Accounting Answers: How Can I Buy a Commercial Property?

 

Why is an SMSF better for investing in commercial property, and leasing it back to yourself, than an investment trust?

Many people ask us how is it that they can stop paying somebody else for their lease.

A lease is a big expense, and they want to somehow cash in on that money, or that benefit.

Ultimately there’s three ways that you could potentially buy your own commercial property, your own office, your own warehouse and pay yourself that. There’s three ways; I’m only going to recommend one, but I’m going to explain the other two so you understand why the third is the most important.

The first way you could do it is buy a commercial property that you might have your eye on, in your own name.

The second way you could do that is by purchasing that in an investment trust, say a company or a trust. Why an investment trust is far better than buying it in your own name is you’ve got ultimate control over who pays the tax, so ultimately when you come to sell the property you’ve got control over who pays that tax. It might be far lower in someone else’s name than in your own.

The biggest reason why you’d never invest in property in your own name, and run your own business in your own name, is because of protection, your asset protection.

It’s like, having a trust is like going out into the business world with a bulletproof vest on.

There’s employee’s, there’s suppliers, there’s competitors who all want a piece of you, and having a bulletproof vest or having some form of asset protection is going to protect you.

Out to the two, you’d definitely do it through an investment trust over your own name, any day of the week, but this isn’t the best one.

 

The third and most recommended choice is a self-managed super fund.

Why is an SMSF better for investing in commercial property, and leasing it back to yourself, than an investment trust?

Well and SMSF you can pay even less tax, how awesome is this, than the investment trust.

In investment trusts we want our clients to pay no more than thirty percent tax, in a self-managed super fund environment you can pay either between fifteen, or an advanced strategy is ultimately you could get it down to paying zero percent tax. That is cool.

You get that asset protection which is, remember, your bulletproof vest.

The other really cool thing, which to me makes it a no-brainer, is that you get access to money that … I don’t know how you feel about SMSF, about all your super money. I’ve been putting it away, but I’m only in my thirties. I don’t think I’m going to touch it. It’s like it’s money that I know it’s mine, but it’s not really mine because it’s so far away. I can now access that. I can now play with that. I can turn something that’s a distant dream into a tangible, brick and mortar, and I’m paying myself for that. That is so cool.

 

So step one, you’ve got to have yourself in a super fund set up, rollover.

Step two, you’ve got to talk to a great advisor like us and we’ll implement one of these cool strategies for you.

 

 

Ben Walker of Inspire SMSFS Pty Ltd (1243433) is an authorised representative of Finance Wise Global Securities Pty Ltd ABN 60 146 708 045.  Finance Wise Global Securities Pty Ltd holds an Australian Financial Services License (No. 397877).

#Accounting Answers: Self Funded Retirees

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So remember young family, small business equals family trust or discretionary trust as the ideal structure for 9 times out of 10.

If you don’t understand how your structure works, or you don’t feel you’re in the right structure we absolutely need to talk, but let me give you a really cool example about how you might be able to dramatically decrease the amount of tax you’re paying this year by asking your parents for a bit of a hand.

This is one for self-funded retirees.

Your parents are retired. They’re self-funded. They’re not on the pension from Center Link, but they’re funded through hard work, their own retirements through living off their superannuation now, or living off of money that’s in their self-managed super fund.

Let’s say this year you worked really hard, and you earned $200,000.

Your choice now, if you were to pay that in your own name is paying $0.47 in the dollar of tax on that $200,000. Let’s say we were distribute, and this is the beauty of the discretion that comes with a discretionary trust, is let’s say we were to distribute $37,000 to both mom and $37,000 to dad.

This is how things would perform, the first $20,000 they would be paying 0% tax compared to in your own name 47% tax. Pretty cool.

From $20,000 to $37,000 they’d be only paying 21% tax whereas you would have been paying 47% tax.

With all of those powers combined, on $200,000 by distributing 37 each to mom and dad, if they’re self-funded retirees, you’d be saving $27,640 in tax.

Now you see what I mean when I say that discretionary trust or having the discretion about who, how, and when the tax paid is so good for young families.

If you’ve got self-funded retiree parents, and you think you might be able to use this strategy, absolutely give us a call, and not only can they be helping out with babysitting, but they also might be able to help out by taking a trust distribution for you.

I’ll talk to you one on one about who actually pays the tax because they don’t have to.

Let’s talk. Can’t wait to meet you.

 

#Accounting Answers: Review How You Pay Yourself

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Before you can decide about the best way to pay yourself for your hard work in your business, you need to understand about structures.

9 times out of 10, if you’re a young family in a small business, your ideal structure is a company and a discretionary trust.

Another name for discretionary trusts are family trusts. Young family, family trusts.

Why are family trusts a great thing for young families and small business?

They’re called discretionary trusts because you can have the discretion about who and how, and maybe even when, taxes paid on money that you earn.

This is really important when trying to figure out how you’re going to pay yourself for all your hard work.

Let me give you an example, let’s say your kids are at uni right now, which means they’re over eighteen, but they’re earning a minimum wage to keep them going while they’re studying.

They’re perfect opportunity for us to distribute income from the family trust to them so that the tax is paid at a far lower rate than if it is was in your name.

Let me get another example, parents who are on the pension, those who are retired, they’re another perfect opportunity for us to distribute income that’s earned in the family trust to them so it’s paid at a far lower tax rate. Family trusts, 9 times out of 10, are the way to go.

How do you pay yourself out of your business?

First of all, here’s how not to.

If you’re currently set up earning a salary out of your business, not ideal. Because in a salary, if you’re in an employee of your own business, you don’t have the discretion or the freedom of choice about if and when and how super and tax is paid.

You have to pay because you’re an employee. If you are taking a loan or drawing out of your company, that could trigger all sorts of ugly things like Div 7A, which makes life really tough and you end up paying a really high tax on it. That is not ideal either.

You could be paying yourself as a dividend out of a company.

Again, equally as ugly and nothing is as beautiful as a loan or a drawing out of your trust.

Here’s your next steps: If you’re a young family in a small business, and you don’t currently have a company and family trust, we need to talk.

If you do have a family trust set up but you cannot tell me, hand over heart, that you understand how it works, how to maximise the tax paid, or what the long-term strategy is, we need to talk.

If you’re paying yourself a salary or treating yourself as an employee of your own business, if you’re taking a drawing out of a company, or if you’re got a dividends is paying, or you’re taking a dividend from your company, again, we need to talk.

Why? When we spoke to the Ponters they were doing things the way that their accountant had them set up. They were being paid a salary out of their own structure.

Now, we’ve rejigged how they’ve been paying themselves using the power of a family trust or a discretionary trust.

Remember, you can have the discretion about who, how, and potentially when the tax is paid, and in so doing, save them $37,000 in tax.

So, we need to talk. Thanks guys.

The Power of Building an Empire Using Social Media

Many Business owners tell us that GROWTH is amongst the top items on their agenda for 2016.

To grow you need more customers.

More customers means more sales.

Before Sales you need Marketing.

You probably dabble in Social Media.

But not many of us generate tonnes of leads from Facebook.

So to help out, we’ve brought in an expert with some serious BTDT “Been There Done That” experience.

Check out this video on our Inspiring Business Community where he’ll be teaching us how to –

“Build an Empire Using Social Media”.

 

I asked Brett to speak because he ‘walks the walk’ – he has 500,000 collective Facebook Followers.

• His extremely popular podcast and video show, 10X Achievement debuted #1 in iTunes in the health and self help category, and is listened to by tens of thousands of people from all over the world.

• His message and work is seen by over 1,000,000 people per week via his network and social ecosystem.

• Having built a community of over 400,000 people in less than 3 years, places Brett amongst the world’s leading experts in the fields of online marketing, lead generation, systems and social media strategies.

 

Now you might be thinking …

“What do I need 500,000 Facebook Followers for?? I’m just running a Small Business in suburban Brisbane.”

And you’d be 100% right thinking that.

It’s not about millions of followers.

You’ll soon realise it’s about the philosophy of Thinking BIG.

It is about multiplying your impact…

 

Check out this video on our Inspiring Business Community where he’ll be teaching us how to –

“Build an Empire Using Social Media”.

Book Review: What the All Blacks can teach us about the business of life.

 

At this level, sport – like business and life – is a mind game, won primarily in the head.

In his latest book, Legacy, James Kerr goes deep into the heart and mind of the world’s most successful sporting team, the legendary All Blacks of New Zealand, to reveal 15 powerful and practical lessons for leadership and business. What the All Blacks can teach us about the business of life.

Hi #LoversOfBusiness.

This week’s book review is a little different.

Instead of giving you a longer personal story and application, I want to just give you an excerpt of the book. This small chapter changed my life forever.

It’s about the ability to run a business in such a way that you can simultaneously change the world.

My story:

I’ve always been a huge fan of social enterprises like ThankYou.

We recently raised $1,700+ for Hummingbird House ­ QLD’s Only Children’s Hospice.

My mentor is the founder and Chairman of the Buy 1 Give 1 ­ Business for Good movement.

The happiest years of my life we’re those spent volunteering in some of the poorest parts of the world ­ Brazil, Mexico, Thailand & South Africa.

So enjoy the life changing words of James Kerr, and I look forward to seeing you build your Legacy.

Excerpt from the Book Legacy:

Our social footprint.

Our social footprint is the impact our life has — or can have — on other lives.

It begins with character — a deep respect for our deepest values — and it involves a committed enquiry into our life’s purpose.

What do we hold most sacred?

What’s our purpose here?

What can we pass on, teach?

Great teams play with great purpose.

From ‘Uniting and Inspiring New Zealanders’ to ‘Ubuntu’ from ‘Semper Fidelis’ to ‘democratising the automobile’ better place’, to ‘making the world a better place to ‘I Have a Dream’ most inspiring leaders play a bigger, more important game.

Not long ago, we respected bankers and hedge­fund financiers and vulture investors though making money alone was enough. Patently — after the sleazy collapse of financial standards — this is not true any more.

There is nothing wrong with making money but as a sole ambition it certainly isn’t inspiring an emerging generation that values human connection, social interaction and authenticity more highly. In a society badly let down by the promises of corporations it seems that capitalism has an opportunity to re-define itself and play a different game. It’s not enough just to win anymore, we must win with flair.

We must leave the jersey in a better place. Fortunately for the more hard­headed business person, the result of this shift in approach is not just an altruistic fantasy or a meaningless sop to society. It is a very real driver for organisational performance, cohesion and conviction.

It is likely that the teams — whether companies or causes — that contribute a healthy social footprint will be those that survive and thrive over the coming decades.

They’ll recruit better talent, engender more loyalty and profit from a virtuous cycle of purchase and recommendation, and build a sustainable culture of contribution and success.

From their value to society will come their value as company.

The cynics — those just in it for the money — have been found out. Theirs is no longer a sustainable model; increasingly, wealth on its own is no decent definition of success.

It doesn’t play well at dinner parties or in a eulogy. By taking responsibility for something more than profits, we tap into a collective vibrancy that is not only good for the world but also good for business.

To ‘leave the jersey in a better place’ means to work incrementally towards a better collective outcome.

It means to be a custodian of the future, an architect of tomorrow, a steward of society. It means to live with respect, humility and excellence. As leaders it means that we will truly lead, not just manage, and that others will spill blood for our team. People want to believe in something bigger than themselves; purpose propels and moves people, and moving people is the purpose of a leader.

‘Service to others’ ‘is the rent you pay for your room here on earth.’

But it’s about more than rent, it’s about respect: honouring that which we are capable of becoming, being great rather than just good, playing a bigger game, a more expansive game, a more ambitious , said Muhammad Ali, It all comes back to sweeping the sheds.

The word ‘character’ comes from the ancient Greek, mark that is left on a coin during its manufacture. Character is also the mark ‘kharakter’ left on you by life, and the mark we leave on life.

It’s the impact you make when you’re here, the trace you leave once you’re Character rises out of our values, our purpose, the standards we set ourselves, our sacrifice and commitment, and the decisions we make under pressure, but is primarily defined by the contribution we make, the responsibility we take, the leadership we show.

Character is formed by the way we respond to the challenges of life and business, by the way we lead our life and our If we value life, life values us. If we devalue it, we dishonour ourselves and our one chance at living. This is our

Leadership is surely the example we set. The way we lead our own life is what makes us a leader.

Be a Good Ancestor Our time is limited. Understanding the fragility of life is the first step of life is the first step in understanding our role and responsibility as a leader.

Our greatest responsibility is to honour those who came before us and those who will come after, to leave the jersey in a better place.

We are the stewards of our organisations, the caretakers of our own lineage. Our actions today will echo beyond our time.

They are our legacy.

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 everyone, so it’s important you get the right information to decide for yourself.

To assist you to make a correctly informed choice, here are the FACTS:

Why do people set up their own SMSF?

● To be able to make their own decisions about where their super is invested.

● To invest in your own chosen property (business premises “commercial” property or residential property).

Is it expensive to set up a SMSF?

No, it isn’t.

You need a SMSF Trust Deed (the document that contains all of the rules for running your super fund) and we recommend you incorporate a Company to be the Trustee (the decision maker) for the SMSF. Our price for this is $3,000 plus GST, which includes preparation of all required documents, and everything legally required for a SMSF.

For example, if you have $200,000 in super, then the setup costs are 1.5% of your super balance – very low for setting up your financial future!

What are the ongoing running costs of a SMSF?

The ongoing costs start from as little as $250 + GST per month for the administration of your SMSF (includes tax returns, annual financial statements, minutes of Trustee’s meetings) plus $500 + GST for the annual audit of your SMSF.

How much super do I need to set up a SMSF?

Some new media stories suggest you need at least $200,000 (or even higher) to make it cost effective to have a SMSF.

We disagree.

A SMSF is your family wealth creation vehicle. Even if you have as little as $100,000 in super right now, it may make sense to establish a SMSF and then set up life insurance (owned by the SMSF) on SMSF members while they are still fit and healthy.

Also, in many situations, using a SMSF can give you much better estate planning options.

As an example, if you have $100,000 in super and purchase a property (using a borrowing arrangement) valued at $400,000, then you would have a SMSF with $400,000 in gross assets. Assuming a capital growth rate of 5%, you would generally expect the larger amount of $400,000 growing would provide a better outcome than the smaller amount of $100,000 growing.

This is why many people consider a borrowing arrangement for a SMSF.

What investments can I make in a SMSF?

Typical investments include shares, cash, term deposits, and property. There are specific rules about what you can invest in, so it’s important you seek our advice before you make any decisions.

Is an SMSF right for your family?

To help you make an educated decision, book in for a Quick Chat with one of our Advisors.

The next step may be a 30 minute education session with your family. We can clearly explain the benefits of a SMSF and whether or not a SMSF is the right thing for you.

Don’t delay.

The sooner you get started with the right advice, the sooner you will grow your assets to have a better financial future!

A self ­managed superannuation fund (SMSF) is a popular option for investors seeking flexibility and greater control of their superannuation.

There are many advantages of using a SMSF, and there are also many obligations that you need to be aware of.

We can assist you with understanding these obligations and guide you through the whole process to make it easy for you.

 

 

Ben Walker of Inspire SMSFS Pty Ltd (1243433) is an authorised representative of Finance Wise Global Securities Pty Ltd ABN 60 146 708 045.  Finance Wise Global Securities Pty Ltd holds an Australian Financial Services License (No. 397877).

The Four Hour Work Week

Escape the 9-5, Live Anywhere and Join the New Rich. 

Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge:  Read (implement & review) a Book a Week.

 

The Four Hour Work Week or 4HWW is a very popular and well known book.  You’ve probably read it, but have you implemented it?

If you’re a ‘Yes I’ve read it and No I’m not living a 4 Hour Work Week yet!’ then you’re not alone and keep reading lol…

Like most Small Business owners, I work 50 – 60 Hours per week too.

So a Four Hour Work week is very appealing, and achievable. I’ll aim for 40 as a start!

How do you achieve a Four Hour Work week?

The book teaches about the sweet spot between 2 economic principles.

The 80 / 20 Rule – Do only the activities that will give you the biggest bang for your buck.

Parkinson’s law – Limit the available time to complete these activities.
You need to read the book to get a couple of chapters of explanation of these 2 ideas.

Master them and you’ll soon master a 4HWW.

My key implementation from the Four Hour Work Week right now is Ask for unrealistic things.

Tim teaches that you should aim for the bigger more unrealistic goals because they have the least competition!.

He gives the example of how to reach out to famous people like Bill Clinton, with success.

I recently tried the exact same strategy, with success.

A year ago when we started doing Inspiring Business Events, I wrote down a list of DREAM SPEAKERS I’d love to have come speak.

One of the names on the list was Phillip Di Bella, founder of Di Bella Coffee.

Last week I didn’t just get a response from him but an agreement to speak at the April 6, Meet the original King of Coffee, Phillip Di Bella – Inspiring Business event.  Woohoo how cool!

So next on my hit list is Daniel Flynn, Lorna Jane. Lisa Messenger, Karen Jacobsen (the Australian Voice of Siri) and John McGrath.

Ask and you shall receive I say!

4HWW is in my top 3 business books list and top 3 books I’ve  ever read list.

So it’s a highly recommended from me.  Not just to read once, but to read and re-read and implement.
Have a great week ahead.

HP

8 ways to know if you can afford to hire your next employee Part 2 of 2

The opportunities for growth in your business will come in ebbs and flows, like waves. Hire too early and you’re a sitting duck waiting for an opportunity off in the distant horizon. Hire too late and you’re playing catch up trying to keep your newest clients happy. Hire at the sweet spot where opportunity meets capacity and with seemingly little effort, a couple of little paddles allows you to ride the wave. So to help you hit the sweet spot, we welcome you to Part 2 of the Can I afford my next Employee series.

Crunch these 3 numbers before you sign that Employment Contract!

Number Cruncher 1

[Cashflow] Can your Business Cashflow afford 3 consecutive months of NIL productivity?  

Ultimately you want to make a return on any investment you make, and an employee is one such investment.

Think of Apple who is reported to make $1,865,306 revenue per employee per year!

You will in time make a return but we’ve found it take a good 3 months to be able to assimilate the new team member into your systems and processes.

Budgeting for worst case scenario then, before signing an employment agreement could the business afford 3 months of NIL productivity?

An even better question to ask yourself is do you have [Annual Salary / 4] set aside in a Cash Reserve?

For example –

Proposed annual salary of $100,000 for a Sales Manager, divided by 4 equals $25,000 in reserve to account for little to no productivity in the first 3 months.

If you chose well in hiring process and she turns out to be a winner, then congratulations!  Treat it as a bonus.

Number Cruncher 2

[Growth] Does Your Business Growth forecast for the next 12 months exceed 2 x their Annual Salary?

Let’s start with an example.

Say your current turnover is $1M and you have a documented budget and plan for 10% growth this year.

That means your turnover should be $1.1M in 12 months time or growth of $100,000.

But your prospective employee is going to cost you $100,000 too.  So you’re on track to grow the business in line with your expenses.

Which mean you’ll be bigger, but there’s no more profit in your pocket for all the additional stress and effort.

Sounds silly but this is the very reason why many business owners tell us that they are now making more money than they ever have, but still experience the samestart up challenges of lumpy cashflow and low profitability.

This is why you need to have a documented budget and plan that exceeds at least 2 x the annual salary in year one.

Using the above example, the growth would need to be 20% or $200,000 to satisfy the 2 x Annual Salary test.

Errmmm… I know I need a budget but I don’t have one.  What exactly is a budget and how important is it?

Imagine Entrepreneurship to be like a long voyage on a boat (in fact it does sound a little like Entrepreneur-SHIP!).  You the business owner are the explorer, charting waters you’ve never been before.

As an explorer, your 12-month forward-looking budget is your telescope.  Every time you stand on deck and look through your telescope, you can see the forward-looking direction, the condition of the ocean and the point you’re aiming for on the horizon.

This lets you know what’s coming up and how you can best prepare your ship and crew for the seas ahead.

Number Cruncher 3

[Sales] Do you confidently have at least 1 / 4 of the Annual Salary in your Sales Pipeline?

I recently conducted a Look Under the Hood for a consulting business who was considering coming on board with Inspire.

He asked our opinion as to whether his numbers indicate that he could afford his next employee – with an annual salary of $60,000 + SUPER.

When we crunched the numbers on his sales pipeline and he had $180,000 in Sales about to close.

This was both good and bad.

Good because all the focus on Sales over the last 6 months worked!

Bad because the sales had already started to close, and he was forced to roll up his sleeves and get on the tools because he hadn’t hired ahead of the growth.

Which means sales would have stopped while he worked IN the business, delivering on his promises.

So here’s how to run the numbers on your Sales Pipeline (you do have a pipeline don’t you??  If not do it now with the following template)

A Sales Pipeline needs to answer the following Questions –

• Who – Who is the prospect?
• What – What is the service / product that would help them and what is it’s value?
• Where – Where did we meet them?
• When – When did they enquire of this service / product and when do we expect this deal to close?
• Why – Why do they need this product / service?
• How – How far along the buying journey are they?

You need to know the typical stages a customer / client goes through along the buying journey and for each stage how likely is it that they will ‘close’.

For example – An IT company who helps small businesses implement cloud technology.

• Enquiry (20%)

• Product Demo (30%)

• Proposal (40%)

• Custom Implementation Plan (70%)

• Verbal Agreement (90%)

• Signed Contract (100%)

FAQ:  What is a sales pipeline?

It’s a central spreadsheet where you track any opportunities for Services / Products you sell. This document is a MUST USE for any Business that relies on SALES to make a living. You can download this Inspire Template and build your Sales Pipeline today.

FAQ:  What is a weighted average pipeline?

It the total value of what you have in your sales pipeline multiplied by how likely it is that the sale will be accepted.

For Example –

Business 1 has made an enquiry for your $1,000 Cloud Transition service.  Historically 20% of opportunities at this stage have proceeded through to a signed contract.  So for now, instead of counting on $1,000 in pipeline value, we plan on $200 ($1,000 x 20% or Value x Likelihood).

Where do I get my conversion rates from?

You have to start measuring them, starting now! The more reliable your conversion rate percentages, the more reliably you can make decisions about how much of the money in your pipeline will typically convert into as cold hard cash in your bank!

 

Let’s bring it all together

Remember the story about Mick Fanning surfing the waves at Snapper Rocks?

It’s about timing.  Not too early, not too late.

Crunching the 3 numbers in this guide (Cashflow, Growth and Sales) are tests to make sure you’re covered in the Now, the Short Term and the Long Term.

Those 3 tests again –

The NOW

[Cashflow] Can your Business Cashflow afford 3 consecutive months of NIL productivity?

The Short Term

[Sales] Do you have at least 1 / 4 of Annual Salary in Sales that are ‘ready to drop’.

The Long Term

[Growth] Does Your Business Growth forecast for the next 12 months exceed 2 x their Annual Salary?

The opportunities for growth in your business will come in ebbs and flows, like waves.

Applies these principles and you’ll be riding the waves of opportunity like Mick Fanning.

Let’s just hope a big great white shark doesn’t get ya!

 

Is donating to charity tax deductible?

There’s three rules at play:

1. Is it more than two dollars?
2. Are they a DGR? You want to ask the provider that.
3. Are you a profitable business?

Now, why three is important is because of the ATO.

If you are in loss, they’re going to give you the benefit of not paying any tax that year.

So, you can’t get an additional tax deduction when you’re already in loss!

So… Let me give you four examples using Hummingbird House – which is the charity we love to support here are Inspire.

Hummingbird House is Queensland’s only children’s hospice.  Inspire recently raised $1,724.63 for HH and we aim to raise another $2,000 at our next Inspiring Business Event.

Is it Tax Deductible?:  $3 in a can for Hummingbird House

Would that be tax deductible?  YES.

Because –

1. It is over $2.
2. Hummingbird House is a DGR.
3. We are a profitable small business that is paying its fair share of tax.

Lets give another scenario…

Is it Tax Deductible?:  $10,000 transfer to Hummingbird House bank account.

Well, first off… Paul and Gabrielle Quilliam (the founders of Hummingbird House) would be very happy with you.

And second, that would be tax deductible because it’s over $2, they are a DGR and you are profitable (if you’re not a profitable business or as profitable as you’d like to be, come along to our next Cash Rich Business Workshop)

Is it Tax Deductible?:  a $250 ticket to the Hummingbird House Gala Dinner, May 21.

NO.

And here’s why:

There’s a fourth rule –

If you receive a benefit in return for your giving, you can’t receive a tax deduction.

So in scenario 1 and 2 when you gave $3 and $10,000, it was a one way gift.

However, when you pay for a Gala Dinner ticket, you receive a lot of benefit in return.

• Delicious 3 Course Meal
• Unlimited Drinks
• Great Entertainment

I really encourage you to save the date May 21st because it is an absolute ball.

Excuse the pun.

The Hummingbird House Gala Dinner is not tax deductible as a charitable gift because you receive value in return.  Lot’s of value!

Is it Tax Deductible?:  You sponsor the Gala Dinner and receive tickets for your family, team, clients and prospects.

YES!

Not because it is a charitable giving…

But because it is a marketing activity.

And I really encourage you to do this.

Inspire has a dream to reserving a giant table of 100 at the Hummingbird House Gala Ball, May 21.

RSVP here and we’ll let you know the plan: https://www.facebook.com/events/994697667250287/

Be it tax deductible or not, my recommendation is to –

“LIVE EVERYDAY, GIVE EVERYDAY.”

It’s the most rewarding way of life.

If your giving turns out to be a tax deduction, treat it as a bonus!

See you on the 21st!

At Inspire CA (Chartered Accountants) we are number people and we believe Family is Number 1.

If you’d like some advice on reducing the amount of tax you pay (so you have more to give!) then feel free to book in a 10 min call with one of our Advisors.