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Speaker 1: Hello, and welcome to this episode of The Money Puzzle.

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Speaker 1: I'm your host James Gerard's standing in again for James Kirby,

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Speaker 1: who will be back next week. In our last episode,

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Speaker 1: we had property developer Deichi Samahara, who gave us an

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Speaker 1: insider's view on the world of property development. And today

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Speaker 1: we're going to continue with the theme of looking under

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Speaker 1: the hood, but this time all things tax an accounting.

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Speaker 1: To help me do this, we have a superstar of

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Speaker 1: the accounting world, and to give our listeners an idea

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Speaker 1: of the stardom our guest has. When he's spotted at

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Speaker 1: accounting conventions, fellow accountants drop their pencils and calculators in

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Speaker 1: all and when our guest goes to his local shopping center,

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Speaker 1: he's treated like a celebrity, mobbed by adoring fans who

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Speaker 1: are holding their twenty twenty three tax returns, wanting to

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Speaker 1: grab our guest attention and garnish his autograph. So, without

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Speaker 1: further delay, let me introduce to today's guest. He's an accountant

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Speaker 1: and he's actually my accountant. I've known him for over

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Speaker 1: twenty years. A big money Puzzle. Welcome to Central Coast

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Speaker 1: accountant Timothy Ricardo. Welcome Tim, And how about that for

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Speaker 1: an intro?

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Speaker 2: Hey, well thanks, James. I give it an embarrassing factor

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Speaker 2: of ten, so it's right up there.

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Speaker 1: Fantastic. All right, Well let's get straight into it. We're

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Speaker 1: gonna have a chat about end of financial year tax

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Speaker 1: planning because it's upon us this time of year again,

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Speaker 1: but maybe not directly related to that to start up with,

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Speaker 1: but to electric vehicles, the prices are dropping, and so

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Speaker 1: I wanted to ask, is it worthwhile considering one from

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Speaker 1: a tax perspective under an ovated lease?

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Speaker 2: Well, this is one of your favorite topics. I think, James,

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Speaker 2: you just want to talk about your own electric car.

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Speaker 1: I think I do you actually caught me? I want

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Speaker 1: to ask you some questions and not have you charge me.

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Speaker 2: For a time. Yeah, fair enough. Well, look, the short

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Speaker 2: answer is yes, you know, you should definitely consider it,

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Speaker 2: especially if you want to get an ev car anyway,

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Speaker 2: because they can be a it can be a real

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Speaker 2: tax savor getting it through a novated lease, and you know,

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Speaker 2: one hundred per tax exempt sounds too good to be true,

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Speaker 2: but that seems to be the case at the moment.

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Speaker 2: So yeah, definitely worth considering if you're interested in a EV.

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Speaker 1: Car excellent, So it sounds like a very attractive way

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Speaker 1: to fund a vehicle, and so never at least it's

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Speaker 1: pretty tax effective anyway, but under the electric vehicle discount

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Speaker 1: scheme that came in a little while ago, it makes

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Speaker 1: it even more attractive. So moving on to Stage three

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Speaker 1: tax cuts, they start from one July. They were introduced

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Speaker 1: by the Coalition and amended recently by the Labor government. So, Timothy,

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Speaker 1: is there anything that people need to do given that

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Speaker 1: tax rates are higher this financial year for most and

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Speaker 1: they'll be slightly lowered next financial year for most.

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Speaker 2: Yeah, definitely, I think knowing that the brackets are coming down,

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Speaker 2: we want to generally bring forward deductions into this financial year,

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Speaker 2: which is a pretty common thing you do anyway for

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Speaker 2: tax planning because it sort of gets the benefit sooner,

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Speaker 2: but you may also get that benefit it at a

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Speaker 2: higher tax rate, which means that you're saving more money

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Speaker 2: as if you're compared to deferring it to next year.

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Speaker 2: And secondly, obviously on the other side is deferring your

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Speaker 2: income to next year. So if you're a small business

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Speaker 2: owner and you're wanting to try to manage your tax planning,

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Speaker 2: trying to push your income or dividends into next year

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Speaker 2: if you can make use of the lower tax rates. Yeah,

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Speaker 2: that's definitely something to look at. Yeah, and for low

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Speaker 2: income earners, I think you mentioned recently in the Breakfast

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Speaker 2: Show the other day, James, about the new pay rise

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Speaker 2: from the low income earners. What are they getting?

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Speaker 1: That's right, Well, I'll just recap that so that the

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Speaker 1: Fair Work Commission they do an annual wage review of

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Speaker 1: the minimum wage, and they introduced a three point seventy

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Speaker 1: five percent increase this year, which is in line with

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Speaker 1: your inflation, the broader inflation rates three point six percent.

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Speaker 2: Yes, So I thought that was interesting to bring up

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Speaker 2: because in line with the tax cuts as well. I

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Speaker 2: looked up the low income earners. They're going to be

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Speaker 2: getting another sixteen dollars in the hand per week on

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Speaker 2: top of their twenty three dollars from that, So you're

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Speaker 2: almost almost at forty dollars a week extra for those

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Speaker 2: lower income earners with the two of these combined. So yeah,

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Speaker 2: that's pretty good. But across the board, everyone seems to

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Speaker 2: be benefiting, and some more than others. But yeah, so

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Speaker 2: something else to look forward to with these tax cuts

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Speaker 2: coming in.

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Speaker 1: And what about people who are retired who drawed down

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Speaker 1: a pension from their super account, particularly those people that

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Speaker 1: were taking the reduced minimums which went on for was

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Speaker 1: it like four or five financial years? Is there anything

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Speaker 1: that they should be considering this financial year?

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Speaker 2: Definitely, Okay, so this is a good thirtieth of June

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Speaker 2: sort of tax planning issue to bring up with all

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Speaker 2: those retirees, the ones who have self managed supers, or

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Speaker 2: even the ones that have pensions with their funds that

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Speaker 2: want to make sure that they're complying. And it's I

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Speaker 2: think the pension reduction it was half the rate of

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Speaker 2: what it normally is. So definitely for this financial gear,

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Speaker 2: double check your minimum withdrawal so that your pension can

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Speaker 2: stay compliant because otherwise there's a whole lot of messy

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Speaker 2: admin work that needs to be done and yeah, you

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Speaker 2: might lose some tax benefits there. So yeah, at the

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Speaker 2: end of each year, we usually give a letter to

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Speaker 2: all of our when we finish their tax to all

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Speaker 2: of our self made super clients, and they've got in

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Speaker 2: black and white they're what they need to draw down on.

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Speaker 2: So you should always double check your end of year

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Speaker 2: paperwork and make sure that you've got those that amount

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Speaker 2: drawn down before thirtieth of June, which I think for

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Speaker 2: a sixty five year old, just to give an example,

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Speaker 2: two and a half percent was what it used to

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Speaker 2: be and that's now been brought under the harving and

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Speaker 2: now it's been brought back up to five percent, So

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Speaker 2: it's a pretty significant change absolutely.

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Speaker 1: I guess the fortunate thing is that people who are

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Speaker 1: in retail or industry super funds the trustee of those funds.

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Speaker 1: So if you're an industry fund with like Australian Super

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Speaker 1: if you're a retail fund with say BT, the trustee

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Speaker 1: will say, hey, you need to increase your pension payments

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Speaker 1: and make sure you take out that the minimum you

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Speaker 1: were taking two and a half percent, but this financial

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Speaker 1: un you need to take out five. But it's probably

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Speaker 1: the people in the self managed super funds who are

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Speaker 1: the ones that are potentially going to be caught out

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Speaker 1: because they're the trustee themselves and they're the one responsible

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Speaker 1: for making sure that they meet the minimum requirements.

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Speaker 2: Is that right, Tim? That's right?

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Speaker 1: Yeah, good well, moving on to family trusts. I read

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Speaker 1: about this recently in the Australia and it was quite

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Speaker 1: interesting that there's some things that people need to do

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Speaker 1: before the end of the financial year if they run

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Speaker 1: their own family trust, generally in conn junction with their

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Speaker 1: advisor being a tax accountant on the true US. Did

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Speaker 1: you want to run through what that is?

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Speaker 2: Yeah, certainly. So. The main one is to make sure

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Speaker 2: you get your resolutions in place for your income distribution.

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Speaker 2: ATO has done a lot of work in this space

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Speaker 2: in the last few years in sort of making sure

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Speaker 2: that people are making their resolutions and if not, you

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Speaker 2: can be caught out being paid paying the highest marginal

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Speaker 2: rate of tax inside the trust if it's left undistributed.

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Speaker 2: So you've got to make sure you do a resolution,

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Speaker 2: make sure that resolution is compliant with your with your deed,

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Speaker 2: and yeah, I guess also making sure that you've paid

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Speaker 2: through that amount to your beneficiary, which you've got a

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Speaker 2: little bit of time to do that, but you need

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Speaker 2: to make sure that you're doing what you're saying you're

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Speaker 2: going to do in that resolution. It's very important.

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Speaker 1: And for individuals, does this apply the instant tax? Right off?

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Speaker 1: I believe there's an amount and you can run through

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Speaker 1: the details of how many thousands of dollars people can

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Speaker 1: buy things for and then write them off straight away.

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Speaker 1: Was that more a business thing?

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Speaker 2: Yeah, that's definitely a business thing, James. The businesses can

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Speaker 2: I think they've passed it in the last budget. It's

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Speaker 2: twenty thousand dollars. Now, this is a massive change from

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Speaker 2: last year where we had temporary full expensing the under

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Speaker 2: the sort of COVID honeymoon rates there, where they were

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Speaker 2: letting everyone write off everything they bought, so people would

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Speaker 2: go and buy a new piece of equipment could be

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Speaker 2: one hundred thousand, five hundred thousand, they'd claim the whole

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Speaker 2: thing and write it off. But they've reduced that back

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Speaker 2: down to a meager twenty thousand dollars as soon as

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Speaker 2: the all the budget provisions passed the parliament. But yeah,

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Speaker 2: that's only four businesses and individuals. They're sort of stuck

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Speaker 2: with the usual three hundred dollars threshold, which is very

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Speaker 2: old and dates back to the eighties or whenever it

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Speaker 2: was that was put as a what is an asset

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Speaker 2: and over that amount need to depreciate. So if you're

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Speaker 2: going to go buy that computer for one thousand dollars

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Speaker 2: in your personal tax, you need to depreciate it. But

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Speaker 2: but yes, it's three hundred dollars. Anything less than that

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Speaker 2: you can ride it straight off.

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Speaker 1: So yeah, good and June is a very popular trading

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Speaker 1: time for the share market. There's a lot of volume

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Speaker 1: that goes through, and that's partially attributed to people selling

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Speaker 1: things in June for for tax reasons.

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Speaker 2: Running through at a.

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Speaker 1: High level what people can and can't do with regards

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Speaker 1: to selling shares for a loss. Can they just buy

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Speaker 1: the exact same chairs back in July. I know that

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Speaker 1: the ATO have a thing called wash sales, which they

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Speaker 1: don't really like, so yeah, maybe if you can run

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Speaker 1: through all that.

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Speaker 2: Yeah, so you've said it. They're basically acting doing things

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Speaker 2: for the sake of tax. Now, the ATO have tax

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Speaker 2: avoidance rules, which are basically, if you're making a decision

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Speaker 2: just for the sake of saving tax, then you've got

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Speaker 2: a bit of a problem there. Now, it's obviously everybody

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Speaker 2: does things that are tax effective. They try to do

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Speaker 2: things that are tax effective. But if you're specifically coming

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Speaker 2: up to the end of financial gear and you're trying

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Speaker 2: to save some money on tax, and you go, oh,

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Speaker 2: I've got these shares sitting there at a twenty thousand

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Speaker 2: dollars loss, so I'll sell those shares and lock in

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Speaker 2: that loss so that I can offset that against my

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Speaker 2: other gains, and then maybe I just buy back exactly

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Speaker 2: the same parcel of shares the next day or even

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Speaker 2: the same day. It's not going to fly with the

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Speaker 2: ATO because they basically they call that a wash sale,

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Speaker 2: So it's purely done that tax for the tax advantage

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Speaker 2: of it, and they don't see it as a decision

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Speaker 2: that's been made for any other reason other than that,

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Speaker 2: and that's when you can fall a foul of the ATO.

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Speaker 2: But essentially, you know, you've got to be considering if

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Speaker 2: you're doing it for a financial decision, which is more

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Speaker 2: in your camp there, James. So if you've got clients,

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Speaker 2: they've got a good reason to sell things, and obviously

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Speaker 2: it works for them to be doing that towards the

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Speaker 2: end of financial year, and there's also tax advantages to

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Speaker 2: do that, then that shouldn't be a problem. And then

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Speaker 2: later on if they want to change their mind on that,

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Speaker 2: and there's another financial reason behind that, and that's a

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Speaker 2: different issue, but it's more if you're just making that decision,

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Speaker 2: you know, just for the sake of tax avoidance, that's

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Speaker 2: crystal clear.

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Speaker 1: End of financial year. We've been talking about this now

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Speaker 1: for ten minutes. What I want to ask in the

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Speaker 1: final part of this part of out our chat is

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Speaker 1: around who should be having a tax planning meeting with

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Speaker 1: their accountant, because we hear that term thrown around tax

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Speaker 1: planning the end of financial year? Is it people that

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Speaker 1: run businesses? Should an individual who's a page you go

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Speaker 1: with one investment property, should they be contacting their account

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Speaker 1: and what sort of relevant circumstances should people have to

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Speaker 1: be warranting a tax planning meeting?

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Speaker 2: Right? Okay, well, I think I do often get asked

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Speaker 2: by people can we talk about my tax? And they

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Speaker 2: might just be an individual, you know, with just a

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Speaker 2: wage that's coming through, and you know they've already spent

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Speaker 2: what they've spent on things they're not going to buy

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Speaker 2: anymore or do anything different. There's not a lot of

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Speaker 2: point to them getting you know, a tax having a

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Speaker 2: tax planning meeting, paying hundreds of dollars to an accountant

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Speaker 2: or even thousands for them to run through things with

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Speaker 2: them if they can't do much. But obviously the benefit

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Speaker 2: comes more when you've got complex tax structures and think

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Speaker 2: like trusts and companies. And also if you maybe you

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Speaker 2: have a lot of capital gains and different assets that

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Speaker 2: you own. Maybe you have a family trust with other

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Speaker 2: investments that are bought and sold. Well, maybe you have

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Speaker 2: even property and you just want to see where you

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Speaker 2: could be sitting. Like with property owners. Quite often people

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Speaker 2: might in their tax planning meeting might consider maybe pre

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Speaker 2: paying a few things which might bring forward a few

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Speaker 2: deductions if that's going to benefit them in this financial gear.

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Speaker 2: So look at it's all about scale, and it's all

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Speaker 2: about what you can do. Your accountant should be able

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Speaker 2: to give you a good idea just you know quickly

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Speaker 2: whether or not one would benefit you. But yeah, it

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Speaker 2: is quite common for me to say, oh, look it's

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Speaker 2: probably not going to be worth your while once you

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Speaker 2: consider the cost. But yeah, those with businesses, yeah, pretty

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Speaker 2: well it could benefit them. It's just whether or not

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Speaker 2: they you know how much it's going to benefit and

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Speaker 2: really yep, and.

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Speaker 1: That makes sense. So pauses for courses. Common sense applies.

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Speaker 1: The more complex year situation is, the more likely it

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Speaker 1: is it shouldn't you should have a tax planning meeting.

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Speaker 1: But it sounds like anyone can have a tax planning meeting.

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Speaker 1: Fair accountant, they're just going to be charged for it,

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Speaker 1: and the benefit might not be exceeding what the cost is. Yeah,

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Speaker 1: all right, well, I'm very excited to get onto our

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Speaker 1: next segment. It's around I heard a friend say this

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Speaker 1: at a barbecue. Can I do this as well? But

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Speaker 1: before we jump into that, let's take a short break.

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Speaker 1: Hello and welcome back to the Money Puzzle. I'm James

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Speaker 1: Gerard right to, a contributor to the Wealth section of

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Speaker 1: The Australian and also founder a financial advisor dot com

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Speaker 1: dot au, and this week on the show, I have

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Speaker 1: Timothy Ricardo, certified practicing accountant from Central Coast of Sydney. Now,

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Speaker 1: before we get started on this particular part of the episode,

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Speaker 1: I just want to remind all of our listeners that

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Speaker 1: everything that we discussed is general information and should not

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Speaker 1: be taken as personal tax or personal financial advice, So

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Speaker 1: please seek out a qualified advisor before making any decisions. Now, Timothy,

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Speaker 1: I've compiled a list of questions that I've heard over

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Speaker 1: the years in regards to to tax and most of

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Speaker 1: these have come about from someone saying I was at

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Speaker 1: a barbecue and my friend told me that they're doing this,

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Speaker 1: Why can't I do this? Or I was at a

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Speaker 1: party and someone told me they're doing this. Or I

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Speaker 1: was in a taxi and a taxi driver said that

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Speaker 1: he's doing this. So I've got a good dozen or

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Speaker 1: so of these questions. Are you ready to confirm or

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Speaker 1: dispel these tax myths?

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Speaker 2: Yeah, this sounds like it's going to be quite a

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Speaker 2: painful one here, James. I think this is probably why

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Speaker 2: I don't attend many barbecues, apart apart from the obvious

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Speaker 2: of you always too busy to do so, I don't know.

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Speaker 1: All right, Well, here we go the first one. If

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Speaker 1: I have a family trust, can I distribute four hundred

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Speaker 1: and sixteen dollars, which is the tax free threshold for

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Speaker 1: a minor, to each of my fifty nieces and nephews

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Speaker 1: as a tax free distribution? So that would be an

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Speaker 1: extra twenty thousand dollars per year tax free. Somebody distributed

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Speaker 1: four hundred and sixteen dollars to fifty people under the

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Speaker 1: age of eighteen who are family members. So what do

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Speaker 1: you reckon about that one?

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Speaker 2: Tim, Wow, that's a lot of nieces and nephews there, James,

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Speaker 2: I think I've got is it sixteen nieces and nephews?

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Speaker 2: So I thought I was doing pretty well, but fifty, yeah,

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Speaker 2: that's a good number. Look, I think it wouldn't be

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Speaker 2: recommended as an initial comment, mainly because of the ato's

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Speaker 2: focus on distributions and making sure you're following through on

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Speaker 2: those distributions and issues surrounding just paper distributions and then

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Speaker 2: taking the money yourself. But it's also a risky practice anyway,

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Speaker 2: distributing to a whole lot of people, because perhaps your

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Speaker 2: deed doesn't allow you to distribute to them, or maybe

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Speaker 2: you have a family trust election in place which doesn't

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Speaker 2: allow you to distribute to nephews and nieces, so you

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Speaker 2: can talk you're accountant about that one. But it's certainly

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Speaker 2: not a case of twenty grand tax free in your

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Speaker 2: pocket if you decide to distribute to your fifty nieces

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Speaker 2: and nephews. Do you know all their names, James? I do.

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Speaker 2: My beautiful wife, Kiara.

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Speaker 1: She's Vietnamese and she her parents, both of them have

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Speaker 1: large families, so her mother is like one of twelve

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Speaker 1: and her dad's about one of about the same, and

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Speaker 1: so almost everybody is family one way or another. So

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Speaker 1: picture the scene Timothy family barbecue happens to be a

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Speaker 1: bank nearby with an ATM and there's a line with

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Speaker 1: fifty little kids there, and someone's standing there pulling out

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Speaker 1: four hundred and twenty dollars at a time and distributing

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Speaker 1: it to each of the fifty nieces and nephews. And

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Speaker 1: the trustee says that that can be done. How are

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Speaker 1: we feeling about that now?

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Speaker 2: Look, I'm feeling terrible about it, James. But that's okay.

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Speaker 2: I think we're going to keep moving. Keep moving. Give

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Speaker 2: you the next one, all right?

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Speaker 1: I have a contractor. Can I operate through a p

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Speaker 1: Toy limited structure to reduce my tax bill by having

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Speaker 1: multiple shareholders to pay income to? So just to elaborate

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Speaker 1: on that a little bit more, a contractor rather than

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Speaker 1: they contract and invoice themselves and pay up to forty

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Speaker 1: seven percent tax. The question here is, can we just

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Speaker 1: use a company structure and invoice and I can split

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Speaker 1: my income to multiple people through that company structure so

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Speaker 1: I don't have to pay forty seven percent tax?

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Speaker 2: Okay? So I think there's a lot could be said

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Speaker 2: about this one. I've had this question recently. It's it's

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Speaker 2: a pretty common thing people wanting to try to use

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Speaker 2: structures as a bit of a sham business, you know,

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Speaker 2: to try to distribute income. The bottom line is you

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Speaker 2: just need to watch out for what's called personal income.

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Speaker 2: The Personal services Income provisions and the ATO don't really

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Speaker 2: allow you to split PSI what's called PSI income, so

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Speaker 2: they what they're looking at doing there would probably be

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Speaker 2: contrary to the rules. You just need to look at

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Speaker 2: how the business is running, whether it satisfies other conditions

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Speaker 2: eighty twenty rule results tests to see if maybe it's

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Speaker 2: a personal services business. But generally the question surrounding these

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Speaker 2: is to try to make people, like I said, set

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Speaker 2: up businesses that are not really businesses and they're charating

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Speaker 2: as such. So yeah, watch out.

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Speaker 1: Okay, So it sort of sounds like the tax office

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Speaker 1: just look at intentions. If something looks like you're doing

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Speaker 1: something to try and get around paying tax illegitimately, that

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Speaker 1: they're probably going to rule it that way.

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Speaker 2: In short, well, they've probably already got rules in place

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Speaker 2: to close those loopholes. But yeah, certainly, if that's your

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Speaker 2: taxi cab driver giving you that advice, James, I'd be

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Speaker 2: very wary.

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Speaker 1: All right, zero from two. Let's see if we can

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Speaker 1: get a yes on something. Can I become a taxed

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Speaker 1: resident of a tax free country such as Vanowatu and

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Speaker 1: then register a business there, start invoicing through that and

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Speaker 1: pano tax.

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Speaker 2: It sounds pretty good, doesn't it. It sounds amazing for

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Speaker 2: all of our except that I'd be out of a

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Speaker 2: job if I moved over there. That's the only problem, James,

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Speaker 2: not having any tax to pay. But for all of

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Speaker 2: our Vanua to listeners, potentially they could, they could be

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Speaker 2: over there and operating. But for any of you who

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Speaker 2: want to actually live and reside or have a home

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Speaker 2: or work in Australia, then most of the time the

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Speaker 2: answer is going to be nut James. So I don't

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Speaker 2: think that that's that's really a viable option if you're

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Speaker 2: if you're in Australia and operating in Australia, and yeah,

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Speaker 2: there's there's lots of complex rules here. You need to

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Speaker 2: talk to your advisors about this one, particularly if you

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Speaker 2: maybe looking at a dual sort of citizenship or residency.

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Speaker 2: There's all sorts of tax residents issues to consider there.

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Speaker 1: So okay, So sounds like if you live in Australia

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Speaker 1: work in Australia, there's no way it's unlikely to be

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Speaker 1: able to be classified as a hard to in taxism

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Speaker 1: and pay no tax. Well let's try again. Can we

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Speaker 1: buy an investment property or investment properties all around the

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Speaker 1: country and travel to them and claim the travel costs

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Speaker 1: as a tax deduction because I'm going to inspect my

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Speaker 1: investment property and coincidentally it lines up with a school holiday.

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Speaker 1: I mean, they just might take a bit of extra

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Speaker 1: time staying in that location as well.

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Speaker 2: Okay, so this one's been a no as well, James.

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Speaker 2: You should have mixed these up a bit more and

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Speaker 2: put some yes ones in there. But I feel like

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Speaker 2: a bit of a wet blanket. But no travel has

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Speaker 2: not been allowed with rental properties since twenty seventeen something

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Speaker 2: like that, so it's been a number of years now

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Speaker 2: that travel can't be claimed. But also with holiday homes,

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Speaker 2: you've got to be careful because you've got to reduce

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Speaker 2: your claims when you're using them personally as well. So

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Speaker 2: there's also a bit of another trap to be to

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Speaker 2: be watching out for when you're when you're looking at

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Speaker 2: holiday investment properties.

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Speaker 1: Okay, well, I'm determined to get a yes out of you.

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Speaker 1: Let's try this one. Assume I have a dog and

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Speaker 1: I work from home as well. Can I claim my

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Speaker 1: dog food and pet bills as a expense because my dog,

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Speaker 1: well that was the Chihawa, doubles as a guard dog.

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Speaker 2: Once again, like I said, I don't attend many barbecues.

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Speaker 2: If these are the type of questions, I don't think

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Speaker 2: I'll go to any anytime soon. But generally no. Well,

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Speaker 2: pretty well, it's that's going to be a no, especially

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Speaker 2: if it's chihuahua. They're James. But some businesses that require

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Speaker 2: legitimate guard dogs, you know, then you know, they can

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Speaker 2: sort of claim that those sort of expenses for those

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Speaker 2: for looking after their guard dogs and that sort of thing.

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Speaker 2: But for the general, run of the mill sort of

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Speaker 2: home office worker, that's going to be a definite no.

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Speaker 1: Okay, I feel like there's a yes coming on this one.

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Speaker 1: Who can claim gym membership as a tax deduction? So

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Speaker 1: someone asserts that I need to be physically fit for

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Speaker 1: my work, and so part of me staying fit for

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Speaker 1: my work is going to the gym, I want to

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Speaker 1: claim that as a tax deduction. Is this possible under

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Speaker 1: any circumstances?

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Speaker 2: Absolutely? There we go, we go. Yeah. So look as

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Speaker 2: far as someone who's got an elite level of fitness.

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Speaker 2: Someone that's emergency services workers that are at that higher level,

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Speaker 2: you know, and we've got your personal trainers, are the

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Speaker 2: professional athletes, anyone that sort of ticks those boxes of

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Speaker 2: requiring an elite level of fitness, then yes they can

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Speaker 2: claim that for your I mean, you've got your Simpson's

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Speaker 2: picture of what police officers look like. I'm not saying

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Speaker 2: that that's what they all look like, but obviously the

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Speaker 2: general police officer or the you know, your sort of

435
00:24:26,280 --> 00:24:29,320
Speaker 2: general worker that doesn't require that higher level of fitness.

436
00:24:29,359 --> 00:24:31,680
Speaker 2: It's it's going to be you know, but but yeah,

437
00:24:31,720 --> 00:24:36,560
Speaker 2: there's certainly options there when ability to claim when you've

438
00:24:36,720 --> 00:24:38,720
Speaker 2: got that higher level of fitness required.

439
00:24:39,920 --> 00:24:43,280
Speaker 1: Look like, what, what's an elite sort of level of

440
00:24:43,280 --> 00:24:46,240
Speaker 1: things we talk like a laborer who works on in

441
00:24:46,280 --> 00:24:48,080
Speaker 1: the building industry.

442
00:24:48,400 --> 00:24:50,199
Speaker 2: No, it is. It is going to be few and

443
00:24:50,240 --> 00:24:55,080
Speaker 2: far between, to be honest, it is. Yeah, I wouldn't

444
00:24:55,119 --> 00:24:58,359
Speaker 2: have many of these that I've I've I've had I

445
00:24:58,440 --> 00:25:02,680
Speaker 2: had a few professional sort of sports people and they

446
00:25:02,760 --> 00:25:07,280
Speaker 2: all are able to claim their their gym membership. You've

447
00:25:07,359 --> 00:25:12,800
Speaker 2: also got I had an actual specific rescue worker that

448
00:25:13,920 --> 00:25:17,720
Speaker 2: you know required a higher level. Certainly you know, like

449
00:25:17,760 --> 00:25:20,920
Speaker 2: your sas your army, people that require that higher level

450
00:25:20,960 --> 00:25:24,960
Speaker 2: as well of fitness. Yeah, they are few and far between.

451
00:25:25,240 --> 00:25:29,600
Speaker 2: And you know, out of every thousand tax returns you

452
00:25:29,680 --> 00:25:35,000
Speaker 2: might have maybe maybe half a dozen or so, there's

453
00:25:35,000 --> 00:25:38,160
Speaker 2: not going to be many James. So it's not nothing

454
00:25:38,200 --> 00:25:41,760
Speaker 2: to really write home about. But yes it is, it

455
00:25:41,840 --> 00:25:42,720
Speaker 2: is a possibility.

456
00:25:43,960 --> 00:25:47,399
Speaker 1: All right. What about if I'm a professional dog walker

457
00:25:47,680 --> 00:25:51,160
Speaker 1: and I'm walking five dogs at a time, five times

458
00:25:51,200 --> 00:25:54,040
Speaker 1: a day. I need my cardio fitness? Tim, Can I

459
00:25:54,080 --> 00:25:55,600
Speaker 1: claim you just want me.

460
00:25:55,560 --> 00:25:58,879
Speaker 2: To say no again, don't you? All right?

461
00:25:58,920 --> 00:26:00,600
Speaker 1: I think everyone knows the as to that, and I

462
00:26:00,600 --> 00:26:02,439
Speaker 1: think Tim thinks that the ATM is listening to this.

463
00:26:02,560 --> 00:26:06,159
Speaker 1: We'll move on to the next word. Now continue on

464
00:26:06,160 --> 00:26:08,720
Speaker 1: the home office team. I work in a home office.

465
00:26:08,840 --> 00:26:11,960
Speaker 1: I just bought a new TV and speakers for my

466
00:26:12,160 --> 00:26:14,919
Speaker 1: home office. Can I claim that as a tax reduction?

467
00:26:15,480 --> 00:26:20,760
Speaker 2: Okay, So this would be a capital asset anyway, because

468
00:26:20,840 --> 00:26:25,159
Speaker 2: we spoke before about the three hundred dollars threshold. But

469
00:26:25,520 --> 00:26:28,679
Speaker 2: that aside, it depends on whether you're using it for

470
00:26:28,760 --> 00:26:31,160
Speaker 2: business or not, so it would need to be depreciated

471
00:26:31,560 --> 00:26:35,280
Speaker 2: Number one, and which means basically you have to claim

472
00:26:35,280 --> 00:26:38,800
Speaker 2: it over a number of years. So you can't just

473
00:26:38,880 --> 00:26:42,800
Speaker 2: claim ten thousand dollars off your tax for that. But yes,

474
00:26:42,880 --> 00:26:47,040
Speaker 2: you certainly would need to have a legitimate claim there

475
00:26:47,119 --> 00:26:50,920
Speaker 2: as far as it's not being used privately, and any

476
00:26:50,960 --> 00:26:53,640
Speaker 2: private use would have to be apportioned out of that. Now,

477
00:26:53,640 --> 00:26:55,760
Speaker 2: how you did that? The problem you're going to come

478
00:26:55,840 --> 00:27:00,080
Speaker 2: up with is substantiation, So trying to prove that you

479
00:27:00,160 --> 00:27:03,280
Speaker 2: use it for work. Certainly, if you're in the audio

480
00:27:03,840 --> 00:27:06,960
Speaker 2: visual space and you have lots of meetings and it's

481
00:27:07,080 --> 00:27:09,960
Speaker 2: set up on in your home office that you've got

482
00:27:09,960 --> 00:27:12,760
Speaker 2: specifically set up for work, and it's being used one

483
00:27:12,800 --> 00:27:16,040
Speaker 2: hundred percent for work, then yes, that would be a

484
00:27:16,080 --> 00:27:21,440
Speaker 2: potential to claim. But trying to prove that is often

485
00:27:21,480 --> 00:27:26,480
Speaker 2: the challenge people have the substantiation requirements, which the onus

486
00:27:26,560 --> 00:27:30,200
Speaker 2: is sort of on the taxpayer there to be able

487
00:27:30,240 --> 00:27:30,800
Speaker 2: to prove that.

488
00:27:31,040 --> 00:27:34,200
Speaker 1: So yeah, good, all right, Well, before we go through

489
00:27:34,200 --> 00:27:36,320
Speaker 1: more of my friend told me that they're doing this.

490
00:27:36,359 --> 00:27:40,119
Speaker 1: Can I do this? Let's take another short break. Hello,

491
00:27:40,200 --> 00:27:42,240
Speaker 1: and welcome back to today's episode of The Money Puzzle.

492
00:27:42,320 --> 00:27:45,400
Speaker 1: I'm James Gerry, this week's host, and I have Timothy

493
00:27:45,480 --> 00:27:49,840
Speaker 1: Ricardo certified practicing accountant from the Central Coast of Sydney. Now,

494
00:27:49,880 --> 00:27:52,119
Speaker 1: Timothy is the next. One's a little bit risky and

495
00:27:52,160 --> 00:27:56,040
Speaker 1: any listeners with children maybe just pause. This will skip

496
00:27:56,240 --> 00:28:00,080
Speaker 1: a minute forward, so you've been warned. Now the question is,

497
00:28:00,119 --> 00:28:02,679
Speaker 1: if I worked in the adult industry, can I claim

498
00:28:02,800 --> 00:28:06,720
Speaker 1: silicon implants as a tax deduction being tools of trade?

499
00:28:07,000 --> 00:28:14,040
Speaker 2: Well, James, I would have left the barbecue at this point,

500
00:28:14,280 --> 00:28:17,520
Speaker 2: so I don't. I don't know that I'm that keen

501
00:28:17,640 --> 00:28:18,760
Speaker 2: on these questions.

502
00:28:18,800 --> 00:28:20,760
Speaker 1: But you're not going to dodge this one. I want

503
00:28:20,800 --> 00:28:22,240
Speaker 1: an answer out of you for this time.

504
00:28:22,480 --> 00:28:24,520
Speaker 2: You just want me to it's a no again, which

505
00:28:24,520 --> 00:28:28,560
Speaker 2: I'm going to say it is a no from me. Certainly,

506
00:28:28,800 --> 00:28:32,160
Speaker 2: cosmetic medical has been ruled out for a long time,

507
00:28:32,240 --> 00:28:37,240
Speaker 2: and cosmetic sort of you know, cosmetic medical procedures have

508
00:28:37,440 --> 00:28:41,560
Speaker 2: been sort of excluded from you know, being able to

509
00:28:41,560 --> 00:28:44,240
Speaker 2: be claimed. Certainly not as the tools of trade either,

510
00:28:44,400 --> 00:28:49,520
Speaker 2: So I think, yeah, I'm going to I couldn't say

511
00:28:49,560 --> 00:28:52,080
Speaker 2: that I've had experience with this one, but I wouldn't.

512
00:28:52,280 --> 00:28:54,120
Speaker 2: I wouldn't be jumping to allow that one.

513
00:28:54,360 --> 00:28:56,800
Speaker 1: All right, moving right along and listen as you can

514
00:28:56,800 --> 00:28:59,680
Speaker 1: bring your children back in the room. Can I claim

515
00:28:59,720 --> 00:29:03,320
Speaker 1: my ildren's school fees as a tax deduction as an

516
00:29:03,400 --> 00:29:06,720
Speaker 1: education expense because I plan to employ my children in

517
00:29:06,760 --> 00:29:08,080
Speaker 1: the future in my business.

518
00:29:08,600 --> 00:29:13,240
Speaker 2: No, unfortunately, they's That's another one that people used to

519
00:29:13,240 --> 00:29:17,920
Speaker 2: distribute actually through their trusts because a lot of education

520
00:29:18,240 --> 00:29:23,840
Speaker 2: you know, the facilities, they're all charities under education charities.

521
00:29:23,880 --> 00:29:27,239
Speaker 2: So people used to distribute to this city, you know,

522
00:29:27,280 --> 00:29:30,280
Speaker 2: twenty odd years ago. I remember it happening quite a lot.

523
00:29:30,400 --> 00:29:33,760
Speaker 2: But then they decided that that was an actual benefit

524
00:29:33,800 --> 00:29:39,640
Speaker 2: to the beneficiary rather than to the charity itself. So yeah,

525
00:29:39,680 --> 00:29:43,800
Speaker 2: this hasn't been allowed for some time in any sort

526
00:29:43,840 --> 00:29:49,480
Speaker 2: of way, shape or form. So that's another no, James.

527
00:29:49,040 --> 00:29:52,200
Speaker 1: All right, feel free to say, yes, we indemnified ourselves.

528
00:29:52,240 --> 00:29:54,360
Speaker 1: We said that this is just general information, so no

529
00:29:54,360 --> 00:29:56,560
Speaker 1: one's going to go and do anything. No one's going

530
00:29:56,600 --> 00:29:58,320
Speaker 1: to go get any implants or anything like that, so

531
00:29:58,760 --> 00:30:01,560
Speaker 1: it's all okay. Next one is, can I register them

532
00:30:01,600 --> 00:30:04,720
Speaker 1: as a motor vehicle dealer buy luxury cars not pay

533
00:30:04,720 --> 00:30:06,920
Speaker 1: the luxury car tax, which I think that doesn't happen

534
00:30:06,960 --> 00:30:08,840
Speaker 1: when you're a motor vehicle dealer, But anyone you can

535
00:30:08,880 --> 00:30:11,360
Speaker 1: answer this, drive the car and then sell it for

536
00:30:11,960 --> 00:30:13,880
Speaker 1: profit a year or two later because you didn't sell

537
00:30:13,880 --> 00:30:16,200
Speaker 1: the luxury car tax. So something along the lines of

538
00:30:16,200 --> 00:30:17,920
Speaker 1: you spend two hundred thousand dollars in the car, and

539
00:30:18,240 --> 00:30:19,800
Speaker 1: I don't know what the luxury car tax is, at

540
00:30:19,880 --> 00:30:22,080
Speaker 1: least to say it's like thirty thousand, So it cost

541
00:30:22,120 --> 00:30:23,760
Speaker 1: you one seventy, You drive it for a year, you

542
00:30:23,800 --> 00:30:26,960
Speaker 1: sell it for one seventy or thereabouts, and then you've

543
00:30:27,000 --> 00:30:28,400
Speaker 1: got a free car, and you just keep doing that

544
00:30:28,400 --> 00:30:28,840
Speaker 1: over and over.

545
00:30:29,040 --> 00:30:32,800
Speaker 2: Sounds great, it sounds really great. They're probably you're going

546
00:30:32,840 --> 00:30:36,640
Speaker 2: to fall into there is fringe benefit tax, and that

547
00:30:36,760 --> 00:30:40,479
Speaker 2: is if you're using the car personally anyway, it's going

548
00:30:40,520 --> 00:30:44,760
Speaker 2: to be caught up. And fringe benefit tax is something

549
00:30:44,800 --> 00:30:46,360
Speaker 2: you pay on the full value of the car. So

550
00:30:46,400 --> 00:30:48,719
Speaker 2: if you're talking about your two hundred thousand dollars Ferrari

551
00:30:48,840 --> 00:30:53,320
Speaker 2: aspirations there, James, and you're using that car personally, you

552
00:30:53,400 --> 00:30:57,200
Speaker 2: know obviously the ATO wants you to pay some tax

553
00:30:57,240 --> 00:31:00,480
Speaker 2: on that. So what that means is fringe benefit tax

554
00:31:00,600 --> 00:31:04,960
Speaker 2: applies on the full value of the car, and yeah,

555
00:31:05,360 --> 00:31:07,600
Speaker 2: that would all need to be factored in. Yeah, as

556
00:31:07,640 --> 00:31:12,400
Speaker 2: far as any scheming here, James, I certainly would not

557
00:31:12,480 --> 00:31:15,959
Speaker 2: want to support anything there that's, you know, just to

558
00:31:16,200 --> 00:31:20,200
Speaker 2: try to fund your your two hundred thousand dollars Ferrari,

559
00:31:20,360 --> 00:31:23,600
Speaker 2: So I would as your accountant, I would advise against

560
00:31:23,600 --> 00:31:24,400
Speaker 2: this as well.

561
00:31:24,920 --> 00:31:30,320
Speaker 1: All right, last one, then, on social media platforms I

562
00:31:30,360 --> 00:31:34,240
Speaker 1: see all the time there's ads for self help business

563
00:31:34,240 --> 00:31:38,200
Speaker 1: incubator type things. Go out there and make a squillion dollars.

564
00:31:38,240 --> 00:31:40,240
Speaker 1: We can help you to do it. Come join our

565
00:31:40,320 --> 00:31:44,080
Speaker 1: program and it's good as done. Can you claim the

566
00:31:44,360 --> 00:31:47,120
Speaker 1: cost of those things as a tax reduction in the

567
00:31:47,280 --> 00:31:48,600
Speaker 1: education area?

568
00:31:48,760 --> 00:31:55,360
Speaker 2: Okay, so education is something that they've actually released a

569
00:31:55,560 --> 00:31:58,920
Speaker 2: ruling on this just recently. The ATO have to give

570
00:31:58,960 --> 00:32:03,840
Speaker 2: a bit more already surrounding education claims. There were two

571
00:32:04,240 --> 00:32:08,040
Speaker 2: things that that you know, sort of limbs of being

572
00:32:08,040 --> 00:32:11,000
Speaker 2: able to claim education expenses. One of them being that

573
00:32:11,080 --> 00:32:13,560
Speaker 2: it was going to increase your income in your current

574
00:32:13,720 --> 00:32:16,760
Speaker 2: income earning activity, and the other one is that it's

575
00:32:16,800 --> 00:32:20,080
Speaker 2: going to improve the skills in your current income earning activity.

576
00:32:20,160 --> 00:32:22,880
Speaker 2: So there's there's got to be the connection to what

577
00:32:22,920 --> 00:32:27,360
Speaker 2: you're doing, and the problem that people usually have with

578
00:32:27,600 --> 00:32:30,920
Speaker 2: education self education is that it doesn't link up with

579
00:32:31,080 --> 00:32:34,400
Speaker 2: what they're currently earning their income on. So if I'm

580
00:32:34,560 --> 00:32:37,040
Speaker 2: I'm an accountant, and I think that we'll find on

581
00:32:37,200 --> 00:32:40,200
Speaker 2: financial planning is pretty easy, and look, most of us

582
00:32:40,240 --> 00:32:43,320
Speaker 2: do think really, so you know, we think we might

583
00:32:43,360 --> 00:32:48,280
Speaker 2: become financial planners as well, like you, James, because you know,

584
00:32:48,360 --> 00:32:52,040
Speaker 2: you're someone that we all look up to as as

585
00:32:52,040 --> 00:32:56,080
Speaker 2: a successful individual. So if I start doing some financial

586
00:32:56,120 --> 00:32:59,520
Speaker 2: planning courses and what I claim them, my current income

587
00:32:59,560 --> 00:33:02,800
Speaker 2: earning does relate to that, now I would have a

588
00:33:02,880 --> 00:33:06,720
Speaker 2: hard time trying to link up and you know that

589
00:33:06,760 --> 00:33:09,360
Speaker 2: would seem quite related to accounting, but you'd have a

590
00:33:09,400 --> 00:33:12,440
Speaker 2: hard time linking that up to your income earning. Now,

591
00:33:12,440 --> 00:33:14,600
Speaker 2: there may be some crossover there and you might get

592
00:33:14,640 --> 00:33:19,760
Speaker 2: some increase in skills relating to your your accounting, but

593
00:33:20,040 --> 00:33:23,600
Speaker 2: it's a real they're really cracking down on this one

594
00:33:23,600 --> 00:33:26,960
Speaker 2: as well. So specifically for your question, I wouldn't say

595
00:33:26,960 --> 00:33:31,160
Speaker 2: they'd be earning any money from that particular venture initially,

596
00:33:31,200 --> 00:33:35,880
Speaker 2: certainly initially, so getting those self education claims upfront is

597
00:33:35,960 --> 00:33:38,040
Speaker 2: probably not going to occur either.

598
00:33:38,400 --> 00:33:41,520
Speaker 1: Sure thing, all right, Well, I'm out of questions. Hopefully

599
00:33:41,760 --> 00:33:46,360
Speaker 1: our listeners learnt a lot bit from that. Yeah, If anything,

600
00:33:46,360 --> 00:33:49,360
Speaker 1: they probably learned don't invite anything to their barbecue, and

601
00:33:49,480 --> 00:33:51,400
Speaker 1: don't ask if any tax questions because you can't say

602
00:33:51,400 --> 00:33:54,240
Speaker 1: no to everything, but we want or two yeses and

603
00:33:54,280 --> 00:33:55,680
Speaker 1: a few maybes in there. So I think that was

604
00:33:55,840 --> 00:33:56,440
Speaker 1: somewhat us.

605
00:33:56,560 --> 00:34:00,800
Speaker 2: This was orchestrated. That's trying to make me look bad, jameson.

606
00:34:00,920 --> 00:34:04,520
Speaker 1: No, it shows that there's tax laws in place and

607
00:34:04,560 --> 00:34:06,920
Speaker 1: everything's black and white, and it's there for a reason.

608
00:34:07,200 --> 00:34:08,400
Speaker 2: I'm going to throw one more.

609
00:34:08,280 --> 00:34:11,200
Speaker 1: Curve ball question actually before we wrap up for today.

610
00:34:11,719 --> 00:34:14,400
Speaker 1: It's a really big question, but try and pick your

611
00:34:14,440 --> 00:34:17,560
Speaker 1: brain and get some concise answers here.

612
00:34:17,840 --> 00:34:18,040
Speaker 2: Now.

613
00:34:19,360 --> 00:34:23,600
Speaker 1: Over the years, people constantly ask me for recommendations to accountants,

614
00:34:23,880 --> 00:34:27,400
Speaker 1: and my observations are that the best accountants, such as

615
00:34:27,600 --> 00:34:32,560
Speaker 1: Timothy Ricardo here, have lots of clients, but they also

616
00:34:33,160 --> 00:34:37,680
Speaker 1: focus somewhat their time on the clients that have structures

617
00:34:37,680 --> 00:34:41,440
Speaker 1: so run businesses, have family trusts, run self managed super funds,

618
00:34:41,440 --> 00:34:43,560
Speaker 1: and I'm sure Timothy would love to be able to

619
00:34:43,600 --> 00:34:46,440
Speaker 1: help absolutely everybody, but there's only a certain amount of

620
00:34:46,440 --> 00:34:50,160
Speaker 1: time that these elite accountants have, so they need to

621
00:34:50,200 --> 00:34:53,560
Speaker 1: focus their time with the right clients. So my question is,

622
00:34:53,719 --> 00:34:56,360
Speaker 1: how can an every day mum and dad for a

623
00:34:56,440 --> 00:35:01,520
Speaker 1: relatively simple tax situation, two income, maybe an investment property,

624
00:35:01,600 --> 00:35:04,799
Speaker 1: maybe a share portfolio. How do they make sure that

625
00:35:05,000 --> 00:35:09,960
Speaker 1: they're getting the best tax advice and tax service when

626
00:35:09,960 --> 00:35:11,799
Speaker 1: they do their tax returns every year if they want

627
00:35:11,800 --> 00:35:15,920
Speaker 1: to use a professional because generally the best accountants busy

628
00:35:15,960 --> 00:35:17,680
Speaker 1: with the bigger fisher I guess you.

629
00:35:17,640 --> 00:35:23,120
Speaker 2: Could say, yeah, well, look, that's a really good question individuals. Yeah,

630
00:35:23,120 --> 00:35:27,040
Speaker 2: it is a difficult one because accountants are often looking

631
00:35:27,080 --> 00:35:31,640
Speaker 2: at those sort of touch point required you know, touch

632
00:35:31,680 --> 00:35:35,600
Speaker 2: points required with a client, and how much you're having

633
00:35:35,600 --> 00:35:38,399
Speaker 2: to spend with each client. But essentially, if you can

634
00:35:38,400 --> 00:35:42,040
Speaker 2: find an accountant that obviously ticks the boxes as far

635
00:35:42,120 --> 00:35:46,360
Speaker 2: as their registrations are concerned, and they're either CPAs or

636
00:35:46,400 --> 00:35:50,160
Speaker 2: c as, they've got the qualification being able to have

637
00:35:50,200 --> 00:35:55,080
Speaker 2: that conversation with them either before or after your tax return,

638
00:35:55,160 --> 00:35:59,920
Speaker 2: feel free to ask any of your questions and if

639
00:35:59,920 --> 00:36:02,480
Speaker 2: you can do it at the same time, you know,

640
00:36:02,600 --> 00:36:05,799
Speaker 2: rather than the ad hoc little questions throughout the year,

641
00:36:07,200 --> 00:36:10,440
Speaker 2: it's easier if you can you can sort of you know,

642
00:36:10,520 --> 00:36:16,640
Speaker 2: try to build that I suppose structure surrounding that annual

643
00:36:16,640 --> 00:36:18,640
Speaker 2: meeting you have with them to get the use out

644
00:36:18,680 --> 00:36:21,279
Speaker 2: of that. And certainly it might cost you a little

645
00:36:21,280 --> 00:36:25,600
Speaker 2: bit more seeing a qualified professional that's willing to give

646
00:36:25,640 --> 00:36:29,400
Speaker 2: you the time face to face, but but yeah, certainly

647
00:36:30,040 --> 00:36:34,000
Speaker 2: it can pay dividends. So I suppose from that point

648
00:36:34,000 --> 00:36:36,600
Speaker 2: of view, James, try to find someone that you can

649
00:36:37,000 --> 00:36:42,239
Speaker 2: you can actually access and and have and and you know,

650
00:36:42,320 --> 00:36:45,719
Speaker 2: sort of drawer on their experience and and also one

651
00:36:45,760 --> 00:36:49,760
Speaker 2: that's going to provide them updates and you know, like yourself,

652
00:36:49,800 --> 00:36:54,200
Speaker 2: sending out newsletters and making sure that key issues are

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00:36:54,200 --> 00:36:58,000
Speaker 2: being addressed so that they don't get they don't miss anything.

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00:36:59,080 --> 00:37:01,520
Speaker 1: Yeah, I agree, And from personal experience, I'd add that

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00:37:01,880 --> 00:37:04,560
Speaker 1: you have to actually like your accountant. So whichever accountant

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00:37:04,640 --> 00:37:06,439
Speaker 1: you use, you have to feel comfortable to be able

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00:37:06,480 --> 00:37:09,760
Speaker 1: to communicate with them, email them, pick up the phone

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00:37:10,120 --> 00:37:12,040
Speaker 1: and get back to them when they're asking you things

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00:37:12,560 --> 00:37:13,240
Speaker 1: as well.

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Speaker 2: Do you agree to him? Yeah? Absolutely, there we go.

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Speaker 1: Well, that's a wrap for today's episode. Timothy Ricardo, certified

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Speaker 1: practicing accountant from Sydney Central Coast, thank you for your

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Speaker 1: contribution today. It was very informative and we went through

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Speaker 1: lots of different tax and accounting topics. Very good thank

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Speaker 1: you for having me my pleasure, and to our listeners,

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Speaker 1: thank you for tuning in to today's episode of The

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00:37:33,520 --> 00:37:36,440
Speaker 1: Money Puzzle. The show will return to its regular format

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00:37:36,480 --> 00:37:39,000
Speaker 1: next week when James Kirby returns, but in the meantime,

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Speaker 1: send us your questions. I'm sure James would love to

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Speaker 1: see a full inbox to dig his teeth into. Next time.

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00:37:43,760 --> 00:37:45,560
Speaker 1: You can tweets your questions and thoughts. Just use the

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00:37:45,560 --> 00:37:48,439
Speaker 1: hashtag the Money Puzzle or one word, or email us

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00:37:48,520 --> 00:37:51,439
Speaker 1: at The Money Puzzle at the Australian dot Com. Today

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00:37:51,520 --> 00:37:54,080
Speaker 1: you until next time, I'm James Gerard. Talk to you

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00:37:54,120 --> 00:38:01,719
Speaker 1: soon at