgements do give business owners an awesome opportunity to review the business numbers that matter, every quarter. […]
It’s my bet bigger businesses will overpay millions in tax this financial year
It’s my bet bigger businesses will overpay millions in tax this financial year

It’s my bet bigger businesses will overpay millions in tax this financial year

It’s my bet bigger businesses will overpay millions in tax this financial year If you’re business turns over between $2M and $10M, make sure you read this! Why do you need to read this? From 1 July 2016, businesses turning over between $2M and $10M in sales have now gotten access to the Small Business […]
Are housekeepers Tax deductible?
Are housekeepers Tax deductible?

Are housekeepers Tax deductible?

Are housekeepers Tax deductible? “If not, why not?  Bookkeepers are.  Not doing my washing gives me more time to work in / on the business = more profit = more tax. So I believe it should be tax deductible” Answer: Cleaning definitely is tax deductible, assuming that you have a home office (dedicated, not just […]
$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

$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…” […]
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

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     Click here to download        
Paying little, less or no tax when you sell a business or large investment
Paying little, less or no tax when you sell a business or large investment