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? 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 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
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 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 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 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 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 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 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? 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? 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 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 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 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 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 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 […]
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 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? 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 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 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 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 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 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 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? 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 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 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 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 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 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 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 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. […]
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 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 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 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 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? 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? 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 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 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, […]
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).
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.
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 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 […]
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 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 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 […]
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 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 […]
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 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 […]
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? 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 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? 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 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 […]
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
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,
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.
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
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.
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.
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.
“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.
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 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? 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 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
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 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 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 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? 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? 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 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?
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 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 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 […]
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
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
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
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.
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.
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.
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
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
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
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.
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?
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.
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.
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.
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?
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?
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.
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.
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.
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
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.
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.
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
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
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.
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
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 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 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 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 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 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? 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 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 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 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 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 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? “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 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! 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 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 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 “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 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 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 […]
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 […]
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 “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 “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? “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 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) […]
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? 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 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 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 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 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 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 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
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 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 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 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 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 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, […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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. […]
Cash Flow Hibernation: How to Survive the Christmas Slump
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 […]
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 […]
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
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
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 […]
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 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 “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) 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 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 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 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 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? “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 “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
Paying little, less or no tax when you sell a business or large investment So, broadly speaking you’re looking to make capital gains or a sale of business assets or investment assets and just like any Australian, your intention is not to pay any more taxes than is needed on the gain on those when […]
The best tax outcome for Putting Money away for the Children
The best tax outcome for Putting Money away for the Children A question we get from time to time is about parents wanting to set up a bank account or a share investment portfolio for their children. We love this idea as it’s a great way for the kids to get ahead. Whether the […]
Learn how to turn a BAS Deadline into a BIZ Lifeline. Of course, there’s more to “getting BAS right” than merely satisfying the minimum requirements set out by the ATO. The BAS process offers the in-the-know business owner valuable insights into: Growth building profit drivers – their effect and where they are coming from Vital […]
A Cashed Up Business Everyday business owners ask us “how do I get Cashed Up?” We work with many businesses who are already well on their way to getting Cashed Up, but most are either drowning or just keeping their head above water. My reasoning as to why so many businesses are so cash poor […]
The top 9 Tax Planning strategies for High Income Employees
The top 9 Tax Planning strategies for High Income Employees We recently had a question from a client, not about structuring for his business, but what his wife could do from a tax planning perspective. The scenario is the husband runs a business, and earns a good $130k profit. And through proactive tax planning, we […]
Lease Incentives: Should I take it as a fit out or rental reduction?
Lease Incentives: Should I take it as a fit out or rental reduction? Question: We’re negotiating our new office and discussing fit out etc. The landlord is giving an incentive amount of $115,000 over 5 years. So we can either take this in rental reductions or a combination of rental reductions and fitout. I’m wondering […]
IS YOUR CURRENT ACCOUNTANT A DINOSAUR? Your current account may be a dinosaur if he / she – Offers advice late or not at all Does only what you ask Basically just does tax Only sees you once or twice a year Charges you for a quick call or email Charges by the hour (or […]
Could You Do With Some More Business? An important component of managing cashflow is to increase the amount of cash that’s flowing in. Which of course means getting new business through the door. How is that going for you? Getting enough enquiries and orders, week after week? If you’re in the same boat as most […]
Your online guide to making BAS work for you Learn from mistakes without having to make them at our 17 Feb online workshop The big difference between winning occasionally and winning almost always is not only knowing the score but understanding the factors that can and will influence it. Ben Walker For some, taking […]
Business Owner Checklist Download the business owners checklist here When you’re starting out in business it can be overwhelming with all the things you need to get in order. The easy ones are business name, accounting software and logos. But few realise how extensive the list of start up to-do’s really is. So we’ve put […]
Get Paid Faster It goes without saying that a business needs cash flow to keep operating. If too many customers forget, delay or refuse to pay, your business could end up in serious trouble! Debt collection is an aspect of cash flow management where a lot of businesses underperform. However, it doesn’t have to be […]
Risks and assets – gotta keep ‘em separated! How to keep what’s yours
Risks and assets – gotta keep ‘em separated! How to keep what’s yours If you are planning to build, establish, grow and benefit from a small business, protecting your assets should be one of your primary considerations. Too many times you hear about people that have done brilliantly in business, only for something to go […]
The truth about your P&L. Numbers never lie Those that do not learn from the past are doomed to repeat it. Heard that one before? Your P&L (profit and loss) statement is an honest-to-goodness, no holds barred account of how your business performed over a predetermined period. It is a record of fact and leaves […]
Before you pay too much tax this year… A second opinion may save you
Before you pay too much tax this year… A second opinion may save you We all have to pay our fair share of tax – correct! Whatever your accountant’s computer spits out, that’s what you have to pay – incorrect! As the owner of a small business, you’re not dealing with the typical individuals’ single […]
6 Reasons cash rich business owners take time out In the lead-up to the busiest time of the year, if you’re an accountant, we have been putting a significant amount of time, energy and resources into… chilling out. Yes, holidays, time out from the business, cultural immersion, all of that. Some would simply say, […]
Harvee – Adam Houlahan is a friend of Inspire and a social media guru! He runs Web Traffic That Works, a social media agency that helps entrepreneurs gain influence and credibility online. He has a particular skill for LinkedIn, and this post is filled with some great insights on how to use it properly. Plus… There’s […]
The answer is always Xero. Take this quick quiz to see if you could improve the way you work
The answer is always Xero. Take this quick quiz to see if you could improve the way you work Inspire is built on the premise that we can help small business owners with young families, draw more happiness in the form of time and resources from the work they do. One of the things standing […]
Pay it again, Sam. The joys of recurring revenue A reliable, recurring and regular income stream for your business from a single source is a wonderful thing. Some businesses refer to them as retainers, others simply call it repeat business. There are other names too but whatever you call it, from the outside looking in, […]
Is your Accountant making or taking your money? Cashed Up Business Q&A pt 2
Is your Accountant making or taking your money? Cashed Up Business Q&A pt 2 As we inch closer and closer to the end of the financial year and the conclusion of the tax season, there’ll be conversations around how your business did and how well you did on the tax front. As accountants ourselves, we […]
Are you up or are you down? It’s time to check the scoreboard… if you have one
Are you up or are you down? It’s time to check the scoreboard… if you have one With only 8 weeks to go until the end of 2016/17 financial year aren’t you a little curious as to how your business will look, results-wise, come June 30? The correct answer here is “no”. Bonus points […]
Knowing your number is one thing, here’s how to hit it. Cash Rich Business cash flow Q&A pt 1
Knowing your number is one thing, here’s how to hit it. Cash Rich Business cash flow Q&A pt 1 An essential requirement for hitting a target is knowing where (and what) it is. As we have mentioned many times before, if you have not yet worked out your “magic number” (your expenses + tax payments […]
Don’t be surprised by your profits. Plan to nurture and grow your earnings
Don’t be surprised by your profits. Plan to nurture and grow your earnings It’s always a great thrill when you look at your P&L and realise that you’ve made a profit. Let’s face it, everyone loves a profit, especially when it’s big and healthy and we don’t even mind if it’s an unexpected event. It’s […]
Don’t spend it all at once. A cash rich business takes care of tomorrow, today!
Don’t spend it all at once. A cash rich business takes care of tomorrow, today! Hope for the best, plan for the worst. We’ve heard that a lot and the tax planning season, which is already upon us, takes elements of this saying into account. Saving tax to ensure you only pay your fair share […]
Stop trying to squeeze blood from a stone. A cash rich business concentrates on creating value
Stop trying to squeeze blood from a stone. A cash rich business concentrates on creating value Spending too much time and effort shaving valuable layers off your margins to remain competitive is literally death by a thousand cuts for your business. It’s excruciating, time-consuming and unfortunately futile. But as someone wise once said, “if you […]
Ah, well there’s your problem – you work too hard. It’s time to take a chainsaw to your workload
It’s time to take a chainsaw to your workload The key to success is to work hard, we’re told. But they’re only telling us half the story. The often quoted saying should be amended to “the key to success is to work hard for a while and then enjoy the results.” If you set sail on the […]
Build a business built to last. Cash Rich Business tip #2 – Get your structure right!
Build a business built to last. Cash Rich Business tip #2 – Get your structure right! Pick any business structure you like to launch your small business, it makes no difference at all in the very, very short term… and then suddenly… the pain. The type of pain that can really hurt you and your […]
Building a Profit War Chest and save your Business
[su_youtube_advanced url=”https://www.youtube.com/watch?v=4s7tCmYe7Po&feature=youtu.be” height=”340″ controls=”no” autohide=”yes” showinfo=”no” rel=”no” modestbranding=”yes”] Building a Profit War Chest and save your Business How a Small Business owners can very quickly amass Emergency Cash Reserves and Build a Profit War Chest: Most business owners don’t have the time to or know-how to read the different accounting reports necessary to manage the […]
Building a “profit war chest” is just like riding a bike. A crucial step towards becoming a cash rich business
Building a “profit war chest” is just like riding a bike. A crucial step towards becoming a cash rich business Most business owners agree that cash is the oxygen that keeps the heart of a commercial enterprise pumping. It doesn’t matter if we’re talking about trades, financial services or product sales and distribution, without a […]
The 10 minutes that could save you hundreds every month. Get ready for the Autumn “spring clean”
The 10 minutes that could save you hundreds every month. Get ready for the Autumn “spring clean” It’s the invisible expenses that hurt your business the most – he amounts that sneak under the wire of your business accounts every month or quarter. And even if you were asked point blank to name them all, […]
3 reasons your original purpose can determine your future
3 reasons your original purpose can determine your future If you can’t tell someone in two sentences what you do and why, your business is in trouble or heading that way. Sure you may have a solid business structure, you’ve minimised your tax and things might be going well but your sales and/or service pipeline […]
Tax: are you paying too much, too little or about the right amount? 3 tax lies that ensure you get this wrong
Tax: are you paying too much, too little or about the right amount? 3 tax lies that ensure you get this wrong First of all, know your numbers inside and out. Those of you who are familiar with Inspire remember that “knowing your numbers” is part of our mantra. It’s the foundation upon which we […]
Leading the way to more time with family. You can’t be all things to all people – so why try?
Leading the way to more time with family. You can’t be all things to all people – so why try? “I can’t give you the secret to success but I can give you the secret to failure – try to please everyone”. Someone famous said that a very long time ago and it is as […]
The accidental tax (over)payer. Are you really going to tip the ATO?
The accidental tax (over)payer. Are you really going to tip the ATO? Just like any good business or even a studious school kid, our government works to a budget. They look at the income and outgoings of our great land and even come up with a magic number of sorts to plan and allocate spend […]
Ensure your risk pays off… regularly. Funding the founder is only fair
Ensure your risk pays off… regularly. Funding the founder is only fair Really well paid people not only get paid for what they do and what they are going to do, they get rewarded for what they have done. Not all of their achievements are on open display though. We often debate the worthiness of […]
We’re going to save our clients, $1m in tax… again!
We’re going to save our clients, $1m in tax… again! Some of the things we just love to do around this time every year at Inspire. Enjoy our 4 day Easter break – check. A planned getaway of some sort – locked in. Provide excellent year round service to our clients – of course. Oh […]
A lean business is a healthy business. Keep fit year round
A lean business is a healthy business. Keep fit year round Diets are temporary by their very nature. They last from point A until point B, they are a means to an end. What’s more they are usually the second last resort before far more drastic measures come into play. The same applies in our […]
Compound interest cuts both ways. Kill your debt before it kills you.
Compound interest cuts both ways. Kill your debt before it kills you. There’s a lot to be said for the miracle of compound interest and how it can turn modest savings with small regular contributions into a sizable nest egg that hatches holidays, jet skis, long term financial security and more. But as with […]
The Sheeran School of Business Success. Because talent is very rarely enough
The Sheeran School of Business Success. Because talent is very rarely enough It’s becoming increasingly obvious, even to those that have joined the party a little late, that Ed Sheeran is a very successful singer songwriter. I heard somewhere that he paid his dues by never refusing an opportunity to play and actually played 300+ […]
Thinking BIG will save your business pt 1 – think structure, save $$$
Thinking BIG will save your business pt 1 – think structure, save $$$ Entrepreneurs who want to change their world and possibly even rule it, constantly think big picture and act accordingly. They paint their destiny in bold brushstrokes and display it for all to see. This isn’t for everyone of course. Some prefer to […]
Avoid the “vanity” lease and preserve your profits
Avoid the “vanity” lease and preserve your profits Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. There is a fine and potentially very expensive line between […]
Breaking even is the new Breaking Bad. It seems okay… until…
Breaking even is the new Breaking Bad. It seems okay… until… If you survived year one of your business ownership and you’ve broken even – well done and congratulations. You’ve made some massive personal, financial and emotional investments and on paper, you’re no worse off than you were when you started. In fact, if you […]
6 Reasons to book your holiday right now! You’ve heard the saying, “make hay while the sun shines”, right? It means that you should work as hard as you can, for as long as you can while the money is still on offer. It makes some sense but workaholics and people who feel they have to keep […]
Share your brain or feel the pain. How to avoid insulting business valuations and low-ball offers
Share your brain or feel the pain. How to avoid insulting business valuations and low-ball offers It’s a disheartening fact that many people have a fabulous business, with a healthy turnover but routinely get slapped in the face with low valuations. It can be very disappointing and from time to time it can be insulting. […]
How much do you want for your business? Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. Now there’s an interesting question to ponder over the weekend. […]
Profits are down soooo… do I take a pay cut? The “business $100 note” can save you from yourself
Profits are down soooo… do I take a pay cut? The “business $100 note” can save you from yourself Every business faces a period when revenue drops below expectations for a time. Hopefully this occurs at the beginning of your ownership journey, not the end. It’s at this time that knowing your numbers will […]
Stay focused on your area of focus If you are an accountant that delivers excellent service and measures their achievements by how much tax you save people – stop reading now and carry on with what you’re doing. If not, we’d like to echo some advice that came to us from one of our own […]
Numbers get bored too. Time to put them to work! Accountants often get saddled with the “boring” tag and that may be because the perception is that they deal exclusively with numbers. And not just any numbers but bland inanimate numbers that simply tell you what happened – past tense. These same numbers might also […]
How to make a memorable weekend Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. How many times has someone asked, “what’d you get up to on the […]
The agony of almost making it to the end of the month. Cashflow catastrophes and how to avoid them
The agony of almost making it to the end of the month. Cashflow catastrophes and how to avoid them Few Olympic or endurance track images are as enduring as the long distance runner that, despite a body that has clearly given up, manages to will themselves over the line. Last place never looked so good. […]
In Trusts we trust. Another way to make sure you pay enough tax and nothing more
In Trusts we trust. Another way to make sure you pay enough tax and nothing more Paying too much tax is bad. Paying your fair share is good. Black and white statements don’t come much truer than that but as we keep finding, people, honest people running good businesses to help their families, are regularly […]
Recognise! Celebrating milestones is not only fun but functional
Recognise! Celebrating milestones is not only fun but functional A lot has been made of the value of setting goals, knowing numbers, aiming high, feeling the burn (wait, what?) and a whole bunch of other aspirational catchphrases. They’re fun, they’re motivational and yes, sometime a little clichéd. But it’s amazing how effective they are at […]
The Magic that makes a better lifestyle Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. It’s Friday and if the weekend hasn’t yet started for you yet, […]
And now for the (very) good news. Wine is tax deductible
And now for the (very) good news. Wine is tax deductible Just calling wine’s tax deductibility “very good news” feels a bit like saying that Australia is large when at 7.69million km2 it ranks sixth in the world in land mass. So the wine thing is pretty huge. There are some provisions, of course. You […]
I have a pool so now I can buy an office – smsf magic trick #31
I have a pool so now I can buy an office – smsf magic trick #31 Recently we’ve been speaking about the many and varied ways technology allows us to run a business and the different ways of working people can enjoy as a result. This led us to reviewing some really cool home office set-ups, as […]
Saving tax is a year round sport. And finals time is just around the corner (the angry coach edition)
Saving tax is a year round sport. And finals time is just around the corner (the angry coach edition) Australia is full of people who are very familiar with, if not completely nuts for, one sport or another. They might have a favourite team, a favourite player or simply play on weekends or maybe after […]
The motivational benefits of knowing your numbers We believe there is a quantifiable psychological benefit to having a clear view of critical numbers. But instead of trying to quantify them here, early on a Monday morning, let’s just focus on proving to ourselves anecdotally, that it’s true – more inspiring that way. To me, it’s […]
Before we go… You’re not a bank, so don’t act like one
Before we go… You’re not a bank, so don’t act like one Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. Cash flow remains a hot topic and […]
(Facebook) friends don’t let friends pay through the nose
(Facebook) friends don’t let friends pay through the nose If we didn’t care, we wouldn’t bother. But we do and that’s why we like to stay connected with clients past, future and present by any means necessary. There are those that believe that an accountant is a “suit” to be visited once a year or […]
We liked this… Take your work home with you… and leave it there
We liked this… Take your work home with you… and leave it there The rising cost of office space, particularly in the CBDs, highlights the need for businesses to get even smarter about how and from where they run their enterprises. The traditional office can work, so do co-workspaces but have we forgotten one obvious […]
Paleo, vegan or Proprietary Limited? Let the numbers be your guide
Paleo, vegan or Proprietary Limited? Let the numbers be your guide Everybody is different so it should come as no surprise that everybody is different too. We each place different demands on our physiques beyond the whole heart, lungs and brain function imperative – something that came up in a roundabout way earlier last month, […]
What does a healthy business look like? Is it just me or have there been a lot of baby birth announcements on social media lately? Despite the Australian population swelling beyond 24million it may still come as a surprise that a child is born every 1 minute and 40seconds. Which is quite mind-boggling because that […]
Before we go… I’ll have the steak, extra fries, hold the tax
Before we go… I’ll have the steak, extra fries, hold the tax Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. Can you feel it? Tax season […]
Protecting your home: What’s yours is yours – let’s keep it that way!
Protecting your home: What’s yours is yours – let’s keep it that way! Why are we here? A wonderful question that people from all walks of life, in a number of locations around the world have asked down through the ages. Today, I’d like to focus on those of us who have stepped out and […]
Stop what you’re doing and learn how to stop procrastinating
Stop what you’re doing and learn how to stop procrastinating Yes, I see the irony. Unless reading our Inspired Daily article is a scheduled part of your everyday work routine, there’s a chance that you’re procrastinating. You are doing almost anything else rather than simply getting on with what you are supposed to be doing. […]
Simon says, “dopamine is dope” Well not in so many words, but inspirational author, thought leader and speaker Simon Sinek blames part of the so-called “dealing with millennials” problem at the feet of dopamine-peddling social media. Agreed. We echo the notion that a disproportionate amount of time, energy and emotion is devoted to accruing likes […]
BAS Webinar: How to turn a BAS Deadline into a Business Lifeline
Autumn’s coming – enjoy the sun, embrace the cloud Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. Many small business owners around the country are, as we speak, […]
The horrors of getting your numbers wrong: Today’s BAS webinar can help you get it right
Today’s BAS webinar can help you get it right It probably doesn’t get more embarrassing than what popular host and celebrity Steve Harvey had to go through when he misread the score card and named the wrong contestant as winner of the 2015 Miss Universe. Let’s embrace the pain one more time. Yikes! But many of us […]
Will “Siri” get done for tax evasion? The thing about ground-breaking entrepreneurs is that they think differently about everyday situations by applying very different, often elevated, goals and functionality to common items and situations. Back in the day we all thought about how sensible phones, phone lists/directories and maps were. So we put them in books and […]
The Price is Right… or is it? Not enough thought goes into pricing. Either that or the wrong thought processes are applied to pricing. We see it time and time again in various businesses and particularly start-ups. Over the weekend I thought about the often-seen “closing down sales” as I did a bit of shopping. […]
Concentrate on Concentration: Deliver more value and you’ll earn dollars
Concentrate on Concentration: Deliver more value and you’ll earn dollars You’ve got to spend money to make money. Don’t put all your eggs in one basket. Save your pennies. These are all well-worn statements that contain more than a grain of common sense. The size of those grains depend on which business sector you operate […]
Why didn’t coalmine canaries have fitbits? Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. There’s an old saying advising us all that prevention is better than cure. […]
…and here’s the other half of your success formula
…and here’s the other half of your success formula Because we’re all about helping families derive more benefit from the business they own rather than merely working in a business that owns them, we need to shine a light on the whole truth about commercial success. It’s a little unconventional but there again, I already started a […]
Like a rolling… tennis ball To say things got a bit warm over the weekend would be like suggesting too much tax is an inconvenience. As the mercury soared, I stayed close to the air-conditioning while my thoughts were with small business owners. Something we hear quite often from our new and prospective clients is […]
Little (coffee) shop of horrors (part two) If a familiarity if not a deep understanding of the numbers in and around your business was not necessary, we wouldn’t be here. But it is and we are definitely here for you. So grab a coffee if that’s your thing and we can also finish the story […]
Little (coffee) shop of horrors (part one): Numbers never lie
Little (coffee) shop of horrors (part one): Numbers never lie Did we mention we had a coffee shop – of sorts? Yeah, we wanted people we met to be at ease and to share our fondness for constructive chats. So we turned part of our somewhat oversized premises into a café. It was a really […]
What price inspiration? How much should be spent on a chance to make valuable contacts? How much is too much to risk on an opportunity? Important questions that span high school economics classes (opportunity costs) to the great Daryl Sommers telling us, “you’ll never never know, if you never ever go…” Go where, though? Richard […]
Things to think about when thinking about payment terms
Things to think about when thinking about payment terms Newsflash: Cash flow is still the number one priority to many businesses out there today and rightly so. Some have described it as oxygen keeping their businesses alive, others see it as fuel that drives their commercial success. For something so widely understood to be of […]
Life in the best lane Towards the tail end of the weekend I remember seeing some hype about the Superbowl which is the grand final of American football for those that aren’t familiar. It’s beamed around the world to a HUGE worldwide audience – a massive event. So huge and all-consuming is it, that even […]
WARNING: The more things change the more they stay the same unless…
WARNING: The more things change the more they stay the same unless Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. So we’ve reached the end of another […]
How to avoid partnership PANIC! Everything ends badly. If it didn’t, it wouldn’t end… That is a very pessimistic view – let me say that right out of the gate. But is it the view of a pessimist, a realist or perhaps a pessimistic reali… I’ll stop. Take for example the fairly recent case of […]
Driving your business: A car for you or your business?
Driving your business: A car for you or your business? For business or pleasure? That’s a question you still get asked at customs desks around the world but it should also be a question we ask ourselves whenever we roll up to a car dealership. As with everything in the car yard or showroom, there […]
The art of making the weekends count The traditional “week-end” is becoming a fading memory for a lot of the business owners we get to speak with and hear from. That’s not to say that they aren’t getting any time off to enjoy life and/or spend time with family but the consensus is there’s less time to […]
Make it Rain. Invest in Multiple Buckets. Create automatic cash flow.
Make it Rain. Invest in Multiple Buckets. Create automatic cash flow This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 5 – Invest in Multiple Buckets, create […]
Make it Rain. Get a Bigger Bucket. Generate repeat business
Make it Rain. Get a Bigger Bucket. Generate repeat business This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 4 – Get a Bigger Bucket by generating repeat […]
Make it Rain. Fill the bucket. Attract more customers.
Make it Rain. Fill the bucket. Attract more customers. This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 3 – Fill the Bucket by attracting […]
Make it Rain. Control the tap. Get paid faster. This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 2 – Control the Tap & get paid […]
Make it Rain. Stop the leaks. Take back control of your money
Make it Rain. Stop the leaks. Take back control of your money This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 1 – Stop the […]
Make it Rain – 5 step plan to make your business work for you
Make it Rain – 5 step plan to make your business work for you Step 1 – Stop the leaks TAKE YOUR PROFIT FIRST Revenue – How happy are you with your current revenue? Profit – How happy are you with how much profit you have sitting in your profit war chest? Expenses – How […]
How a Baseball team used Numbers to Win Call it coincidence, but over the past couple of days, I’ve discovered that the sporting “greats” use numbers to win. What do I mean by this? Well, let’s look at the example of the Oakland A’s. Prefer to watch this article? [su_youtube url=”http://www.youtube.com/watch?v=UD8fAdxrahE” width=”640″ height=”360″] Moneyball […]
Self Managed Super Funds vs Retail Super? A Warning…
Self Managed Super Funds vs Retail Super? A Warning… Many people are quite comfortable sitting in simple, plain, ‘vanilla’, industry and retail superannuation funds. Self Managed Super Funds or ‘SMSF’s’ are a lot different. The Warning: If you are someone who is laid back. You are really not interested in your retirement. You […]
Time out – free speech Time out! Can we just talk for a minute… for free? Firstly and most importantly the answer to that one is a yes. A resounding and emphatic yes for that matter. But let’s take a step back because I’ve come in half way through the story. Have you ever had […]
What’s Your One Number to Focus on in Your Business?
What’s Your One Number to Focus on in Your Business? Adapted from Gary Keller’s recent book, “The ONE Thing”, what is the ONE number you could focus on, such that by improving it everything else would be easier or unnecessary? What we want to identify here is the one number in your business that will […]
Opportunities can’t tell the time Just be ready to say “yes”! Opportunities are stupid. I don’t mean they are irritating to have around or generally score badly in basic arithmetic evaluations. I mean they have no sense: no sense of timing nor sense of occasion. They just appear – sometimes only fleetingly and […]
Paying too much Tax? How to know and what to do about it.
If you have never met us before, we’re the guys who help young families use their small business to achieve big goals. Now that’s a cause that’s very dear to our hearts because, as you may know, the statistics when it comes to failure in both business and family aren’t great. The experts say, three […]
Hiring your first employee – 6 Common Questions Hiring your first employee in your business can be a very daunting task if you haven’t done it before. There’s all sorts of worries that could be going through your head: How do I do the Payroll each week or fortnight? What do I need to do […]
The Bottom Line series – 5. Parkinson’s Law, Dinner Plates, & Toilet Paper.
Now for the three quick educational stories about Parkinson’s Law, The Size of Your Dinner Plate, & Toilet Paper. They’re three lessons you won’t forget that reinforce why becoming a Cash Rich Business not only is a good thing, but it works because it works WITH human nature not against it. Perhaps you, like me, […]
The Bottom Line series – 4. Commonly asked questions Building a Cash Rich Business
The Bottom Line series – 4. Commonly asked questions Building a Cash Rich Business Commonly asked questions about Building a Cash Rich Business: I built up some debt over the years trying to keep things afloat. How do I get out of that debt while still building my War Chest? At the Cash Rich Business […]
The Bottom Line series – 3. Benefits of becoming a Cash Rich Business
The benefits of becoming a Cash Rich Business: 1. The War Chest is a rainy day fund, a backup when storms hit but this fund is specifically for those really bad storms. It is not something to be accessed unless it is an emergency. When storms hit it can trigger a panic of trying to […]
The Bottom Line series – 2. How to build your Profit War Chest
The Bottom Line series – 2. How to build your Profit War Chest How much money can be transferred to the War Chest without threatening the health of the business? Start out slow and easy, then build up. Most stable companies should be able to post a profit of 10% – 25% after all expenses. […]
The Bottom Line series – 1. Logic vs Human Behaviour
Logic vs Human Behaviour I was talking to a good friend of mine recently who I know regularly donates blood. I know that because he posts on Facebook whenever he does it. So yesterday, I asked him, how much blood have you donated? He said about 40 L. I said holy crap, the human body […]
Creating a powerful culture worth being a part of begins with you! I believe we each have a responsibility as individuals to be the culture that we want to see around us.For instance, if we walk into work and we’re grumpy and have had a bad morning and just happen to get up on the […]
⏰⏰⏰ The ugly truth about TIMESHEETS – what old school accountants don’t want you to know about how they charge when they bill you by the hour ?? You may not realise this but ‘Old School’ Accountants charge by the minute. They are driven by timesheets. What’s the problem with your accountant charging you […]
How To Stay Motivated & Achieve Your BIG Goals It’s Monday morning; you’ve just finished a fantastic weekend. You’ve played the sports with the kids. You’ve gone to the beach, had a beautiful meal, and it’s just been wonderful. When you wake up, and it’s Monday morning, you check your emails, and you’ve got a […]
How To Set Company Goals That Your Whole Team Will Buy Into
How To Set Company Goals That Your Whole Team Will Buy Into Learn how to set a big goal for your company and have your team actually buy into it and not just roll their eyes like every other time you’ve said this. It’s really important that we engage our team from the start with […]
4 Game-Changing tips on ‘How To Maintain Focus’ Focus, focus, focus. Learn how to stay focused, laser-sharp focus on your goals and stick to your priorities. How to maintain focus? That’s exactly what I think about when I think of focus, is a magnifying glass. You probably did this when you were a kid, […]
How To Create More Time In Your Day! Feel like you don’t have enough time? I want to share with you 4 easy and powerful tips so you can create more time, even when you feel like you don’t have it. Now, this is a really interesting one, because the challenge is we all have […]
How To Use Facebook Groups To Increase Referrals And Retain Your Best Clients
How To Use Facebook Groups To Increase Referrals And Retain Your Best Clients In this video, you’ll learn how to use Facebook groups to increase your referrals and retain your best clients. Hi, I’m Harvee from Inspire and stay tuned. How to use Facebook groups to grow your business and referrals, and retain your best […]
Stop Procrastinating! 2 Quick Tips To Help You Stay On Task
Stop Procrastinating! 2 Quick Tips To Help You Stay On Task You’ve been there before, you’re sitting on the computer, you’ve got your to-do list of things that are priority and important to do in your day, but you’re just sitting there scrolling and looking at Facebook, or you’re in your inbox. The worst thing […]
Are Coffee Meetings Tax Deductible? Ever wondered if coffee meetings are tax deductible? Anyone who knows me, knows that I’m a big coffee freak. I have about 3 or 4 cappuccinos every day. My favourite coffee shop is Bellissimo. You’ve got to try it. It’s around the corner from Inspire and there’s also one around […]
Increase your profit by mastering this little known economic principle…
Increase your profit by mastering this little known economic principle… Parkinson’s Law says is that if there’s an available resource, it will be used up. For example with my uni assignments, if I’ve got three weeks to complete a uni assignment, I’ll take the three weeks to complete the uni assignment. Realistically though, I’ll […]
Negative Profit – why this is bad, and what to do about it?
Negative Profit – why this is bad, and what to do about it? What is negative profit? Imagine your business has ten thousand dollars a week coming in.A negative fifteen percent profit means that you are actually spending eleven thousand five hundred dollars. One thousand five hundred more, than you should actually be spending. One […]
How much do I need in super to start an SMSF? The rough guideline for how much you need in superannuation to justify a SMSF or Self Managed Super Fund is about a quarter of a million dollars or $250,000 – or more. Remember a SMSF can have up to 4 members and so you […]
Where to legally store your excess profits, so the tax man doesn’t take half. (HINT: It’s not in Panama!) ???
Where to legally store your excess profits, so the tax man doesn’t take half. (HINT: It’s not in Panama!) ??? Imagine you’ve got an amazing business that is trading through a Trust. You take out some profit to feed yourself, feed your family, put the kids in school and live comfortably. But you still have […]
Risky business – Dangers of Sole Traders, Partnerships & ABNs as Business Structures ??
Risky business – Dangers of Sole Traders, Partnerships & ABNs as Business Structures ?? As Accountants, we are seeing people drop out of high-paying employment or jobs, and jumping in and starting their own business. This is a very exciting time and it’s a great way to be absolutely in control of the impact that […]
Are you smoking away all your profits? I’m not proud of it. But my first business was … selling cigarettes to under-aged kids.This entrepreneurial dream didn’t last long as the principal of my school had actually gotten wind of what I was doing. I packed up shop really, really, really quickly, but not before learning […]
Bookkeeping; how to know if you should be doing your own… ?⏳⌛️?⚖
Bookkeeping; how to know if you should be doing your own… ?⏳⌛️?⚖ When should you outsource your bookkeeping or when you should do it yourself? First of all, we need to figure out what’s the cost of a bookkeeper. Here at Inspire CA, we do have a bookkeeping package that’s around $200.00 a month. That’s […]
How to build your ‘Numbers’ A-Team ?? There are three key people that should be in your A team. a Bookkeeper an Accountant a CFO or Chief Financial Officer What do bookkeepers do? They process day to day transactions of your business and they reconcile your bank statements and sometimes they have accounts payable and […]
Pay Less, Little and No Tax in SMSF. It’s legal. In every Self Managed Super Fund there are 2 sides. An Accumulation side and a Pension side. Using Harvee’s plane analogy from the beginning, the accumulation side or phase of an SMSF is when the fund is actively growing. The same as when that plane […]
9 New Financial Year Resolutions you should make today
9 New Financial Year Resolutions you should make today It’s a new Financial Year, and we believe the key to financial bliss is starting the year the way you’d like to end it. So Ben Walker, brings you his top 9 New Financial Year Resolutions you should start now. 1. Miracle Morning A mentor of […]
Save $500,000 tax campaign – $1.26M saved, 62 Families, 3 months. In April 2016 we set a very big (and hairy) audacious goal. To help young families in business by having, to save $500,000 tax for our clients before 30 June. Well it’s our pleasure to announce that as at Thursday 30th June we’re up […]
Why Business Owners Need To Take Holidays, 8 to 12 weeks a year ⛷⛵️
Why Business Owners Need To Take Holidays, 8 to 12 weeks a year ⛷⛵️ I’m fresh off the boat from 9 magical days in New Zealand and instead of cheap souvenirs, I’ve got a game changing business strategy for you: Grab a big 12 month calendar and map out all the holidays you want to […]
Why Business Owners Need To Take Holidays, 8 to 12 weeks a year ⛷⛵️
Why Business Owners Need To Take Holidays, 8 to 12 weeks a year I’m fresh off the boat from 9 magical days in New Zealand and instead of cheap souvenirs, I’ve got a game changing business strategy for you: Grab a big 12 month calendar and map out all the holidays you want to take, […]
Welcome Jake to the Inspire Team Hi #InspireFamily, Please join me in welcoming Jake Pretorius to the INSPIRE team. Jake came to us a few months ago with his dream of becoming an inspirational accountant. He has since excelled in his 12 week internship (aka baptism of fire!) all while juggling his last few months […]
561,478 reasons to aim high! In April 2016 we set a very big (and hairy) audacious goal. To save young families in business, $500,000 in tax before 30 June. Well it’s our pleasure to announce that as at Monday 13th June 4pm we’re up to $561,478 tax saved! Congratulations #InspireFamily. The campaign is […]
What’s difference between Salary and Profit? And how to get more of both…
What’s difference between Salary and Profit? And how to get more of both “How much should I / can I pull out of the business?” is a question we get asked almost everyday. There are two primary ways a business owner gets paid from the business and it’s extremely important to understand the difference […]
Congratulations to the #InspireFamily aka clients of Inspire CA.
Congratulations to the #InspireFamily aka clients of Inspire CA. We’ve been busily researching the latest in tax law and have found a number of strategies that will either save you tax, increase your wealth and / or accelerate your cashflow. Thanks to your prompt action, we are well on our way to our campaign goal – Save […]
Are you SuperStream ready? To make sure employer superannuation contributions are paid in a consistent, timely and efficient manner, the ATO has introduced SuperStream. The key component of SuperStream is that it is compulsory to make your superannuation contributions online with products that are SuperStream compliant. The easiest way to become SuperStream compliant is to […]
THANK YOU PHIL – A year of NEW beginnings! Last Friday the Inspire Team farewelled our friend and Senior Accountant Phil “Shep” Shephard. Phil has had a big year, welcoming his new baby girl Melody Jane Shephard into the world. He is now making a move to the sunny coast to be closer to family […]
Co-Founder of Australia’s 9th fastest growing company shares his rare insights into finding your competitive advantage – Inspiring Business Event with Glen Carlson
This Inspiring Business Event is powered by Inspire CA, an uber cool and disruptive accounting firm that is proving that not all accountants are boring. Secure your tickets now: WEDNESDAY 8th JUNE, 5:30pm – 8pm Co-Founder of Australia’s 9th fastest growing company shares his rare insights into finding your competitive advantage. Inspiring Business Event […]
12 STRATEGIES FOR BUSINESS OWNERS TO SAVE $20,000+ TAX
12 STRATEGIES FOR BUSINESS OWNERS TO SAVE $20,000+ TAX WE’RE HELPING YOUNG FAMILIES IN SMALL BUSINESS ACHIEVE A VERY BIG GOAL – SAVE $500,000 IN TAX BEFORE 30 JUNE. We’re calling it the … SAVE $500,000 TAX CAMPAIGN Imagine for a minute … What half a million dollars would mean, back in the hands of […]
Entrepreneurs Of Brisbane – Ezra Taylor We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to keep going. […]
Time Your Capital Gains – Hold for 12 months & Sell in a low income year.
Time Your Capital Gains – Hold for 12 months & Sell in a low income year. How does this strategy work? You bought an investment. A property for example. Bought it for $200,000, sold it for $300,000. You made $100,000 profit – wooohoo. The tax man wants a piece of your pie – booo. It’s […]
Accelerated Asset Depreciation – 100% deduction NOW if it’s under 20 k.
Accelerated Asset Depreciation – 100% deduction NOW if it’s under 20 k. How does this strategy work? You buy an asset. A car for example. For running around doing quotes onsite. Its value will GO DOWN (aka depreciate) over time. So the tax man lets you claim that depreciating value – Thanks, Tax Man! […]
Pay your employee super payments 1 month early to get 10 months of additional cashflow
How does this strategy work? Each month you pay super for your employees. 9.5% of their wage. For a quarterly payroll of $100,000, that’s $9,500. Now your Employee Super Payments are typically due on 28th day of the following month after each quarter finishes. For the quarter of March to June 2016, it’s due 28 […]
Pay your Life Insurance premiums from Super – and get double tax benefits.
Pay your Life Insurance premiums from Super – and get double tax benefits. How does this strategy work? Life Insurance is money your family will receive in the event of you kicking the bucket. Interestingly the premiums you pay for Life Insurance are not tax deductible, unless they’re paid from your superannuation. Let’s say the […]
Top sales advice from one of top 5 Sales Professionals worldwide (fitness industry)
Top sales advice from one of top 5 Sales Professionals worldwide (fitness industry) Sales is such an important part of any business. Many of us hate the word sales, but it pay the bills and keeps the lights on. So we asked Richard Bell, the speaker at our upcoming Inspiring Business Event, “when you’re advising sales […]
Make Additional Super Contributions – Tax Planning Strategies to action prior to 30 June
Make Additional Super Contributions to reduce your tax How does this strategy work? You may be aware that superannuation is the best investment vehicle for tax purposes out there. It’s also easy to put this in the back of your mind for a number of reasons. You might think: 1) “I can’t touch it now, […]
Distribute to your Children Under 18 – Tax Planning Strategies to action prior to 30 June
Distribute to your Children Under 18 – Tax Planning Strategies to action prior to 30 June How does this distribute to your children strategy work? Discretionary Trusts are great for Young Families in Business as they give you… you guessed it, DISCRETION. In fact they’re more well known as Family Trusts. They give you discretion […]
Write Off Bad Debts – Tax Planning Strategies to action prior to 30 June
Write Off Bad Debts How does this strategy work? Let’s say you are a plumber, and builders are your clients. You send them invoices regularly for your work. Sometimes they pay. Sometimes they don’t. There always seems to be a dispute. Let’s say for a $1,000 invoice you send, the builder pays $800 but refuses […]
DISTRIBUTE INCOME TO RETIRED PARENTS (& IN LAWS!) How does this strategy work? Discretionary Trusts are great for Young Families in Business as they give you… you guessed it, DISCRETION. In fact they’re more well known as Family Trusts. They give you discretion about who pays tax, how much they pay and potentially when it’s […]
Make it Rain by stopping the leaks TAKE YOUR PROFIT FIRST “Money isn’t everything, but having a mountain of it sitting around is handy.” Step 1 – Stop the leaks This might surprise you but the Profit equation you were taught is wrong. Sales (minus) Expenses (equals) Profit does not work. If it worked you’d […]
What is a Car Fringe Benefit? A car fringe benefit can occur when an employer makes a car they own or lease available for the private use of an employee. If you conduct your business through a company or trust, you may be an employee of the company or trust. Are any of your […]
Ben Love, Father, Businessman, and Hero We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to keep going. […]
Introducing Pedro Alcobio, owner of The Health Place
Introducing Pedro Alcobio, owner of The Health Place We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them […]
Find out how Phillip Di Bella revolutionised the Australian coffee culture! We’ve all experienced the disappointment that comes with an average cup of coffee, however Phillip Di Bella has made it his mission to change this. Dissatisfied with the level of customer service and consistency within the coffee industry, Phillip started Di Bella Coffee. His obsession […]
Chapter One: You Have The Power to Change Stuff Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. CHAPTER ONE is the story of one of my favourite brands, Thankyou. A social enterprise that gives […]
Collaboration Not Competition: a tale of 2 candles 07 Mar Uncategorized Author: Ben Walker
Collaboration Not Competition: a tale of 2 candles 07 Mar Uncategorized Author: Ben Walker Only read this if you operate business in a very competitive industry, like we do. Competition = 2 competitive business owners fight over the flame of a single candle (a business opportunity). When they believe that only 1 can have the flame, […]
Accounting Answers: How Can I Buy a Commercial Property?
Accounting Answers: How Can I Buy a Commercial Property? Why is an SMSF better for investing in commercial property, and leasing it back to yourself, than an investment trust? Many people ask us how is it that they can stop paying somebody else for their lease. A lease is a big expense, and they […]
#Accounting Answers: Self Funded Retirees So remember young family, small business equals family trust or discretionary trust as the ideal structure for 9 times out of 10. If you don’t understand how your structure works, or you don’t feel you’re in the right structure we absolutely need to talk, but let me give you a really cool example […]
#Accounting Answers: Review How You Pay Yourself Before you can decide about the best way to pay yourself for your hard work in your business, you need to understand about structures. 9 times out of 10, if you’re a young family in a small business, your ideal structure is a company and a discretionary […]
5 of the Most Powerful & Under-utilised Facebook Strategies (Brett Campbell)
The Power of Building an Empire Using Social Media Many Business owners tell us that GROWTH is amongst the top items on their agenda for 2016. To grow you need more customers. More customers means more sales. Before Sales you need Marketing. You probably dabble in Social Media. But not many of us generate tonnes of leads from Facebook. So […]
Book Review: Legacy – What the All Blacks can teach us about the business of life.
Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Book Review: What the All Blacks can teach us about the business of life. At this level, sport – like business and life – is a mind […]
SMSF Myths Busted! Self managed super fund Is a Self Managed Super Fund (SMSF) right for you? Already have a SMSF, but want to make it work harder for you? Over 900,000 Australians run their own SMSF. But the news media is in a frenzy at the moment about SMSF’s and property investments. We understand that SMSF’s don’t suit […]
Book Review: The Four Hour Work Week – Escape the 9-5, Live Anywhere and Join the New Rich.
The Four Hour Work Week Escape the 9-5, Live Anywhere and Join the New Rich. Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. The Four Hour Work Week or 4HWW is a very […]
8 ways to know if you can afford to hire your next employee – Part 2 of 2
8 ways to know if you can afford to hire your next employee Part 2 of 2 The opportunities for growth in your business will come in ebbs and flows, like waves. Hire too early and you’re a sitting duck waiting for an opportunity off in the distant horizon. Hire too late and you’re playing catch up […]
#AccountingAnswers – Is donating to charity tax deductible?
Is donating to charity tax deductible? There’s three rules at play: Is it more than two dollars? Are they a DGR? You want to ask the provider that. Are you a profitable business? Now, why three is important is because of the ATO. If you are in loss, they’re going to give you the benefit […]
Famous Fashion Blogger opens Fashion Boutique We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to keep […]
If 10x Business Growth is on the 2016 agenda, read this today.
If 10x Business Growth is on the 2016 agenda, read this today. Many Business owners tell us that GROWTH is amongst the top items on their agenda for 2016. To grow you need more customers. More customers means more sales. Before Sales you need Marketing. You probably dabble in Social Media. But not many of us generate tonnes of leads […]
8 ways to know if you can afford to hire your next employee – Part 1
8 ways to know if you can afford to hire your next employee – Part 1 Can’t afford to hire your next employee? It’s an age-old dilemma for small business owners: You need help to grow your business, but you can’t afford to hire anyone. This common situation is a catch-22 that has driven many […]
#AccountingAnswers – Claiming GST on a new car [su_youtube url=”https://www.youtube.com/watch?v=EcaGg10f5pk” width=”640″ height=”360″] How much GST can I claim on a new car? When it comes to claiming GST on a car (Goods & Services Tax), it’s very similar to claiming GST on any other business expense. You can only claim the GST to the percentage that it […]
Collaboration queen makes career out of passion We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to […]
[Book Review] Do Cool Sh*t: Quit your day job. Start your own business. Live happily ever after.
Do Cool Sh*t: Quit your day job. Start your own business. Live happily ever after. by Miki Agrawal. Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. I believe everyone wants to do cool […]
Book Review: Daring and Disruptive: Unleashing the Entrepreneur by Lisa Messenger.
Book Review: Daring and Disruptive: Unleashing the Entrepreneur by Lisa Messenger. Book Review: Daring and Disruptive: Unleashing the Entrepreneur by Lisa Messenger . Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Morning all, Happy Monday […]
Give your Super a Boost! Buy a commercial property (via SMSF) and rent it from yourself.
Give your Super a Boost! An alternative way of building up your retirement savings. While most of us will hopefully accumulate enough superannuation throughout our working lives to have a comfortable retirement, many of us simply won’t have the funds there to splurge on something nice every now and then. What if we could tell […]
Book Review: UNPROFESSIONAL by Jack Delosa – How a 26 year old university dropout became a self-made millionaire
Book Review: UNPROFESSIONAL by Jack Delosa – How a 26 year old university dropout became a self-made millionaire Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Happy pre-Australia Day people’s. Turns out this book […]
HAPPY BIRTHDAY INSPIRE! Our own start up story, told for the first time.
Happy Birthday Inspire! Our own start up story, told for the first time. WOW it’s Inspire CA – Young Family Small Business 3rd Birthday today. For the first time, I’m going to share the cool story about how Ben Walker and I met (and way later came to be in business together) I helped start a big change management movement in […]
#AccountingAnswers – Help! My Cashflow is Killing Me
Help! My Cashflow is Killing Me #AccountingAnswers: 3 tips to even out the ups and downs Fixing cashflow problems is like dealing with the pain of a toothache. Strong painkillers give immediate but temporary relief. A filling or root canal can remove the problem of pain. Improvement in Oral Health with prevent further decay. In […]
Book Review: UNPROFESSIONAL by Jack Delosa – How a 26 year old university dropout became a self-made millionaire.
Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Book Review: UNPROFESSIONAL by Jack Delosa – How a 26 year old university dropout became a self-made millionaire. Happy pre-Australia Day people’s. Turns out this book […]
Book Review: BUILD TO SELL by John Warrillow – Create a business that can thrive without you
Book Review: BUILD TO SELL by John Warrillow – Create a business that can thrive without you Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. 1st day back in 2016 and it was highly […]
Book Review: The Virgin Way – How to listen, learn, laugh and lead
Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. The Virgin Way: How to listen, learn, laugh and lead This is one of the only books that have left me laughing out loud, usually in […]
Book Review: REWORK – Change the way you work forever
Book Review: REWORK – Change the way you work forever A better, faster, easier way to succeed in business Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Straight up, people around me would say […]
Book Review: CREATIVITY INC: Overcoming the unseen forces that stand in the way of true inspiration.
Book Review: CREATIVITY INC: Overcoming the unseen forces that stand in the way of true inspiration. Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. This is a brilliant story about the commercial and creative […]
Book Review: CREATIVITY INC: Overcoming the unseen forces that stand in the way of true inspiration
Book Review: CREATIVITY INC: Overcoming the unseen forces that stand in the way of true inspiration Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. This is a brilliant story about the commercial and creative […]
Hummingbird House: Supporting a Hospice, for Children
Hummingbird House: Supporting a Hospice, for Children We recently attended a charity for Hummingbird House and while putting on my black tie, inquisitive 7 year old nephew asked “Uncle, what is Hummingbird House?” I said “Do you know what a Hospice is?” He said “Yeah it’s a sad place where old people go before they die.” To […]
[Photo Diary] Inspiring Business Event: Meet & Greet with Top Entrepreneurs of Brisbane.
[Photo Diary] Inspiring Business Event: Meet & Greet with Top Entrepreneurs of Brisbane. A visual memoir of the Australia Day themed Inspiring Business Event on Jan 22, 2016 Welcome to our first Inspiring Business event of 2016! What started as a small group of like minded business owners getting together for after work drinks and […]
[Photo Diary] Inspiring Business Event: Meet & Greet with Top Entrepreneurs of Brisbane
[Photo Diary] Inspiring Business Event: Meet & Greet with Top Entrepreneurs of Brisbane A visual memoir of the Australia Day themed Inspiring Business Event on Jan 22, 2016 Welcome to our first Inspiring Business event of 2016! What started as a small group of like minded business owners getting together for after work drinks […]
Book Review: OVERSUBSCRIBED by Daniel Priestley – How to get people lining up to do business with you.
Book Review: OVERSUBSCRIBED by Daniel Priestley – How to get people lining up to do business with you. Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Harvee – The second I walked past […]
Book Review: OVERSUBSCRIBED by Daniel Priestley – How to get people lining up to do business with you
Book Review: OVERSUBSCRIBED by Daniel Priestley – How to get people lining up to do business with you Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Harvee – The second I walked past the […]
The secret recipe to breaking down Big Scary (and Hairy) Audacious Goals into bite sized chunks!
The secret recipe to breaking down Big Scary (and Hairy) Audacious Goals into bite sized chunks! Ever had a great idea for a business that was borne out of a frustration you faced? Ever wanted to take a 3 month Road trip around Australia? Ever tried one of those crappy frozen meals and wondered if […]
How to set company goals that your whole team will buy into
Goal setting is one of the most important things you should be doing with your team on a weekly or even daily basis. But sometimes it is harder to implement them than we think. In this video, Harvee will give you some awesome tips to help you stay on track with your company goals and […]
5 Questions to Profit in 2016 And designing the dream lifestyle you want, with plenty of holidays and time to work ON the business! Hey, welcome back to 2016! Ever heard of the saying “the quality of one’s life is in direct proportion to the quality of the questions you ask of yourself”? I’m […]
Bring your game into the New Year: Michael Jordan knows his numbers
Welcome to the NEW YEAR!!! Bring your game into the New Year: Michael Jordan knows his numbers I just recently wrote an article about a baseball team using numbers to win. And in that same week, hearing a quote, I realised something about Michael Jordan’s career. Michael Jordan would make a great businessman. Oh, I […]
How to Plan for Profit in 2016 Let’s Make it Your Best Year yet – Plan for Profit! Wouldn’t it be great to Plan well for 2016 now so you can spend more quality time with your family? How do the multi millionaires plan for profit for the next year so they can holiday in peace? […]
Benefits of having a trust own the shares in your company
Benefits of having a trust own the shares in your company This is a fairly technical article – but it is an important one. All too often, I see business structures slapped together with average advice from accountants. And one of the killers is just setting up a company, with individuals (usually the business owner / owners) […]
Need to Improve Your Christmas Cashflow? Holiday in Peace!
Check out this webinar and see how to: Improve your Christmas cashflow so you can Holiday in PEACE. With Christmas coming up, the wheels of business tends to slow as everyone winds down for the year. But the problem for you is, you still have expenses that don’t go on holidays! Here is a summary […]
Business Structure Advice: Are you in the Right One?
Business Structure Advice: Are you in the Right One? How does $34,000 TAXED SAVED sound? Have you ever wondered whether or not you’re in the right business structure? Or if you have no idea why you’re set up the way you are? To clear up the mist surrounding business structures, we’ve put together a quick […]
[infographic] What’s Your Working Capital Timeline telling you?
What’s Your Working Capital Timeline telling you? Understanding your working capital timeline allows you to control it. Understanding how cash flows to and through your business is the first step on taming the beast and setting yourself up to win. Download your free working capital timeline infographic
[infographic] What’s Your Working Capital Timeline telling you?
Understanding your working capital timeline allows you to control it. Understanding how cash flows to and through your business is the first step on taming the beast and setting yourself up to win. Download your free working capital timeline infographic Comments Huy Vuong says 03/11/2015 at 3:27 pm (Edit) Nice and simple, very easy to […]
Brisbane Junior Chamber of Commerce Speaking Resources 19 March 15
Brisbane Junior Chamber of Commerce Speaking Resources 19 March 15 I’ve put together some resources that I mentioned throughout the Business Structuring and Tax workshop that was held at the Commonwealth Bank, organised by the Brisbane Junior Chamber of Commerce. [su_divider link_color=”#c52828″] Business Structures Made Easy Your 6 Keys to Understanding Business Structures […]
Sick of being a ‘One Sale Wonder’? How else can you serve your customers?
Sick of being a ‘One Sale Wonder’? How else can you serve your customers? One of the biggest killers of highly profitable businesses is the ‘One Sale Wonder’. Now we’re all in business to serve our customers. So we must believe that we provide value for what we do. And from that logic, you should be safe […]
The Age of Engagement – Internet Marketing Evolution Following on from last week’s post we’re continuing to uncover some of Roger Hamilton’s insights in to the future of markets, technology and doing business in the age of Web 3.0. Roger Hamilton is a visionary, futurist and social entrepreneur who connects with Richard Branson, the startup […]
5 Language Lessons all Businesses can Learn from Optus
5 Language Lessons all Businesses can Learn from Optus Just this morning I read this letter from Optus. And you must be wondering why on earth an accountant is writing about a letter from Optus. So here’s some context for you. I have really learned to appreciate the people who, for lack of a […]
5 Business Trends That Are Already Shaping Your Business and Determining Your Profits
5 Business Trends That Are Already Shaping Your Business and Determining Your Profits What you were doing 5 years ago is vastly different from what you’re doing today. So how prepared are you for the next 5 years? And will you profit? Roger Hamilton will. Roger Hamilton is a futurist, entrepreneur and visionary. He has […]
3 Speaking Rituals Entrepreneurs can use before Public Speaking
3 Speaking Rituals Entrepreneurs can use before Public Speaking It’s no doubt that public speaking is an easy feat for mastering. Some make it look so easy, and yet it can paralyse those who are finding their feet. Myself included! One of my key numbers in 2015 is to share my message on “Knowing your Numbers”, 60 […]
CAANZ Brand Ambassador – A Hub for Innovation in Brisbane
CAANZ Brand Ambassador – A Hub for Innovation in Brisbane CAANZ Brand Ambassador Late 2014, I was asked by Chartered Accountants Australia New Zealand (CAANZ) to be a CAANZ Brand Ambassador for the Chartered Accountants program. What it led to was an interview and mini-documentary on what we’ve done at Inspire CA, and with Inspire Cafe. The […]
Hiring Smart: How to build your team for growth Growth it great. But not when it kills us! When we all of a sudden have an influx of work, this stresses the team and us, as the business owner. We often hear our clients who are experiencing rapid growth talk about their next hire. We […]
Chewing the Fat: When are Meals Tax Deductible to a Business
Chewing the Fat: When are Meals Tax Deductible to a Business Taking team members, clients and suppliers out for a meal can be an opportunity to start, or further develop, a great working relationship. Many small business owners even choose to cover the cost of such an outing. However, how can you be sure this […]
Choosing An Accountant: 10 Questions to ask when looking to Change Accountants
What really annoys me is the Generally Accepted Poor Standards, or “GAPS”, in the accounting industry. Accountants have the power to change the lives of business owners, but most of them aim for average. How many business owners do you know that actually say “I really like working with my accountant!”? They are out there […]
New Years Resolution: 5 Urgent Reasons to Change Accountants in 2015
New Years Resolution: 5 Urgent Reasons to Change Accountants in 2015 Most business owners are not happy with their current accountant. So why don’t they change accountants? Studies show that we sometimes prefer working with the devil we know, to avoid the unknown or the adventure. This avoids the question mark while we find comfort […]
Don’t Break the Chain: How Jerry Seinfeld measured success
Don’t Break the Chain: How Jerry Seinfeld measured success A few months ago, I was reading a write up about Jerry Seinfeld and how he tracked and measured success. The concept that he shared was to track visually, on a calendar, the days that you complete a task. For each day that you complete the […]
You’re Killing Conversion: Why you should stop doing Quotes in Xero
You’re Killing Conversion: Why you should stop doing Quotes in Xero Business owners underestimate the power of good quality proposals and a great conversion rate on their business. A quote is not a proposal A proposal, in my books, gets to the heart of your business, why you do what you do, and how you […]
Plan for Profit 2015 – Webinar Replay Here’s the recording of our “Plan for Profit” webinar – where we share how you can use the numbers to increase profitability in 2015. We put this webinar together in response to a few comments to help business owners and entrepreneurs plan their year ahead. In this webinar, […]
Plan to Profit 2015 – Holiday Reading List You might be familiar with Bill Gates’ almost life long habit, to go away on his summer holidays with a suitcase of books to read. And for our upcoming workshop, Plan to Profit in 2015, I’ve put together a list of books that will help you put together a strategy, […]
3 Numbers to focus on when it comes to Websites If you hadn’t picked me yet, I’m a fan of numbers – and appreciate high performing websites. So it’s only fate that I should write an article on what numbers you should monitor when it comes to your website. I’ve put together five of what […]
Taking the ‘Numb’ out of Numbers – Brisbane Business News
Taking the ‘Numb’ out of Numbers – Brisbane Business News The original article was published by Brisbane Business News and written by Jenna Rathbone on 27 November 2014. ACCOUNTING 101 is enough to drive some business owners mundane mad, but Ben Walker is turning the tables on the traditional model and the result is […]
[Award] Brisbane Young Entrepreneur of the Year 2014 Finalist
[Award] Brisbane Young Entrepreneur of the Year 2014 Finalist In November 2014, I was excited to be announced as a finalist in the Brisbane Business News “Brisbane Young Entrepreneur of the Year” awards. Each year, the Brisbane Business News searches from Brisbane’s most ambitious entrepreneurs who are carving out their own unique position in the business community. […]
To Increase Cash Flow: Know Your Working Capital Days
To Increase Cash Flow: Know Your Working Capital Days We all know that cash is king. And what is more necessary than optimal cash flow in your business? While Revenue and Profit are a “must” to measure, neither of them give any insight into your business’ cash position. Working capital days gives us the context to Revenue and […]
Can I claim the kitchen sink? Do’s and Don’ts for Home Office Deductions
Can I claim the kitchen sink? Do’s and Don’ts for Home Office Deductions With the rise in cloud technology making the need to have a fixed ‘place of business’ outside the home far less important than it once was, many small business owners are choosing to operate from home. Meeting your clients at a decent […]
How Do I Pay Myself From My Company or Trust? We have been asked three times in the past week, “How do I pay myself?”. This is a very valid question, and one that has a few complexities. Let me try to keep it simple… This Differs Between a Company and a Trust. While you […]
Why you should eat a GST Free Diet with one of Anthill’s 30 under 30, Mr Ben Walker – Bond Appetit
Why you should eat a GST Free Diet with one of Anthill’s 30 under 30, Mr Ben Walker – Bond Appetit Podcast: Play in new window | Download Subscribe: Android | RSS This podcast was recorded and published by Bond Appetit and Ronsley Vaz. The original article can be found here. Podcast: Play in new window | Download Ben Walker is the Chief Inspiration Officer of Inspire CA (the accounting […]
Business Structuring Made Easy! Part 6: The Dangers – What if I Get it Wrong?
Business Structuring Made Easy! Part 6: The Dangers – What if I Get it Wrong? In order to reinforce the importance of selecting the right business structure, our final article in this series looks at the consequences of getting the choice wrong and the potential costs associated with the transition to a new structure. Quite often clients […]
Queensland Business Monthly This article was originally published in the Queensland Business Monthly, a lift out in the Courier Mail, Friday 29th of August 2014. Written by Nicole Madigan. Having worked in the accounting industry for just a few years, Ben Walker quickly found himself brainstorming new concepts, determined to make his […]
7 Impressive Marketing Blogs You Can Share With Your Clients
7 Impressive Marketing Blogs You Can Share With Your Clients I’m sure that you can relate with your clients that developing engaging content takes an enormous, disciplined effort to get momentum. So does everything that’s worth it. Best of all? Like the promise of a flywheel, it gets easier as you go. But what […]
Anthill Online 30under30 2014 Ben has been humbled to be named as one of the Anthill Online 30under30 for 2014. 30under30 is an Anthill initiative that was launched in early 2008 to encourage and promote entrepreneurship among young Australians. The program provides recognition to 30 entrepreneurs under the age of 30 for their outstanding entrepreneurial endeavours. To […]
Smashing Sales – How to Create a Winning Sales Process
Smashing Sales – How to Create a Winning Sales Process We’re all masters at something. But never masters at everything. Sales can be a nasty roadblock to an otherwise phenomenal business. I’ve jotted down a few points below of how you can very simply streamline the sales in your business. Have a Sales Process Sometimes […]
World’s first gluten free… accounting firm cafe? – bmag
World’s first gluten free… accounting firm cafe? – bmag The original article was published by bmag, written by Taylare Madden on Sunday 6th July, 2014. Inspire Cafe has gone completely Gluten Free, and only accountants are invited. An accounting firm has set up in a cafe… but not any old cafe, an entirely gluten […]
Public Practice Innovation Case Study – Chartered Accountants Australia New Zealand
Public Practice Innovation Case Study – Chartered Accountants Australia New Zealand The original article was published by the Chartered Accountants Australia New Zealand. Written by Bernard Kellerman and photography by Marcus Bell. A Brisbane CA has created a café where small business owners can network as the centrepiece of his accounting practice. Benjamin Walker […]
Announcing The Live Your Legend ‘Unofficial’ Music Video! – LiveYourLegend.net
Announcing The Live Your Legend ‘Unofficial’ Music Video! – LiveYourLegend.net The original article was published by LiveYourLegend.net, and written by Scott Dinsmore June 25, 2014. Believe it or not, Live Your Legend has a music video… And it’s not the one of me pathetically trying to break dance (which, unfortunately, you can find on YouTube – in the […]
7 Things Business Owners MUST Implement BEFORE June 30
7 Things Business Owners MUST Implement BEFORE June 30 We often find in business that many entrepreneurs and business owners are moments away from realising the potential that a few small changes in their modus operandi (or “method of operation”) can have on their business. This is without mentioning the amount of planning and strategy that […]
5 Ideas to Quickly Gain Credibility for Your Service Business
5 Ideas to Quickly Gain Credibility for Your Service Business When you’re starting a new service business or offering a new service, it’s important to maximise credibility and confidence for your first customers or clients, whether through review sites, social media or word-of-mouth. Unfortunately, people are often nervous about buying a product or service […]
Planning to Profit: How the Best Businesses Set their Revenue and Profit Targets for Growth
Planning to Profit: How the Best Businesses Set their Revenue and Profit Targets for Growth “If you fail to plan, you are planning to fail” – Benjamin Franklin Most small business owners know this quote (and the meaning behind it) all too well. But when it comes to business growth, you need to more than […]
How We Created a Warmth Within Inspire Cafe It’s fairly commonly witnessed that we’re 50% more likely to share a bad experience on social media, than we are a good one. To buck that trend is exactly why I’m sharing our experience with Li Wang, aka “CreativLi” in this short video. [su_youtube_advanced url=”http://youtu.be/rpvvk1Q7M20″ height=”340″ controls=”no” […]
Business Structuring Made Easy! Part 5: Family Trusts
Business Structuring Made Easy! Part 5: Family Trusts A trust is a structure wherein a Trustee (either an individual or company) carries on the operations of the Trust on behalf of the beneficiaries. The actions of the Trustee are governed by the Trust Deed, which details the rights and obligations of all parties. Trusts are […]
Business Structures Made Easy! Part 4: Companies Unlike a sole trader who essentially is the business, a company is a separate legal entity with directors who run the business and shareholders who own it. When business owners are interested in restructuring their business operations, the most commonly considered option is a company. This is usually because they believe they […]
Life’s Too Short: Four Types of Bad Clients That Don’t Belong in Your Business
Life’s Too Short: Four Types of Bad Clients That Don’t Belong in Your Business A few weeks ago I was reading Firm of the Future, co-authored by Paul Dunn (one of my mentors) and Ronald Baker, which included this story. A young and upcoming partner in a firm was appointed to Managing Partner. He knew […]
Business Structures Made Easy! Part 3: Partnerships
Business Structures Made Easy! Part 3: Partnerships A partnership is a common and relatively inexpensive way to set up a business. It involves 2 or more co-owners (the partners) participating together in a business operation. In order for a partnership to exist the partners must have the intention of making and sharing profits, as well […]
QBSA to QBCC: Just a Name Change? 10 Steps They’re Taking
QBSA to QBCC: Just a Name Change? 10 Steps They’re Taking On 1 December 2013 the Queensland Building Services Authority (QBSA), Queensland’s governing body for the Building and Construction Industry, was replaced by the Queensland Building and Construction Commission (QBCC). There is plenty of information floating around in press releases and internet forums discussing these […]
Inspire Cafe – Bean Scene This article was originally published in the April 2014 issue of Bean Scene magazine. Article written by Sarah Baker. Inspire Cafe 32 Doggett Street, Newstead Queensland, 4006 Open Monday to Friday 7.20am – 2.50pm 1300 852 747 Ben Walker used to live the lifestyle of a typical Chartered Accountant – […]
CGT Main Residence Exemption – Tips, Tricks, and Traps
CGT Main Residence Exemption – Tips, Tricks, and Traps Under ordinary circumstances the sale of a property would attract Capital Gains Tax (CGT). However, you can avoid paying CGT if you sell a dwelling that is considered to be your main place of residence. But what is your ‘Main Residence,’ and how do you know […]
[Podcast] The accountant with a coffee shop in his office. – Pricing Power
[Podcast] The accountant with a coffee shop in his office. – Pricing Power The original article was published by Pricing Power on 26 March 2014. Written by Steve Major. You can access the Pricing Power podcast here. Why would an accountant open a coffee shop as part of his accounting business? Ben Walker did and it […]
Business Structures Made Easy! Part 2: Sole Trader
Business Structures Made Easy! Part 2: Sole Trader Should I Trade as a Sole Trader? Establishing a business as a sole trader is the simplest form of business structure. It is relatively easy and inexpensive to start and maintain. Many sole traders choose to trade under their own name but this is not a requirement. […]
Business Structures Made Easy! Part 1: The Basics One of the most important decisions a business owner needs to make (after the name of the business of course!) is the choice of business structure. In fact, getting this choice right is so important that we begin the analysis of every potential client with their proposed business […]
Email Speed Dating: Tackling 50 emails in 50 minutes
Email Speed Dating: Tackling 50 emails in 50 minutes Every second and fourth Friday of the month we hold the Inspiring Business at Inspire Cafe event. It’s a great way to wrap up a big week! Recently, I’d made a breakthrough in something that I now know a lot of people struggle with, so shared […]
Shoot to Thrill! How to Hit Your Business Targets Every Time
Shoot to Thrill! How to Hit Your Business Targets Every Time Whether you think precision shooting (or “sniping”) is an art or a sport, you soon learn how much technical skill is involved. You also learn how much difference there is between a skilled shooter and a beginner. Like most things, the more you practice […]
Don’t Drive Your Business with Crap on the Windscreen – Why Xero Keeps it Clean
Don’t Drive Your Business with Crap on the Windscreen – Why Xero Keeps it Clean Imagine you’ve unknowingly parked under a tree full of birds, who all decide to use your windscreen for target practice. By the time you hop back in your car is covered in so much crap you can barely see the […]
Businesses for Good: Embedding the Concept of Giving into Everyday Life
Businesses for Good: Embedding the Concept of Giving into Everyday Life One of the most exciting aspects of modern life is the feeling we wake up with every morning that something amazing could happen at any given time. The world is so huge, people are diligently working somewhere while we‘re asleep, and the world is […]
De-Mystifying Superannuation Contributions and Bonus Structures
De-Mystifying Superannuation Contributions and Bonus Structures Every good employer knows that rewarding your employees properly is the best investment in your company’s future you can make. (Maybe tying for importance with the correct business structure!) With a competitive salary as the base, the Superannuation program intends to provide all workers with resources in their retirement through […]
This guest article was written by Nick Webb, Financial Adviser of Brisbane Wealth Management firm, Stonehouse Wealth Management. Ensure you Insure – The Golden Egg I would like to share a story with you. It’s a story that will be familiar to a lot of you, especially because of its similarities to the classic tale of ‘The […]
Think you are a contractor? The ATO may disagree! Ever since the introduction of the Australian Business Number (ABN), the issue of Contractors (or Sole Traders) versus Employees has been a constant topic of conversation – and with good reason. In situations where an individual can successfully argue that they are a contractor rather than an […]
Why employees who take the day off actually get more work done!
Why employees who take the day off actually get more work done! Australian’s love a break from work. And what’s not to love – time off means family, friends, sunshine and an opportunity to recuperate. Whether they’re on annual leave, a public holiday or the great Australian ‘Sickie,’ Australians certainly do enjoy a day off. […]
The 21st Century Benefits of Online Signing Software
The 21st Century Benefits of Online Signing Software It’s become a bit of a joke – “Where are the flying cars?” Science Fiction from decades past always envisioned the 21st Century with a few key elements of futuristic technology: The laser gun, the spaceship, and the aforementioned flying cars. Yet here we are well into the […]
Sitting Back and Thinking Forward – B1G1: Business for Good
Sitting Back and Thinking Forward – B1G1: Business for Good The original article was published by B1G1: Business for Good on 3rd February 2014. Written by Ted Schellenburg. When we met Ben Walker, the CIO of B1G1 Lifetime Partner, Inspire CA in Brisbane the other day we knew we were in for something VERY different. Ben […]
This was this was transcribed and edited from a talk by Daniel Priestley. It has been posted with permission from Daniel Priestley (@DanielPriestley) and the team at www.keypersonofinfluence.com.au How Your Industry Rewards High Performance The power of influence doesn’t come from running around in an attempt to find an easy industry. It actually comes from being […]
5 Things For Business owners to Implement Now for a Successful Year Ahead
5 Things For Business owners to Implement Now for a Successful Year Ahead With the first quarter of the calendar year well underway, it’s time to look at setting up the year for success. One of the biggest challenges we see in business is the lack of planning. In a lot of cases it’s because […]
Trade Marks: What are they worth? Guest article written by Nathan Donovan, Principal of Brisbane commercial law firm, Donovan Legal. When I talk to business owners about trade marks, they usually come back at me with the same old reactions. I didn’t realise I could register a trade mark. I assumed trade mark registration was really expensive […]
Your business, government grants and tax incentives. Are you cashing in?
Your business, government grants and tax incentives. Are you cashing in? Thomas Edison once said that “Genius is one percent inspiration and 99 percent perspiration”. Unfortunately, going from that inspirational idea to the finished product takes a lot more than hard work. (Here’s a quick article we wrote on getting started quickly…) Just like Edison, you […]
3 Reasons Reducing Your Tax Refund Makes Weird Sense
3 Reasons Reducing Your Tax Refund Makes Weird Sense Every year Australian Taxpayers lodge their income tax returns and celebrate the refund cheques the Australian Taxation Office is kind enough to provide. A tax refund is viewed as the mid-year government bonus taxpayers have been waiting for. It’s almost like finding money in the […]
Doing the Numbers After our Christmas Party and Inspire Cafe Launch Party in December 2013, it was time to take a hard-earned break from the first of many big years at Inspire CA. I’d like to take a moment to reflect on some key numbers and share the most significant business and life-changing moments of 2013. 7,470: […]
The ATO, the Christmas Grinch, and your office party
The ATO, the Christmas Grinch, and your office party The festive season is upon us once again, which means it’s time for our business clients’ questions and concerns about the costs associated with their staff Christmas parties. “Is the Christmas party tax deductible?” “Can I claim the GST on the expenses?” ”Will I need to […]
Pushing the Envelope (with coffee??) – B1G1: Business for Good
Pushing the Envelope (with coffee??) – B1G1: Business for Good The original article was published by B1G1: Business for Good on 14 October 2013. Written by Paul Dunn. Ben Walker’s one of those guys you love to meet. Looks sharp, is sharp and clearly on the pace. And Ben’s a Chartered Accountant. But the […]
Are You Using The 80/20 Rule? Or Is It Using You? 2 Simple Profit Improvement Business Ideas
Are You Using The 80/20 Rule? Or Is It Using You? 2 Simple Profit Improvement Business Ideas In 1906, Italian economist Vilfredo Pareto observed that 80% of the land in Italy was owned by 20% of the population. He also observed that 80% of the peas in his garden stemmed from 20% of the pods. […]
Cashflow By Design: 3 Ways WorkflowMAX Creates ‘Cashflow MAX’ For Design And Creative Agencies
Cashflow By Design: 3 Ways WorkflowMAX Creates ‘Cashflow MAX’ For Design And Creative Agencies Many design agencies and creatives use a business model where getting paid is one of the last steps in the job cycle. While we’re fans of both the ‘price upfront’ and ‘get paid upfront’ pricing models, without efficient workflows and turnaround […]
Zero Excuses: 4 Reasons Xero Rocks Your Business World
Zero Excuses: 4 Reasons Xero Rocks Your Business World You and Henry Ford have some common characteristics. Both entrepreneurs. Both growth oriented. Both focused on systems and processes that enable your business to scale and grow. Ford achieved it with his production line approach to building Model-T Fords. Your business can achieve it with Xero. You […]
FAST CASH FLOW: Three Easy Ways To Get Paid Faster
FAST CASH FLOW: Three Easy Ways To Get Paid Faster Cash can kill a business. Well, a lack of it can. In recent weeks a number of clients and friends shared with us concerns about their cash flow. While some are putting it down to election concern slowing down business, we prefer to “control the […]
Hobby or Business – Eight simple questions to ask yourself
Hobby or Business – Eight simple questions to ask yourself With more and more entrepreneurial businesses popping up, we’ve come across a few clients who are wondering when a weekend hobby turns into a tax generating “business”. Generally, if the activity constitutes a ‘hobby’ or recreation, profit generated is not usually assessable for tax purposes. […]
We’re all about the Underdog The ground ain’t no place for a champion – Muhammad Ali We LOVE hearing stories of the unlikely people in life achieving so much with their lives – professionally or personally. The same with businesses – we love seeing independent or family owned chains of restaurants or shops competing with […]
Do you see an apple seed, or an apple tree? “What you are [going] to be, you are now becoming” After our first few months out and about, we’ve seen some HUGE potential to lead our clients and future clients to the next level! The current “economic climate” has presented its challenges to quite a […]
Why use a Chartered Accountant? We are frequently asked what the difference is between an ‘Accountant’ and ‘Chartered Accountant’. This article aims to give you an insight to the differences between an ‘Accountant’ and a ‘Chartered Accountant’, along with why we have chosen to align ourselves with the Institute of Chartered Accountants Australia (“ICAA”). Differences between an […]
“The more people you inspire, the more people will inspire you” We were recently heard a speaker refer to Simon Sinek’s “Golden Circle”. This is a concept where the great leaders of our time command loyalty by communicating in the complete opposite way of anyone else. In this short YouTube video, Simon uses Apple as an […]