1 00:00:05,960 --> 00:00:08,559 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm Sean Aylmer. 2 00:00:08,760 --> 00:00:10,640 Speaker 1: With the end of the financial year in our behind, 3 00:00:10,640 --> 00:00:14,240 Speaker 1: this attention turned to the year ahead, and for many 4 00:00:14,280 --> 00:00:17,319 Speaker 1: small and medium sized enterprises it's a chance to really 5 00:00:17,360 --> 00:00:21,200 Speaker 1: get organized and set themselves up for growth. Natalie Lennon 6 00:00:21,520 --> 00:00:24,760 Speaker 1: is the founder and director of Two Sides Accounting. She 7 00:00:24,800 --> 00:00:26,960 Speaker 1: also does a lot of work with Zero great supporter 8 00:00:26,960 --> 00:00:28,880 Speaker 1: of this podcast. Natalie, Welcome to Fear and Greed. 9 00:00:29,320 --> 00:00:30,080 Speaker 2: Thank you, Sean. 10 00:00:30,200 --> 00:00:31,800 Speaker 1: Now I want to talk about the year ahead. But 11 00:00:31,920 --> 00:00:34,840 Speaker 1: do accounts get as stressed as people in small businesses 12 00:00:34,880 --> 00:00:37,320 Speaker 1: do up to June thirty or are you guys just 13 00:00:37,640 --> 00:00:38,479 Speaker 1: cool as it comes. 14 00:00:38,720 --> 00:00:41,880 Speaker 2: Oh, we're very stressed. We're very stressed trying to help 15 00:00:41,920 --> 00:00:44,960 Speaker 2: all the businesses get prepared for the end of the 16 00:00:44,960 --> 00:00:47,000 Speaker 2: financial year. A lot of people leave it to the 17 00:00:47,080 --> 00:00:49,479 Speaker 2: last minute and they pop up and I say, Natalie, 18 00:00:49,520 --> 00:00:50,800 Speaker 2: I need to get in, I need to see you. 19 00:00:50,840 --> 00:00:53,240 Speaker 2: We need to speak before thirtieth of June. So yeah, 20 00:00:53,240 --> 00:00:55,560 Speaker 2: it's definitely a very busy and stressful time. 21 00:00:55,840 --> 00:01:00,800 Speaker 1: Okay, we sit here in early July. What can a 22 00:01:00,840 --> 00:01:04,200 Speaker 1: small business do now to set themselves up for success 23 00:01:05,000 --> 00:01:07,039 Speaker 1: for the rest of the year, because, as you said, 24 00:01:07,520 --> 00:01:09,720 Speaker 1: most of we small businesses get in touch with our 25 00:01:09,720 --> 00:01:12,440 Speaker 1: accountant at the last minute in a panic. Right, I'm 26 00:01:12,440 --> 00:01:14,399 Speaker 1: sure you'd prefer to bring you on the second or 27 00:01:14,400 --> 00:01:17,160 Speaker 1: third of July. Run the second or third of Gyne next. 28 00:01:17,080 --> 00:01:19,520 Speaker 2: Year, maybe not the second or third of July. Usually, 29 00:01:19,560 --> 00:01:22,839 Speaker 2: account it's like to have a little break first before 30 00:01:22,840 --> 00:01:24,960 Speaker 2: we start the wrong way to the crazy season again. 31 00:01:25,319 --> 00:01:28,399 Speaker 2: But generally starting to think about being organized and not 32 00:01:28,440 --> 00:01:30,760 Speaker 2: waiting until the last minute. So if you're running a 33 00:01:30,760 --> 00:01:33,479 Speaker 2: small business and perhaps you don't have any accounting system, 34 00:01:33,480 --> 00:01:35,600 Speaker 2: you might look at getting an accounting system like zero. 35 00:01:36,000 --> 00:01:39,520 Speaker 2: You might look to organize your receipts, so probably not 36 00:01:39,560 --> 00:01:40,960 Speaker 2: have them in a shoe box. We don't want you 37 00:01:41,000 --> 00:01:41,399 Speaker 2: to turn. 38 00:01:41,319 --> 00:01:43,040 Speaker 1: Up people still shoe box. 39 00:01:43,120 --> 00:01:46,479 Speaker 2: There are some we don't. We don't deal with those clients. 40 00:01:46,480 --> 00:01:47,840 Speaker 2: We send them off to H and R. Block. I 41 00:01:47,840 --> 00:01:50,240 Speaker 2: think they're probably one of the only accounting firms that 42 00:01:50,280 --> 00:01:53,000 Speaker 2: are still happy to take the shoebox of receipts. But 43 00:01:53,040 --> 00:01:54,480 Speaker 2: it's not efficient. You know, you don't want to be 44 00:01:54,480 --> 00:01:56,960 Speaker 2: paying your accountant to go through your shoebox of receipts 45 00:01:57,120 --> 00:01:59,360 Speaker 2: and organize it. You want to try and do that yourself, 46 00:01:59,560 --> 00:02:01,680 Speaker 2: especially the cost of living and the cost of everything 47 00:02:01,720 --> 00:02:03,200 Speaker 2: going up. You want to save costs. So the more 48 00:02:03,280 --> 00:02:06,240 Speaker 2: organized you can be before you go to your accountant, 49 00:02:06,520 --> 00:02:06,960 Speaker 2: the better. 50 00:02:07,640 --> 00:02:11,079 Speaker 1: Okay to most people better now than they were. I 51 00:02:11,160 --> 00:02:14,400 Speaker 1: mean most of us are beyond the shoe boxing. But 52 00:02:14,520 --> 00:02:18,120 Speaker 1: do most people use software that can easily be downloaded. 53 00:02:18,840 --> 00:02:20,919 Speaker 2: We do find that businesses have gotten a lot better 54 00:02:21,040 --> 00:02:23,480 Speaker 2: ever since COVID. I know, we don't like to talk 55 00:02:23,480 --> 00:02:26,359 Speaker 2: about COVID five years on, but COVID definitely forced a 56 00:02:26,360 --> 00:02:28,280 Speaker 2: lot of small businesses to get on some sort of 57 00:02:28,320 --> 00:02:30,560 Speaker 2: software because they couldn't apply for the grants. They didn't 58 00:02:30,560 --> 00:02:32,919 Speaker 2: have their up to date figures to be able to 59 00:02:32,960 --> 00:02:35,520 Speaker 2: submit for the job Keeper and all the other grants 60 00:02:35,560 --> 00:02:37,600 Speaker 2: that were available. So we definitely saw a push for 61 00:02:37,639 --> 00:02:40,760 Speaker 2: people getting onto systems end, which is fantastic, and definitely 62 00:02:40,800 --> 00:02:43,040 Speaker 2: seeing a lot more people even just using Excel as 63 00:02:43,040 --> 00:02:45,800 Speaker 2: a minimum, you know, rather than having to keep the 64 00:02:45,800 --> 00:02:46,840 Speaker 2: shoebox of receipts. 65 00:02:47,040 --> 00:02:51,280 Speaker 1: Ye, tax to me scares the bejeebas out of me. 66 00:02:51,919 --> 00:02:54,040 Speaker 1: I'm being honest, I hate doing it. I put it off. 67 00:02:54,040 --> 00:02:56,960 Speaker 1: Eventually my account and says, hey, it's kind of May 68 00:02:57,240 --> 00:02:59,840 Speaker 1: the year after it's you know, and says you need 69 00:02:59,880 --> 00:03:02,840 Speaker 1: to get your and I do. But I'm always paranoid 70 00:03:02,840 --> 00:03:05,760 Speaker 1: that I'm going to do something wrong, and often I'm 71 00:03:05,800 --> 00:03:10,160 Speaker 1: doing it. I mean, certainly not deliberately. I'm actually more worried. 72 00:03:10,200 --> 00:03:13,320 Speaker 1: I'm too conservative in some ways, and I think some 73 00:03:13,360 --> 00:03:17,560 Speaker 1: of the zero research suggests that should we be worried 74 00:03:17,600 --> 00:03:20,280 Speaker 1: about it is the ato or the ogre that we 75 00:03:20,360 --> 00:03:21,359 Speaker 1: seem to make it out to me. 76 00:03:21,880 --> 00:03:25,160 Speaker 2: Look, generally, if you're making a small mistake and it's not, 77 00:03:25,440 --> 00:03:29,360 Speaker 2: you know, fraudulent, you're not setting out, you know, to 78 00:03:29,400 --> 00:03:31,359 Speaker 2: claim something that you really know you shouldn't have, and 79 00:03:31,440 --> 00:03:34,800 Speaker 2: it's a really high dollar value amount, then you're okay. 80 00:03:35,000 --> 00:03:37,120 Speaker 2: They're pretty good. What they will do is they normally 81 00:03:37,240 --> 00:03:39,240 Speaker 2: data match. So when you do your tax return, you 82 00:03:39,280 --> 00:03:41,680 Speaker 2: put in what your occupation is, and they'll usually data 83 00:03:41,720 --> 00:03:44,840 Speaker 2: match that across different tax returns of people in your industry, 84 00:03:44,840 --> 00:03:46,880 Speaker 2: and they'll compare the types of deductions and things that 85 00:03:46,920 --> 00:03:49,760 Speaker 2: you're putting in. So if your return looks quite different 86 00:03:49,800 --> 00:03:52,800 Speaker 2: to those, they'll reach out and they'll say, hey, Sean, 87 00:03:52,880 --> 00:03:54,000 Speaker 2: we've had a bit of a look at this. It 88 00:03:54,040 --> 00:03:56,360 Speaker 2: doesn't look right, and they give you a chance to 89 00:03:56,400 --> 00:03:59,360 Speaker 2: sort of fess up, go oh, look, I've made a mistake. 90 00:03:59,440 --> 00:04:01,400 Speaker 2: Maybe go to an accountant, get them to look at 91 00:04:01,400 --> 00:04:03,520 Speaker 2: it and amend your tax return. But if you don't 92 00:04:03,560 --> 00:04:05,880 Speaker 2: amend your tax return at that stage, then they might 93 00:04:05,960 --> 00:04:08,480 Speaker 2: start to, you know, actually do an audit. But they're 94 00:04:08,520 --> 00:04:11,200 Speaker 2: generally pretty good, so you don't need to really stress 95 00:04:11,200 --> 00:04:14,080 Speaker 2: that you're going to end up in jail or get 96 00:04:14,120 --> 00:04:15,920 Speaker 2: into a lot of trouble if you make a little mistake. 97 00:04:15,960 --> 00:04:18,080 Speaker 1: I must say I have used this self help line 98 00:04:18,120 --> 00:04:21,560 Speaker 1: and the fantastic on that if I use an accountant, 99 00:04:21,560 --> 00:04:25,520 Speaker 1: Am I better off with the ATO? I wouldn't. 100 00:04:25,600 --> 00:04:27,440 Speaker 2: Well, I'm an accountant, so I always say, yes, you 101 00:04:27,480 --> 00:04:29,920 Speaker 2: are better off one hundred percent. Absolutely. But if your 102 00:04:29,960 --> 00:04:34,440 Speaker 2: tax affairs are fairly simple, you know the average salary wage, journal, 103 00:04:34,600 --> 00:04:36,640 Speaker 2: a couple of deductions here and there, and there's nothing 104 00:04:36,680 --> 00:04:39,080 Speaker 2: that you're really questioning, then you could probably do it 105 00:04:39,120 --> 00:04:41,680 Speaker 2: yourself in my GUV and there'll be no dramas. But 106 00:04:41,680 --> 00:04:43,640 Speaker 2: if it's a little bit more complicated, you know, you've 107 00:04:43,680 --> 00:04:45,960 Speaker 2: got more deductions, maybe you're claiming a motor vehicle or 108 00:04:45,960 --> 00:04:48,839 Speaker 2: you've got work from home, you've got a rental property, 109 00:04:48,880 --> 00:04:51,680 Speaker 2: you've got other investments. It's always good to speak to 110 00:04:51,680 --> 00:04:54,440 Speaker 2: an accountant to make sure that everything's being captured and 111 00:04:54,440 --> 00:04:55,120 Speaker 2: done the right way. 112 00:04:55,640 --> 00:04:57,960 Speaker 1: If you shift this to small businesses, what are the 113 00:04:58,000 --> 00:05:00,520 Speaker 1: main things they have to keep an eye on in 114 00:05:00,640 --> 00:05:03,000 Speaker 1: terms of when they're doing their tax So. 115 00:05:02,880 --> 00:05:05,240 Speaker 2: Small businesses, I would always recommend to speak to an 116 00:05:05,279 --> 00:05:08,280 Speaker 2: accountant because there's a lot of different nuances that small 117 00:05:08,279 --> 00:05:11,560 Speaker 2: businesses wouldn't be aware of. So one example would be 118 00:05:11,760 --> 00:05:15,640 Speaker 2: the immediate asset right off, which the incoming government has 119 00:05:15,680 --> 00:05:18,080 Speaker 2: promised they're going to legislate to extend it. So that's 120 00:05:18,120 --> 00:05:21,000 Speaker 2: the twenty thousand dollars immediate riteoff for assets up to 121 00:05:21,000 --> 00:05:23,000 Speaker 2: twenty thousand dollars. You claim it as a one off 122 00:05:23,360 --> 00:05:25,960 Speaker 2: rather than over what we call the useful life and 123 00:05:26,040 --> 00:05:28,760 Speaker 2: appreciate it. So that could be quite a big tax 124 00:05:28,800 --> 00:05:30,839 Speaker 2: reduction that if you're a small business doing your own 125 00:05:30,920 --> 00:05:34,160 Speaker 2: tax return you might miss. So definitely speaking to an 126 00:05:34,160 --> 00:05:36,920 Speaker 2: account just to make sure that everything is going through 127 00:05:36,960 --> 00:05:37,520 Speaker 2: as it should. 128 00:05:37,880 --> 00:05:45,120 Speaker 1: Stay with me, Natalie, we'll be back in a minute. 129 00:05:46,320 --> 00:05:49,960 Speaker 1: I guess this morning is Natalie Lennon from Two Sides Accounting, 130 00:05:51,480 --> 00:05:54,080 Speaker 1: we've just gone past the end of the financial year. 131 00:05:54,520 --> 00:05:58,479 Speaker 1: I mean off air talking about a website business dot 132 00:05:58,520 --> 00:06:01,359 Speaker 1: com dot au which lists all changes that kick in 133 00:06:01,600 --> 00:06:05,200 Speaker 1: on the first of July. How do businesses keep across 134 00:06:05,240 --> 00:06:09,520 Speaker 1: that stuff? And we're talking supernuation, incidnaset right offs the 135 00:06:09,640 --> 00:06:10,280 Speaker 1: whole gammut. 136 00:06:10,480 --> 00:06:12,400 Speaker 2: Yeah, look at it very hard to keep on top 137 00:06:12,440 --> 00:06:14,760 Speaker 2: of even as an accountant. You know, we've got to 138 00:06:14,839 --> 00:06:17,760 Speaker 2: keep up with what they're just talking about in the media. 139 00:06:18,160 --> 00:06:20,320 Speaker 2: What is promised. So for example, like we said before, 140 00:06:20,360 --> 00:06:23,360 Speaker 2: it's been promised in the election, not not legislated yet, 141 00:06:23,480 --> 00:06:25,720 Speaker 2: so then what's legislated and then what data comes in. 142 00:06:25,839 --> 00:06:28,160 Speaker 2: So there's certain things that the government promised in the 143 00:06:28,200 --> 00:06:30,760 Speaker 2: election that are not coming into next financial year, so 144 00:06:30,839 --> 00:06:33,600 Speaker 2: people will forget about that. So I guess just you know, 145 00:06:33,800 --> 00:06:36,160 Speaker 2: like anything, the more you can read, so you know, 146 00:06:36,200 --> 00:06:38,800 Speaker 2: if you're looking at news articles, keeping up to date, 147 00:06:39,360 --> 00:06:41,480 Speaker 2: if you have an accountant, then I would assume that 148 00:06:41,560 --> 00:06:44,080 Speaker 2: you know, you're receiving a newsletter from your accountant, following 149 00:06:44,080 --> 00:06:46,360 Speaker 2: them on social media, they're going to be your you know, 150 00:06:46,560 --> 00:06:49,200 Speaker 2: your best source. But you know, like anything, just the 151 00:06:49,360 --> 00:06:51,880 Speaker 2: more things that you consume that you see out there, 152 00:06:52,279 --> 00:06:54,680 Speaker 2: the more equipped you're going to be. But to be honest, 153 00:06:54,839 --> 00:06:56,720 Speaker 2: like I said, the accountants even struggle to keep up 154 00:06:56,720 --> 00:06:58,840 Speaker 2: with it. So as a business owner, I wouldn't be 155 00:06:58,920 --> 00:07:00,800 Speaker 2: stressed if you think, oh my god, there's so much 156 00:07:00,880 --> 00:07:02,120 Speaker 2: I just can't Yeah. 157 00:07:02,320 --> 00:07:06,800 Speaker 1: Yeah, in terms of what small business needs, so we 158 00:07:06,880 --> 00:07:10,600 Speaker 1: talked about instant asset right off. Are there other legislated 159 00:07:10,720 --> 00:07:13,559 Speaker 1: or not that Given what you do for a living, 160 00:07:13,920 --> 00:07:15,960 Speaker 1: you kind of think this would really help small business. 161 00:07:16,640 --> 00:07:18,760 Speaker 2: So as a business own I would recommend, Well, I 162 00:07:18,840 --> 00:07:20,800 Speaker 2: know we're we're on the other side of the financial 163 00:07:20,920 --> 00:07:23,120 Speaker 2: so it's a bit late now, but for next financial 164 00:07:23,240 --> 00:07:24,600 Speaker 2: you have it to think about whether you want to 165 00:07:24,640 --> 00:07:26,760 Speaker 2: put extra money into your superfund because you're going to 166 00:07:26,760 --> 00:07:29,880 Speaker 2: get a tax deduction for that, but also potentially looking 167 00:07:29,960 --> 00:07:32,760 Speaker 2: at any if you've got ATO debts, because from first 168 00:07:32,840 --> 00:07:35,400 Speaker 2: of July this year, the ATOS decided that you can't 169 00:07:35,440 --> 00:07:39,040 Speaker 2: claim any interest deductions for interest paid to the ATO 170 00:07:39,240 --> 00:07:41,120 Speaker 2: on your interest debts, so you might want to look 171 00:07:41,120 --> 00:07:42,480 Speaker 2: to be refinancing those debts. 172 00:07:42,960 --> 00:07:44,640 Speaker 1: I'm going to try and put that in terms that 173 00:07:44,640 --> 00:07:47,520 Speaker 1: I understand. If I owe one hundred thousand dollars to 174 00:07:47,600 --> 00:07:50,400 Speaker 1: the AHO and they are taging ten percent that ten 175 00:07:50,480 --> 00:07:55,240 Speaker 1: thousand dollars that interest was tax deductible previously. 176 00:07:54,840 --> 00:07:56,080 Speaker 2: Correct and not any more. 177 00:07:56,120 --> 00:07:59,080 Speaker 1: Not anymore, No, not from first of July. So one hundred. 178 00:07:59,120 --> 00:08:01,520 Speaker 1: I mean that's quite a deduction that you're not going 179 00:08:01,560 --> 00:08:01,760 Speaker 1: to have. 180 00:08:02,840 --> 00:08:05,160 Speaker 2: Okay, so you want to be looking to probably refinance 181 00:08:05,240 --> 00:08:07,360 Speaker 2: that so that you can claim that deduction. So that's 182 00:08:07,400 --> 00:08:10,280 Speaker 2: probably a large one. And look, in my experience over 183 00:08:10,320 --> 00:08:12,520 Speaker 2: the last twelve months, we've seen quite a few businesses 184 00:08:12,840 --> 00:08:15,560 Speaker 2: take out payment plans with the ATO, So I'd imagine 185 00:08:15,640 --> 00:08:17,800 Speaker 2: that's why the ATO is also doing it because they're 186 00:08:17,840 --> 00:08:21,040 Speaker 2: losing too much revenue in letting people claim. 187 00:08:20,840 --> 00:08:22,680 Speaker 1: That as a tax deduction and has that kicked in 188 00:08:22,800 --> 00:08:25,560 Speaker 1: now first of July? Yes, right, so I will be 189 00:08:25,640 --> 00:08:27,560 Speaker 1: paying if I'm not, and that's the individual's end. 190 00:08:27,880 --> 00:08:28,920 Speaker 2: Yes, right across the board. 191 00:08:29,360 --> 00:08:32,199 Speaker 1: Okay, so I'm just sort of zero. Have done some 192 00:08:32,320 --> 00:08:35,240 Speaker 1: work in the Tax time Tour fourth they talk about 193 00:08:35,240 --> 00:08:38,520 Speaker 1: it and things like anyone can be ordered by the ATO, 194 00:08:38,679 --> 00:08:39,079 Speaker 1: yes or no? 195 00:08:39,800 --> 00:08:40,000 Speaker 2: Yes? 196 00:08:40,360 --> 00:08:44,079 Speaker 1: Right? Can I claim this is one I want to 197 00:08:44,400 --> 00:08:49,160 Speaker 1: an expense from past financial year, this financial leakuse I 198 00:08:49,160 --> 00:08:50,160 Speaker 1: forgot about it last time. 199 00:08:50,320 --> 00:08:52,520 Speaker 2: No, you would have to mend your return from last year. 200 00:08:52,960 --> 00:08:55,719 Speaker 1: That's not good. I have to pay tax on every 201 00:08:55,760 --> 00:08:56,640 Speaker 1: single dollar I earn. 202 00:08:57,200 --> 00:09:00,439 Speaker 2: No, you get the tax free Most individual get the 203 00:09:00,480 --> 00:09:01,360 Speaker 2: tax free threshold. 204 00:09:01,960 --> 00:09:04,280 Speaker 1: Okay, if I do it myself. The deadline did lodge 205 00:09:04,320 --> 00:09:07,040 Speaker 1: my individual tax return for the previous financial year is 206 00:09:07,080 --> 00:09:09,880 Speaker 1: thirty one October And the crollery with that is if 207 00:09:10,000 --> 00:09:12,040 Speaker 1: you're using an encounter and it's later. I think it's made. 208 00:09:12,160 --> 00:09:13,280 Speaker 2: Yes, correct, Good. 209 00:09:13,840 --> 00:09:16,600 Speaker 1: If I don't earn any income in a financial year, 210 00:09:16,640 --> 00:09:18,640 Speaker 1: I don't have to lodge a tax return. It's a 211 00:09:18,679 --> 00:09:19,000 Speaker 1: good one. 212 00:09:19,280 --> 00:09:21,640 Speaker 2: Well, technically you don't have to lodge one, but you 213 00:09:21,760 --> 00:09:24,240 Speaker 2: probably just should lodge a nil in your mic off 214 00:09:24,360 --> 00:09:26,360 Speaker 2: because if you don't, the ATM may chase you up 215 00:09:26,400 --> 00:09:26,599 Speaker 2: for it. 216 00:09:27,160 --> 00:09:31,240 Speaker 1: Okaya or business entities in Australia pay the same tax rate. 217 00:09:31,360 --> 00:09:34,959 Speaker 1: That's yea, I know that one. Anyone can claim the 218 00:09:35,120 --> 00:09:40,559 Speaker 1: instant asset right off small businesses only right. Yes, you 219 00:09:40,800 --> 00:09:43,920 Speaker 1: can claim the tax free threshold on your personal link. 220 00:09:43,960 --> 00:09:45,640 Speaker 1: If you have two jobs, you can claim it on both. 221 00:09:45,960 --> 00:09:46,000 Speaker 2: No. 222 00:09:46,360 --> 00:09:51,800 Speaker 1: Once there, the money I spent on tax deduction reduces 223 00:09:51,840 --> 00:09:54,839 Speaker 1: my tax bill by the same amount. Incorrect, So it's 224 00:09:54,840 --> 00:09:56,240 Speaker 1: actually just the so it. 225 00:09:56,240 --> 00:09:59,120 Speaker 2: Should depends on your tax rate, So that average austraining 226 00:09:59,200 --> 00:10:01,760 Speaker 2: tax rate might be twenty to thirty percent, So twenty 227 00:10:01,800 --> 00:10:03,920 Speaker 2: to thirty cents in the dollar off every dollar you spend. 228 00:10:04,280 --> 00:10:07,480 Speaker 1: Okay, yeah, I don't need to keep receipts or records 229 00:10:07,559 --> 00:10:10,880 Speaker 1: for any tax deductible purchases under one hundred dollars. 230 00:10:13,000 --> 00:10:14,800 Speaker 2: That is a bit of a curly one because there's 231 00:10:14,920 --> 00:10:17,959 Speaker 2: there's certain things that you can claim without receipts, and 232 00:10:18,000 --> 00:10:19,960 Speaker 2: there's some things that you do need receipts, and then 233 00:10:20,000 --> 00:10:21,559 Speaker 2: if you go over the three hundred, there's like a 234 00:10:21,559 --> 00:10:23,679 Speaker 2: three hundred dollar limit if you go over them, right, 235 00:10:23,760 --> 00:10:25,920 Speaker 2: So it's a little bit comm more complicated than that. 236 00:10:26,120 --> 00:10:28,200 Speaker 1: Yes, my final one which I must say I got 237 00:10:28,240 --> 00:10:30,280 Speaker 1: wrong on this one. You've been one hundred percent so far. Now, 238 00:10:31,120 --> 00:10:34,640 Speaker 1: all businesses in Australia are required to register for GST. 239 00:10:34,960 --> 00:10:37,840 Speaker 2: Incorrect, that's right, depends on depends on that. 240 00:10:38,480 --> 00:10:40,640 Speaker 1: Things like that. Natalie, thank you for talking to Fear 241 00:10:40,679 --> 00:10:41,000 Speaker 1: and Greed. 242 00:10:41,280 --> 00:10:42,599 Speaker 2: You're very welcome. Thank you for having me. 243 00:10:42,800 --> 00:10:45,480 Speaker 1: That was Natalie Lennon, founder and director of Two Sides 244 00:10:45,480 --> 00:10:48,240 Speaker 1: Accounting here with thanks to Zero a great supporter of 245 00:10:48,320 --> 00:10:50,880 Speaker 1: this podcast. This is the Fear and Greed Business Interview. 246 00:10:50,960 --> 00:10:53,240 Speaker 1: Join us every morning for the full episode of Fear 247 00:10:53,280 --> 00:10:54,880 Speaker 1: and Greed Business news. 248 00:10:54,800 --> 00:10:55,280 Speaker 2: You can use. 249 00:10:55,320 --> 00:10:56,959 Speaker 1: I'm Sean Elmont. Enjoy your day.