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Will Australia ever get a 20+ year fixed mortgage?
Will Australia ever get a 20+ year fixed mortgage? The idea of locking in a mortgage rate for two decades or more might seem like a pipe dream for Australian homeowners. Australian banks currently offer a maximum of 10-year fixed mortgage, however, other developed countries like the U.S. or France currently offer 25 or even […]
Are you neglecting some parts of your business?
Are you neglecting some parts of your business? Growing a business requires a holistic approach. Similar to a bike, a business has many parts that to work well together to keep moving pedaling forward. Neglecting an area or two might cause instability or slow down your growth. The Balanced Business Wheel™ developed by Nick & […]
Why “Purpose” and “Core Values” are the Heartbeat of Your Business
Why “Purpose” and “Core Values” are the Heartbeat of Your Business A strong purpose and core values are essential for any business. Our recent team retreat led us to refine our purpose to “To have the most impact in the lives of families we work with.” We also added “Be Authentic” to our core values […]
Payroll for 2025FY The tax rate cuts for the 2025 financial year will mean an increase in net payments to your employees. Last financial year, you would have withheld more tax compared to 2025FY to be remitted to the ATO when your BAS is due. So, please ensure you have enough funds to pay employees’ […]
The Early Bird Catches the Worm
The Early Bird Catches the Worm While the 2024 financial year has come to a close, it’s time to get your books ready for your accountant to prepare financials and tax returns. If you have a bookkeeper, they will hopefully assist in finalising your payroll and getting a work pack ready for your accountant to […]
$20K Instant Asset Write-off bill has become law
$20K Instant Asset Write-off bill has become law The much-awaited bill has now received royal assent on on 28 June 2024. Small businesses with an aggregated turnover of under $10 million will be able to write off assets purchased between 1 July 2023 and 30 June 2024 that cost $20K and under. What does that […]
Parental Leave Gets a Boost for New Parents (Starting 1 July 2025)
Parental Leave Gets a Boost for New Parents (Starting 1 July 2025) Great news for expectant parents! The federal government will be paying a 12% super parental leave payment if you meet the following criteria: have children born or adopted on or after 1 July 2025 are eligible for Australian Government Paid Parental Leave Source: […]
Do you have an upcoming business trip? Here’s a tax outlook to make it easier
Do you have an upcoming business trip? Here’s a tax outlook to make it easier Travelling for business can involve various expenses, and understanding how taxes apply can be confusing. The below key points clarify how travel expenses are treated for tax purposes, clarify deductibility for business owners and highlight any requirements. Key Points: […]
Confused about whether you need to pay superannuation for your contractors?
Confused about whether you need to pay superannuation for your contractors? Businesses engage contractors for specialised skills or to streamline costs. But keep in mind, that superannuation isn’t always off the table. You generally don’t pay super for independent contractors. But, if the contract is wholly or principally for their labour, you might be liable. […]
Boost your Nest Egg: Super contribution caps are increasing from 1 July 2024
Boost your Nest Egg: Super contribution caps are increasing from 1 July 2024 Good news for people who want to contribute more into their super. Here’s a quick breakdown of the changes taking place from 1 July 2024: Concessional contributions (CC) cap: This increases from $27,500 to $30,000 per year. This includes employer contributions and […]
The Crucial Timing Aspect Of Restructures
The Crucial Timing Aspect Of Restructures Timing is important, not just from an eligibility perspective, but also in terms of effort. We wouldn’t move houses if we were expecting a baby in the coming week, just as you wouldn’t move your business if you are about to go for one of your biggest tenders. So, […]
Restructuring Discretionary Trusts: Key Facts
Restructuring Discretionary Trusts: Key Facts A discretionary trust does not allow for a fixed interest or a fixed percentage ownership within the trust itself. They are very common, especially within family groups running a business; this structure is quite normal from that perspective. So, when there is a need for more than one family […]
Has your business been impacted by the South Queensland Severe Storms and Rainfall?
Has your business been impacted by the South Queensland Severe Storms and Rainfall? The Queensland Government has made Extraordinary Disaster Assistance Recovery Grants available to assist directly impacted primary producers, small businesses, and non-profit organisations with the costs of cleanup and reinstatement. Depending on your business type, the maximum grant available ranges from $50,000 to […]
The Worst Business Structure Revealed
The Worst Business Structure Revealed We can choose different types of entities when we structure a business. The first one which is the most popular one is being a sole trader. It might be the most popular but it’s the worst structure. We want to be having companies and trusts or a combination […]
Seize Cashbacks Before They Disappear
Seize Cashbacks Before They Disappear We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said – “Cashbacks have been rife within the finance industry for the best part of the last three or four years. There’s been a lot of lenders that have access to cashback […]
How To Avoid A Division 7A Loan Disaster
How To Avoid A Division 7A Loan Disaster On a recent webinar, Rizal Ramzan, Partner of Inspire, talked about how to avoid a Division 7A loan disaster. Here’s what he said: “There are situations where people want to keep their taxable income low and save taxes to maintain a lower income. So, what they do […]
The Reason Why Division 7A Loans Exist
The Reason Why Division 7A Loans Exist Division 7A exists because if we leave money in companies to be taxed, and then we take it out without ourselves getting taxed on it, that’s generally how it happens. So, why would you need money out of a company? Let’s consider a scenario where all the business […]
The Benefits Of Secured Division 7A Loans
The Benefits Of Secured Division 7A Loans If you secure it, the ATO allows you to extend the repayment period from seven years to 25 years. What the ATO is trying to achieve is that if you borrow money from a company, as long as it’s on commercial terms, they’ll permit it. So if you’re […]
What is the R&D Tax Incentive The R&D Tax Incentive program is an initiative of the Australian government to encourage businesses to invest in research and development to generate new knowledge to benefit companies and increase productivity across the Australian Economy that may not otherwise have been conducted. To achieve this, the Australia government offers […]
Potential Good News For Mortgage Owners
Lenders’ Early Offers Vs. Brokers’ Tactics We invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar back in August 2023. Here’s what he said – “I think, overall, it looks relatively positive as to what the economists are saying from the Big 4 lenders. This is all based around the cash […]
Lenders’ Early Offers Vs. Brokers’ Tactics
Lenders’ Early Offers Vs. Brokers’ Tactics We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said – “What we’re sometimes seeing, and not great from my point of view as a mortgage broker, but sometimes we can start an application for a client and then they […]
How To Escape The Mortgage Prison
How To Escape The Mortgage Prison We recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said – Traditionally, whenever you’re applying for a loan, the bank will add around a 3% buffer on top of what the normal interest rate is. As interest rates go up, […]
Additional tax compliance requirements for professional firms
Additional tax compliance requirements for professional firms If your business primarily sells products or is not considered a “professional firm,” you may be affected by the new guidelines published by the ATO regarding profit allocation arrangements. These guidelines will take effect on July 1, 2022, and will have a two-year transition period. Professional firms include […]
Running a home-based business from a company or trust?
Running a home-based business from a company or trust? To claim rent expenses under the company or trust, you will need to have a genuine market rate rental agreement between the owner of the property and your business. If you do not own your property, you will need a contract with your landlord. Alternatively, you […]
Typical Properties For SMSF Loans
Typical Properties For SMSF Loans We’ve previously invited Colin O-Loughlin, Director and Mortgage Broker of Arch Brokerage on the topic, “Buying A Commercial Property In SMSF”. In this video, he talks about typical properties for SMSF loans. Here’s what he said – What sorts of things usually get funding? There are a few options: Shops […]
Paid Family and Domestic Violence Leave
Paid Family and Domestic Violence Leave Effective 1 February 2023, employees working for non-small business employers (15 or more employees on February 1, 2023) are entitled to 10 days of paid family domestic violence leave. Both part-time and casual employees are also eligible for the leave. For small business employers (less than 15 employees on […]
The Key To Mapping Your Vision
The Key To Mapping Your Vision We recently invited Sean Soole to a webinar on the topic “How To Go From Stuck To Freedom In Your Business”. In this video, he talks about the key to mapping your vision. Sean says that your ‘Vision’ isn’t just a couple of lines or a quick blurb about […]
How Bookkeeping Can Save You Money, Time And Improve Your Business
How Bookkeeping Can Save You Money, Time And Improve Your Business The ATO will likely scrutinise business transactions in the event of an audit. If your business uses accounting software like Xero, you can attach a receipt/invoice to every transaction and leave a clear description of the expense. That’ll save you hours, including the accountant […]
Small Business Energy Incentive
Small Business Energy Incentive The Australian government is offering a new tax break for small businesses that make energy-efficient investments. The Small Business Energy Incentive (SBEI) provides a bonus 20% deduction for eligible expenditure on assets that support electrification and more efficient use of energy. The SBEI is available to businesses with an aggregated annual […]
Stop Wasting Time On $25 An Hour Tasks
Stop Wasting Time On $25 An Hour Tasks On a recent webinar, we had the pleasure of hosting Sean Soole on the topic, “Transitioning from Stagnation to Empowerment in Your Business.” Here’s what he said – My favourite thing is to stop doing $25-an-hour tasks. And for those of you who rely on notifications, consider […]
Why Lodging Your BAS On Time Is Important
Why Lodging Your BAS On Time Is Important We can appreciate that receiving a BAS from your accountant can be overwhelming, especially if you do not have the required funds to pay by the due date. You may opt not to sign the BAS because it’s less stressful than the ATO, knowing you have to […]
Choosing The Right People For Your Business
Choosing Right People In Your Business Picking a winning team in business requires a combination of art and science. Selecting a team with diverse skill sets and experiences and individuals who can work well together and communicate effectively is vital. Choosing individuals that are great in their roles will only take you so far. Attributes […]
Pay Super At The Same Time As Wages
In a few years, employers may be required to pay super at the same time as wages The Federal Government has announced that it’s considering amending super laws to require super to be paid on payday. The change is set to take effect from 1 July 2026, and it will aim to stop disreputable employers from exploiting […]
Do You Have a HECS-HELP Loan? The Australian Government indexes HECS-HELP loans each year on the 1st of June. The Australian Government indexes HECS-HELP loans each year on the 1st of June. The percentage in which the debt amount will go up is directly linked to the cost of living (i.e. inflation). On the 1st […]
The Final ATO Ruling Affecting Trust Distributions
The Final ATO Ruling Affecting Trust Distributions The ATO has finalised the section 100A ruling, which provides guidelines and a compliance approach to trust distributions. In essence, the ATO is concerned that the adult beneficiary who’s been made entitled to a trust distribution does not enjoy the economic benefit. More importantly, section 100A also focuses on taxpayers […]
How To Cut Energy Waste And Save Money
How To Cut Energy Waste And Save Money https://youtu.be/cD7PF3Ly9zo Small Business Energy Incentive is not too dissimilar to the small business skills boosts and investment boosts that we saw last year introduced by the previous government. Basically, it’s allowing you an extra 20% tax deduction for any expenses that are related to the use of […]
Your Last Chance To Carry Back Business Losses
Your Last Chance To Carry Back Business Losses This is the last year in which, if you have a loss in your company, you can carry that loss and apply it back to any prior years where you’ve made a profit. There are limitations in how far back you can go, and there’s a process […]
Finding Balance Within Profit Allocation Rules
Finding Balance Within the Allocation of Profits within professional firms Guidelines PC 2021/4 The industries that are affected by the Allocation of Professional Firm Profits Guidelines are the service-based businesses where you are selling knowledge or expertise. If you are using a trust or a company to run your service-based business, they want to attribute […]
Don’t Miss Out On These Tax Benefits
Don’t Miss Out On These Tax Benefits For small business owners, The first thing that everyone’s been thinking of and waiting on is the temporary full expensing rules. Just a quick reminder, for assets that were purchased in this financial year, this will be the last time where there is no limit on what you […]
Tax Planning 2023: How to Keep More of Your Money with Legal Tax Strategies
Tax Planning 2023: How to Keep More of Your Money with Legal Tax Strategies What is Tax Planning? Taking place annually from March to June, tax planning is an exhilarating period for accountants. This phase, leading up to the end of the financial year, is when tax planning primarily happens. Some of these strategies are […]
The New Tax Strategy For EV Buyers
The New Tax Strategy For EV Buyers The government is encouraging the uptake of electric vehicles with this new strategy. If you buy an electric vehicle before the end of this financial year (30 June 2023), you can claim it as a tax deduction in your business. Previously, if your logbook had 50% business use, […]
Eligibility Criteria For Training Tax Deductions
Eligibility Criteria For Training Tax Deductions Claim an additional 20% expenditure Claim an additional 20% of expenditure that is incurred for the provision of external training courses to their employees. Eligibility Small Business Employee is in Australia Course is provided by a registered provider in Australia Make sure that not only does your entity qualify […]
Business Structure Tax Rates You can use a business structure for doing anything like investing in shares, separating your assets out of your personal name. Also, you can even run a businesses out of companies and trusts. We use that a lot with our clients here at Inspire when we are structuring their businesses where […]
Family Business Distribution Rules Explained
Family Business Distribution Rules Explained Rules explained: If you’re distributing to a family member, the money should directly go to them, and they should be the one utilising that money for their economic benefit. If you’re a family business and you distribute funds to your spouse, that’s generally acceptable. For example, if you transfer the […]
Get 20% Extra Tax Deduction On Tech Expenses
Get 20% Extra Tax Deduction On Tech Expenses Get 20% extra tax deduction on tech expenses with the Small Business Investment Technology Boost You can claim extra 20% on expenses that support digital operations and digitising operations, such as: Digital Enabling Items – e.g. cost to set up a digital payment system, any subscriptions that […]
Why I Will Probably Never Retire
Why I Will Probably Never Retire Here’s a snippet from the Young Family, Small Business Podcast where we did a reverse interview with the host, Ben Walker. The question was asked, “When are you going to retire? When are you going to stop working and enjoying life?” We asked Ben the question, when are you […]
Margin Scheme – A Brief Overview
Margin Scheme – A Brief Overview https://www.youtube.com/watch?v=7yBYZi7EhXE In this article, we will discuss the Margin Scheme and the prerequisites for its application in your business. The Margin Scheme is particularly relevant for developers, as the Goods and Services Tax (GST) can significantly impact their operations. The Margin Scheme Explained Let’s suppose that you’re in the […]
Great Tax News For Businesses & Individuals
Great Tax News For Businesses & Individuals Unlocking great tax news for businesses & individuals 1. Small business skills and training boosts This was released in March earlier this year, where you make an investment in training, or in your employees. There’s some eligibility criteria that’s not being taken off the table, not that we […]
Write Off Bad Debts To Reduce Tax
Write Off Bad Debts To Reduce Tax In a scenario where you have provided a service to someone and they refuse to pay despite your efforts to resolve the matter, it may be wise to consider writing off the unpaid invoice instead of dwelling on it. By doing so, you can claim it as a […]
Ben Walker Gives Tips For Sustainable Success
Ben Walker Gives Tips For Sustainable Success Being a business owner, you’re not capable of doing everything. You need to delegate and let go of some core business and key responsibilities for sustainable success. You have so many lives and livelihoods under your responsibility, which is why oversight is crucial. We’ve seen some business owners […]
How Do Banks Calculate Buying Capacity?
How Do Banks Calculate Buying Capacity? https://youtu.be/qh95sx6z3t8 We invited Colin O-Loughlin, Director and Mortgage Broker of Arch Brokerage on the topic, “Buying A Commercial Property In SMSF”. In the video he walks us through how banks calculate the buying capacity. When it comes to securing a loan from a bank, understanding how they calculate buying […]
Is A Budget The Same As A Forecast
Is A Budget The Same As A Forecast? On a recent webinar, a client had asked, “Is a budget the same as a forecast?” Here’s what we said – We prefer to use the word ‘budget’. There are many different ways that Accountants, or CFO people forecast or budget. For us, it’s using the budget feature […]
Who Pays The Parental Leave https://youtube.com/shorts/sLeXkdEcfRE?feature=share A commonly asked question when it comes to parental leave is, “who pays the parental leave – Is it the employer or the federal government?” Who pays the Parental Leave? The answer is: The Department of Human Services. They manage any welfare payments such as age pension and paid […]
Should I Put My Home Into A Trust?
Should I Put My Home Into A Trust? By buying the family home in a personal name, we ensure we get the ‘Capital Gains Tax Main Residence Exemption’ when we sell that house later. There is a stamp duty concession once you’ve bought a home in your name. Those things often outweigh the benefits of […]
The Company Business Structure Explained
The Company Business Structure Explained The company structure is one of the most common business structures. Clients who have already done their research, or new clients who are looking at setting up a business, a company structure is usually what they opt-in. For this structure, we have two different tax rates 25% – It used […]
How To Add Subscription Cost To Xero
How To Add Subscription Cost To Xero https://youtu.be/VuhPtTQE9eE We want to make sure your expenses in Xero are in detail Let’s take for example, subscriptions. At Inspire, we have about 15 to 20 accounts of subscriptions. And in the chart of accounts, every account needs a number associated with it in Xero. To […]
What To Look For When Investing
What To Look For When Investing We invited Phil Grant of NAI Harcourts Pinnacle to talk about investing in commercial property. Here’s what he said about what to look for when investing Good Location, Quality Tenant/s, Easily Relettable, Downturn Proof Some of the major things that really need to be taken into consideration when you’re […]
Why Trusts Are Great For Tax Planning
Why Trusts Are Great For Tax Planning https://youtu.be/0QjQKUXUB6Y A trust allows us to plan the tax so well so that it can be distributed to whoever it is needed for each financial year. Keep in mind, it needs to be, not only a distribution on paper, but the cash also needs to exchange hands. The […]
Modernisation of PAYG instalments
Modernisation of PAYG instalments https://youtu.be/AVZ9eVXv6_w If you have a company running a business and you’re prepaying some tax for the current financial year, this is something that has been anticipated. The pay as you go (PAYG) instalments is the way that you prepay tax for the current year and usually, it’s based on last year’s […]
The Impact Of Money Printing On Investors
The Impact Of Money Printing On Investors https://youtu.be/_oxoh3-zQkk We invited Nick Webb of RSM Financial Services Australia to share his thoughts on the impact of money printing on Investors Here’s what he said: An important focus, for a physio clinic business, is to make sure you are getting a great utilisation from your team. […]
Every Business Owner Should Have This
Every Business Owner Should Have This Rainy Day Fund When we went through the first few months of COVID and lockdowns, there was a valuable thing called a Rainy Day Fund. It is a backup account in case of an unforeseen event, you can get this easy-to-access pot of cash that can save the business. […]
Save Tax With A Motor Vehicle Logbook
Save Tax With A Motor Vehicle Logbook https://youtu.be/wd7b6eqUJ3Y There are two ways to claim expenses for a motor vehicle Cents per kilometre method Your car depreciation, fuel, parking, tolls, repairs, insurance, etc. is grouped into one. You can claim $80 cents per kilometre, for every kilometre you have driven your car for business or […]
How To Make Your Employees Work Efficiently
How To Make Your Employees Work Efficiently For a lot of businesses, employment costs are the biggest expenses in their business. We noticed that if you do not have processes around making your employees more effective and efficient, there’s a lot of value that is being missed out on. Empowering your employees to either upsell, […]
How to convert Website traffic into leads?
How to convert website traffic into leads? Have a compelling offer This is your chance to stand out from the crowd. Offer something your competitors are not. If you sell products, offer a free demonstration OR show them a video of how your existing clients use the product. Bear in mind that, you do not […]
Cryptocurrency Tax Accountant It’s rare to see a client where crypto is their ‘day job’ – but more and more of our clients have portfolios, are trading, or are engaged in some form of investment or business with cryptocurrency here in Australia. Quick Links What we will cover Experience of Inspire Team who are involved […]
Buying Commercial Property SMSF | Inside and outside Super
Buying Commercial Property SMSF | Inside and Outside Super WHY WE’RE SHARING Ben Walker has personally been an SMSF member since 2011 He began working with SMSFs in 2007 (before starting Inspire) and his role was heavily geared towards SMSF’s to grow people’s wealth. Since then he worked with hundreds of SMSF’s throughout his career. […]
Business Structure Tax Rates You can use a business structure for doing anything like investing in shares, separating your assets out of your personal name. You can even run a businesses out of companies and trusts. We use that a lot with our clients here at Inspire when we are structuring their businesses where […]
Tracking Crypto Transactions For Tax
Tracking Crypto Transactions For Tax A very common question in our webinar registration page was, “How do I track crypto transactions for tax? We want to get it right and we don’t want to pay any more tax than we need to. We want to pay the tax we legally have to, and not a […]
The #1 Myth About Crypto Tax Crypto myth #1: “I’ll only pay tax when I convert it to Australian dollars” Cryptocurrency is like a currency. You’re not going to get taxed until you take it back out completely to Australian dollars. The timing of the tax event (or when you get taxed), is when you […]
Tax Warning For Crypto Hobbyists
Tax Warning For Crypto Hobbyists CRYPTO MYTH: “My Crypto is a hobby so I don’t have to pay tax” The ATO’s view is that crypto is personal use if it’s kept or used mainly to make purchases of items for personal use or consumption. You might hold a very small portfolio of Bitcoin, Ethereum, or […]
Don’t Make This Crypto Mistake
Don’t Make This Crypto Mistake Crypto Myth: “I don’t have to pay tax because the ATO will never know about my portfolio.” We kind of get that there is some level of anonymity but the ATO is onto this. Some of them aren’t incredibly helpful but in general, they’re not Muppets when it comes to […]
Crypto: Capital Vs. Revenue Accounts
Crypto: Capital Vs. Revenue Accounts Another key tax concept when it comes to crypto, is your profit or what you earn on a revenue basis, a capital basis, or a capital account? Money you receive is treated either as revenue account, or ordinary income. In terms of Revenue account: Normal ‘business’ income – If you […]
Can Your SMSF Invest In Crypto?
Can Your SMSF Invest In Crypto? CRYPTO MYTH: “My SMSF cannot invest in crypto” If you have a self managed super fund, there are no laws preventing an SMSF from investing in cryptocurrency. But keep in mind that if you are going to do this – You must read the trust deed – Trust deed […]
Can You Delay Crypto Tax Bills?
Can You Delay Crypto Tax Bills? Unfortunately, the answer is not favourable to what you are hoping for. Keep in mind that the timing of the tax event is when you dispose of any asset or currency. Regardless of what you purchase next, you’ve still made a gain at the time of selling. “Is buying […]
The 1st Step Of A Killer Digital Strategy
The 1st Step Of A Killer Digital Strategy We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said about the first step of a killer digital strategy – From a client engagement perspective, this is where we really dig […]
3 Benefits Of The BAC Grant On a recent webinar, we invited Michael Dunne, co-founder of Epic Sales Group to talk to us about the 50% Wage Subsidy for Eligible Employees. Here’s what he said about the benefits of The BAC Grant – The 3 big ones are: Upskilling the team in your business. Personal development […]
6 Tips To Reduce Your Crypto Tax
6 Tips To Reduce Your Crypto Tax How to reduce your Crypto Tax: Know the rules Get on the front foot (don’t bury your head) – We’ve heard of people who make a lot of money and they’re just like, “Oh, I’ll deal with that later.” make sure you get on the front foot with […]
Why Your Business Needs Professional Photos
Why Your Business Needs Professional Photos We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said why your business needs professional photos – What does your premises, office, or team look like? What is the process that you’ll […]
6 Steps To Research Your Competitors
6 Steps To Research Your Competitors We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said on the 6 steps to research your competitors – The cool thing about the internet is you can research all your competitors […]
It’s been a tough year that’s challenged us to our core. We’d like to take you on the journey through our incredible wins and one of the toughest calls we’ve made to date. If you were a fly on the wall at Thankyou HQ over the last year, all you’d hear us talk about were […]
Reasons Every Business Need A Website
Reasons Every Business Need A Website Why do we have a business website? Early into business, when Ben started Inspire, he found a huge growth in the first couple of months from his own network. He was only 23 years old and his network wasn’t that massive. But all of a sudden the growth […]
The BAC Grant – What’s The Catch?
The BAC Grant – What’s The Catch? On a recent webinar, we invited Michael Dunne, co-founder of Epic Sales Group to talk to us about the 50% Wage Subsidy for Eligible Employees. Here’s what he said about The BAC Grant – In terms of what’s the catch, there is no catch. Most people don’t […]
The Power Of Your Magic Number
The Power Of Your Magic Number If you have one number that you can work towards, this is the number that makes sure that you pay for yourself, your team, contractors, suppliers, and rent. You pay for everything including the tax man and on top of that, you also make some profit. If you add […]
How To Protect What You’re Building
How To Protect What You’re Building You have made some steps this year to move forward, and you’ve gone into this profit phase. How do you ensure that you don’t go backwards? The problem when you make a profit, you start becoming like an attractive target. If you have a few categories of risk […]
Make Your Business Stand Out On a recent webinar, we invited Paul Dunn to talk all things about making your business stand out. Here’s what he said – When you become a Standout, people would love to buy from you, you become a magnet for talent, and they would want to work for […]
FBT Exemptions For Work Christmas Parties
FBT Exemptions For Work Christmas Parties The costs of food and drink associated with Christmas parties are exempt for FBT if they are provided on a working day on your business premises and consumed by current employees. The property benefit is only available for employees and not associates of the employees, or family and friends. […]
Fringe Benefit A fringe benefit is a payment to an employee but in a different form to salary and wages. Examples include: Allowing an employee to use a work car for private purposesGenerally, there are exemptions and reductions for this stuff Giving an employee a discounted loan Paying an employee’s gym membership Providing entertainment by […]
Work Christmas Parties and FBT – What You Need To Know
Work Christmas Parties and FBT – What You Need To Know The differences between staff and their family and friends versus clients. If you choose to invite clients to your Christmas party, the rules change. Regardless of the cost of the party, entertaining clients is not subject to FBT because FBT is for employees, their […]
Are Christmas Gifts FBT? For tax purposes, a Christmas gift may also be considered as an entertainment. There are two kinds of gifts: Entertainment gifts Items such as movie tickets, concert, airline, theatre tickets may be subject to FBT and not deductible for tax purposes. Gifts that are more than $300 are subject to […]
It’s Not What You Sell, It’s What You Stand For
It’s Not What You Sell, It’s What You Stand For Paul Dunn, Co-founder of B1G1 recently joined us on a webinar and he said, “It’s Not What You Sell, It’s What You Stand For” If the pandemic has taught us anything, it is that we are all connected. And so, this division that comes from […]
What To Watch Out For With Family Funds
What To Watch Out For With Family Funds In SMSF, it used to have up to 4 members but now it’s gone up to 6 members in the Superfund. 6 people’s balances are better than 1. If you have an average of 100 grand per person and you have 2 people in it, then you’ll […]
The Tax Benefits Of An SMSF In a recent webinar, “Become an SMSF millionaire” we run through the SMSF tax benefits. SMSFs have a very low tax environment. Under trust, it says 0% because trusts like discretionary trusts, give their profit to other entities or people in their family group and they pay the tax. […]
Pros & Cons Of Paying Insurance Through Super
Pros & Cons Of Paying Insurance Through Super The benefit of paying insurance through Super is cash flowed from super, so you don’t have to pay it personally and it may be tax-effective. If there is a portion of life insurance that’s usually deductible in super and if you pay for that outside of super, […]
How Your Super Compares To An SMSF
How Your Super Compares To An SMSF A lot of people ask, “How much do I need in super to consider setting up an SMSF?” If you Google that question, the suggestions for the normal range is about $200,000 to $250,000 in super. But the idea is breaking even, comparing the costs of your current […]
How To Create An SMSF Investment Strategy
How To Create An SMSF Investment Strategy Some of the things that you should consider in creating an SMSF strategy are: Risks of your investments If you’re investing in cryptocurrency, note that it might be extremely risky compared to leaving it in cash, which also has its risks with inflation. You need to basically have […]
300K Gain Tax-Free Case Study Tax-Free Case study: A few years ago, we had a client who had a commercial property outside of Super worth about a million dollar value. He is shifting into retirement and he wanted to move more money and assets into Super. So, he transferred that million-dollar property to Super. […]
5 Things To Know About Estate Planning
https://www.youtube.com/watch?v=4G9X6jLY8Sc&t=8s 5 Things To Know About Estate Planning Estate planning is not just a ‘Will’. Superannuation proceeds after dying is dealt with by binding death benefit nominations. If you don’t have one in place, then that is dealt with under the trust deed. It may be simple for the trust deeds to deal with it […]
The 3 Key Aspects Of Incapacity Planning
The 3 Key Aspects of Incapacity Planning in a webinar, “Become an SMSF Millionaire” we talked about the 3 key aspects of Incapacity planning. If you do lose the capacity to make financial decisions for yourself, or another member of your SMSF is in that situation, always have an enduring power of attorney in place […]
The Cost of Setting Up A Company Structure
The Cost of Setting Up A Company Structure We give advice and education before setting up a company structure. The session costs $750 plus GST, depending on what you need, because some situations are sometimes completely different. But most structures are around about $2,500 for us to implement for you. We do that in the […]
Risk-Takers & Asset Holders Explained
Risk-Takers & Asset Holders Explained Here at Inspire, when there’s a couple in the family group, we designate one of them to be the risk-taker and one of them is the asset holder. And when we’re running the business, we are setting up structures for that family. When they are buying and investing in property […]
Why Division 7A Was Brought In
Why Division 7A Was Brought In Why Division 7A was brought in? If you were a sole trader and you made $1M, here are some options: Option 1: Taxed in your own name at 47% top tax rate. 47% is the highest marginal tax rate of an individual and it’s higher if they have a […]
When Is A Bucket Company Worth It?
When Is A Bucket Company Worth It? When is a bucket company worth it? A webinar attendee has said, “In the future, the personal income tax rate will reduce for most people to around 30%.” Yes, we have been signalled by previous budget releases, but we still have a high marginal tax rate which is […]
What Is A Franked Dividend? On a recent webinar, one of our attendees has asked, “Please define the term ‘franked dividend” Here’s our answer – If the company is earning $100,000 in profit, you will pay 26% of tax, and you’ve got $74,000 left in the bank account. You can pay a dividend, and you […]
Taking Money Out Of A Company Vs A Trust
Taking Money Out Of A Company Vs A Trust In terms of taking money out of a company versus a trust, the first way to take money out of a company is through a salary. Take a salary out to pay yourself, or to your spouse if they work in the business. But you still […]
Short Term Solutions For Division 7A
Short Term Solutions For Division 7A One of the short term solutions for Division 7a is a lot of clients put their excess cash in their offset account to reduce the interest on their home loan. They repay the loan before 30 June, and that is a repayment of the Division 7A loan. But technically, […]
Medium Term Solutions For Division 7A
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
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?
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:
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?
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
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
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
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.
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
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
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
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
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 The rainy day fund has an allocation of money to build a rainy day fund for your business. Start small with a small weekly contribution if you haven’t got anything and aim for three months worth of expenses.We had a number of business owners who came to workshops […]
Managing Multiple Bank Accounts In Xero
Managing Multiple Bank Accounts In Xero An attendee has asked: “If you’re feeding all the cash deposits from the sales and it goes into your main bank account, and you split off all these different accounts, as far as bookkeeping and all that sort of thing, how does that work with Xero and having all […]
How To Save Tax & Boost Your Super
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.
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
The Rules For Giving To Churches Vs. Charities Churches and charities are classed differently in terms of their ability to give pre-tax money. If you distribute tithes or give money to a church, and they are not a deductible gift recipient, then you need to make sure that they have an income tax exemption by […]
Minimise Tax With A Bucket Company
Minimise Tax With A Bucket Company If you have a trust earning $500K in profit and you have given $120K each for the husband and wife and for whatever reason, you have only given $60K to your grandparent or the parent. If we add all those up, you have distributed $300K and you still have […]
4 Categories Of Risks To A Business
https://youtu.be/YNIiZ2lWc5Y 4 Categories Of Risks To A Business Why would asset protection should be talked about when you haven’t run through what the actual risks are? People have had different experiences about getting sued so you may want to be prepared for it, rather than not prepared and have to react. There are four categories […]
Benefits Of A Self Managed Super Fund
Benefits Of A Self Managed Super Fund The tax rate of a self-managed super fund is 0% and this is not a trick like the trust was. In certain conditions, your self-managed super fund can actually pay 0% in tax on what it earns. The differentiator between the two is the 15% tax rate is […]
The Pty Ltd Business Structure Explained
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?
Draw Vs. Loan – What’s The Difference? A way to take money out of a company is through a loan and it’s quite complex. If you have a company structure you might have heard your accountant talk about this thing called Division 7A, or maybe a frustration with company loans. Division 7A basically says you […]
The Cons Of Being A Sole Trader
The Cons Of Being A Sole Trader What is the highest rate of tax you can pay as an individual or a sole trader in Australia? The top marginal tax rate is 47%, and it goes higher than that if you’ve got HECS. You can pay north of 50% tax, where literally half of your […]
https://youtu.be/uqFgRy5742U 3 Characteristics Of A Trust Trust is not a legal requirement like the Pty. Ltd. in a company. The tax rate of a trust is 0% and with a trust, it gives its profit to other people or other entities in the family group and they pay the tax for the trust. However, it […]
Are You Running A High-Risk Business?
Are You Running A High-Risk Business? Sole traders are basically the highest risk you’ve got. In terms of asset protection, it is a continuum of how comfortable you are with risk. What we want to do when clients come on board is educate them on the principles around asset protection and some people start really […]
Differences Between Dividends & Distributions
Differences Between Dividends & Distributions For shareholders who own the company and who are entitled to the profits, you pay a dividend which is a payment of prior year profits to the shareholders. If the dividend is franked, which means the company has paid tax on that amount, the shareholder will receive a franking credit […]
Can A New Business Sponsor A Visa?
Can A New Business Sponsor A Visa? We recently invited Michel Sulzbach and Erica Carino, directors of Bravo Migration to a webinar on the topic, ‘Hiring Temporary Residents on a Visa’ Here’s what they said – Any business could be approved to become a sponsor. The requirements to get a blanket approval are minimal. A sole […]
How To Pull Money Out Of A Company
How To Pull Money Out Of A Company The first way to pull money out of a company is to pay yourself a salary. It is the context in terms of pulling money out. So, how do you put food on the table through a profit you generate in your company or trust? There are […]
Should You Apply To Multiple Banks For Funding?
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
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?
In general, a bank won’t go to 100%. However, if you had security outside of that, a residential property that was free of any debt and you put that property in as a security, then the bank would entertain that transaction up to 100%.
The 1st Thing Banks Look At When You Apply For Funding
It 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
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?
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
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?
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?
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
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?
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
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
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
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
Be aware of where your financials are. Keep regular communication up with your accountants. If you're in financial distress, don't put your head in the sand, deal with it front-on, have those discussions with your lawyer and his team to make sure you're on top of understanding what to do in this situation.
First is the ‘Character’ of the business. A fairly decent and a sort of low risk approach in terms of their makeup and history. Second is the ‘Capacity’ to repay, which is like when you get a house and they want to check your income can repay the debt.
How Border Closures Affect Workforce Participation
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
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
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?
The business plans are handy. It gives the bank an understanding of the borrower's thought processes around that business.
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
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?
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
The interesting update is we've actually hit almost $4.3 million.
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
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
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.
There's a number of ways that you can fund it. You can fund it from your own investors into the business.
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.
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
“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
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?
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
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
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
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
"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
The right strategy at the wrong time is the wrong strategy.
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
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
The Acquisition Process – Deal Flow What are you trying to do? Let’s get a strategy of how you’re getting this. So you can work out what your targets are, What do they look like? Where are you going to find them? Go find your targets, understand a bit about the business to the extent […]
How Does A Bucket Company Work?
How Does A Bucket Company Work? In a recent webinar, we were asked the questions, “Must the distribution money need to be paid to the Bucket Company? If yes, when?” Let’s say, the Bucket Company will receive a distribution this year. You say, “Look, you’re going to receive $30,000 in distribution.” Now, at 30 Virginia, […]
The 3 Ways To Play The Game Of Business
The 3 Ways To Play The Game Of Business Are there three ways to play the game? The first way is ‘Drifting Business’, an example of this is like, “Hey, we got JobKeeper, we’ve got a good war chest, things are looking good. You know what? We’ll just maybe cruise. We’ll see what happens with […]
Why 8-Figure Entrepreneurs Often Hate Their Business
What true scale really means is for your energy or money output to get a disproportionately higher return than what you did before that scale. Most people grow their businesses. Now, you can grow your mindset. You can grow your leadership ability, however, you want to be very careful about growing your business. You want […]
Why You Have To Understand Your Cash Flow Days
Why You Have To Understand Your Cash Flow Days Cashflow days are made up of three components. We’ve got debtor days which is how long it takes you to get paid, basically. We’ve got stock days or inventory days or even invoicing days if you’re a service business let’s say you might not carry a […]
3 Reasons For SMEs To Consider Acquisition
3 Reasons For SMEs To Consider Acquisition The idea that in a single signature, you can double or triple or quadruple the value of your business in comparison to decades of building a business is, I think, the number one reason for SMEs to consider acquisition versus organic, but of course you never stop with […]
What You Need To Know About Car Allowances
What You Need To Know About Car Allowances I was hosting a webinar recently, and one of our attendees asked: “Do you have any advice on car allowances from the individual/company audit?” Here’s our response:When it comes to car allowances, usually what typically happens when there’s a company that you work for, If you use […]
What Are The New Criteria For Loss Carryback?
What Are The New Criteria For Loss Carryback? I’d just like to touch on some changes from last year’s budget. There’s a new strategy that we’re putting into play before the 30th of June called “The Loss Carry Back”.The criteria is if you’re running a company and you’re a small business, if you make a […]
Do You Have Multiple “Teams” Of Income?
Do You Have Multiple “Teams” Of Income? One of the stages within the B.O.S.S Steps is called STAR. Now in the STAR phase, you get a true sense of freedom. It’s somewhere between $350 and $800 K. Now, you can sit at the $350 – sometimes it’s a touch more than that to $400, and […]
Chattel Mortgage Vs. Finance Lease
Chattel Mortgage Vs. Finance Lease I was on a webinar recently with Ashley Smith from ASA finance group, and here’s what he had to say in regards to Chattel Mortgage vs. Finance Lease for vehicle finance – Ashley: 98% of the stuff I write is a chattel mortgage. Finance lease is a little outdated. I […]
Can You Delay Assets If You’ve Only Made A Minimal Profit?
Can You Delay Assets If You’ve Only Made A Minimal Profit? During a recent webinar, one of our viewers asked “If I have only made a minimal profit in 2021, can I delay the asset write off to 2022 when my business is more profitable and there’s more to write off?” My answer: I guess […]
Interest Rates In Asset Finance Are On The Rise
Interest Rates In Asset Finance Are On The Rise Traditionally I would say we’ve been in a declining rate market for between roughly six to eight years. Rates have been coming off, which is great news – everyone keeps being told to renegotiate their rates around home loans and all these other things. The reality […]
Why Every Business Needs A War Chest
Why Every Business Needs A War Chest We strongly recommend that every business has a war chest – there’s many authors, business writers and even personal finance writers who suggest something like this as well. A war chest is basically an emergency fund, where you’ve got – for example – three months’ worth of your […]
Why Businesses Stay Stuck In The Startup Phase
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
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.
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
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.
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)
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
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?
My recommendation is you use some sort of app to track your logbook for ATO reporting purposes.
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
Tax Tip: Pay Employee Super Early If you hire employees and pay super for them, or even yourself – you might even have yourself paying wages to yourself, and therefore superannuation on that – then you’ve got to pay super. Superannuation is accrued every three months, so let’s take the March quarter (January, February, March) […]
Federal Budget: Low To Middle Income Tax Offset Extended
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
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?
"Can a couple sell their 10-year-plus home into their SMSF?"
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
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
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
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
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
This tax tip actually assumes that you're using a trust, a discretionary trust maybe, or a company that might be owned by a trust to be able to distribute some dividends around and be able to have the flexibility to distribute to different family members.
Federal Budget: This Superannuation Change Is Pretty Amazing
This is relevant for those who have an SMSF or a super fund.
Federal Budget: Super Limits Are Changing
This was announced before the Federal Budget. Essentially, there's some exciting news about super contribution limits
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?
In terms of setting your businesses Rainy Day Number - anything is better than nothing.
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
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
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
As an individual, the tax rates have actually changed from 2021 Financial Year versus the year beforehand.
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
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
An account for your tax savings - to cover your quarterly BAS and your monthly IAS.
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
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
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
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
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
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
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
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.
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
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?
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
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
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
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
Watch This If You’re Afraid Of Doing Your Taxes Recently, on The Sharon Cliffe Podcast (@sharoncliffe), we talked about the fear of money in business, the fear of the unknown and what you need to do to be more comfortable around your finances. Sharon: A lot of conversations that I have with female entrepreneurs and […]
5 Things Business Owners Need To Know Before Getting Into Property Development
Income tax will be payable on developments that aren't capital, and most developments will be on an income tax basis. So choose your structure wisely: this includes your company trust, and individual name.
High-Level Structures For Tax Efficient Property Development
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
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
https://youtu.be/jI_tvFlzHQE 3 Ways To Fund Property Development The way you fund a development varies from client to client. The easiest of it all would be if a client is self-funded. However, because of the cost of land and construction on top of that, usually someone needs funding from a bank or (and what we’ve seen […]
4 Key Points About Development In A Discretionary Trust
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?
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?
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!
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)
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
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
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?
Finding It Hard To Pay Your BAS On Time? If you’re reading this and you are sort of running the business week to week when it comes to cash, it can be hard thinking about having 50 grand in an account just sitting there as a cash buffer, or paying your BAS in full. It’s a […]
Do You Take 12 Weeks Off A Year From Your Business?
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
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
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
Statistics show that about 60% of Australians die without a will, which is huge.
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
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
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.
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
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
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
I’m going to give you a demo on how to review your profitability using Xero.
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’
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
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
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
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
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
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
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
In terms of investment, I've learned about and looked into a whole heap of different things from Bitcoin to silver bars
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
Can intellectual property qualify as an eligible asset write off?
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.
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?
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.
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?
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
Investing in private companies - there's a few different layers here.
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?
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
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
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
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
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?
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
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?
Yes, you can. There's two ways you can contribute to Super.
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?
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?
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
This is pretty exciting. Like JobKeeper, it needs your business and employees to be eligible.
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
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.
Is Your Company Eligible For Up To $200/wk/employee JobMaker Hiring Credit?
Employer eligibility key criteria:
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
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?
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
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
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
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
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
One of the things we spoke about is having separate bank accounts for your personal and business finance.
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?
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
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
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
"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
After September, the payment amount is going to change.
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
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
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
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.
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
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.
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
One of the changes with JobKeeper 2.0 is the employee eligibility date.
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?
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
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
The last quarter was a bit weird for most of us. We went from working in an office to working from home.
Are you properly protecting your personal assets?
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How To Cut Down Expenses In Your Business
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What Happens If You Get Bookkeeping Wrong
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Penalties For Illegally Claiming JobKeeper Benefits
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JobKeeper Monthly Reporting Requirements
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Should You Break Out Of Your Fixed Interest Rate?
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The Employee Consultation Process – Is not just about ticking boxes
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Mind-Blowing Bank Offers Available Right Now!
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JobKeeper Eligibility Update The ATO wants to make sure you have done some research from an eligibility perspective, documenting why you believe you are eligible. The ATO have said that any attempts to defraud or fiddle with the numbers so that your business becomes eligible won’t be taken lightly and will take firm action […]
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How To Get The Best Out Of Your Team During COVID-19 I had the pleasure of joining Natasha Hawker on a webinar last week around the topic of JobKeeper. Natasha is an employee expert and founder of Employee Matters. Her biggest piece of advice right now is to communicate! Here’s what she said – This […]
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Monthly Reporting Requirements for JobKeeper
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YFSB Interview Owner and managing director of Wyntec – ideal technology solutions. Married to Christy since 2001, 6 years old daughter, Arwin. Started company in 2005, around the time of the GFC and had a 6 month old daughter. – ‘Insane, is the word I would use to describe it’ What was your reasoning to start […]
What is your business? MyCladders does transportable buildings; colour bond roofing metal roofs, wall cladding we put on roofs and gutters and help builders build roves. What was your reasoning to start up your company? I am accountable to myself. I have the ability to give someone a full time job. What makes you a […]
I started my own business in 2012 (3 years ago) I left a much larger corporation owning 50% of the company to take the plunge. Wife: Emma. 4 kids, (2 under 2years old). Isabella,Tate, Quinn, Enya What is your business and what do you focus on? Building and creative design- innovation for entertainment through Law. The […]
Bucket Companies: The least known and most underutilised strategy to save thousands in tax
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Bucket Companies: The least known and most underutilised strategy to save thousands in tax
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JobKeeper: Do I Need to Pay Super?
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JobKeeper Programme: Extensions Announced
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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?
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)
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The Real Cost of Cars – A CBD carpark, yours for $407K. It all counts…
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5 Ways To Deal With An Unexpected Tax Bill
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How The 2019-2020 Proposed Federal Budget Will Affect Individuals, Businesses, & Superannuation – Client Webinar The Federal Budget for 2019-2020 is in. Liberal and Labor have put forward their economic and fiscal outlook, including expenditure and changes to tax and super. In this article, we’ll outline the key elements of both parties budgets, and how […]
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7 mistakes keeping business owners struggling for cash
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Tax on Bitcoin and Cryptocurrency
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B1G1 Study Tour to Kenya Property Development in Kenya We visited Aberdare Ranges Primary school on Day 2, then we drove up the road to the village which is where most of the children live. We learned that much of the poverty and displacement was due to political violence in 2007. Due to an election, […]
3 Steps to Transition to Cloud Accounting
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5 Questions to Plan for Profit in 2016 qu. 2
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5 Questions to Plan for Profit in 2016 1
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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
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