Our Blog.

Tax Warning For Crypto Hobbyists
Tax Warning For Crypto Hobbyists

Tax Warning For Crypto Hobbyists

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

Don’t Make This Crypto Mistake

Crypto Myth: “I don’t have to pay tax because the ATO will never know about my portfolio.” We kind of get that there is some level of anonymity but the ATO is onto this. Some of them aren’t incredibly helpful but in general, they’re not Muppets when it comes to taking as much tax as […]
Crypto: Capital Vs. Revenue Accounts
Youtube Inspirethumbnail (80)

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, or ordinary income. In terms of Revenue account: Normal ‘business’ income – If you run a business, this is what […]
Can Your SMSF Invest In Crypto?
Youtube Inspirethumbnail (79)

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 needs to allow an investment in […]
Can You Delay Crypto Tax Bills?
Youtube Inspirethumbnail (78)

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 an NFT disposing your Ethereum?” Disposing […]
The 1st Step Of A Killer Digital Strategy
Youtube Inspirethumbnail (77)

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 – From a client engagement perspective, this is where we really dig into the client. We try to understand who they are, what they do, who they’re doing […]
3 Benefits Of The BAC Grant
3 Benefits Of The BAC Grant

3 Benefits Of The BAC Grant

On a recent webinar, we invited Michael Dunne, co-founder of Epic Sales Group to talk to us about the 50% Wage Subsidy for Eligible Employees Here’s what he said – The 3 big ones are: Upskilling the team in your business. Personal development in your team. So, you can get your team excited because they […]
6 Tips To Reduce Your Crypto Tax
Youtube Inspirethumbnail (75)

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 this stuff by learning the rules and […]
Why Your Business Needs Professional Photos
Why Your Business Needs Professional Photos

Why Your Business Needs Professional Photos

We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said – What does your premises actually look like? What does your office look like? What does your team look like? What is the process that you’ll run through […]
6 Steps To Research Your Competitors
6 Steps To Research Your Competitors

6 Steps To Research Your Competitors

We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said – The cool thing about the internet is you can research all your competitors and understand what it is that they’re doing to succeed. What are the strategies […]
Year In Review
Year In Review

Year In Review

It’s been a tough year that’s challenged us to our core. We’d like to take you on the journey through our incredible wins and one of the toughest calls we’ve made to date. If you were a fly on the wall at Thankyou HQ over the last year, all you’d hear us talk about were […]
Reasons Every Business Need A Website
Youtube Inspirethumbnail (72)

Reasons Every Business Need A Website

Why do we have a 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 stopped after 3 to 4 months in […]
The BAC Grant – What’s The Catch?
Youtube Inspirethumbnail (71)

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 –   In terms of what’s the catch, there is no catch. Most people don’t know about it and they think it only applies to […]
The Power Of Your Magic Number
Youtube Inspirethumbnail (69)

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, rent, you pay for everything including the tax man and on top of that, you also make some profit. If you add all that up, then that is your […]
The Power Of Your Magic Number
Youtube Inspirethumbnail (69)

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, rent, you pay for everything including the tax man and on top of that, you also make some profit. If you add all that up, then that is your […]
How To Protect What You’re Building
Youtube Inspirethumbnail (68)

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 such as employees, competitors, customers, creditors, or […]
Make Your Business Stand Out
Youtube Inspirethumbnail (67)

Make Your Business Stand Out

On a recent webinar, we invited Paul Dunn to talk all things about making your business standout. Here’s what he said – When you become a Standout, people would love to buy from you, you become a magnet for talent, and people would want to work for you. This is a triangle that you should […]
FBT Exemptions For Work Christmas Parties
Youtube Inspirethumbnail (65)

FBT Exemptions For Work Christmas Parties

Exempt Property Benefits 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. Note: Even though […]
What To Know About Fringe Benefits
Youtube Inspirethumbnail (64)

What To Know About Fringe Benefits

Fringe benefit is a payment to an employee but in a different form to salary and wages.  Examples of fringe benefits 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
Youtube Inspirethumbnail (63)

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 family, and friends. And the cost is not tax deductible. So […]
Are Christmas Gifts FBT?
Youtube Inspirethumbnail (62)

Are Christmas Gifts FBT?

For tax purposes, a 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 FBT. It is likely tax deductible […]
It’s Not What You Sell, It’s What You Stand For
Youtube Inspirethumbnail (61)

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 thinking, “It’s all about me,” is really causing lots of […]
What To Watch Out For With Family Funds
Youtube Inspirethumbnail (60)

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 have a 200 grand in your fund. And […]
The Tax Benefits Of An SMSF
Youtube Inspirethumbnail (59)

The Tax Benefits Of An SMSF

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. 0% is not quite correct for trust but it actually gives it away.  With an SMSF, an SMSF pays 15% tax […]
Pros & Cons Of Paying Insurance Through Super
Youtube Inspirethumbnail (58)

Pros & Cons Of Paying Insurance Through Super

Generally, the benefit of paying insurance through super is cash flowed from super, so you don’t have to pay it personally and it may be tax effective. If there is a portion of life insurance that’s usually deductible in super and if you pay for that outside of super, then it is not tax deductible. […]
How Your Super Compares To An SMSF
Ig Images (33)

How Your Super Compares To An SMSF

A lot of people ask, “How much do I need in super to consider setting up an SMSF?” If you Google that question, the suggestions for the normal range is about $200,000 to $250,000 in super. But the idea is breaking even, comparing the costs of your current super to the cost of running an […]
How To Create An SMSF Investment Strategy
Ig Images (32)

How To Create An SMSF Investment Strategy

How To Create An SMSF Investment Strategy Some of the things that you should consider are: Risks of your investments If you’re investing in cryptocurrency, note that it might be extremely risky compared to leaving it in cash, which also has its risks with inflation. You need to basically have a common sense and documentation […]
300K Gain Tax-Free Case Study
Youtube Inspirethumbnail2520285429 1

300K Gain Tax-Free Case Study

A few years ago, we had a client who had a commercial property outside of Super worth about a million dollar value. He is shifting into retirement and he wanted to move more money and assets into Super. So, he transferred that million-dollar property to Super. He wasn’t an owner-occupier, but he received rent for […]
300K Gain Tax-Free Case Study
Youtube Inspirethumbnail (65)

300K Gain Tax-Free Case Study

A few years ago, we had a client who had a commercial property outside of Super worth about a million dollar value. He is shifting into retirement and he wanted to move more money and assets into Super. So, he transferred that million-dollar property to Super. He wasn’t an owner-occupier, but he received rent for […]
5 Things To Know About Estate Planning
Youtube Inspirethumbnail2520285329 1

5 Things To Know About Estate Planning

Estate planning is not just a ‘Will’. Superannuation proceeds after dying is dealt with by binding death benefit nominations. If you don’t have one in place, then that is dealt with under the trust deed. It may be simple for the trust deeds to deal with it if you don’t have a binding death benefit […]
The 3 Key Aspects Of Incapacity Planning
Youtube Inspirethumbnail2520285129 1

The 3 Key Aspects Of Incapacity Planning

If you do lose capacity to make financial decisions for yourself, or another member of your SMSF is in that situation, always have an enduring power of attorney in place for every member of your SMSF.
The Cost of Setting Up A Company Structure
Youtube Inspirethumbnail2520285029

The Cost of Setting Up A Company Structure

We give advice and education before we set something up. The session costs $750 plus GST, depending on what you need, because some situations are sometimes completely different. But most structures are around about $2,500 for us to implement for you.
Risk-Takers & Asset Holders Explained
Youtube Inspirethumbnail2520284929 1

Risk-Takers & Asset Holders Explained

Here at Inspire, when we’ve got a husband and wife or there’s a couple in the family group, we designate one of them to be the risk-taker and one of them is the asset holder. And when we’re running the business, we are setting up structures for that family. When they are buying and investing […]
Why Division 7A Was Brought In
Youtube Inspirethumbnail2520284829 1

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 hex debt of another 8-10%. So, you are above half of your […]
When Is A Bucket Company Worth It?
Youtube Inspirethumbnail2520284629 1

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 still above the $180K of income or more. You still pay probably 47% or […]
What Is A Franked Dividend?
Youtube Inspirethumbnail2520284529 1

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 can attach the $26,000 tax […]
What Is A Franked Dividend?
Blog Franked Dividend

What Is A Franked Dividend?

On a recent webinar, one of our attendees has asked, “Please define the term ‘franked dividend” Here’s our answer – If the company is earning $100,000 in profit, you will pay 26% of tax, and you’ve got $74,000 left in the bank account. You can pay a dividend, and you can attach the $26,000 tax […]
Taking Money Out Of A Company Vs A Trust
Youtube Inspirethumbnail2520284429 1

Taking Money Out Of A Company Vs A Trust

In terms of taking money out of a company versus a trust, the first way to take money out of a company is through a salary. Take a salary out to pay yourself, or to your spouse if they work in the business. But you still have to take Pay As You Go withholding because […]
Short Term Solutions For Division 7A
Youtube Inspirethumbnail2520284329 2

Short Term Solutions For Division 7A

One of the short term solutions is, a lot of clients put their excess cash in their offset account to reduce the interest on their home loan. They repay the loan before 30 June, and that is a repayment of the Division 7A loan. But technically, if you rip it back out on the 1st of […]
Medium Term Solutions For Division 7A
Youtube Inspirethumbnail2520284229 1

Medium Term Solutions For Division 7A

Option 1: Pay minimum repayments on unsecured loan A common one we do is pay the minimum repayments on the unsecured loan. Unsecured Division 7A loan is a 7-year term. There are minimum repayments and we can pay these in cash (transfer back).
Long Term Solutions For Division 7A
Youtube Inspirethumbnail2520284129 1

Long Term Solutions For Division 7A

It is possible to avoid Division 7A altogether, but there are potential drawbacks because we don’t get access to cash personally, but that may be okay depending on your circumstances.
How Does An Offset Account Work?
Youtube Inspirethumbnail2520283929 1

How Does An Offset Account Work?

On a recent webinar, one of our attendees asked, “Please define an offset account, and does an offset account only exist for a home loan?” Here’s our answer:
5 Rules For Division 7A Loans
Youtube Inspirethumbnail2520283829 1 1

5 Rules For Division 7A Loans

When Ben started in accounting, they had a couple of clients who had loans pre-1997, and they basically didn’t repay a cent because there were no requirements to abide by these sorts of rules.
What Are Your Lending Options Inside Super?
Youtube Inspirethumbnail2520283729 2 1

What Are Your Lending Options Inside Super?

LRBA is an acronym for Limited Recourse Borrowing Arrangement. Super funds on their own can’t lend money from a bank or anything.
The Process Of Buying Commercial Property
Youtube Inspirethumbnail2520283629 2 1

The Process Of Buying Commercial Property

Step 1. Preapproval The first step is to get preapproval or some idea that you can buy what you are looking to buy.
4 Business Structures Explained
Youtube Inspirethumbnail2520283529 1 1

4 Business Structures Explained

The first structure is in your own name, as a sole trader, or as an individual. Second is a company, third is trust, and fourth is a self-managed super fund.
Distributing Money To Retired Parents
Youtube Inspirethumbnail2520283429 1 1

Distributing Money To Retired Parents

Quick reminder, as an adult tax resident in Australia, you will get the first $20K or so of your income tax for free, that is called the tax free threshold. If you look at distributing $20K to one person at no tax versus giving it to yourself at 39% tax, you can save under $8K per person in tax, so it can add up to a decent tax saving.
What Is A BAS Bank Account?
Youtube Inspirethumbnail2520283129 1 1

What Is A BAS Bank Account?

BAS is an actual acronym for Bas And Super. BASes and superannuation are paid quarterly for GST purposes for most businesses.
Tips To Pay Yourself From A Trust
Youtube Inspirethumbnail2520283029 1

Tips To Pay Yourself From A Trust

If you’re the main person running the income and you have no other salary or income from other sources, here’s a guideline:
The Secret To Hitting Your Weekly Magic Number
Youtube Inspirethumbnail (29) 1

The Secret To Hitting Your Weekly Magic Number

At Inspire, we report our magic number every single day. We have a team daily huddle and a target for the week.
How to Distribute To A Loss-Making Entity
Youtube Inspirethumbnail2520282829 1

How to Distribute To A Loss-Making Entity

Ben initially created an accounting firm with a cafe in the foyer called Inspire cafe. It had a heap of losses over a number of years before it ended up closing.
The 4 Bank Accounts Every Business Needs
Youtube Inspirethumbnail2520282729

The 4 Bank Accounts Every Business Needs

The first one is the main account, it receives all income and it pays the headline expenses which are your pay, the wage bill, and any big suppliers. It disperses the rest into the other accounts.
Why You Need A Rainy Day Fund
Youtube Inspirethumbnail2520282629

Why You Need A Rainy Day Fund

The rainy day fund has an allocation of money to build a rainy day fund for your business. Start small with a small weekly contribution if you haven’t got anything and aim for three months worth of expenses.We had a number of business owners who came to workshops years ago, they didn’t necessarily become clients […]
Managing Multiple Bank Accounts In Xero
Youtube Inspirethumbnail2520282529 1

Managing Multiple Bank Accounts In Xero

An attendee has asked: “If you’re feeding all the cash deposits from the sales and it goes into your main bank account, and you split off all these different accounts, as far as bookkeeping and all that sort of thing, how does that work with Xero and having all the different accounts, for tax time […]
How To Save Tax & Boost Your Super
Youtube Inspirethumbnail2520282429 2

How To Save Tax & Boost Your Super

A trust doesn’t technically distribute to a super fund like a discretionary trust but you as a member, can contribute the profit you receive from a trust into super.
What Is Your Magic Number?
Youtube Inspirethumbnail2520282329

What Is Your Magic Number?

Magic Number is one of the strategies that we use to help business owners understand how much sales they need to make in their business so that everyone is paid including suppliers, team, and themselves.
The Rules For Giving To Churches Vs. Charities
Youtube Inspirethumbnail2520282229 1

The Rules For Giving To Churches Vs. Charities

https://youtu.be/wuM4pvUXMtE Churches and charities are classed differently in terms of their ability to give pre-tax money. If you distribute tithes or give money to a church, and they are not a deductible gift recipient, then you need to make sure that they have an income tax exemption by looking their ABN on the Australian Business Register. […]
Minimise Tax With A Bucket Company
Youtube Inspirethumbnail2520282129 1

Minimise Tax With A Bucket Company

https://youtu.be/PyACKDzvOZk If you have a trust earning $500K in profit and you have given $120K each for the husband and wife and for whatever reason, you have only given $60K to your grandparent or the parent. If we add all those up, you have distributed $300K and you still have $200K remaining to distribute.  Where […]
4 Categories Of Risks To A Business
Youtube Inspirethumbnail2520282029 1

4 Categories Of Risks To A Business

Why would asset protection should be talked about when you haven’t run through what the actual risks are? People have had different experiences about getting sued so you may want to be prepared for it, rather than not prepared and have to react. There are four categories of risks to a business and the first […]
Benefits Of A Self Managed Super Fund
Youtube Inspirethumbnail2520281929 1

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 what you pay when you’re accumulating your […]
The Pty Ltd Business Structure Explained
Youtube Inspirethumbnail2520281429

The Pty Ltd Business Structure Explained

How you tell someone has a company in their structure, is the letters “Pty Ltd” at the end of the name.
Draw Vs. Loan – What’s The Difference?
Youtube Inspirethumbnail2520281029 1

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 can’t just rip money out of a […]
The Cons Of Being A Sole Trader
Youtube Inspirethumbnail2520281229 1

The Cons Of Being A Sole Trader

https://youtu.be/9fHUFXw_0cM What is the highest rate of tax you can pay as an individual or a sole trader in Australia? The top marginal tax rate is 47%, and it goes higher than that if you’ve got HECS. You can pay north of 50% tax, where literally half of your profit is going to the tax […]
3 Characteristics Of A Trust
Youtube Inspirethumbnail2520281129 1

3 Characteristics Of A Trust

https://youtu.be/uqFgRy5742U Trust is not a legal requirement like the Pty. Ltd. in a company. The tax rate of a trust is 0% and with a trust, it gives its profit to other people or other entities in the family group and they pay the tax for the trust. However, it is not technically zero because […]
Are You Running A High-Risk Business?
Youtube Inspirethumbnail2520281329 1

Are You Running A High-Risk Business?

https://youtu.be/-R0o4ckIdy8 Sole traders are basically the highest risk you’ve got. In terms of asset protection, it is a continuum of how comfortable you are with risk. What we want to do when clients come on board is educate them on the principles around asset protection and some people start really far around the higher risk […]
Differences Between Dividends & Distributions
Youtube Inspirethumbnail252028829 1

Differences Between Dividends & Distributions

https://youtu.be/lXZ5hM3hQY8 For shareholders who own the company and who are entitled to the profits, you pay a dividend which is a payment of prior year profits to the shareholders. If the dividend is franked, which means the company has paid tax on that amount, the shareholder will receive a franking credit so that they don’t […]
Can A New Business Sponsor A Visa?
Youtube Inspirethumbnail252028629 1

Can A New Business Sponsor A Visa?

https://youtu.be/VjIh3eq99uU We recently invited Michel Sulzbach and Erica Carino, directors of Bravo Migration to a webinar on the topic, ‘Hiring Temporary Residents on a Visa’  Here’s what they said – Any business could be approved to become a sponsor. The requirements to get a blanket approval are minimal. A sole trader, a partnership, a PTY LTD, […]
How To Pull Money Out Of A Company
Youtube Inspirethumbnail252028529 1

How To Pull Money Out Of A Company

https://youtu.be/BbjdZVmkeL8 The first way to pull money out of a company is to pay yourself a salary. It is the context in terms of pulling money out. So, how do you put food on the table through a profit you generate in your company or trust? There are two things to keep in mind with […]
Should You Apply To Multiple Banks For Funding?
Youtube Inspirethumbnail252028429 1

Should You Apply To Multiple Banks For Funding?

We have conversations with a number of banks to understand their appetites, but generally once we work out each different banks’ appetite, their viewpoint to a transaction,
Why Growth Is The Most Vulnerable Stage
Youtube Inspirethumbnail252028229 1

Why Growth Is The Most Vulnerable Stage

Why is growth the most vulnerable stage? Growth is the most vulnerable phase for a business and many people think that the most vulnerable phase of a business is in startup,
Will Banks Loan 100% Of The Purchase Price?
Youtube Inspirethumbnail252028129 1

Will Banks Loan 100% Of The Purchase Price?

In general, a bank won’t go to 100%. However, if you had security outside of that, a residential property that was free of any debt and you put that property in as a security, then the bank would entertain that transaction up to 100%.
The 1st Thing Banks Look At When You Apply For Funding
Youtube Inspirethumbnail2520286029

The 1st Thing Banks Look At When You Apply For Funding

It comes down to the management experience and their skills, the industry that they are operating their business within and who are the key people in that business.
The #1 Issue With Structure & Asset Protection
Youtube Inspirethumbnail2520285929

The #1 Issue With Structure & Asset Protection

The number one common issue isn’t necessarily the one that I see most often, but it is the one that I see when it comes in and can have the most massive impacts, and that’s personal liability.
What Do Banks Think About Vendor Finance Agreements?
Youtube Inspirethumbnail2520286129

What Do Banks Think About Vendor Finance Agreements?

We see a lot of business acquisitions where the vendor was quite happy to provide some finance to the buyer on that business.
The 3-Step Process In A 482 Visa
Youtube Inspirethumbnail2520285829

The 3-Step Process In A 482 Visa

The most common visas today are starting with the 482 TSS. This is the new 457 visa which really is just the same with a different name and a little bit of tweaking in the requirements
How Do Finance Providers Approach Pre-Purchase Structuring?
Youtube Inspirethumbnail2520285729

How Do Finance Providers Approach Pre-Purchase Structuring?

How Do Finance Providers Approach Pre-Purchase Structuring? For example, if the business has high cash reserves and retained earnings, declaring dividends prior to purchase
Which Industries Have High Funding Potential?
Youtube Inspirethumbnail2520285429

Which Industries Have High Funding Potential?

These industries are by no means exhaustive. It just highlights a few of the industries where a lot of banks have specific policies around lending to these industries
5 Types Of Employer Sponsored Visas
Youtube Inspirethumbnail2520285329

5 Types Of Employer Sponsored Visas

The options under temporary visas would be the 482 TSS Sponsorship Visa, which is the old 457. In 2017, the Government woke up and said, “We’re abolishing the 457. No one else can be sponsored
Can You Get A Loan For A 6-Month Old Business?
Youtube Inspirethumbnail2520285229

Can You Get A Loan For A 6-Month Old Business?

The options under temporary visas would be the 482 TSS Sponsorship Visa, which is the old 457. In 2017, the Government woke up and said, “We’re abolishing the 457. No one else can be sponsored
Do This To Prevent Late Payments From Clients
Youtube Inspirethumbnail2520285129

Do This To Prevent Late Payments From Clients

The reason for non-payment and slow payment, is a lack of provision in your client agreement when they don't pay on time.
The 2 Main Ways To Manage Purchase Structures
Youtube Inspirethumbnail2520285629

The 2 Main Ways To Manage Purchase Structures

In regards to the shares in the business, if you are buying shares in the business there are whitewash provisions.
What You Must Know About CapEx
Youtube Inspirethumbnail2520284929

What You Must Know About CapEx

It is important to understand when you are buying a business that there is often a purchase price. You might have to buy some stock, but if that business has a high level of core trading or working assets in their machinery-type equipment,
How To Reduce Personal Liability As A Director
Youtube Inspirethumbnail2520284629

How To Reduce Personal Liability As A Director

Be aware of where your financials are. Keep regular communication up with your accountants. If you're in financial distress, don't put your head in the sand, deal with it front-on, have those discussions with your lawyer and his team to make sure you're on top of understanding what to do in this situation.
The 4 C’s Of Funding
Youtube Inspirethumbnail2520284829

The 4 C’s Of Funding

First is the ‘Character’ of the business. A fairly decent and a sort of low risk approach in terms of their makeup and history. Second is the ‘Capacity’ to repay, which is like when you get a house and they want to check your income can repay the debt.
How Border Closures Affect Workforce Participation
Youtube Inspirethumbnail2520284529

How Border Closures Affect Workforce Participation

A lot of the applicants that end up being sponsored by companies in Australia and end up being absorbed by the workforce, those are people that are coming here initially not on permanent visas,
Time Frames For Funding Transactions
Youtube Inspirethumbnail2520284429

Time Frames For Funding Transactions

It is bank specific and potentially the size of the transaction as well. From a business banking point of view, the banks have SME type areas, and they have larger departments that look after different sized businesses.
The Importance Of Protecting IP
36252028129

The Importance Of Protecting IP

Clients may not realise how much value sits in their intellectual property. You will realise how much value sits in it when someone tries to take it from you, when a competitor uses a similar brand, or if you receive a cease and desist action for a mark that you've used for years and years.
What Do Bankers Look For In A Business Plan?
How2520banks2520determine252028229

What Do Bankers Look For In A Business Plan?

The business plans are handy. It gives the bank an understanding of the borrower's thought processes around that business.
What Is A Visa?
35

What Is A Visa?

It is a legal document that allows a foreigner to not only enter the country, but also remain in the country for a particular period of time. In Australia, we have three main sub-categories of visas.
How Banks Determine Capacity For Funding
How2520banks2520determine252028129

How Banks Determine Capacity For Funding

Banks are going to look at the capacity, which is effectively the ability to repay the loans. That is what the bank refers to as the Primary Exit, and how the businesses cash flow will afford the loan repayment.
What Costs Are Involved In Acquiring A Business?
Youtube Inspirethumbnail2520283829

What Costs Are Involved In Acquiring A Business?

There would be accounting fees and there is also potentially tax depending on how you purchase it and depending on which state you purchase the business in.
An Update On Our Big Hairy Audacious Goal
Youtube Inspirethumbnail2520283729 1

An Update On Our Big Hairy Audacious Goal

The interesting update is we've actually hit almost $4.3 million.
What Is The Fortify Methodology?
Youtube Inspirethumbnail2520283529

What Is The Fortify Methodology?

We have been identifying, protecting, preventing and predicting. It is identifying issues that might be sitting there in your business. There could be landmines that might be about to go off.
Most Lawyers Won’t Talk About This
Youtube Inspirethumbnail2520283429

Most Lawyers Won’t Talk About This

Process is something most lawyers won't even talk about, because most lawyers don't have a defined process for how they see acquisitions.
The Risks Involved In Purchasing Business
Youtube Inspirethumbnail2520283229

The Risks Involved In Purchasing Business

There are a number of different risks that could be involved in a business purchase and it is going to depend on the business and the industry. They are probably more specific to an application.
How To Fund An Acquisition
Youtube Inspirethumbnail2520283629 1

How To Fund An Acquisition

There's a number of ways that you can fund it. You can fund it from your own investors into the business.
The Problem With Your BHAG
Youtube Inspirethumbnail2520281629252028229

The Problem With Your BHAG

A Big Hairy Audacious Goal (or a BHAG) should be something that is almost a theory or almost difficult for you to achieve - We at Abundance Global call this a Grand Vision.
The 5 Drivers Of Killer Deals
Youtube Inspirethumbnail2520282829

The 5 Drivers Of Killer Deals

Number one is preparation. You need to get yourself sorted right from the beginning. Make sure your ship's in order right from the beginning.
Creditworthiness Vs. Business Value
Youtube Inspirethumbnail2520283029

Creditworthiness Vs. Business Value

“Are the 4 C’s the way a lender would value a business? Or is there another way?” That's not the way a lender would value the business, it's the way they're going to assess the business from a credit point of view.
Different Ways To Value A Business
Youtube Inspirethumbnail2520282329252028129

Different Ways To Value A Business

One of the services we can help with is business valuation of a prospective purchase. A couple of the ways that you might value a business is a multiple of profit.
Is A Novated Lease Right For You?
Youtube Inspirethumbnail2520282929

Is A Novated Lease Right For You?

Two types of novated leases are fully maintained, which involves maintenance, fuel, tyres, servicing and non-maintained.
The 2 Main Ways To Purchase A Business
Youtube Inspirethumbnail2520282229

The 2 Main Ways To Purchase A Business

The first one is to buy the actual business or assets of the business versus the shares in a company or the units in a unit trust. They're kind of the two main ways.
How To Approach Exclusivity In Acquisitions
Youtube Inspirethumbnail2520282129

How To Approach Exclusivity In Acquisitions

We can do it in two ways. We can do it either in the Terms Sheet, which is the exclusivity. The problem is it will end at some point.
This Is How Banks Look At Funding
Youtube Inspirethumbnail2520282429 1

This Is How Banks Look At Funding

A little bit of a rule of thumb, in terms of how banks will look at some of the funding, the first one there is a bit of a shared risk.
The Importance Of Knowing Your Numbers In Detail
Youtube Inspirethumbnail2520282529

The Importance Of Knowing Your Numbers In Detail

"Not enough detail,” is kind of caused by a couple of things. When you set up a Xero account or a chartered account, the list of expenses or the list of income, will only give you a standard list.
Winter Is The Season Where Millionaires Are Made
Youtube Inspirethumbnail2520282029

Winter Is The Season Where Millionaires Are Made

The right strategy at the wrong time is the wrong strategy.
The Rules For Claiming Meal Expenses
Youtube Inspirethumbnail2520281329

The Rules For Claiming Meal Expenses

Something that you can do as a business is to pay a meal allowance for your employees.
The 5 Keys To Total Financial Control
Youtube Inspirethumbnail2520281229

The 5 Keys To Total Financial Control

When I was putting this together, I kind of felt there were five main things to talk about. And they're in this particular order for a reason, because we can kind of build on each of the topics as we go.
The Acquisition Process – Deal Flow
Youtube Inspirethumbnail2520281129

The Acquisition Process – Deal Flow

What are you trying to do? Let’s get a strategy of how you’re getting this. So you can work out what your targets are, What do they look like? Where are you going to find them? Go find your targets, understand a bit about the business to the extent that you can agree on commercial […]
How Does A Bucket Company Work?
Youtube Inspirethumbnail2520281029

How Does A Bucket Company Work?

In a recent webinar, we were asked the questions, “Must the distribution money need to be paid to the Bucket Company? If yes, when?”  Let’s say, the Bucket Company will receive a distribution this year. You say, “Look, you’re going to receive $30,000 in distribution.” Now, at 30 Virginia, Ryan Perook signed a trust distribution […]
The 3 Ways To Play The Game Of Business
Youtube Inspirethumbnail2520281929

The 3 Ways To Play The Game Of Business

Are there three ways to play the game? The first way is ‘Drifting Business’, an example of this is like, “Hey, we got JobKeeper, we’ve got a good war chest, things are looking good. You know what? We’ll just maybe cruise. We’ll see what happens with the economy. We’ll just keep on doing what we’re […]
Why 8-Figure Entrepreneurs Often Hate Their Business
Youtube Inspirethumbnail252028829

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
Youtube Inspirethumbnail252028929

Why You Have To Understand Your Cash Flow Days

Cashflow days are made up of three components. We’ve got debtor days which is how long it takes you to get paid, basically. We’ve got stock days or inventory days or even invoicing days if you’re a service business let’s say you might not carry a physical stock and you invoice your customers. And so […]
3 Reasons For SMEs To Consider Acquisition
Youtube Inspirethumbnail252028729

3 Reasons For SMEs To Consider Acquisition

The idea that in a single signature, you can double or triple or quadruple the value of your business in comparison to decades of building a business is, I think, the number one reason for SMEs to consider acquisition versus organic, but of course you never stop with organic, but it’s just looking at that […]
What You Need To Know About Car Allowances
Youtube Inspirethumbnail252028629

What You Need To Know About Car Allowances

I was hosting a webinar recently, and one of our attendees asked: “Do you have any advice on car allowances from the individual/company audit?” Here’s our response:When it comes to car allowances, usually what typically happens when there’s a company that you work for, If you use your car for work purposes instead of the […]
What Are The New Criteria For Loss Carryback?
Youtube Inspirethumbnail252028529

What Are The New Criteria For Loss Carryback?

I’d just like to touch on some changes from last year’s budget. There’s a new strategy that we’re putting into play before the 30th of June called “The Loss Carry Back”.The criteria is if you’re running a company and you’re a small business, if you make a loss in 2021 financial year, after this 30 […]
Do You Have Multiple “Teams” Of Income?
Youtube Inspirethumbnail252028429

Do You Have Multiple “Teams” Of Income?

One of the stages within the B.O.S.S Steps is called STAR. Now in the STAR phase, you get a true sense of freedom. It’s somewhere between $350 and $800 K. Now, you can sit at the $350 – sometimes it’s a touch more than that to $400, and you can be on that borderline. But […]
Chattel Mortgage Vs. Finance Lease
Youtube Inspirethumbnail252028329

Chattel Mortgage Vs. Finance Lease

I was on a webinar recently with Ashley Smith from ASA finance group, and here’s what he had to say in regards to Chattel Mortgage vs. Finance Lease for vehicle finance – Ashley: 98% of the stuff I write is a chattel mortgage. Finance lease is a little outdated. I can’t comment on the tax […]
Can You Delay Assets If You’ve Only Made A Minimal Profit?
Youtube Inspirethumbnail252028229

Can You Delay Assets If You’ve Only Made A Minimal Profit?

During a recent webinar, one of our viewers asked “If I have only made a minimal profit in 2021, can I delay the asset write off to 2022 when my business is more profitable and there’s more to write off?” My answer: I guess in a way that depends –  it depends on when you […]
Interest Rates In Asset Finance Are On The Rise
Youtube Inspirethumbnail252028129252028129

Interest Rates In Asset Finance Are On The Rise

Traditionally I would say we’ve been in a declining rate market for between roughly six to eight years. Rates have been coming off, which is great news – everyone keeps being told to renegotiate their rates around home loans and all these other things. The reality is, rates are pretty much as low as they’re […]
Why Every Business Needs A War Chest
Youtube Inspirethumbnail2520281729

Why Every Business Needs A War Chest

We strongly recommend that every business has a war chest –  there’s many authors, business writers and even personal finance writers who suggest something like this as well. A war chest is basically an emergency fund, where you’ve got – for example – three months’ worth of your business’s recurring expenses in cash, just sitting […]
Why Businesses Stay Stuck In The Startup Phase
Why2520businesses2520stay2520stuck2520in2520the2520startup2520phase

Why Businesses Stay Stuck In The Startup Phase

When you first build your business, you’re going to experience the first step, which is what we call the “start-up phase”.
The #1 Challenge For Most Entrepreneurs
Youtube2520 2520inspire2520thumbnail2520283629

The #1 Challenge For Most Entrepreneurs

For most business owners/entrepreneurs, their biggest challenge is scaling their business. Now, a lot of people don't understand what scaling really means - the goal is to build an asset.
Why Acquire A Business?
Youtube2520 2520inspire2520thumbnail2520283529

Why Acquire A Business?

When we talk about multiple, we're talking about the way to value business. But one of the ways to link to the way to value business, it's always some sort of calculations, so that might be profit or EBITDAR, multiplied by a number.
Let’s Talk About The Tax Impact Of Covid Stimulus Measures
Youtube2520 2520inspire2520thumbnail2520283329

Let’s Talk About The Tax Impact Of Covid Stimulus Measures

There were two main stimulus measures which were announced last year, one of which was the “cashflow boost” - that's if you employ someone including yourself.
Why You Shouldn’t DIY Your Bookkeeping
Youtube2520 2520inspire2520thumbnail2520283429

Why You Shouldn’t DIY Your Bookkeeping

Business owners shouldn’t DIY their own bookkeeping.
How To Know If Your Product Will Sell
Youtube2520 2520inspire2520thumbnail2520283229

How To Know If Your Product Will Sell

It is totally okay for you to go out there with a product that you're learning how to do - and the way to do it is really, really simple: it’s signal.
The Wrong Business Structure Will Eat Into Your Profits (Sharon Cliffe Podcast)
Youtube2520 2520inspire2520thumbnail2520283129

The Wrong Business Structure Will Eat Into Your Profits (Sharon Cliffe Podcast)

It is totally okay for you to go out there with a product that you're learning how to do - and the way to do it is really, really simple: it’s signal.
The 2 Ways To Treat Business Purchases
Youtube2520 2520inspire2520thumbnail2520283029

The 2 Ways To Treat Business Purchases

When we look at purchasing things in our business, there's kind of two ways to treat them:
What Should You Track In A Logbook After Buying A Car?
Youtube2520 2520inspire2520thumbnail2520282929 1

What Should You Track In A Logbook After Buying A Car?

My recommendation is you use some sort of app to track your logbook for ATO reporting purposes.
Tax Tip: Work Your Family Trust
Youtube2520 2520inspire2520thumbnail2520282829

Tax Tip: Work Your Family Trust

This tax tip I want to share here is: Work your family trust..
Federal Budget: Key Details About Downsizer Contribution
Youtube2520 2520inspire2520thumbnail2520282729 1

Federal Budget: Key Details About Downsizer Contribution

One of the announcements in the most recent federal budget was the downsizer contribution.
Tax Tip: Pay Employee Super Early
Youtube2520 2520inspire2520thumbnail2520282629

Tax Tip: Pay Employee Super Early

https://youtu.be/t0GTyPjdWFQ If you hire employees and pay super for them, or even yourself – you might even have yourself paying wages to yourself, and therefore superannuation on that – then you’ve got to pay super.  Superannuation is accrued every three months, so let’s take the March quarter (January, February, March) and you’ve got to pay […]
Federal Budget: Low To Middle Income Tax Offset Extended
Youtube2520 2520inspire2520thumbnail2520282429

Federal Budget: Low To Middle Income Tax Offset Extended

If you hire employees and pay super for them, or even yourself - you might even have yourself paying wages to yourself, and therefore superannuation on that - then you've got to pay super.
Tax Tip: Salaries Paid To Business Owners
Youtube2520 2520inspire2520thumbnail2520282329 1

Tax Tip: Salaries Paid To Business Owners

Salaries paid to business owners is actually a really common thing we see done, which is totally fine.
Federal Budget: Can A Couple Sell Their 10+ Year Home Into Their SMSF?
Youtube2520 2520inspire2520thumbnail2520282229

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

"Can a couple sell their 10-year-plus home into their SMSF?"
Federal Budget: The Extension of the Company Loss Carry Back
Youtube2520 2520inspire2520thumbnail2520282129 1

Federal Budget: The Extension of the Company Loss Carry Back

During the federal budget broadcast, the government announced an extension of one of the stimulus measures which was mentioned about a year ago, which is the company loss carry back.
Get Your Approval & Order Your Assets NOW
Youtube2520 2520inspire2520thumbnail2520282029

Get Your Approval & Order Your Assets NOW

During the federal budget broadcast, the government announced an extension of one of the stimulus measures which was mentioned about a year ago, which is the company loss carry back.
Federal Budget: Updates On The Temporary Full-Expensing Measures
Youtube2520 2520inspire2520thumbnail2520281929 1

Federal Budget: Updates On The Temporary Full-Expensing Measures

Essentially, what the government has brought in was the temporary full expensing of any assets that's purchased as a small business.
Tax Tip: Keep A Motor Vehicle Logbook
Youtube2520 2520inspire2520thumbnail2520281829

Tax Tip: Keep A Motor Vehicle Logbook

There used to be four ways to claim vehicles, but now there's only two ways to claim vehicles as a business:
Federal Budget: Important Changes To The Child Care Rebate Cap
Youtube2520 2520inspire2520thumbnail2520282929

Federal Budget: Important Changes To The Child Care Rebate Cap

Couples or as a household who earn over $189,000 combined receive a childcare rebate of $10,560 per child.
Tax Tip: Ensure Family Members Are In The Same Tax Bracket
Youtube2520 2520inspire2520thumbnail2520282729

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

This tax tip actually assumes that you're using a trust, a discretionary trust maybe, or a company that might be owned by a trust to be able to distribute some dividends around and be able to have the flexibility to distribute to different family members.
Federal Budget: This Superannuation Change Is Pretty Amazing
Youtube2520 2520inspire2520thumbnail2520282529

Federal Budget: This Superannuation Change Is Pretty Amazing

This is relevant for those who have an SMSF or a super fund.
Federal Budget: Super Limits Are Changing
Youtube2520 2520inspire2520thumbnail2520282329

Federal Budget: Super Limits Are Changing

This was announced before the Federal Budget. Essentially, there's some exciting news about super contribution limits
Tax Tip: Establish An SMSF
Youtube2520 2520inspire2520thumbnail2520282129

Tax Tip: Establish An SMSF

This tax tip is about establishing a SMSF, or self-managed super fund.
Tax Tip: Prepaying Expenses
Youtube2520 2520inspire2520thumbnail2520281929

Tax Tip: Prepaying Expenses

As a small business in Australia, there's a special rule around prepayment of expenses - what you're able to do is claim up to 12 months' worth of prepayments.
What’s A Good Rainy Day Number To Have?
Youtube2520 2520inspire2520thumbnail2520281729

What’s A Good Rainy Day Number To Have?

In terms of setting your businesses Rainy Day Number - anything is better than nothing.
Tax Tip: Repairs And Maintenance
Youtube2520 2520inspire2520thumbnail2520281529

Tax Tip: Repairs And Maintenance

When you're running a business, sometimes things break or need repair, and you have to go and fix the printer, or a piece of machinery that might be busted in the warehouse
We Want To Save Our Clients $2.1 Million In Tax In 2021
Youtube2520 2520inspire2520thumbnail2520281329

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

We want to save our clients $2.1 million in tax in 2021, which is a massive goal for our team! Interestingly enough, we've already hit $769,000 out of that target (as at 4 May 2021)
Tax Tip: Update Your Trust Deed
Youtube2520 2520inspire2520thumbnail2520281129

Tax Tip: Update Your Trust Deed

This tax tip will be relevant for you if you've got a family trust or a discretionary trust, and it runs a business or receives investment income, and you use that to distribute to family members or entities in your family group.
2021 Tax Rates For Individuals Vs. Companies
Youtube2520 2520inspire2520thumbnail252028929

2021 Tax Rates For Individuals Vs. Companies

As an individual, the tax rates have actually changed from 2021 Financial Year versus the year beforehand.
Tax Tip: Amazing Power Of Bucket Companies
Youtube2520 2520inspire2520thumbnail252028729

Tax Tip: Amazing Power Of Bucket Companies

So this strategy actually requires you to have a trust that's earning income - that could be investment income or business income, it doesn't really matter too much, but the whole purpose of a bucket company is to receive the rest of the distribution from a trust.
Cut Your Tax Bill In Half With Tax Planning
Youtube2520 2520inspire2520thumbnail252028529

Cut Your Tax Bill In Half With Tax Planning

Our tax planning season is between March and June every single year, and this involves every single client.
The 4 Savings Accounts Every Entrepreneur Should Have
Youtube2520 2520inspire2520thumbnail252028329

The 4 Savings Accounts Every Entrepreneur Should Have

An account for your tax savings - to cover your quarterly BAS and your monthly IAS.
Practical Ways To Improve Your Cash Flow Days
Youtube2520 2520inspire2520thumbnail252028129

Practical Ways To Improve Your Cash Flow Days

Some practical little nuggets that you could pull the trigger on to improve your cash flow days is to keep less stock on hand
The Importance Of Financial Forecasting
Copy2520of2520youtube2520 2520inspire2520thumbnail252028129

The Importance Of Financial Forecasting

If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple?
How To Increase Your Business Value
Youtube2520thumbnail2520283029 1

How To Increase Your Business Value

If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple?
What The Plot Twist Of 2020 Really Taught Us
Youtube2520thumbnail2520282829 1

What The Plot Twist Of 2020 Really Taught Us

I was recently invited to jump on the @EmployeeMatters Podcast hosted by HR Guru @NatashaHawker and we spoke about the positive outcomes from COVID.
How To Avoid Trouble With The ATO
Youtube2520thumbnail2520282629 1

How To Avoid Trouble With The ATO

Natasha Hawker: What's your view of the ATO now? You were pretty impressed with them when we spoke last time - how do you think they've managed this?
A Lot Of Businesses Make This Bookkeeping Mistake
Youtube2520thumbnail2520282429 1

A Lot Of Businesses Make This Bookkeeping Mistake

One mistake I see a lot of businesses make, is the lack of reviews they perform on their bookkeepers’ work. Every single month I go through what our bookkeeper has prepared, and make sure it lines up with the story from the last month in my head.
The #1 Way To Keep Track Of Your Cashflow
Youtube2520thumbnail2520282229 1

The #1 Way To Keep Track Of Your Cashflow

I don't want this to sound harder than it is, because it's not super simple, but it's not super complex either. But when it comes to keeping an eye on cashflow, my best tip is to actually do a budget.
Daily, Weekly, Monthly & Quarterly Reports
Youtube2520thumbnail2520282029 2

Daily, Weekly, Monthly & Quarterly Reports

Reporting allows business owners to look at what's happened in the past, and what we need to keep in mind or adjust to go forward.
How To Find A Good Bookkeeper
Youtube2520thumbnail2520281829 3

How To Find A Good Bookkeeper

If you’ve never had a bookkeeper before, a good question is “How do I find a good one?”.
How To Calculate Your Magic Sales Number
Youtube2520thumbnail2520282229

How To Calculate Your Magic Sales Number

A ‘magic number’ is our term for how much money you need to hit in sales each week, or each day.
What Is An Ungeared Unit Trust?
Youtube2520thumbnail2520282029 1

What Is An Ungeared Unit Trust?

An Ungeared Unit Trust may or may not be perfect for your development or your property holding, but it does allow multiple owners, including super (even your own super).
The Most Important Number To Know In Business
Youtube2520thumbnail2520281829 2

The Most Important Number To Know In Business

The most important number to know in business is what I actually call our “magic number”, and we do it internally at Inspire.
‘You Get What You Pay For’ Also Applies To Bookkeepers
Youtube2520thumbnail2520281629 1

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

A common thing that I see is business owners may not know enough to outsource this component appropriately, and they might put too much trust in a bookkeeper who doesn't have the skillset to be able to offer advice to that client.
Tax Structures Of Business vs Capital Developments
Youtube2520thumbnail2520281429 1

Tax Structures Of Business vs Capital Developments

When comparing Business vs Capital developments, It's not black and white when it comes to legislation.
Watch This If You’re Afraid Of Doing Your Taxes
Youtube2520thumbnail2520281229 2

Watch This If You’re Afraid Of Doing Your Taxes

https://youtu.be/1hPWokajw_U Recently, on The Sharon Cliffe Podcast (@sharoncliffe), we talked about the fear of money in business, the fear of the unknown and what you need to do to be more comfortable around your finances. Sharon: A lot of conversations that I have with female entrepreneurs and business owners in general (and myself included), is […]
5 Things Business Owners Need To Know Before Getting Into Property Development
Youtube2520thumbnail2520281229 1

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
Youtube2520thumbnail2520281029 2

High-Level Structures For Tax Efficient Property Development

Here's some high-level things we need to think about when we're approaching the structure of carrying out a development.
What You Need To Know About Land Tax
Youtube2520thumbnail2520281029 1

What You Need To Know About Land Tax

In terms of the structure; once you've purchased a property, it's usually whoever holds the land will become the seller once you develop it.
3 Ways To Fund Property Development
Youtube2520thumbnail252028829 1

3 Ways To Fund Property Development

The way you fund a development varies from client to client. The easiest of it all would be if a client is self-funded.
4 Key Points About Development In A Discretionary Trust
Youtube2520thumbnail252028629

4 Key Points About Development In A Discretionary Trust

A discretionary trust is very simple; it's not a very complex trust structure at all.
What’s The Maximum Number of Unit Holders We Can Have?
Youtube2520thumbnail252028329 Feb 17 2021 04 30 01 79 Am

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

That's really up to the trust deed. There might be a maximum before you're starting to consider a managed investment trust, which I think is about 20, and it depends on how much money you've got in the trust as well.
How Much Money Do You Need To Start An SMSF?
Youtube2520thumbnail252028329 4

How Much Money Do You Need To Start An SMSF?

There's no black and white number there - it depends on what you want to do with your super, and you also want to make sure it's not a silly financial decision.
Hired a new employee since 7 October 2020? You could be eligible for $200 per week!
Youtube2520thumbnail252028229 1

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

JobMaker Hiring Credit claim has started this month and the aim of this program is to incentivise businesses to hire young job seekers.
Update on JobKeeper 2.2 (JobKeeper 2.0, extension 2)
Youtube2520thumbnail

Update on JobKeeper 2.2 (JobKeeper 2.0, extension 2)

For: 4 January to 28 March 2021 Eligibility: Dec 20 QTR vs Dec 19 QTR - same as BAS lodgement
How We Track Our Marketing Results With The LAPS Method
Youtube2520thumbnail252028129 Jan 29 2021 01 40 40 16 Am

How We Track Our Marketing Results With The LAPS Method

We use a method called “LAPS” we learned from our friends at Dent, and that essentially stands for; Leads, Appointments, Presentations, and Sales.
The #1 Piece of Advice We Got From Gary Vee
Youtube2520thumbnail2520281129 3

The #1 Piece of Advice We Got From Gary Vee

When we create a social media post, we post it both on my personal facebook, and on our Inspire facebook page. So, whatever goes on Ben's account goes on Inspire's.
Finding It Hard To Pay Your BAS On Time?
139226753 3255492144677391 335323704960942021 O

Finding It Hard To Pay Your BAS On Time?

If you’re reading this and you are sort of running the business week to week when it comes to cash, it can be hard thinking about having 50 grand in an account just sitting there as a cash buffer, or paying your BAS in full.
Do You Take 12 Weeks Off A Year From Your Business?
Youtube2520thumbnail252028929 3

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

Usually as business owners, we’ll just pour hours and hours into our business and we’ll work big days
The Truth About How Much Time We Spend On Marketing
Youtube2520thumbnail252028729 4

The Truth About How Much Time We Spend On Marketing

Our Chief Experience Officer, Roze, reckons that about 80% of her role is spent in marketing.
Track & Grow Your Wealth With The New Inspire App
Youtube2520thumbnail252028529 3

Track & Grow Your Wealth With The New Inspire App

We’ve recently launched an app that tracks your wealth. The purpose of this app is to know where you are now, see where you’re going, and we can even set goals in the app so it gives you an update each month on how you're tracking.
The Documentation You Need To Pass On Your Wealth
Youtube2520thumbnail252028329 3

The Documentation You Need To Pass On Your Wealth

Statistics show that about 60% of Australians die without a will, which is huge.
How We Turn 1 Webinar Into 50 Pieces Of Content
Youtube2520thumbnail252028129 4

How We Turn 1 Webinar Into 50 Pieces Of Content

The number one question that I get quite a lot is: Who do we use to create these amazing videos, and how do we get all these templates?
How To Create An Automated Household Budget
Youtube2520thumbnail2520281129 2

How To Create An Automated Household Budget

I’ve created an automated household budget template where you can use this to track your BSB and account number and know exactly how much a week goes into each of those accounts.
Need To Change Accountants? Why Now Is The Best Time
Youtube2520thumbnail252028929 2

Need To Change Accountants? Why Now Is The Best Time

It's the first few days of January and I really want to encourage you - when you're setting New Year's resolutions - to reflect on the last 12 months that you've had.
JobKeeper December Claim
Youtube2520thumbnail252028729 3

JobKeeper December Claim

It's the first few days of January and I really want to encourage you - when you're setting New Year's resolutions - to reflect on the last 12 months that you've had.
4 Steps To An Effective Business Budget
Youtube2520thumbnail252028929 1

4 Steps To An Effective Business Budget

You actually get to know a few insights from having a business budget, but my recommendation is that your budget is inside your accounting software.
The First Step In Creating Wealth for Life
Youtube2520thumbnail252028729 2

The First Step In Creating Wealth for Life

I truly believe you need to take time and plan out what you want in life. Anything about goals, creating wealth, or that sort of thing needs to be contextual into what you want out of life.
How To Review Your Profitability In Xero
Youtube2520thumbnail252028529 2

How To Review Your Profitability In Xero

I’m going to give you a demo on how to review your profitability using Xero.
Our Daily Content Planning System Revealed
Youtube2520thumbnail252028329 2

Our Daily Content Planning System Revealed

We keep track of our daily content schedule in an Excel spreadsheet.
Why Estate Planning Is Not ‘Set and Forget’
Youtube2520thumbnail252028129 3

Why Estate Planning Is Not ‘Set and Forget’

If you get married, any previous wills you had are automatically void - that’s pretty huge.
3 Key Tips To Start Your Rainy Day Fund
Youtube2520thumbnail2520281129 1

3 Key Tips To Start Your Rainy Day Fund

I strongly encourage you to set up a rainy day fund, or a “profit war chest”.
Are You Making An Operating Profit Without The Stimulus Measures
Stimulus2520measures

Are You Making An Operating Profit Without The Stimulus Measures

When you’re preparing your profit and loss statement, I want you to look to really make sure that you're actually making an operating profit.
Why You Don’t Have To Spend 10K on A Wealth Creation Course
Wealth2520creation2520course

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

If you look at it from a financial perspective, the whole idea of wealth creation is increasing the value of your family's wealth.
How To Protect Yourself Against Health Incidents
Health2520incidents

How To Protect Yourself Against Health Incidents

This is usually called “Trauma Insurance”. “Critical Illness Insurance” is another one that some of the insurers use
The #1 Question To Ask At The End Of 2020
Youtube2520thumbnail252028129 2

The #1 Question To Ask At The End Of 2020

From a financial perspective, this year has been one of the most interesting things we've ever seen, as accountants, and probably you as a business owner
The Power of Compound Returns
Youtube2520thumbnail2520283229

The Power of Compound Returns

This is an example of the power of compound returns.
A Quick Overview Of The Federal Budget Update
Youtube2520thumbnail2520283029

A Quick Overview Of The Federal Budget Update

Scott Morrison said, “the results of the dip in the economy globally are 45 times worse than the GFC.” That’s an incredible dip compared to something that shook up the Australian economy a few years ago.
4 Types Of Investments To Grow Your Wealth
Youtube2520thumbnail2520282829

4 Types Of Investments To Grow Your Wealth

In terms of investment, I've learned about and looked into a whole heap of different things from Bitcoin to silver bars
Is Debt A Dirty Word?
Youtube2520thumbnail2520282629

Is Debt A Dirty Word?

Good debt is usually referred to as “tax deductible debt”, and bad debt is referred to as “non-tax deductible debt”.
Intellectual Property & The Immediate Asset Write Off
Youtube2520thumbnail2520282429

Intellectual Property & The Immediate Asset Write Off

Can intellectual property qualify as an eligible asset write off?
The 5 Bank Accounts You Need To Stay In Control Of Your Finance
Youtube2520thumbnail2520282129 1

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

Instead of envelopes, opt for different bank accounts, that's the idea here.
The 3 Different Tax Rates For Super Explained
Youtube2520thumbnail2520282029

The 3 Different Tax Rates For Super Explained

There's a couple of different tax rates for Super.
Claiming Depreciation On An Office Fit-Out
Youtube2520thumbnail2520281829 1

Claiming Depreciation On An Office Fit-Out

So for guidance with a fit-out for the actual construction and fit-out of a building (so things you can't move, like walls, glass panels,
Is there any tax on transfer of listed shares to the SMSF?
Youtube2520thumbnail2520281629

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

If you own shares, let's say you own shares in your personal name and you transfer them to your SMSF, that is deemed to be a disposal of the shares in your own name, so you will have CGT implications when you transfer them in.
The 2 Ways To Pass Assets To Beneficiaries
Youtube2520thumbnail2520281429

The 2 Ways To Pass Assets To Beneficiaries

There are two ways to pass assets on to beneficiaries:
Why You Should Setup A Slush Fund
Youtube2520thumbnail2520281229

Why You Should Setup A Slush Fund

This is a philosophy that is shared with a lot of different people who speak and write about this topic. The guy I initially listened to on this topic was a guy called Dave Ramsey, and he wrote a book called "Total Money Makeover".
Can You Only Withdraw Profit From SMSF After You Turn 60?
Youtube2520thumbnail2520281029

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

If you're a member, drawing a pension is only possible where you've met preservation age.
Use Your SMSF To Become and Angel Investor
Youtube2520thumbnail252028729 1

Use Your SMSF To Become and Angel Investor

Investing in private companies - there's a few different layers here.
Buying Commercial Or Residential Property In Super?
Youtube2520thumbnail252028429 1

Buying Commercial Or Residential Property In Super?

The ones you can do is you can buy an established property.
Can You Access Part Of Your Super for Short Term Business Cashflow?
Youtube2520thumbnail252028229

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

You need to document the loan, and you need to make sure that it doesn't go above 5% of your fund balance at any one day.
How to Save $5,500 A Year With One Simple Change
Youtube2520thumbnail252028929

How to Save $5,500 A Year With One Simple Change

I'm going to just explain a bit of a personal story about this - it was a couple of grand a year we saved by not spending so much on coffees.
The Rules For Lending Money With Your SMSF
Youtube2520thumbnail252028729

The Rules For Lending Money With Your SMSF

The general rule is that you can actually loan money with your SMSF.
Why You Should Never Set Up An SMSF Without A Corporate Trustee
Youtube2520thumbnail252028529 1

Why You Should Never Set Up An SMSF Without A Corporate Trustee

We will never, ever, ever, ever, ever set up a self-managed super fund without a corporate trustee.
What You Need To Realise Before Setting Up An SMSF
Youtube2520thumbnail252028329 1

What You Need To Realise Before Setting Up An SMSF

A bit of a warning to people who are considering setting up an SMSF. The “SM” in “SMSF” stands for “self-managed”.
Is It Hard To Get Finance In An SMSF For Share Or Property Purchase?
Youtube2520thumbnail252028129 1

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

I don't think the bank is going to lend you for a share purchase (margin lending in Super). But, you can under certain rules, fund a share purchase with outside of Super money.
How To Get Your Business Ready for After JobKeeper
Youtube2520thumbnail2520284629

How To Get Your Business Ready for After JobKeeper

For some businesses, the end of JobKeeper 1.0 might have been 27 October 2020. But if you are eligible for JobKeeper 2.0 going forward, then your endpoint for JobKeeper is potentially from January 2021 onwards or from April 2021 onwards.
Can I contribute more money to my SMSF than my $25,000 annual contribution?
Youtube2520thumbnail2520284429

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

Yes, you can. There's two ways you can contribute to Super.
When Does It Make Sense To Set Up An SMSF?
Youtube2520thumbnail2520284229

When Does It Make Sense To Set Up An SMSF?

The most common question I get when someone's exploring self-managed super is, when does it make sense to set one up?
Grow Your Wealth In A Legal Tax “Haven”
Youtube2520thumbnail2520284029

Grow Your Wealth In A Legal Tax “Haven”

Tax Free Capital Gains Tax or CGT
FBT Red Tape Reduction Explained
Youtube2520thumbnail2520283629

FBT Red Tape Reduction Explained

FBT is a bit of a pain to deal with if your business provides benefits to employees, that are not tax deductible in general.
Which Employees Are Eligible For the JobMaker Hiring Credit?
Youtube2520thumbnail2520282529

Which Employees Are Eligible For the JobMaker Hiring Credit?

It needs to be within one year of the relevant age ranges in their first year of employment. So they need to be in the age range.
What You Need To Know About The JobMaker Hiring Credit
Youtube2520thumbnail2520282129

What You Need To Know About The JobMaker Hiring Credit

This is pretty exciting. Like JobKeeper, it needs your business and employees to be eligible.
The Small Business Pool Write Off
Youtube2520thumbnail2520281829

The Small Business Pool Write Off

Another announcement is the ability to deduct your pool. Now, I don't mean actually going and building a pool in your backyard. But under the simplified depreciation rules that are allowable for small businesses, you can actually deduct your closing balance of your pool.
Changes To The Immediate Asset Write Off
Youtube2520thumbnail2520281729

Changes To The Immediate Asset Write Off

This applies to assets such as cars, laptops, computers, machinery - assets that you purchase in your business, but under normal rules, you can't write off as soon as you buy them such as consumables. You actually have to write them off over a number of years.
How the Tax Loss “Carry Back” Can Benefit You
Youtube2520thumbnail2520281529

How the Tax Loss “Carry Back” Can Benefit You

How the Tax Loss “Carry Back” Can Benefit You
Is Your Company Eligible For Up To $200/wk/employee JobMaker Hiring Credit?
Youtube2520thumbnail2520281329
Can we operate a business from Super?
Youtube2520thumbnail2520281129

Can we operate a business from Super?

There's no specific law that says you cannot run a business from Super. Often, it is impractical because you might break another rule to run a business from Super.
Practical Steps for JobKeeper 2.0 – to do before end of this month
Youtube2520thumbnail252028829

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

If you are already part of JobKeeper 2.0, you don’t need to re-enrol for the December 2020 extension and March 2021 extension.
What’s the difference between a salary and a drawing?
Youtube2520thumbnail252028529

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

The difference between the two is basically the way that you take money out of your business structure.
Why Property Development In Super Is So Attractive
Youtube2520thumbnail252028329

Why Property Development In Super Is So Attractive

It's hard to get access to bank money to fund projects especially when you've got no experience at property development.
Important Details About The 20-hour Test For Employees
Youtube2520thumbnail252028129

Important Details About The 20-hour Test For Employees

In terms of the 20-hour test, we actually look back to February, 2020 - just before COVID made things a bit weird in the world. Tier one is for employees who have worked on average 20+ hours per week. Tier two is for employees who have worked below 20 hours on average per week.
Save Money With These Super Fund Strategies
How2520to2520review2520your2520annual2520leave2520balances2520in2520xero2520281929

Save Money With These Super Fund Strategies

If you've got excess money outside of super that you don't need to live on, you could invest that outside of super such as property, shares or, you can put it into super and invest it through your super fund.
Are JobKeeper Contributions masking concerning statistics in your business
How2520to2520review2520your2520annual2520leave2520balances2520in2520xero2520281629

Are JobKeeper Contributions masking concerning statistics in your business

I was on a recent webinar, with Employment Law Specialist, Danny King (Danny King Legal)
Why You Need Separate Bank Accounts For Your Personal And Business Finance
How2520to2520review2520your2520annual2520leave2520balances2520in2520xero2520281229

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

One of the things we spoke about is having separate bank accounts for your personal and business finance.
The Easy Way To Save $500 Every Month
How2520to2520review2520your2520annual2520leave2520balances2520in2520xero2520281029

The Easy Way To Save $500 Every Month

I'll share a personal story from Stevie and I about coffee.
What You Need To Consider When Setting Up A Family Trust
How2520to2520review2520your2520annual2520leave2520balances2520in2520xero252028529

What You Need To Consider When Setting Up A Family Trust

Number one is you. Our magic number is about $90,000 in how much we want to cap out at giving you. The reason is because the tax rate goes from 34.5% to 39%.
Do you have a seperate account for irregular bills to prevent financial strain?
How2520to2520review2520your2520annual2520leave2520balances2520in2520xero252028329

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

Let's say, if you don't account for it, you've got two car rego's and they all come in the same week, you're probably not going to have enough money to pay that if you're following the system in your living expenses account.
How To Review Your Annual Leave Balances In Xero
How2520to2520review2520your2520annual2520leave2520balances2520in2520xero252028129

How To Review Your Annual Leave Balances In Xero

Assuming your Xero is up to date and your payroll's been done correctly, you can check where a team member is at if you're considering restructuring your team or redundancy.
Asset Protection Options For Business Owners
Asset2520protection252028129

Asset Protection Options For Business Owners

If you're a sole trader, you’ve got very limited options to protect your personal assets. If I was a sole trader it would literally be Ben Walker, trading as Inspire CA. If something were to go wrong in the business and someone sued me, then any assets that I own would be exposed.
Set Up A System To Save Money On AutoPilot
Jobkeeper252028429

Set Up A System To Save Money On AutoPilot

"I've got 50 grand sitting there for a rainy day, and it's a rainy day."
JobKeeper 2.0 Payment Changes You Need To Know About
Jobkeeper252028229

JobKeeper 2.0 Payment Changes You Need To Know About

After September, the payment amount is going to change.
How To Claim Tax Deductible Donations With Churches or Charities
Jobkeeper252028329

How To Claim Tax Deductible Donations With Churches or Charities

There are two categories. With a charity, the way you know whether you can claim a tax deduction is to Google their ABN. They need to be what we call a DGR or a Deductible Gift Recipient.
How To Cut Your Tax Bill Through Super
Property2520masterclass252028329

How To Cut Your Tax Bill Through Super

With super, it's not a trust distribution but a tax deduction from a trust. We need to consider our $25,000 cap per person, per year. If you do have under $500,000 in super on the 30 June of the previous financial year, you are able to carry forward any unused cap from 2019 onwards.
Interesting Statistics About The Impact Of JobKeeper
Property2520masterclass

Interesting Statistics About The Impact Of JobKeeper

We've gone through April, May and June with JobKeeper supporting Australian small businesses. Now we can see some results that we are able to extract from.
The Difference Between Businesses That Succeed And Those Who Fail
Add2520a2520heading252028529

The Difference Between Businesses That Succeed And Those Who Fail

I had the pleasure of joining Natasha Hawker on a webinar last week around the topic of JobKeeper 2.0. Natasha is an employee expert and founder of Employee Matters.
Rapid Fire Strategies To Pay a lot less tax
Add2520a2520heading252028429

Rapid Fire Strategies To Pay a lot less tax

Don't pay tax on money you haven't received yet.
A Quick Self Assessment To Find Out How Your Business Is Doing Without The Stimulus Measures
Add2520a2520heading252028329

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

This is the stuff we need to know now, because at the moment, with all these stimulus measures, we're making a profit. But, if your business would no longer be eligible after September, then you may have some cashflow issues with this business.
Simple Tweaks To Your Business Can Have A Massive Financial Impact
Add2520a2520heading252028129 1

Simple Tweaks To Your Business Can Have A Massive Financial Impact

On a recent webinar, Inspire’s Chartered Accountant, Rizal Ramzan shared his story on simple tweaks he made for our clients that have made a massive financial impact.
How To Manage Your Cashflow
Untitled2520design

How To Manage Your Cashflow

Cash is the lifeblood of the business. We need to make sure that we've got enough coming in and not too much going out ("in versus out".)
JobKeeper 2.0 – Employment Date 1 July
Screen2520shot25202020 08 172520at25209.11.202520am

JobKeeper 2.0 – Employment Date 1 July

One of the changes with JobKeeper 2.0 is the employee eligibility date.
JobKeeper 3.0 – Update 7 August
Screen2520shot25202020 08 172520at25209.05.552520am

JobKeeper 3.0 – Update 7 August

Last week we hosted a JobKeeper 2.0 webinar. In that webinar, we shared that to be eligible for the JobKeeper extension, the June quarter of a business's turnover needed to be down compared to last year as well as the September quarter.
JobKeeper 2.0 – What’s changed?
Screen2520shot25202020 08 172520at25209.02.052520am

JobKeeper 2.0 – What’s changed?

On the 21st of July, the federal government announced the extension of the JobKeeper Programme - they’re calling this JobKeeper 2.0.
JobKeeper 2.0 – Restructuring Your People For After JobKeeper
Copy2520of2520webinar2520 2520begin2520your2520post Covid2520business2520recovery2520plan

JobKeeper 2.0 – Restructuring Your People For After JobKeeper

On the 13th of August I hosted a webinar with Employment Law Expert, Danny King and HR Guru, Natasha Hawker as we combine our expertise on reviewing and restructuring your team with the effects of COVID and what your business needs to prepare now with the end of JobKeeper in sight.
$7.5M worth of help – Client Success Stories From A Tough Quarter
Accountants Brisbane Giving Back

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

The last quarter was a bit weird for most of us. We went from working in an office to working from home.
JobKeeper: Do I Pay Employees I Stood Down?
Untitled Design (23)

JobKeeper: Do I Pay Employees I Stood Down?

"If employees have been stood down after the first of March 2020, does an employer have to pay them to receive the $1,500 reimbursement per fortnight?"
JobKeeper: Do I Need to Pay Employees First?
Untitled Design (21)

JobKeeper: Do I Need to Pay Employees First?

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

JobKeeper: URGENT Before 30 May (updated)

If you're looking to claim JobKeeper from the month of April onwards (Including from the date it was available from - 30th of March) there are five things you need to keep in mind you need to do before the end of May to make sure you'll be paid when the ATO makes the payments in early May.
[Infographic] What's Your Cashflow Story?
[Infographic] What's Your Cashflow Story?
3 Steps to Transition to Cloud Accounting
3 Steps to Transition to Cloud Accounting

3 Steps to Transition to Cloud Accounting

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 to do this is to discuss your needs […]
5 Questions to Plan for Profit in 2016 qu. 2
5 Questions to Plan for Profit in 2016 qu. 2

5 Questions to Plan for Profit in 2016 qu. 2

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

5 Questions to Plan for Profit in 2016 1

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

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

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

5 Questions to Plan for Profit in 2016 qu 5

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

5 Questions to Plan for Profit in 2016 conclusion

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

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

Business’ Giving Insight Shedding light on the effect of sharing the wealth Let’s start with a simple statement: giving to the needy is good.  We all know it and when possible, most of us are happy to contribute something – usually on a whim, oftentimes through some sort of set and forget direct debit system.  […]
Cash Flow Hibernation: How to Survive the Christmas Slump
Cash Flow Hibernation: How to Survive the Christmas Slump
DO NOT Set your prices based on your costs
DO NOT Set your prices based on your costs
How to grow your client base without additional enquiries (conversion rate)
How to grow your client base without additional enquiries (conversion rate)
Inspired to blur the line between the haves and the have-nots
Inspired to blur the line between the haves and the have-nots

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

Inspired to blur the line between the haves and the have-nots How we make it our business to make a difference Some of us are born in war torn, drought ravaged countries and some of us are born into favourable circumstances in affluent societies and that’s the truth.  And depending on which camp you fall […]
Media Release 24 November 2016 Finally! Accounting is cool again
Media Release  24 November 2016  Finally!  Accounting is cool again

Media Release 24 November 2016 Finally! Accounting is cool again

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

Mark Latham

Big is Better AFR A walking loudspeaker that is not connected to an Engine Room. 50% employment 2.5 mil small business   http://www.afr.com/opinion/columnists/big-is-best-so-why-are-politicians-capitalising-on-small-business-20150529-ghahzq
Plan for Profit in the New Year intro
Plan for Profit in the New Year intro

Plan for Profit in the New Year intro

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

Price doesn't drive cost – Little Creatures $ pint

Price does not drive cost – value and experience Little Creatures in Freemantle
What Makes up your Revenue and How to Measure it
What Makes up your Revenue and How to Measure it
Why the Accounting Industry is headed for Disaster
Why the Accounting Industry is headed for Disaster

Why the Accounting Industry is headed for Disaster

Photo idea: trainwreck   – Fee pressures of outsourcing – Inability of mid-tier and Big4 firms to change quickly enough – If these firms are to switch their focus to the smaller businesses, unlikely to pay big prices so have to reduce – If price reduce, service reduces and therefore still no value being delivered […]
Why all businesses should accept AMEX
Why all businesses should accept AMEX
YFSB Interview
YFSB Interview

YFSB Interview

Tom Freer – Wyntec. Owner and managing director of Wyntec – ideal technology solutions. Married to Christy  since 2001, 6 years old daughter, Arwin. Started company in 2005, around the time of the GFC and had a 6 month old daughter. – ‘Insane, is the word I would use to describe it’ What was your […]
The Magic that makes a better lifestyle
The Magic That Makes A Better Lifestyle

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, it will very soon.  Or will it? […]
And now for the (very) good news. Wine is tax deductible
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 can’t simply park yourself at your favourite wine bar for the […]
The motivational benefits of knowing your numbers
The Motivational Benefits Of Knowing Your Numbers

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 hard to think straight when there’s sweat […]
Paleo, vegan or Proprietary Limited? Let the numbers be your guide
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, we met Chef Pete Evans. We talked through brands and business-building […]
BAS Webinar: How to turn a BAS Deadline into a Business Lifeline
Bas Webinar How To Turn A Bas Deadline Into A Business Lifeline
Concentrate on Concentration: Deliver more value and you’ll earn dollars
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 in and what your priorities and needs are.  Here’s one […]
Self Managed Super Funds vs Retail Super? A Warning…
Self Managed Super Fund Week 1

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 don’t want to make investments yourself.   You are […]
The Bottom Line series – 2. How to build your Profit War Chest
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. But, to start off, begin with low threshold, where maybe 5% of every […]
The ugly truth about TIMESHEETS
Ugly Truth Timesheets

The ugly truth about TIMESHEETS

⏰⏰⏰ 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 […]
Are Coffee Meetings Tax Deductible?
Are Coffee Meetings Tax Deductible

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 one from my house. […]
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 Doesnt Take Half

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 some excess profit left over! If you take it out, you’ll have to pay up to 49 percent tax. What […]
Pay Less, Little and No Tax in SMSF. It’s legal.
Blog Super Contributions

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 a SMSF is when the fund is actively growing.  The same as when that plane is climbing to new heights.  You can’t touch any […]
Why Business Owners Need To Take Holidays, 8 to 12 weeks a year ⛷⛵️
Holidays

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, aim for 8 – 12 weeks. Block out: the overseas holidays the local […]
Welcome Jake to the Inspire Team
Welcome Jake (3)

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 of Accounting Degree at UNI and […]
THANK YOU PHIL – A year of NEW beginnings!
Thank You Phil!

THANK YOU PHIL – A year of NEW beginnings!

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
Co-Founder of Australia’s 9th fastest growing company shares his rare insights into finding your competitive advantage – Inspiring Business Event with Glen Carlson

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 […]
Accelerated Asset Depreciation – 100% deduction NOW if it’s under 20 k.
Accelerated Asset Depreciation

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! […]
Make Additional Super Contributions – Tax Planning Strategies to action prior to 30 June
Make Additional Super Contributions

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

  Make Additional Super Contributions to reduce your tax How does this strategy work? You may be aware that superannuation is the best investment vehicle for tax purposes out there. It’s also easy to put this in the back of your mind for a number of reasons. You might think: 1) “I can’t touch it […]
Distribute to your Children Under 18 – Tax Planning Strategies to action prior to 30 June
Distribute To Your Children

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 about who pays tax, how much they pay and potentially when it’s paid. So let’s […]
SMSF Myths Busted! Self Managed Superannuation Funds
Self Managed Super Fund

SMSF Myths Busted! Self Managed Superannuation Funds

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 […]
5 Questions to Profit in 2016
Screen Shot 2016 01 15 At 3.34.06 Pm

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 pretty sure it was that big motivational […]
[infographic] What's Your Working Capital Timeline telling you?
Working Capital Timeline Cashflow

[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
Brisbane Junior Chamber of Commerce Speaking Resources 19 March 15
Brisbane Junior Chamber Of Commerce Accountants

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 and how to set yourself up! Have you ever wondered […]
Build your business on the rock vs on the sand
Build your business on the rock vs on the sand

Build your business on the rock vs on the sand

– multi level marketing – cloud accounting –
The Age of Engagement – Internet Marketing Evolution
Age Of Engagement Accountants

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 culture in Silicon Valley, and entrepreneurial think-tanks and […]
Chewing the Fat: When are Meals Tax Deductible to a Business
When Are Meals Tax Deductible Accountants Brisbane

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 is a legitimate business expense? You’re building a relationship that will, […]
Choosing An Accountant: 10 Questions to ask when looking to Change Accountants
Choosing Your Accountant Change Accountants Brisbane

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 […]
How Do I Pay Myself From My Company or Trust?
How To Pay Yourself From A Company Or Trust

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 can draw money out either a Company or a Trust […]
"Leap of Faith" – Queensland Business Monthly
Courier Mail Accountants Brisbane

"Leap of Faith" – 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 industry of choice less […]
7 Impressive Marketing Blogs You Can Share With Your Clients
7 Impressive Marketing Blogs

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 do you share with your clients during the time in between […]
Smashing Sales – How to Create a Winning Sales Process
Smashing Sales

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 procrastination to follow up leads can come from a lack […]
Public Practice Innovation Case Study – Chartered Accountants Australia New Zealand
Chartered Accountants Brisbane

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 CA rejoices in the title of Chief Inspiration Officer at his […]
5 Ideas to Quickly Gain Credibility for Your Service Business
Trust People 650px

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 when they can’t find any positive feedback about it. And until […]
How We Created a Warmth Within Inspire Cafe
Inspire Cafe Interior

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” autohide=”yes” showinfo=”no” rel=”no” modestbranding=”yes”] We contacted Li early […]
Business Structuring Made Easy! Part 5: Family Trusts
Business Structures 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 a common structure choice for family businesses as […]
Life’s Too Short: Four Types of Bad Clients That Don’t Belong in Your Business
Clients That Dont 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 there was some tension between team members and certain clients, and he decided to […]
CGT Main Residence Exemption – Tips, Tricks, and Traps
Cgt Main Residence Exemption

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 if the exemption applies? Is the Property I’m Selling […]
Email Speed Dating: Tackling 50 emails in 50 minutes
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 it as our “Win of the Week”. One thing […]
Shoot to Thrill! How to Hit Your Business Targets Every Time
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 the better you get. But in this case, you can learn […]
Businesses for Good: Embedding the Concept of Giving into Everyday Life
B1g1 Business For Good Map Inspire Ca

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 so connected these days that if someone has an idea halfway […]
Signup for inspire news + event invitations

Share This

Select your desired option below to share a direct link to this page.
Your friends or family will thank you later.

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email