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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr

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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before

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Speaker 1: we get started on She's on the Money podcast, I

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Speaker 1: would like to acknowledge the traditional custodians of the land

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Speaker 1: of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.

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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and

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Speaker 1: the storytelling of you to make a difference for today

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Speaker 1: and lasting impact for tomorrow.

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Speaker 2: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money.

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Speaker 2: Hello and welcome.

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Speaker 4: Become back to another episode. I'm Victoria Devine, the owner

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Speaker 4: of several successful businesses, and I've got a special treat

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Speaker 4: for you guys today.

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Speaker 2: Not only are we doubling down on the.

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Speaker 4: Tax episodes ahead of EO F Y, but I am

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Speaker 4: joined today by a very special guest and my friend

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Speaker 4: Julian Morrow, who is not only a finance guru, but

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Speaker 4: also runs his own very successful accounting for moro. What

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Speaker 4: do we got the name for that?

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Speaker 5: Where I get it from?

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Speaker 6: Yeah?

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Speaker 2: Where'd you get the name for?

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Speaker 5: That wild my surname.

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Speaker 4: Really, do you think I'm being serious?

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Speaker 2: No, I'm not testing you.

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Speaker 4: I literally just said your surname, and I'm like, wow,

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Speaker 4: real original, Julian, that's crazy. Well, welcome to the show.

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Speaker 4: Thank you for making the time for us today. I

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Speaker 4: am genuinely very excited to get you on the show

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Speaker 4: because at the end of the day, I've been meaning

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Speaker 4: to connect with you in person for literal years. We

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Speaker 4: just haven't made it happen until I was like, hey,

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Speaker 4: I've got a really good deal. Come on the show

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Speaker 4: and we get to meet in person.

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Speaker 5: Thanks so much for having me V. It was honestly

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Speaker 5: perfect timing and the financial views coming, and like you said,

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Speaker 5: I think we've had this in the mix for years now,

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Speaker 5: being in touch with each other. So glad the cards

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Speaker 5: aligned actually in the studio and yeah, tax is fun.

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Speaker 4: I feel like last Instagram DM I saw to you

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Speaker 4: or from you was like, hey, V, like I can

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Speaker 4: do coffee on Wednesday, and I clearly missed it yeah

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Speaker 4: and didn't reply and it was twenty twenty one and

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Speaker 4: I was like, sorry about that.

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Speaker 5: So when you followed me up, I was like, oh, okay, yeah.

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Speaker 2: Sure, So you're still keen for that coffee?

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Speaker 5: Still keen? Still here?

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Speaker 2: Oh my gosh.

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Speaker 4: All right, well, I'm glad to have you tell me

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Speaker 4: a little bit about your firm, Like what sets you

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Speaker 4: guys apart? Why are you not as boring as all

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Speaker 4: the other accounting firms.

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Speaker 5: Yeah, I was explaining this to the team earlier, that

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Speaker 5: accounants aren't all bad.

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Speaker 2: I said they were bad. Well jumped a conclusion by bad.

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Speaker 5: Sorry. Now, look, I did start as your traditional accountant,

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Speaker 5: worked at small firms, big firms, and I kind of,

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Speaker 5: you know, saw what I didn't like, which was the

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Speaker 5: super corporate you know, suit and tie vibe, and it

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Speaker 5: was quite daunting to talk about accounting, taxes and finances

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Speaker 5: with clients. So I eventually took the step whe on

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Speaker 5: my own and created a firm where we could be

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Speaker 5: a lot more casual with our approach, educate our clients,

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Speaker 5: not try and scare them with tax And as a

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Speaker 5: result of that, a lot of people have aligned with

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Speaker 5: the brand and it's allowed us to grow to where

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Speaker 5: we are today.

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Speaker 4: I feel like you are super approachable, not only in

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Speaker 4: person but also online. Where'd you get the confidence to

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Speaker 4: start creating content online and start posting because I feel

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Speaker 4: like when you're an accountant and when you're a finance person,

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Speaker 4: I eat me. I never wanted to put a face

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Speaker 4: to the name. That's why I started a podcast because

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Speaker 4: it was really non confrontational at the start. Yes, and

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Speaker 4: now look where we are, but like, how would you start?

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Speaker 5: Yeah, So look, I think everyone used to say that

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Speaker 5: I wasn't a stereotypical accountant. I've definitely got that introvertedness

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Speaker 5: in me somewhere. But naturally they were kind of like, look,

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Speaker 5: you know, you're more personable. You need to kind of,

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Speaker 5: you know, put your face to an.

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Speaker 4: Ensty you're meant to be here, Like, are you sure

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Speaker 4: you're meant to be in an accounting did you.

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Speaker 5: See me at the office. I'm definitely an accountant right

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Speaker 5: on my Excel files. I think I was just pushed

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Speaker 5: kind of like everyone, you've got to take the leap,

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Speaker 5: put your name out there, put your face out there.

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Speaker 5: It is a little bit daunting, you know that there's

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Speaker 5: all these other professionals out there listening to you and

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Speaker 5: being like, oh, what makes this guy any different to us?

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Speaker 5: And you know, for me, it's just been that different

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Speaker 5: approach and seeing people align with it. Gave me the

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Speaker 5: confidence to pursue it further, and then you just kind

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Speaker 5: of double down.

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Speaker 4: That's actually so relatable for me because when people say, like,

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Speaker 4: what overwhelms you the most when it comes to content creation?

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Speaker 4: You know, is it because millions of people see it?

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Speaker 4: And I'm always like, no, it's actually because other professionals

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Speaker 4: see it, Like other financial advisors are going to listen

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Speaker 4: to my content and judge me if I'm not one

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Speaker 4: hundred percent spot on. So I feel like you've got

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Speaker 4: to be able to back yourself as well and be like, actually,

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Speaker 4: I do know what I'm talking about. I am good

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Speaker 4: at my job, and that's one of the hardest things

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Speaker 4: to do because the content creation really easy. You're just like, Okay,

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Speaker 4: I can whack out a video, no worries, but you've

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Speaker 4: actually got to back yourself.

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Speaker 2: But I'm excited to have you on the show.

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Speaker 4: I know that the community are going to love this

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Speaker 4: because today we are giving every we won the opportunity

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Speaker 4: to kind of talk to an accountant. I mean, we

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Speaker 4: ask them the questions in advance, so let's pretend it's live.

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Speaker 4: But we put a call out to our small business

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Speaker 4: owner community and our side hustlers, and we ask them

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Speaker 4: for all of their questions about tax, and after the

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Speaker 4: break we're going to get to those. I want to

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Speaker 4: talk about you and about tax and about accounting before that, though,

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Speaker 4: but before we get Julian's thoughts on all of your

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Speaker 4: very juicy questions. I feel like the most common question

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Speaker 4: in our community, irrespective of whether they are a PAYG

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Speaker 4: employee or a big business owner, is should I be

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Speaker 4: doing my own tax return?

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Speaker 5: Controversial?

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Speaker 2: No, no, good question, bie see, let's go, let's go.

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Speaker 5: Look. I think definitely, as your pay as you go

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Speaker 5: you don't necessarily need one. It's a little bit of

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Speaker 5: that you don't know what you don't know, so there's

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Speaker 5: definitely ato resources. You know, my GAV pre fills a

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Speaker 5: lot of individual tax return information, but you might be

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Speaker 5: missing certain deductions because once again, you don't know what

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Speaker 5: you don't know. So there's always a benefit even if

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Speaker 5: you're a simple tax return and you've got somewhere related

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Speaker 5: costs to have an accountant. When it comes to a business,

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Speaker 5: I'm pretty inclined to say you do need one, absolutely,

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Speaker 5: not purely just for tax, but it's even like, you know,

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Speaker 5: is your structure correct, You're not going to pick up

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Speaker 5: on that. So you might be like, look, I've got

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Speaker 5: this great tax return, I'm getting a refund I claimed

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Speaker 5: my deductions. But the accountant might be like, hey, cool,

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Speaker 5: I'll help you with that. Plus, have you looked at

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Speaker 5: changing your business structure, which is something you don't even

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Speaker 5: know at that point in time.

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Speaker 4: Potentially, let's dive into that for a hot second, because

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Speaker 4: as an ex financial advisor, I used to see a

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Speaker 4: lot of clients and they'd come to me and they

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Speaker 4: were super proud and so was I of what they

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Speaker 4: were achieving. But they were set up in a sole

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Speaker 4: trader structure and they would be like, oh, it's so

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Speaker 4: easy V Like I'm doing ABC and D. But as

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Speaker 4: a sole trader you get lumped with your marginal tax rate. Right,

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Speaker 4: So a lot of them were starting to absolutely make

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Speaker 4: bank and it was shooting them in the foot. At

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Speaker 4: what point should a sole trader go, you know what,

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Speaker 4: maybe I should talk to an accountant about this company thing.

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Speaker 4: It's a little bit overwhelming, like how do we make

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Speaker 4: the shift?

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Speaker 2: Like when should we be doing that?

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Speaker 5: Well, it comes off the back of like we said,

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Speaker 5: if you've got an account, you can have those conversations

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Speaker 5: to regularly, right, so you're in the right place at

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Speaker 5: the right time. But otherwise, when I talk to people

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Speaker 5: about setting up companies, it's kind of there's two reasons

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Speaker 5: why you do it. So one is regardless of what

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Speaker 5: you're making, it might even be you know, risk and

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Speaker 5: asset protection. Right, So a lot of people forget to

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Speaker 5: understand that when you're a sole trader, you are the business, right,

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Speaker 5: so if something goes wrong, there's a potential that that

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Speaker 5: exposes you personally and dramatic.

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Speaker 2: But they're coming for your house, right, They're.

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Speaker 5: Coming for your house's got one, They're coming.

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Speaker 2: They're coming for your pa. Like it's kind of low

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Speaker 2: key scary.

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Speaker 5: It's scary. So until you're told that, sometimes you don't realize.

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Speaker 5: Separately to that, obviously there's a tax advantage. So like

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Speaker 5: you were saying, the if you're a sole trader and

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Speaker 5: let's just say you're making bank you're making three and

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Speaker 5: a grand for example, Okay, big dog, right, this is

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Speaker 5: that person out there, regardless of if they're spending all

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Speaker 5: that money, they're paying the highest tax rate versus if

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Speaker 5: they were a company. There's the benefit of keeping some

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Speaker 5: in the company at a low attack. So to answer

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Speaker 5: your question the specific dollar amount.

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Speaker 2: Of cause there's no rightal wrong, correct.

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Speaker 5: You know you might have a hex stet taxes a

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Speaker 5: little bit higher than someone without a hex s deet,

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Speaker 5: different factors in there, but once again, having the accountant

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Speaker 5: to be there to prompt you regularly is going to

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Speaker 5: make sense.

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Speaker 4: Yeah, and that's a good time for me to remind

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Speaker 4: you all that this is general advice only, and obviously

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Speaker 4: you need to talk to an accountant.

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Speaker 2: It's just stories like these that help you grasp.

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Speaker 4: The concept of moving forward with one or the other

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Speaker 4: because you go, oh, v that makes so much more sense,

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Speaker 4: because if you read the ATO website, you just go, oh, okay,

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Speaker 4: so here are the features and benefits. That doesn't make

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Speaker 4: a lot of sense, that's right. And when I look

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Speaker 4: at my own situation, having been a financial advisor, I

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Speaker 4: skipped past soul Trader. I was just like absolutely not, like,

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Speaker 4: I don't want to have to change my structure later

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Speaker 4: and kind of double up. And so I set up

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Speaker 4: my company from the very beginning, knowing full well that

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Speaker 4: I wanted to make use of the tax advantages of

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Speaker 4: a company, but I also didn't want to put my

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Speaker 4: husband at risk. Yes, I didn't want him to be

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Speaker 4: annoyed at me if like I didn't pay my tax

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Speaker 4: debt and the at are like, hey, so your house.

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Speaker 4: I just wanted to protect my husband as well as

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Speaker 4: my assets.

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Speaker 5: Yeah, So it can be all those different factors. So

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Speaker 5: once again, even like you said, registrations, you don't want

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Speaker 5: to set up all your business names and change them

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Speaker 5: down the track can be a little bit of a hassle.

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Speaker 5: So some ballid points. Glad you did it right from

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Speaker 5: the start.

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Speaker 4: I feel like I had some solid advice on my side,

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Speaker 4: and that is one of the things that I always

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Speaker 4: talk about in this community, right, like, you don't know

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Speaker 4: what you don't know, and often to get the right

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Speaker 4: advice it's really expensive. And I had a lot of

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Speaker 4: privilege having exposure to that area. And I mean I

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Speaker 4: was already in finance when I set up a finance business,

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Speaker 4: So you would hope I would nail the structure, yeap,

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Speaker 4: Like you'd be a bit oh, what are you doing

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Speaker 4: thee if I was a soul trader, Yeah, like shouldn't.

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Speaker 2: You know better? But you don't know what you don't know.

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Speaker 4: And sometimes when you're a small business, you're a sole trader,

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Speaker 4: and then you listen to a podcast like this and

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Speaker 4: you're like, wow, I feel like I might be in

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Speaker 4: the wrong structure.

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Speaker 2: I'm so silly, I'm so dumb. That's not it at all.

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Speaker 4: You did the best that you could with the tools

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Speaker 4: and resource as you had at the time, and you're

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Speaker 4: a million miles ahead of everyone else anyway, because you're

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Speaker 4: a business owner, Like you're already putting your neck out,

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Speaker 4: so like now might be the time to talk to

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Speaker 4: an account about like, oh, how can we do this?

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Speaker 2: What can we do?

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Speaker 4: And I promise any good accountant is going to make

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Speaker 4: you feel empowered by it, not overwhelmed, And they're also

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Speaker 4: going to explain it in terms that you get. They're

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Speaker 4: not just going to sit down and be like, okay, cool.

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Speaker 4: So if you've got a discretionary trust or you know,

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Speaker 4: a testimonial trust, what's the difference here, Like you're going

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Speaker 4: to be so overwhelmed if they're just talking technical or

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Speaker 4: as if you sit down with someone like Julian who's like,

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Speaker 4: all right, well do you want to pay more tax?

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Speaker 5: Or no?

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Speaker 2: You go, oh, this makes so much more sense. Why

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Speaker 2: can't everyone talk like this?

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Speaker 5: And look, I think as well, what your accountant learns

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Speaker 5: about you is quite personal, right, They see all your finances,

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Speaker 5: they see behind the scenes, So naturally, aligning with someone

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Speaker 5: that you're comfortable talking to all these things about is

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Speaker 5: going to do great things for you.

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Speaker 2: One hundred percent.

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Speaker 4: And you've got to trust them as well, because if

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Speaker 4: you're a little bit cagey, you're going to get no value.

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Speaker 4: Like if you're trying to withhold things, that is no

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Speaker 4: benefit to you at all. I have said before on

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Speaker 4: the pod, and I do not expect you to have

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Speaker 4: listened to this, Julian, because it turns out you're not

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Speaker 4: my target market.

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Speaker 5: Okay, I'm really sorry.

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Speaker 4: Interesting you only just learned that, so sorry. I've said

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Speaker 4: it before on the show, and that is that being

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Speaker 4: a financial advisor I felt like was one of the

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Speaker 4: most pervy jobs in the world but also one of

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Speaker 4: the most trusting jobs because I know more than your GP,

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Speaker 4: and when your accountant should know more than your GP,

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Speaker 4: because you've probably done your personal insurances and they're going

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Speaker 4: to need to know the outcome of that because like

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Speaker 4: in some situations, your insurances are inside different trusts or

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Speaker 4: you know, for the business, your account's going to need

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Speaker 4: to know that they're going to need to know whether

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Speaker 4: you want to divorce your wife or not, because obviously

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Speaker 4: asset protection comes into that. So if you don't trust

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Speaker 4: your accountant or your financial advisor, they're not for you.

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Speaker 4: Like you literally need to move on. And I feel

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Speaker 4: like if you're getting cold shoulder vibes with somebody that

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Speaker 4: you can be like, oh, Julian, I'm having the worst

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Speaker 4: time at the moment, Like I think my partner and

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Speaker 4: I are going to go through a separation, and you

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Speaker 4: can't say that to them wrong person from my perspective.

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Speaker 5: And I've definitely seen that heaps of times, you know.

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Speaker 5: I mean, you've got business partners that are dating or married,

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Speaker 5: et cetera, and then you know, things hit the fan,

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Speaker 5: and you know you've got those situations. So yeah, yeah,

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Speaker 5: definitely trust his key.

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Speaker 4: Do you know what my dad said the other day

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Speaker 4: about business partners? He said, the best number of business

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Speaker 4: partners is an odd number less than three.

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Speaker 5: And I was like, oh, cool, Dad, did you get that.

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Speaker 4: It means one, it means no business partners, it means

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Speaker 4: very terrible idea. Yes, an odd number lesson I was

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Speaker 4: in the moment. Okay, So we said that Julian was

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Speaker 4: a really good accountant. Julian, I want to know what

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Speaker 4: are your clients at the moment finding most concerning. I

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Speaker 4: feel like there's lots flying around in the industry at

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Speaker 4: the moment, and a lot of your clients are that

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Speaker 4: she's on the money demographic, either small business owners or individuals.

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Speaker 4: So what are they asking you the most questions about

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Speaker 4: tax deductions?

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Speaker 5: One hundred percent? But I feel commonly the biggest issue

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Speaker 5: or differentiation that people struggle with is personal versus business. Yeah, right,

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Speaker 5: and that is also you know, an ato thing that

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Speaker 5: they look at, not just this year, but kind of

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Speaker 5: every year, and it relates to so many things. So

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Speaker 5: for example, it's your car, it's working from home arrangement,

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Speaker 5: it's your phone, it's your internet, it's your subscriptions, it's

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Speaker 5: so many things. So we've got obviously a lot of

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Speaker 5: clients new and old, and naturally they might feel like

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Speaker 5: something is a work relay deduction because they use it,

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Speaker 5: you know, this much for work. But there's obviously such

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Speaker 5: a big personal you know portion as well. So it's

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Speaker 5: going through all the nitty gritty to actually work out

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Speaker 5: what you can and can't do. And obviously that's quite

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Speaker 5: difficult to grasp, especially in your first couple of years

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Speaker 5: of running a business. So that's an ongoing educational thing

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Speaker 5: that I think, you know, is kind of prevalent in

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Speaker 5: our client's minds at the moment. And then naturally it's

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Speaker 5: just kind of optimizing their tax position. You know, people

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Speaker 5: are still scared of tax, even if it's lower than

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Speaker 5: what they should have. Let's say it was meant to

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Speaker 5: be forty percent. We've got them down to twenty five,

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Speaker 5: they might still be scared of twenty five percent, which

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Speaker 5: is fine. That's just how they feel. So it's managing,

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Speaker 5: you know, expectations and working out what we can do

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Speaker 5: best to kind of, you know, make it as efficient

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Speaker 5: as possible.

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Speaker 4: I suppose always used to tell clients that we should

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Speaker 4: be excited, obviously because I was trying to reframe it

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Speaker 4: into something that's really positive. But I would always say

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Speaker 4: that we need to be excited about the tax that

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Speaker 4: we pay. And I said this because more tax means

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Speaker 4: more money, and the more money means that your business is.

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Speaker 2: Successful and it's good.

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Speaker 4: I feel like often it's more around having the education

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Speaker 4: to know how to deal with tax when it comes

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Speaker 4: into your account. And the second that you're able to

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Speaker 4: go all right, well, I've found a structure that works

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Speaker 4: for me. Whenever a payment comes in, I automatically take

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Speaker 4: thirty percent and chuck it in another account and I

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Speaker 4: don't think about it.

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Speaker 2: Those people are a lot less stressed.

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Speaker 4: Do you talk to your clients as well about how

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Speaker 4: to structure money coming in so that tax doesn't feel

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Speaker 4: as painful, because it can feel terrifying.

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Speaker 5: Corcactly, most of tax is honestly planning, right, so whether

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Speaker 5: it's done quarterly, yearly, whatever it is, and that includes

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Speaker 5: your structuring and things like that. So you know, we're

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Speaker 5: always suggesting having separate bank accounts for the business, having

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Speaker 5: your tax bank accounts there as well, and whether you're

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Speaker 5: putting aside GST you're putting aside your tax might have

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Speaker 5: employees you don't want to fall behind on their taxes

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Speaker 5: and they're super There's so many things that not go wrong,

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Speaker 5: but you just need to be on top of it,

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Speaker 5: because obviously the dollars can start to add up quite

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Speaker 5: quickly if you're not on top of it.

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Speaker 4: And I feel like it can be really overwhelming. But

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Speaker 4: at the end of the day, the structure can also

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Speaker 4: be automated, which I find very sexy. I mean the

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Speaker 4: second you said tax planning, I was like, oh, my gosh,

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Speaker 4: it's nearly tax planning season. Like it's made like I

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Speaker 4: get to actually sit down with my accountant and do

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Speaker 4: some tax planning.

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Speaker 2: I get so excited because.

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Speaker 4: I'm like, it's a period of reflection and also planning

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Speaker 4: for the next year and tax planning. As much as

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Speaker 4: I'm saying I'm excited about it. In you Macov you've

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Speaker 4: got rocks in your head. It can be really exciting

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Speaker 4: because it's a time to reflect on what you've done

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Speaker 4: in the business, where the business is going, with a

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Speaker 4: professional that can actually guide you through and make sure

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Speaker 4: that you're in the right position. Like, oh, I was

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Speaker 4: paying double just to do my tax planning sessions, so.

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Speaker 5: It's a great Cui, he's going to pay double listening.

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Speaker 2: No you're not.

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Speaker 5: No, I agree. So I think I take tax planning

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Speaker 5: and tax time as yes, the process of doing the

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Speaker 5: compliance and all of that, but also a point of

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Speaker 5: reflection to look at you know, all your systems, your bookkeeping,

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Speaker 5: your structure, you know your tax savings. Is that all working?

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Speaker 5: And then if it's not, you know, putting the changes

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Speaker 5: in place for the new financial year and improving always

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Speaker 5: from there.

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Speaker 2: One hundred percent.

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Speaker 4: Now, I was going to ask you before about the ATO,

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Speaker 4: so we know what your clients are finding most concerning

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Speaker 4: at the moment, and I know that every year as well.

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Speaker 4: We talk about on Shees on the Money, how the

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Speaker 4: ATO released, like it's like a blog post of what

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Speaker 4: they're targeting this year. What do you think the ATO

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Speaker 4: are going to have their eyes peeled for this season.

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Speaker 5: I like a little disclaimer on that. I reckon that.

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Speaker 5: Even though they put that out sometimes people get confused

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Speaker 5: and they think or maybe they're not able to target that.

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Speaker 2: No, no, no, They're.

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Speaker 5: Always targeting everything, especially that personal versus business. I do

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Speaker 5: love that because it's such a key thing. Look, I

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Speaker 5: think I've read a little bit out there around rental

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Speaker 5: properties for those that do have one right the way

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Speaker 5: you're claiming deductions and you know what you can and

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Speaker 5: can't claim. So they're always hot on that. And still

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Speaker 5: that working from home, even though it's kind of faded,

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Speaker 5: you know from a couple of years ago, there are

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Speaker 5: still constant changes to the rules around working from home.

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Speaker 5: And I think, once again, if you're completing your own

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Speaker 5: tax return. If I go into a little bit of

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Speaker 5: the technical side of it for a second, there's a

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Speaker 5: rate that you can claim per hour for your working

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Speaker 5: from home, right, but if you claim that rate, you

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Speaker 5: can't also claim a portion of your phone and internet.

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Speaker 5: It's one out right, So people might be out there thinking, Okay, cool,

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Speaker 5: I use my phone for work, double up right, So

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Speaker 5: simple errors like that that you might feel a big thing.

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Speaker 4: But you know that's a pertanial yes, and they add up.

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Speaker 4: I was reading because I am always reading tax articles.

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Speaker 4: It's billions of dollars in a discrepancy when it comes

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Speaker 4: to even just the work from home situation.

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Speaker 2: So it is big.

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Speaker 4: And even though you might see it as like a

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Speaker 4: couple of dollars that you're skimping on, if everybody does that,

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Speaker 4: it becomes a really big problem for the ATO, And

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Speaker 4: I feel like they're on top of everything now, Like historically,

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Speaker 4: I'm sure when you had your first official job and

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Speaker 4: you were claiming your three hundred dollars worth of receipts

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Speaker 4: even though you didn't actually incur those expenses and you

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Speaker 4: got away with it.

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Speaker 5: Old school message.

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Speaker 2: Yeah, Like it's a massive myth.

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Speaker 4: Just FYI if you didn't incur those expenses, you can't

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Speaker 4: claim them.

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Speaker 2: That's just a nice Oh, you don't have to do

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Speaker 2: the admin on this.

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00:18:14,960 --> 00:18:17,720
Speaker 4: The ATO were being nice, not you get some free stuff.

438
00:18:18,240 --> 00:18:22,359
Speaker 4: Now AI exists, and every single year the ATO is

439
00:18:22,400 --> 00:18:25,720
Speaker 4: getting better and better at utilizing that. But I think

440
00:18:25,760 --> 00:18:27,680
Speaker 4: it's going to get to a point where they will

441
00:18:27,720 --> 00:18:29,679
Speaker 4: basically in the future. And please don't quote me on

442
00:18:29,720 --> 00:18:31,080
Speaker 4: this or think that you're out of a job, but

443
00:18:31,119 --> 00:18:33,639
Speaker 4: I think that for PAYG employees, AI is going to

444
00:18:33,680 --> 00:18:36,120
Speaker 4: basically be able to do your entire tax return for

445
00:18:36,160 --> 00:18:39,119
Speaker 4: you and there won't be any questions because with data

446
00:18:39,200 --> 00:18:41,960
Speaker 4: matching and the information that your employer pays and your

447
00:18:42,000 --> 00:18:45,320
Speaker 4: bank feeds, like, we're going to have no privacy basically

448
00:18:45,440 --> 00:18:46,400
Speaker 4: correct everything.

449
00:18:46,480 --> 00:18:47,399
Speaker 2: They're going to see everything.

450
00:18:47,480 --> 00:18:49,600
Speaker 4: I agree, And I think that that's kind of cool too,

451
00:18:49,600 --> 00:18:52,280
Speaker 4: because it takes pressure off you for having to try

452
00:18:52,320 --> 00:18:53,119
Speaker 4: and do the right thing.

453
00:18:53,280 --> 00:18:55,359
Speaker 5: Yep. And I think it falls back as well in

454
00:18:55,440 --> 00:18:57,320
Speaker 5: terms of another thing that we hear all the time

455
00:18:57,400 --> 00:18:59,200
Speaker 5: is you know, I'm just a little fish. They're not

456
00:18:59,200 --> 00:19:01,040
Speaker 5: going to come after me. They're always after the big

457
00:19:01,160 --> 00:19:03,520
Speaker 5: end of town. That's true to some extent, but at

458
00:19:03,560 --> 00:19:06,159
Speaker 5: the same time, if there's you know, hundreds of thousands

459
00:19:06,200 --> 00:19:08,879
Speaker 5: of people claiming that three hundred dollars or claiming the

460
00:19:08,920 --> 00:19:11,560
Speaker 5: maximum kilometers with no proof, Yeah, that adds up to

461
00:19:11,560 --> 00:19:14,480
Speaker 5: big dollars for the ATO as well. So we can't

462
00:19:14,560 --> 00:19:16,840
Speaker 5: be and I even think, you know, when not a target,

463
00:19:16,920 --> 00:19:18,560
Speaker 5: So you do want to make sure you're always you know,

464
00:19:18,640 --> 00:19:21,520
Speaker 5: claiming what you can claim and maximizing but still being

465
00:19:21,600 --> 00:19:22,360
Speaker 5: legit about it.

466
00:19:22,400 --> 00:19:25,000
Speaker 4: Which is funny because you haven't heard this episode yet

467
00:19:25,040 --> 00:19:27,359
Speaker 4: because it hasn't dropped at the time of recording. But

468
00:19:27,400 --> 00:19:30,000
Speaker 4: the first tax episode I did with my co host Jess,

469
00:19:30,320 --> 00:19:31,920
Speaker 4: who's an employee of mine, Julian.

470
00:19:32,000 --> 00:19:33,800
Speaker 2: Yes, she says she got audited two.

471
00:19:33,720 --> 00:19:37,240
Speaker 4: Years ago, and so she's not, by any stretch of

472
00:19:37,280 --> 00:19:40,080
Speaker 4: the imagination, you know, one of the big fish. She's

473
00:19:40,119 --> 00:19:42,359
Speaker 4: just doing the right thing. And thankfully when she got audited,

474
00:19:42,440 --> 00:19:46,840
Speaker 4: she is like the best, Like she was like, yeah,

475
00:19:46,920 --> 00:19:49,240
Speaker 4: here have at it, Like she didn't do a thing wrong.

476
00:19:49,320 --> 00:19:51,840
Speaker 4: So she was absolutely fine. But she was shocked at

477
00:19:51,840 --> 00:19:53,919
Speaker 4: the time that she got audited. And I remember her

478
00:19:53,960 --> 00:19:56,080
Speaker 4: getting the letter in the mail because it's all very official,

479
00:19:56,280 --> 00:19:58,399
Speaker 4: and she called me being like, what is going on?

480
00:19:58,520 --> 00:20:00,240
Speaker 4: What have I done wrong, And I'm like, look, could

481
00:20:00,240 --> 00:20:03,400
Speaker 4: also be random selection, which is correct. And I think

482
00:20:03,440 --> 00:20:06,160
Speaker 4: that that's important to take into consideration too, that even

483
00:20:06,200 --> 00:20:09,480
Speaker 4: if you've not done anything wrong, your tax return could

484
00:20:09,520 --> 00:20:11,840
Speaker 4: not be flagged. It could just be random selection and

485
00:20:11,880 --> 00:20:14,360
Speaker 4: then making sure that they've you know, dotted their eyes

486
00:20:14,400 --> 00:20:17,080
Speaker 4: and crossed their t's and they're just doing some testing correct,

487
00:20:17,160 --> 00:20:19,560
Speaker 4: and you've fallen into the unlucky pile.

488
00:20:20,040 --> 00:20:22,639
Speaker 5: It is quite daunting when you do get any correspondence

489
00:20:22,640 --> 00:20:24,280
Speaker 5: from the ATO. It might even be a nice letter,

490
00:20:24,560 --> 00:20:27,800
Speaker 5: but naturally when people see AHO. Anytime I get some

491
00:20:27,800 --> 00:20:28,639
Speaker 5: phone calls.

492
00:20:28,480 --> 00:20:31,920
Speaker 4: I see a letter come through and I literally go, oh,

493
00:20:32,080 --> 00:20:32,600
Speaker 4: what's this?

494
00:20:33,240 --> 00:20:34,720
Speaker 2: Like what I owe? What have I done?

495
00:20:35,080 --> 00:20:38,160
Speaker 4: And sometimes it's just a we've updated your contact information.

496
00:20:38,280 --> 00:20:41,520
Speaker 4: You're like, oh, okay, interesting story. Why do you have

497
00:20:41,560 --> 00:20:43,960
Speaker 4: to be all official about it? I feel like it's

498
00:20:43,960 --> 00:20:45,760
Speaker 4: when you drive past the police and you think they're

499
00:20:45,800 --> 00:20:47,560
Speaker 4: going to do a massive UWI and pull you over

500
00:20:47,640 --> 00:20:48,960
Speaker 4: even though you did not one thing wrong.

501
00:20:49,040 --> 00:20:50,439
Speaker 5: That's the ages, that's the vibe.

502
00:20:50,480 --> 00:20:53,719
Speaker 4: That's the vibe the ATO need little hat. All right,

503
00:20:53,840 --> 00:20:55,840
Speaker 4: let's go to a really quick break on the flip side.

504
00:20:55,840 --> 00:20:57,879
Speaker 4: We're going to be asking Julian a whole heap of

505
00:20:57,920 --> 00:21:00,359
Speaker 4: your questions, so don't go in anywhere.

506
00:21:04,640 --> 00:21:06,280
Speaker 2: Welcome back. If you were listening to.

507
00:21:06,240 --> 00:21:08,119
Speaker 4: The first half of the show, you know that I

508
00:21:08,160 --> 00:21:10,800
Speaker 4: am joined by a very special guest, my friend Julian

509
00:21:10,840 --> 00:21:14,919
Speaker 4: Morrow of Morow, the very very originally named firm, and

510
00:21:15,040 --> 00:21:17,240
Speaker 4: we're talking everything tax.

511
00:21:17,440 --> 00:21:17,840
Speaker 2: Julian.

512
00:21:18,320 --> 00:21:20,479
Speaker 4: I put it out to our community a little earlier

513
00:21:20,520 --> 00:21:22,280
Speaker 4: in the week and I said, hey, guys, we've obviously

514
00:21:22,320 --> 00:21:24,480
Speaker 4: got Julian coming in and we would like to ask

515
00:21:24,600 --> 00:21:28,080
Speaker 4: some questions. What are your deepest, darkest tax questions? This

516
00:21:28,160 --> 00:21:30,479
Speaker 4: can be anonymous and they jumped on it. So are

517
00:21:30,520 --> 00:21:32,679
Speaker 4: you ready to dive in the deep way? I'd love to,

518
00:21:32,720 --> 00:21:36,280
Speaker 4: all right, So first things first, Number one, and this

519
00:21:36,440 --> 00:21:39,399
Speaker 4: was a common question when starting out. Can I claim

520
00:21:39,440 --> 00:21:43,680
Speaker 4: initial costs of starting my business against my taxes if

521
00:21:43,680 --> 00:21:44,920
Speaker 4: I'm not gaining sales?

522
00:21:45,960 --> 00:21:49,399
Speaker 5: So you definitely can, and not only can you, you

523
00:21:49,440 --> 00:21:52,960
Speaker 5: definitely want to. So with expenses for your business, you

524
00:21:53,040 --> 00:21:55,920
Speaker 5: need to claim an expense in the year that it's paid. Right,

525
00:21:55,960 --> 00:21:58,240
Speaker 5: so you might think I'm not making anything of start

526
00:21:58,240 --> 00:22:00,480
Speaker 5: claiming it in a couple of years. That does and work.

527
00:22:00,600 --> 00:22:02,840
Speaker 5: So instead, what you need to do is claim it

528
00:22:02,880 --> 00:22:05,159
Speaker 5: in the first year, and then what happens is it

529
00:22:05,200 --> 00:22:07,439
Speaker 5: creates a loss for your business. So let's you say

530
00:22:07,480 --> 00:22:09,640
Speaker 5: you spend ten thousand dollars a year one that ten

531
00:22:09,680 --> 00:22:11,800
Speaker 5: thousand dollars loss gets carried forward to the next year,

532
00:22:12,280 --> 00:22:14,719
Speaker 5: so then when you do start to earn money, you

533
00:22:14,760 --> 00:22:17,800
Speaker 5: don't have to pay any tax until you recoup those losses.

534
00:22:17,880 --> 00:22:20,399
Speaker 5: So until you make back the ten thousand dollars, you

535
00:22:20,480 --> 00:22:22,800
Speaker 5: might have costs for years and years until you're actually

536
00:22:23,000 --> 00:22:25,840
Speaker 5: making income, which is fine. That loss just gets bigger

537
00:22:25,840 --> 00:22:28,760
Speaker 5: and bigger and gets carried forward. Definitely, you can claim them,

538
00:22:28,800 --> 00:22:31,600
Speaker 5: but you're not necessarily going to get tax back. Your

539
00:22:31,640 --> 00:22:34,800
Speaker 5: business hasn't actually paid any tax, not going to necessarily.

540
00:22:34,280 --> 00:22:36,520
Speaker 2: Getting a refund for something you didn't pay for, that's right.

541
00:22:36,680 --> 00:22:39,199
Speaker 5: Yeah, so the loss will accumulate. You definitely want to

542
00:22:39,240 --> 00:22:41,720
Speaker 5: include it in the year that's incurred, and then down

543
00:22:41,760 --> 00:22:44,080
Speaker 5: the track it will you know, obviously help you reduce

544
00:22:44,119 --> 00:22:46,000
Speaker 5: tax because you're not paying any tax until you make

545
00:22:46,000 --> 00:22:46,480
Speaker 5: it all back.

546
00:22:46,760 --> 00:22:51,200
Speaker 4: So very long story short, we should be claiming absolutely

547
00:22:51,200 --> 00:22:54,080
Speaker 4: everything and taking our tax super seriously and doing all

548
00:22:54,080 --> 00:22:56,240
Speaker 4: of our receipts and absolutely everything, even if we're not

549
00:22:56,280 --> 00:22:58,520
Speaker 4: making a dollar, correct, because it can benefit us in

550
00:22:58,560 --> 00:22:58,960
Speaker 4: the future.

551
00:22:59,119 --> 00:23:01,400
Speaker 5: Imagine you spend ten grand and then you found out

552
00:23:01,440 --> 00:23:03,680
Speaker 5: down the track that you didn't claim ten grand worth

553
00:23:03,680 --> 00:23:05,760
Speaker 5: of costs just because essentially.

554
00:23:05,320 --> 00:23:07,760
Speaker 4: So for the first couple of years of this podcast

555
00:23:07,840 --> 00:23:09,959
Speaker 4: and of She's on the Money, we were running at

556
00:23:09,960 --> 00:23:12,919
Speaker 4: a massive loss. And that made sense because like, I

557
00:23:12,960 --> 00:23:15,080
Speaker 4: didn't even think that She's on the Money would make money.

558
00:23:15,080 --> 00:23:17,000
Speaker 4: It was just fun on the side that I thought

559
00:23:17,200 --> 00:23:19,240
Speaker 4: this would be a good marketing project for, you know,

560
00:23:19,280 --> 00:23:22,359
Speaker 4: my bigger business, Zella, which by the way it worked,

561
00:23:22,480 --> 00:23:25,000
Speaker 4: it was going well, we are, but I had all

562
00:23:25,040 --> 00:23:27,159
Speaker 4: these losses that I'd banked up, and I was like,

563
00:23:27,240 --> 00:23:28,840
Speaker 4: every year I look at my attacks, we're trying to

564
00:23:28,840 --> 00:23:31,480
Speaker 4: be like, oh, she's a sinking shit and now it's

565
00:23:31,480 --> 00:23:34,080
Speaker 4: all good, and now I've got to use those losses

566
00:23:34,200 --> 00:23:36,280
Speaker 4: and claim against them. So the first year that we

567
00:23:36,320 --> 00:23:40,320
Speaker 4: started making profit, it was very nice. So next question

568
00:23:40,560 --> 00:23:43,040
Speaker 4: is actually from a locum pharmacist.

569
00:23:43,440 --> 00:23:44,719
Speaker 2: They say, I'm a soul trader.

570
00:23:45,080 --> 00:23:49,080
Speaker 4: Am I able to contribute to my superannuation before tax?

571
00:23:49,480 --> 00:23:52,679
Speaker 5: Yes, definitely can so a few things around that. Naturally,

572
00:23:52,760 --> 00:23:56,600
Speaker 5: there's limits. So this financial year twenty seven five hundred

573
00:23:56,720 --> 00:23:59,600
Speaker 5: is the current perannum contribution you can make from the

574
00:23:59,600 --> 00:24:01,400
Speaker 5: first July goes to thirty.

575
00:24:01,160 --> 00:24:04,040
Speaker 4: K, which is nice because it hasn't changed in a while.

576
00:24:04,520 --> 00:24:07,000
Speaker 4: It's been twenty seven five hundred for a really long time.

577
00:24:07,160 --> 00:24:10,080
Speaker 5: So nice little bumper. Why not for the super.

578
00:24:10,000 --> 00:24:12,560
Speaker 4: I mine must be nice if you're contributing that much too,

579
00:24:12,600 --> 00:24:14,840
Speaker 4: So like yeah, to take you.

580
00:24:14,880 --> 00:24:17,119
Speaker 5: In and look, super is one of those things where

581
00:24:17,400 --> 00:24:20,280
Speaker 5: once you've exhausted all your tax deductions. So sometimes people

582
00:24:20,320 --> 00:24:23,400
Speaker 5: come to tax time and they're writing off equipment, buying laptops,

583
00:24:23,440 --> 00:24:25,159
Speaker 5: doing all these things, which are great, but you might

584
00:24:25,200 --> 00:24:26,760
Speaker 5: get to a point in time where the business doesn't

585
00:24:26,760 --> 00:24:29,960
Speaker 5: actually need anything further to you know, do its thing.

586
00:24:30,280 --> 00:24:33,440
Speaker 5: Whereas super is one of those deductions where at least

587
00:24:33,440 --> 00:24:35,800
Speaker 5: you're not just wasting money on equipment that you don't need.

588
00:24:35,960 --> 00:24:40,040
Speaker 5: You're actually contributing to obviously your said retirement in the future.

589
00:24:40,320 --> 00:24:42,600
Speaker 5: That money's being invested, it's doing its thing. Talk to

590
00:24:42,720 --> 00:24:45,240
Speaker 5: me about it. But it's just a good tax reduction

591
00:24:45,359 --> 00:24:47,600
Speaker 5: to have when you're running short of tax deductions, when

592
00:24:47,640 --> 00:24:50,760
Speaker 5: cash flow works, et cetera. And even remember you don't

593
00:24:50,760 --> 00:24:52,800
Speaker 5: need a pay it in one lump sum, right, so

594
00:24:52,840 --> 00:24:54,200
Speaker 5: you don't just need to pay it at the start

595
00:24:54,240 --> 00:24:56,840
Speaker 5: of June. You can pay a monthly contribution and then

596
00:24:56,880 --> 00:24:59,040
Speaker 5: claim that you know yearly amount as well.

597
00:24:59,200 --> 00:25:02,159
Speaker 4: I always tell people this that it's actually much easier

598
00:25:02,200 --> 00:25:04,440
Speaker 4: to make a super contribution than you think. I think

599
00:25:04,480 --> 00:25:06,240
Speaker 4: a lot of us think it's really confusing, but it's

600
00:25:06,240 --> 00:25:06,760
Speaker 4: actually just.

601
00:25:06,680 --> 00:25:08,840
Speaker 5: Like a be pay bank transfer.

602
00:25:09,520 --> 00:25:11,480
Speaker 4: You just be paid to you super and then you're like, wow,

603
00:25:11,480 --> 00:25:13,840
Speaker 4: that was really uneventful, And it can feel a little

604
00:25:13,880 --> 00:25:16,520
Speaker 4: bit deflating when you realize how simple it is.

605
00:25:16,560 --> 00:25:18,280
Speaker 5: Especially when you've put it off for two years because

606
00:25:18,320 --> 00:25:19,120
Speaker 5: you thought it was so hard.

607
00:25:19,240 --> 00:25:21,440
Speaker 4: You were like, oh, this is so overwhelming and so complex,

608
00:25:21,480 --> 00:25:22,840
Speaker 4: and then you're like, oh, just be paid to this

609
00:25:22,840 --> 00:25:24,560
Speaker 4: account and you're like and then it's done. I don't

610
00:25:24,560 --> 00:25:26,399
Speaker 4: have any other Adminment's like no, no, no, you had your

611
00:25:26,400 --> 00:25:28,720
Speaker 4: own biller code, so like they just allocate it to

612
00:25:28,720 --> 00:25:29,560
Speaker 4: your account and you're.

613
00:25:29,440 --> 00:25:31,800
Speaker 2: Like, oh, okay, why you go away?

614
00:25:31,880 --> 00:25:32,200
Speaker 1: You go.

615
00:25:32,720 --> 00:25:36,760
Speaker 4: You mentioned something before about people purchasing laptops and stuff free.

616
00:25:37,440 --> 00:25:39,760
Speaker 4: One thing I wanted to touch on is I feel

617
00:25:39,760 --> 00:25:41,840
Speaker 4: like small business owners they go, oh my gosh, it's

618
00:25:41,840 --> 00:25:44,120
Speaker 4: coming up to interfinancial year. I need to like get

619
00:25:44,119 --> 00:25:45,639
Speaker 4: a new print t or I need to get a new laptop.

620
00:25:45,680 --> 00:25:47,399
Speaker 4: I need to do all these things, and I just

621
00:25:47,400 --> 00:25:49,639
Speaker 4: wanted to remind you all that that stuff's not free.

622
00:25:49,760 --> 00:25:51,440
Speaker 4: I think so many times we go, oh, I can

623
00:25:51,600 --> 00:25:55,119
Speaker 4: justify a new laptop, but you're only being able to

624
00:25:55,160 --> 00:25:57,640
Speaker 4: claim the tax portion. You're not like getting a whole

625
00:25:57,680 --> 00:25:59,880
Speaker 4: free laptop, and you claim the whole laptop and wham bam,

626
00:25:59,880 --> 00:26:02,680
Speaker 4: that five grand is now, you know, completely on your

627
00:26:02,680 --> 00:26:03,600
Speaker 4: deductions list.

628
00:26:03,720 --> 00:26:04,719
Speaker 5: Here's the myth Bustard.

629
00:26:04,840 --> 00:26:06,159
Speaker 2: Yeah, I was like, can we touch on this?

630
00:26:06,480 --> 00:26:08,840
Speaker 5: Yeah, So the general thing is I'm going to claim

631
00:26:08,920 --> 00:26:11,440
Speaker 5: it back on tax. Right, So the way that tax

632
00:26:11,520 --> 00:26:13,480
Speaker 5: usually works is, let's say you spend one thousand dollars

633
00:26:13,480 --> 00:26:16,080
Speaker 5: on a laptop, and if your tax rate is thirty percent,

634
00:26:16,560 --> 00:26:19,000
Speaker 5: it's going to reduce your tax by three hundred dollars.

635
00:26:19,240 --> 00:26:21,840
Speaker 5: So you are still out of pocket seven hundred dollars,

636
00:26:22,119 --> 00:26:24,560
Speaker 5: which is great if you needed the laptop, because you're

637
00:26:24,560 --> 00:26:25,520
Speaker 5: going to buy it anything.

638
00:26:25,280 --> 00:26:27,000
Speaker 2: Your math I needed the laptop, needed.

639
00:26:26,800 --> 00:26:28,880
Speaker 5: The laptop, right, you only need a couple of laptops.

640
00:26:29,080 --> 00:26:31,200
Speaker 5: So if you didn't need the laptop, you're out of

641
00:26:31,240 --> 00:26:34,040
Speaker 5: pocket seven hundred dollars, So it's not always, you know,

642
00:26:34,320 --> 00:26:37,320
Speaker 5: beneficial just to spend for tax purposes. I personally, if

643
00:26:37,320 --> 00:26:39,800
Speaker 5: I didn't need a laptop, would rather the seven hundred

644
00:26:39,800 --> 00:26:41,000
Speaker 5: dollars in my bank account?

645
00:26:41,040 --> 00:26:43,359
Speaker 4: Oh yeah, absolutely, But sometimes I'm a little bit de

646
00:26:43,440 --> 00:26:45,360
Speaker 4: Lulu and have you seen the new iPhone?

647
00:26:45,400 --> 00:26:46,760
Speaker 2: Like maybe I'll need that.

648
00:26:47,200 --> 00:26:48,840
Speaker 5: Timing is right, tax time's coming.

649
00:26:48,720 --> 00:26:51,159
Speaker 4: Yeah, Like at least I can claim it for my

650
00:26:51,280 --> 00:26:54,199
Speaker 4: Delulu purchases. But I think it's important to touch on

651
00:26:54,240 --> 00:26:56,920
Speaker 4: the fact that doesn't make your stuff free. And how

652
00:26:56,920 --> 00:26:59,119
Speaker 4: many times do you talk to people and they're like, oh,

653
00:26:59,119 --> 00:27:00,800
Speaker 4: I'm just going to get a new top because tax

654
00:27:00,840 --> 00:27:03,520
Speaker 4: time is coming up, and you're just like, that's not really.

655
00:27:03,480 --> 00:27:05,480
Speaker 5: It's weekly, but at this time of the year it's

656
00:27:05,520 --> 00:27:08,399
Speaker 5: more often than Look, the way I pitch it is,

657
00:27:08,520 --> 00:27:10,639
Speaker 5: if you're looking at purchasing things, or even if you're

658
00:27:10,680 --> 00:27:13,160
Speaker 5: looking at buying things in the next few months, if

659
00:27:13,160 --> 00:27:15,920
Speaker 5: you can bring that purchase forward before the thori of June,

660
00:27:15,920 --> 00:27:18,200
Speaker 5: at least you get the tax benefit sooner. So why

661
00:27:18,240 --> 00:27:20,399
Speaker 5: wait until July and then you have to wait a

662
00:27:20,440 --> 00:27:22,159
Speaker 5: whole on other twelve months to get the tax deduction.

663
00:27:22,640 --> 00:27:24,720
Speaker 5: Get it on this sid of the financial year and

664
00:27:24,840 --> 00:27:25,520
Speaker 5: happy days.

665
00:27:25,680 --> 00:27:28,800
Speaker 2: Absolutely all right, Next question I have for you, I.

666
00:27:28,720 --> 00:27:32,040
Speaker 4: Hadn't really thought about the maximum number, but how many

667
00:27:32,119 --> 00:27:33,920
Speaker 4: abns can I have at the same time?

668
00:27:34,400 --> 00:27:36,760
Speaker 5: So this is an interesting one. So technically as a

669
00:27:36,800 --> 00:27:39,080
Speaker 5: sole trader, because it comes back down to the legal

670
00:27:39,119 --> 00:27:41,840
Speaker 5: structure of your ABN. So as a sole trader, you

671
00:27:41,840 --> 00:27:44,720
Speaker 5: can only actually have one ABN number. You can have

672
00:27:44,880 --> 00:27:48,280
Speaker 5: multiple business names registered to that one ABN, so you

673
00:27:48,280 --> 00:27:50,880
Speaker 5: can conduct multiple businesses under that one ABN, but you'll

674
00:27:50,920 --> 00:27:55,200
Speaker 5: only ever get one. Versus if you're setting up partnerships,

675
00:27:55,280 --> 00:27:58,520
Speaker 5: separate companies and things like that, each of those entities

676
00:27:58,640 --> 00:28:01,200
Speaker 5: has its own ABN and you can start as many

677
00:28:01,240 --> 00:28:03,080
Speaker 5: as you want. Honestly, I don't think I've ever seen

678
00:28:03,119 --> 00:28:05,159
Speaker 5: any companies you can have now.

679
00:28:05,240 --> 00:28:06,879
Speaker 4: I was like, are you about to tell me that

680
00:28:06,920 --> 00:28:09,480
Speaker 4: there's like a maximum number, because I've like got my businesses,

681
00:28:09,480 --> 00:28:11,320
Speaker 4: I've got my trust, I've got a JV, I've got

682
00:28:11,359 --> 00:28:12,080
Speaker 4: like a partnership.

683
00:28:12,119 --> 00:28:13,920
Speaker 2: I've just got a messy tax situa.

684
00:28:15,760 --> 00:28:17,639
Speaker 4: Am I about to be in trouble? Like this is

685
00:28:17,680 --> 00:28:20,119
Speaker 4: something that I don't know the answer to, Like is

686
00:28:20,119 --> 00:28:20,560
Speaker 4: that a.

687
00:28:20,480 --> 00:28:23,199
Speaker 5: Thing everyone's learning no, so look in summary as a

688
00:28:23,240 --> 00:28:25,840
Speaker 5: soul tryer, you'll only ever get one. But if you're

689
00:28:25,840 --> 00:28:28,760
Speaker 5: setting up separate legal entities, companies, partnerships, et cetera, it's

690
00:28:28,760 --> 00:28:29,960
Speaker 5: a new ab in every time.

691
00:28:30,280 --> 00:28:31,320
Speaker 2: Elit all right?

692
00:28:31,400 --> 00:28:33,840
Speaker 4: Next question, I think I know the answer to this one,

693
00:28:33,840 --> 00:28:35,720
Speaker 4: so I'm feeling a little bit more confident, but I

694
00:28:35,760 --> 00:28:38,640
Speaker 4: won't be answering that you will be. The next question

695
00:28:38,760 --> 00:28:42,080
Speaker 4: is if I'm doing regular freelance work for the same company,

696
00:28:42,320 --> 00:28:44,720
Speaker 4: is it better to use my tax file number or

697
00:28:44,760 --> 00:28:45,440
Speaker 4: my ABN?

698
00:28:45,720 --> 00:28:47,160
Speaker 5: Do you want to answer that one because it's quite

699
00:28:47,160 --> 00:28:47,680
Speaker 5: a long one.

700
00:28:47,760 --> 00:28:50,040
Speaker 4: It is quite a long one, and I would wonder

701
00:28:50,160 --> 00:28:54,200
Speaker 4: if it constitutes like casual work instead of freelance. To me,

702
00:28:54,360 --> 00:28:57,480
Speaker 4: this becomes quite complex. It's not actually about the tax

703
00:28:57,480 --> 00:28:59,280
Speaker 4: file or the ABN.

704
00:28:59,080 --> 00:29:00,800
Speaker 5: Correct, and like do you have the option of one

705
00:29:00,880 --> 00:29:02,680
Speaker 5: or the other, Because generally when you go to work

706
00:29:02,720 --> 00:29:05,720
Speaker 5: for someone, they might force you to be one or

707
00:29:05,760 --> 00:29:07,719
Speaker 5: the other. This kind of presents to me that someone

708
00:29:08,280 --> 00:29:10,760
Speaker 5: you can choose that essentially said to them, do you

709
00:29:10,800 --> 00:29:12,480
Speaker 5: want to be this or that? So other than the

710
00:29:12,560 --> 00:29:15,280
Speaker 5: legal technicalities, I suppose there's pros and cons to say

711
00:29:15,320 --> 00:29:19,760
Speaker 5: they could do both naturally, if it's through your ABN. Well, one,

712
00:29:19,760 --> 00:29:22,400
Speaker 5: you've got to manage your own taxes, yes, right, do

713
00:29:22,520 --> 00:29:29,080
Speaker 5: your own invoicing, potentially your own supert it's applicable, correct,

714
00:29:29,160 --> 00:29:32,000
Speaker 5: You'd have to get your own insurances because naturally you

715
00:29:32,040 --> 00:29:34,840
Speaker 5: are a business and you're in charge of everything, right

716
00:29:35,200 --> 00:29:37,760
Speaker 5: Versus if you're an employee, you lose a little bit

717
00:29:37,760 --> 00:29:41,080
Speaker 5: of the flexibility, but you don't have to potentially provide

718
00:29:41,080 --> 00:29:44,120
Speaker 5: your own equipment, insurance, etc. Because you're an employee of

719
00:29:44,120 --> 00:29:46,400
Speaker 5: this employer and they're going to provide that for you.

720
00:29:46,480 --> 00:29:48,480
Speaker 5: They're going to do your own tax make life a

721
00:29:48,600 --> 00:29:51,920
Speaker 5: lot easier ideally. But then you've got the idea of

722
00:29:52,400 --> 00:29:55,040
Speaker 5: what are the pay rates? Is one significantly higher than

723
00:29:55,080 --> 00:29:57,880
Speaker 5: the other because I'm getting paid more for that risk

724
00:29:57,960 --> 00:30:01,440
Speaker 5: first reward, So I think it's a few considerations in there.

725
00:30:01,840 --> 00:30:04,720
Speaker 4: For sure, I would be looking at the financial benefit

726
00:30:04,920 --> 00:30:06,480
Speaker 4: like I would be kind of doing a pros and

727
00:30:06,520 --> 00:30:08,560
Speaker 4: cons list, but also going all right, well, if I

728
00:30:08,600 --> 00:30:11,480
Speaker 4: work for myself and I'm using my ABN and you're

729
00:30:11,840 --> 00:30:14,240
Speaker 4: being invoiced by me, am I invoicing at a higher

730
00:30:14,320 --> 00:30:16,960
Speaker 4: rate because I'm a freelancer. But if I give you

731
00:30:17,000 --> 00:30:19,880
Speaker 4: my TFN and we go down the employee route. Am

732
00:30:19,880 --> 00:30:23,400
Speaker 4: I looking at a lower rate of pay but less

733
00:30:23,440 --> 00:30:26,320
Speaker 4: responsibility which is usually what comes along with that, Right?

734
00:30:26,720 --> 00:30:27,600
Speaker 2: So which one?

735
00:30:27,680 --> 00:30:30,040
Speaker 4: Do you want more money and more responsibility or do

736
00:30:30,040 --> 00:30:33,560
Speaker 4: you want less responsibility and probably less money. I think

737
00:30:33,640 --> 00:30:35,640
Speaker 4: he's the question, and we can't answer that because that's.

738
00:30:36,680 --> 00:30:39,280
Speaker 5: And another angle to even pitch that in is if

739
00:30:39,280 --> 00:30:41,160
Speaker 5: you're through your AB and you might have the ability

740
00:30:41,160 --> 00:30:44,040
Speaker 5: to pick up other clients and earn more money again, right,

741
00:30:44,080 --> 00:30:46,760
Speaker 5: Whereas if you're under a TFN there could be arrangements

742
00:30:46,760 --> 00:30:48,080
Speaker 5: where you can't work for.

743
00:30:48,160 --> 00:30:50,360
Speaker 4: Yeah, they might have like a restriction of trade and

744
00:30:50,400 --> 00:30:52,280
Speaker 4: they'll say, hey, I know you work for us.

745
00:30:52,200 --> 00:30:54,120
Speaker 2: But you can't go and freelance on the side.

746
00:30:54,360 --> 00:30:57,160
Speaker 4: That's right, So all spicely, I would be like putting

747
00:30:57,160 --> 00:30:59,200
Speaker 4: everything on the table and just kind of going which

748
00:30:59,200 --> 00:31:01,840
Speaker 4: are my most comfortable with and seeing what happens. But

749
00:31:01,880 --> 00:31:03,800
Speaker 4: your accountant should be able to help you there as well,

750
00:31:03,800 --> 00:31:06,239
Speaker 4: because you get a really good picture of what you

751
00:31:06,280 --> 00:31:09,320
Speaker 4: could and couldn't earn specifically. Whereas we're just guessing at

752
00:31:09,320 --> 00:31:10,680
Speaker 4: this point that that's the stitch.

753
00:31:10,600 --> 00:31:13,760
Speaker 5: Right, I agree, hope, let's move on.

754
00:31:14,000 --> 00:31:16,600
Speaker 4: I feel like let's pretend we've been really helpful there.

755
00:31:16,920 --> 00:31:19,360
Speaker 4: The next question I have, and I feel like is

756
00:31:19,560 --> 00:31:23,240
Speaker 4: a good question, because some people live on one side

757
00:31:23,240 --> 00:31:25,200
Speaker 4: of the train tracks, some people live on the other.

758
00:31:25,720 --> 00:31:27,560
Speaker 4: What accounting program do you recommend?

759
00:31:27,640 --> 00:31:27,960
Speaker 2: Julian?

760
00:31:28,240 --> 00:31:30,720
Speaker 5: This is a hard one without plugging the programs, but look,

761
00:31:30,760 --> 00:31:32,000
Speaker 5: I think which.

762
00:31:31,800 --> 00:31:32,960
Speaker 2: One pays you the most?

763
00:31:33,040 --> 00:31:36,720
Speaker 5: Julian, that's a great question. I think in the space.

764
00:31:36,640 --> 00:31:39,920
Speaker 4: At this point, you're paying for the accounting software, so like,

765
00:31:40,200 --> 00:31:41,880
Speaker 4: do we want to give them a free promo?

766
00:31:42,040 --> 00:31:44,880
Speaker 5: We'll do it anyway. I think the three main plays

767
00:31:44,920 --> 00:31:47,320
Speaker 5: are kind of like zero MYB quick books, right, they're

768
00:31:47,360 --> 00:31:49,880
Speaker 5: all you know, been there for ages. I don't know

769
00:31:49,920 --> 00:31:51,520
Speaker 5: they like me saying this, but they all do similar

770
00:31:51,520 --> 00:31:52,000
Speaker 5: things to say.

771
00:31:52,040 --> 00:31:52,920
Speaker 2: I know they don't like that.

772
00:31:53,000 --> 00:31:56,360
Speaker 4: But also the ATO asks for things to be exact,

773
00:31:56,520 --> 00:31:58,760
Speaker 4: so like, at the end of the day, they can't

774
00:31:58,760 --> 00:32:00,480
Speaker 4: reinvent the wheel much.

775
00:32:00,680 --> 00:32:04,680
Speaker 5: Correct, So look, naturally I do use zero more often.

776
00:32:04,880 --> 00:32:05,520
Speaker 5: And when I'm.

777
00:32:05,400 --> 00:32:08,120
Speaker 4: Training after clients like you a zero practice, I'm a

778
00:32:08,200 --> 00:32:10,760
Speaker 4: zero package, yees, So you don't really use anything.

779
00:32:10,440 --> 00:32:13,200
Speaker 5: Else, correct, Our clients could use something else, so we

780
00:32:13,320 --> 00:32:16,080
Speaker 5: definitely can work with anything. But look, I do find

781
00:32:16,080 --> 00:32:19,040
Speaker 5: it simpler in terms of the way it looks, the

782
00:32:19,040 --> 00:32:21,440
Speaker 5: way it feels, et cetera. And when we train clients

783
00:32:21,480 --> 00:32:23,520
Speaker 5: up and they get a glimpse of it themselves, they're

784
00:32:23,560 --> 00:32:25,720
Speaker 5: usually feeling the same as well. Obviously, it's still scary.

785
00:32:25,760 --> 00:32:28,360
Speaker 5: It's a new program. That's what accounting programs are, but

786
00:32:28,480 --> 00:32:31,440
Speaker 5: it's miles ahead of doing an Excel spreadsheet. So any

787
00:32:31,440 --> 00:32:33,320
Speaker 5: of these are going to be an improvement on the

788
00:32:33,360 --> 00:32:34,200
Speaker 5: Excel format.

789
00:32:34,360 --> 00:32:36,440
Speaker 4: Yeah, I totally understand that. And I'm going to hit

790
00:32:36,520 --> 00:32:39,960
Speaker 4: up Zero after this for some sponsorship because this is free,

791
00:32:40,160 --> 00:32:43,240
Speaker 4: and I'm about to agree that I am a zero girlie,

792
00:32:43,400 --> 00:32:46,560
Speaker 4: Like my accountant uses zero, and I really like it.

793
00:32:46,640 --> 00:32:49,840
Speaker 4: I find it very simple, very easy. I was also

794
00:32:49,920 --> 00:32:52,640
Speaker 4: the treasurer for a charity for a long time and

795
00:32:52,760 --> 00:32:55,440
Speaker 4: they used zero and I found it so simple to

796
00:32:55,480 --> 00:32:57,200
Speaker 4: be able to kind of jump in, jump out, look

797
00:32:57,240 --> 00:32:59,280
Speaker 4: at my balance sheet, look at my P and L,

798
00:32:59,320 --> 00:33:02,440
Speaker 4: look at every thing, and it just made sense. Like

799
00:33:02,480 --> 00:33:04,840
Speaker 4: and I'm not saying that other softwares didn't. They were

800
00:33:04,880 --> 00:33:07,160
Speaker 4: just like a little bit easier, yes, kind of like

801
00:33:07,200 --> 00:33:07,880
Speaker 4: an epic spec.

802
00:33:08,120 --> 00:33:10,040
Speaker 5: Yeah, another one might be a little bit clunkier to

803
00:33:10,080 --> 00:33:11,560
Speaker 5: get the yeah thing.

804
00:33:11,640 --> 00:33:13,160
Speaker 4: And like, I like that I can save all my

805
00:33:13,240 --> 00:33:16,280
Speaker 4: favorites and stuff, and I just like recreate the wheel.

806
00:33:16,280 --> 00:33:18,280
Speaker 4: I'm like, I've just done this whole balance sheet, but

807
00:33:18,320 --> 00:33:20,719
Speaker 4: I've actually just clicked one button with the star on it,

808
00:33:21,000 --> 00:33:22,320
Speaker 4: and I'm like, wow, I'm a genius.

809
00:33:22,400 --> 00:33:23,280
Speaker 5: Feeling very formal.

810
00:33:23,360 --> 00:33:25,400
Speaker 4: Yeah, and sometimes I get my accountant to set those

811
00:33:25,400 --> 00:33:28,800
Speaker 4: favorites up so it runs a specific like outcome. I

812
00:33:28,840 --> 00:33:30,640
Speaker 4: don't even have to do it, it just lives in

813
00:33:30,640 --> 00:33:33,520
Speaker 4: my favorites and then I can do it. So yeah, zero,

814
00:33:33,600 --> 00:33:35,240
Speaker 4: hit me up for some sponsorship because I feel like

815
00:33:35,320 --> 00:33:35,960
Speaker 4: we would work.

816
00:33:36,080 --> 00:33:38,240
Speaker 2: Yeah, hit us up, We'll collab. I feel like we

817
00:33:38,280 --> 00:33:39,360
Speaker 2: would be good for you.

818
00:33:40,160 --> 00:33:42,920
Speaker 4: So moving on, but also only a little bit of

819
00:33:42,920 --> 00:33:45,520
Speaker 4: a side note, Julian, at what point should I be

820
00:33:45,600 --> 00:33:49,640
Speaker 4: considering an accounting software and not my very very well

821
00:33:49,760 --> 00:33:50,800
Speaker 4: loved spreadsheet.

822
00:33:51,400 --> 00:33:54,360
Speaker 5: Great question, because once again, it's not a dollar figure amount.

823
00:33:54,720 --> 00:33:56,240
Speaker 5: I think if you look at the benefits of an

824
00:33:56,240 --> 00:34:00,200
Speaker 5: accounting program, it's things like making your invoicing easy, can

825
00:34:00,240 --> 00:34:04,120
Speaker 5: send automatic invoice reminders, get you paid easier. So someone

826
00:34:04,160 --> 00:34:06,080
Speaker 5: might just say, look, I don't want to deal with

827
00:34:06,120 --> 00:34:08,680
Speaker 5: the extra time that I'm spending manually chasing up invoices

828
00:34:08,760 --> 00:34:11,280
Speaker 5: doing Excel and go straight to one from the start.

829
00:34:11,480 --> 00:34:11,760
Speaker 2: Yeah.

830
00:34:11,760 --> 00:34:13,359
Speaker 5: So, honestly, I just think once you're at a point

831
00:34:13,360 --> 00:34:17,560
Speaker 5: in time where you feel administratively you're suffering from doing

832
00:34:17,640 --> 00:34:20,360
Speaker 5: it in an old school approach, weigh it up. You know,

833
00:34:20,440 --> 00:34:23,239
Speaker 5: these programs cost anywhere between I don't know, twenty five

834
00:34:23,280 --> 00:34:25,560
Speaker 5: to fifty dollars a month at maximum, depending on what

835
00:34:25,760 --> 00:34:28,719
Speaker 5: level you get, if you can justify that cost, which

836
00:34:28,760 --> 00:34:30,560
Speaker 5: is tax deductible, but you don't get it all back,

837
00:34:30,760 --> 00:34:31,640
Speaker 5: like we said before.

838
00:34:31,960 --> 00:34:34,520
Speaker 2: But also that's a good tax deductive.

839
00:34:34,200 --> 00:34:36,319
Speaker 5: Correct, It's a valid one. You need it, and it's

840
00:34:36,320 --> 00:34:39,320
Speaker 5: helping the business. So if you can justify those things,

841
00:34:39,440 --> 00:34:41,319
Speaker 5: I'd look at doing it sooner rather than later.

842
00:34:41,640 --> 00:34:44,400
Speaker 4: To be honest, I was in a very committed relationship

843
00:34:44,440 --> 00:34:46,960
Speaker 4: with my Excel spreadsheet when I started, because I didn't know.

844
00:34:46,960 --> 00:34:50,160
Speaker 5: Where that was going. Oh thank you with zero or

845
00:34:50,200 --> 00:34:50,839
Speaker 5: some I don't know notice.

846
00:34:50,920 --> 00:34:53,280
Speaker 4: Yeah, yeah, I mean I feel like I am now,

847
00:34:53,320 --> 00:34:55,239
Speaker 4: but that's not where this was going. But I was

848
00:34:55,280 --> 00:34:58,040
Speaker 4: in a very committed relationship with my spreadsheet, and I

849
00:34:58,080 --> 00:34:58,560
Speaker 4: remember just.

850
00:34:58,560 --> 00:34:59,840
Speaker 2: Being like, should I be spending them?

851
00:34:59,880 --> 00:35:00,000
Speaker 1: Ane?

852
00:35:00,400 --> 00:35:02,319
Speaker 2: Like shouldn't I? Like I knew it existed. I worked

853
00:35:02,320 --> 00:35:03,319
Speaker 2: in a practice that used it.

854
00:35:03,360 --> 00:35:06,080
Speaker 4: I was just being stingy and I started to track

855
00:35:06,120 --> 00:35:08,920
Speaker 4: how many hours my spreadsheet was taking me. So if

856
00:35:08,920 --> 00:35:12,320
Speaker 4: you're wondering whether you should or shouldn't track how many

857
00:35:12,400 --> 00:35:16,520
Speaker 4: hours you're sprending, inputting data, checking off the data because

858
00:35:16,520 --> 00:35:18,799
Speaker 4: it's all manual, right, Like you have to triple check

859
00:35:18,880 --> 00:35:21,359
Speaker 4: to make sure that there's no human error. And how

860
00:35:21,360 --> 00:35:25,200
Speaker 4: many hours you're doing manual invoicing, I promise you'll probably

861
00:35:25,200 --> 00:35:27,360
Speaker 4: be like, oh, the actual fifty bucks a month. This

862
00:35:27,640 --> 00:35:29,960
Speaker 4: works out because you're getting that many hours back to

863
00:35:29,960 --> 00:35:31,279
Speaker 4: work on your business.

864
00:35:31,040 --> 00:35:33,319
Speaker 5: Which is actually creating well for sales or whatever it

865
00:35:33,360 --> 00:35:34,279
Speaker 5: may be exactly.

866
00:35:34,600 --> 00:35:37,040
Speaker 4: So I feel like sometimes we don't know but it's working,

867
00:35:37,080 --> 00:35:38,879
Speaker 4: and like it's an additional fee and I'm like, at

868
00:35:38,920 --> 00:35:39,440
Speaker 4: what cost?

869
00:35:39,680 --> 00:35:41,200
Speaker 2: Yes, So let's move on.

870
00:35:42,120 --> 00:35:44,399
Speaker 4: I want to know should I make a separate bank

871
00:35:44,400 --> 00:35:46,880
Speaker 4: account if I'm running a side hustle or a small business.

872
00:35:47,400 --> 00:35:49,680
Speaker 5: So when clients come to us, this is definitely one

873
00:35:49,719 --> 00:35:51,120
Speaker 5: of the first things we get them to do with

874
00:35:51,160 --> 00:35:53,480
Speaker 5: a new business. It's more of an admin thing. It's

875
00:35:53,520 --> 00:35:55,840
Speaker 5: not necessarily a tax issue. If you're a soul trader

876
00:35:55,960 --> 00:35:57,880
Speaker 5: like you can have it in your personal and that's fine.

877
00:35:58,000 --> 00:36:00,080
Speaker 5: It's more so about getting all your personal transactions and

878
00:36:00,320 --> 00:36:01,320
Speaker 5: mixed up with your business.

879
00:36:01,440 --> 00:36:03,480
Speaker 2: One may see, why would you do that?

880
00:36:03,760 --> 00:36:05,360
Speaker 5: Yeah? I think about how much you know, you spend

881
00:36:05,520 --> 00:36:06,240
Speaker 5: throughout the year.

882
00:36:06,640 --> 00:36:08,640
Speaker 4: Coffee, coffee, coffee, and then you have to like go

883
00:36:08,680 --> 00:36:12,160
Speaker 4: through it and find out one invoice from office works

884
00:36:12,200 --> 00:36:14,160
Speaker 4: to be like, oh, remember when I bought staples.

885
00:36:14,160 --> 00:36:15,600
Speaker 2: I probably should be claiming that.

886
00:36:15,640 --> 00:36:18,920
Speaker 4: Because Victoria says, the little things add up, so make

887
00:36:19,000 --> 00:36:19,640
Speaker 4: life easier.

888
00:36:19,840 --> 00:36:22,120
Speaker 5: Do it from the start, Get your invoices paid into there,

889
00:36:22,200 --> 00:36:24,560
Speaker 5: get a card for that account, tap away as you go.

890
00:36:25,080 --> 00:36:27,799
Speaker 4: Sorry sidetrack, but I feel like someone might go but

891
00:36:27,880 --> 00:36:30,839
Speaker 4: I don't have any money coming into my business, And

892
00:36:31,239 --> 00:36:33,920
Speaker 4: my answer would be good. It means you can transfer

893
00:36:34,000 --> 00:36:36,319
Speaker 4: personal money and track it better. If that's how you're

894
00:36:36,360 --> 00:36:38,120
Speaker 4: starting your business, would you agree with this?

895
00:36:38,440 --> 00:36:40,279
Speaker 5: Correct? Going back to what we said before, AA, you

896
00:36:40,280 --> 00:36:42,520
Speaker 5: always want to claim those expenses from the get go

897
00:36:42,920 --> 00:36:45,520
Speaker 5: and be at least as a clear definition. Now money's

898
00:36:45,560 --> 00:36:48,439
Speaker 5: come in and you can track all your contributions from

899
00:36:48,440 --> 00:36:50,799
Speaker 5: the start and then eventually pay yourself back as well.

900
00:36:50,920 --> 00:36:54,360
Speaker 4: Yeah, that's actually quite important, all right. The next and

901
00:36:54,400 --> 00:36:56,560
Speaker 4: The last question I have for you is a bit

902
00:36:56,680 --> 00:36:58,840
Speaker 4: spicy because I don't think you can put your finger

903
00:36:58,880 --> 00:37:00,680
Speaker 4: on it, like there's no actual and so so sorry

904
00:37:00,719 --> 00:37:03,520
Speaker 4: about this in advance, But Julian, what should I expect

905
00:37:03,520 --> 00:37:04,960
Speaker 4: to pay an accountant to help me with like my

906
00:37:05,040 --> 00:37:07,080
Speaker 4: bass or my end of financial year taxes?

907
00:37:07,160 --> 00:37:08,759
Speaker 2: Like what's that going to cost us?

908
00:37:09,200 --> 00:37:11,960
Speaker 5: Interesting question? I look at it from a I know

909
00:37:12,040 --> 00:37:13,840
Speaker 5: it's just generic like you said, but like it's a

910
00:37:13,920 --> 00:37:16,319
Speaker 5: value perspective as well. Right, So you might go to

911
00:37:16,440 --> 00:37:19,600
Speaker 5: the most basic accountant. It's super quick, but are they

912
00:37:19,640 --> 00:37:22,200
Speaker 5: maximizing your tax stuctions? Do they really care what you're saying?

913
00:37:22,200 --> 00:37:24,279
Speaker 5: Are they're giving you advice for the future? All that

914
00:37:24,360 --> 00:37:26,960
Speaker 5: kind of stuff? And then separately, you know, what do

915
00:37:27,040 --> 00:37:29,680
Speaker 5: you provide with your accountant? So you might go to

916
00:37:29,719 --> 00:37:32,280
Speaker 5: your accountant with, you know, twelve months worth of PDF

917
00:37:32,280 --> 00:37:34,600
Speaker 5: bank statements and say to them, hey, can you sort

918
00:37:34,640 --> 00:37:35,160
Speaker 5: this for me?

919
00:37:35,320 --> 00:37:37,919
Speaker 4: Oh, a shoe box full of receipts that are half

920
00:37:37,960 --> 00:37:39,400
Speaker 4: faded and scrunched up.

921
00:37:39,440 --> 00:37:40,880
Speaker 2: That's what I'm going to give you.

922
00:37:40,800 --> 00:37:44,160
Speaker 5: Yeah, versus great client a over here that says, you know,

923
00:37:44,239 --> 00:37:47,400
Speaker 5: here's my zero file, it's reconciled, my invoices are attached,

924
00:37:47,400 --> 00:37:48,040
Speaker 5: receipts are there?

925
00:37:48,719 --> 00:37:50,160
Speaker 2: Very sexy yep, very six.

926
00:37:50,239 --> 00:37:50,439
Speaker 4: Yeah.

927
00:37:50,440 --> 00:37:52,280
Speaker 2: When someone says it's fully reconciled, I'm.

928
00:37:52,120 --> 00:37:57,920
Speaker 5: Like, yes insert so yeah, naturally the price is going

929
00:37:57,960 --> 00:38:00,200
Speaker 5: to vary a lot based on that, and that's im

930
00:38:00,239 --> 00:38:02,200
Speaker 5: with bass as well as in financial Yet it's just

931
00:38:02,239 --> 00:38:05,160
Speaker 5: done more regularly. So I think you've got to get

932
00:38:05,160 --> 00:38:07,480
Speaker 5: a few quotes, you know, make it as cheap for

933
00:38:07,520 --> 00:38:10,120
Speaker 5: yourself as possible by being as organized as you can.

934
00:38:10,480 --> 00:38:11,359
Speaker 5: What are your thoughts on that.

935
00:38:11,320 --> 00:38:14,480
Speaker 4: THEE I feel like I'm going to piss a few

936
00:38:14,480 --> 00:38:16,719
Speaker 4: people off here, but that's okay. I just think pay

937
00:38:16,719 --> 00:38:19,960
Speaker 4: peanuts get monkeys. Like, if you're looking for the cheapest

938
00:38:20,040 --> 00:38:22,879
Speaker 4: accountant on the block, you're probably not going to get

939
00:38:22,880 --> 00:38:26,680
Speaker 4: someone who values their time, their energy and knows their

940
00:38:26,719 --> 00:38:29,440
Speaker 4: worth and knows what value they bring to your business.

941
00:38:29,880 --> 00:38:32,440
Speaker 4: So do I have the cheapest accountant ever? No, I

942
00:38:32,480 --> 00:38:36,120
Speaker 4: would say that my accountant's pretty expensive nowadays, and that

943
00:38:36,280 --> 00:38:38,640
Speaker 4: was scaled so way back when I wasn't earning that

944
00:38:38,719 --> 00:38:41,800
Speaker 4: much and my businesses were quite simple, it was quite cheap.

945
00:38:41,960 --> 00:38:43,640
Speaker 4: But now I would say that I have a more

946
00:38:43,680 --> 00:38:46,640
Speaker 4: complex structure, and I've spoken about it on the podcast before.

947
00:38:46,680 --> 00:38:47,600
Speaker 2: And this might mean.

948
00:38:47,680 --> 00:38:50,560
Speaker 4: Absolutely nothing to you, or you might go, oh, that's interesting.

949
00:38:50,640 --> 00:38:53,600
Speaker 4: But I essentially have a trust that owns my businesses

950
00:38:53,840 --> 00:38:57,279
Speaker 4: and that's how I operate, and that to me makes

951
00:38:57,320 --> 00:39:01,120
Speaker 4: the most sense. But because of that structure, I'm now

952
00:39:01,160 --> 00:39:03,919
Speaker 4: paying multiple tax returns. So I'm paying for a tax

953
00:39:03,960 --> 00:39:06,520
Speaker 4: return for my trust and for each of my businesses.

954
00:39:06,560 --> 00:39:09,680
Speaker 4: And that is good for me because ultimately I'm in

955
00:39:09,719 --> 00:39:12,719
Speaker 4: a better financial position, but that can feel overwhelming as well.

956
00:39:12,719 --> 00:39:15,080
Speaker 4: Like I said, oh, like just one tax return, No,

957
00:39:15,200 --> 00:39:18,080
Speaker 4: we have multiple. Every business has a tax return, my

958
00:39:18,120 --> 00:39:20,680
Speaker 4: trust has a tax return, Like there's personal stuff I

959
00:39:20,760 --> 00:39:23,600
Speaker 4: need to do. Like it's actually a little bit wild,

960
00:39:24,160 --> 00:39:26,160
Speaker 4: But that's Louis's problem, my accountant.

961
00:39:26,840 --> 00:39:28,360
Speaker 5: I think when you're talking to friends and you're like, oh,

962
00:39:28,400 --> 00:39:30,680
Speaker 5: how much do you pay for tax? Once again, these

963
00:39:30,719 --> 00:39:32,440
Speaker 5: are all things that you don't know, Like, so you

964
00:39:32,560 --> 00:39:34,480
Speaker 5: might think they've got a business, why are they only

965
00:39:34,520 --> 00:39:36,160
Speaker 5: paying this much? I'm paying that, But you might have

966
00:39:36,200 --> 00:39:38,080
Speaker 5: more structures than them. So there's a lot of different

967
00:39:38,080 --> 00:39:39,600
Speaker 5: components to keep in mind.

968
00:39:39,600 --> 00:39:42,520
Speaker 4: And I think that that's really important. But then also

969
00:39:42,960 --> 00:39:46,160
Speaker 4: if you're worried about paying an accountant too much sorry

970
00:39:46,200 --> 00:39:49,000
Speaker 4: about this. You can work with a bookkeeper as well,

971
00:39:49,120 --> 00:39:51,480
Speaker 4: and an accountant actually usually loves that.

972
00:39:51,680 --> 00:39:53,680
Speaker 2: So, like, I know, my accountant.

973
00:39:53,239 --> 00:39:56,319
Speaker 4: Adores my bookkeeper because she does all the admin. She

974
00:39:56,400 --> 00:39:59,280
Speaker 4: reconciles all my accounts, she does my BASS, she pays

975
00:39:59,320 --> 00:40:01,239
Speaker 4: all of my tax actually make sure I'm on top

976
00:40:01,239 --> 00:40:04,480
Speaker 4: of my GST and any changes throughout the year, so

977
00:40:04,520 --> 00:40:07,640
Speaker 4: that when I am seeing my accountant, who's arguably more

978
00:40:07,680 --> 00:40:10,600
Speaker 4: expensive per hour, I'm sitting down and going, all right, well,

979
00:40:10,640 --> 00:40:13,240
Speaker 4: I already know where we are, let's do tax planning,

980
00:40:13,360 --> 00:40:15,759
Speaker 4: what does the future look like? What can we actually do?

981
00:40:15,880 --> 00:40:19,640
Speaker 4: And he's the more technical that I rely on. Right,

982
00:40:19,760 --> 00:40:21,719
Speaker 4: So I have a bookkeeper for day to day and

983
00:40:21,719 --> 00:40:25,440
Speaker 4: then I have an accountant for those bigger questions. And

984
00:40:25,480 --> 00:40:28,320
Speaker 4: I think that for me that works really well financially

985
00:40:28,360 --> 00:40:30,839
Speaker 4: because it's less expensive than getting my accountant to do

986
00:40:30,880 --> 00:40:31,359
Speaker 4: those things.

987
00:40:31,440 --> 00:40:31,640
Speaker 5: Yep.

988
00:40:31,680 --> 00:40:33,680
Speaker 4: But also he loves it because he's not doing all

989
00:40:33,680 --> 00:40:35,120
Speaker 4: of those things.

990
00:40:35,239 --> 00:40:37,480
Speaker 5: Yeah, so there is definitely a differentiation between the two.

991
00:40:37,800 --> 00:40:40,440
Speaker 5: Funnily enough, we do bookkeeping on accounting in your run

992
00:40:40,560 --> 00:40:43,719
Speaker 5: for not you personally got me personally? Are you doing

993
00:40:43,719 --> 00:40:45,520
Speaker 5: the book keep We love the benefits of it, like

994
00:40:45,560 --> 00:40:46,799
Speaker 5: you said, most accounts do.

995
00:40:46,960 --> 00:40:49,160
Speaker 4: Being able to shift it, you know, it's made it

996
00:40:49,200 --> 00:40:51,520
Speaker 4: more affordable for me. But then on the flip side,

997
00:40:51,640 --> 00:40:54,080
Speaker 4: I really like the delineation of knowing who to talk

998
00:40:54,120 --> 00:40:56,960
Speaker 4: to about what instead of overwhelming my accountant. And I

999
00:40:57,000 --> 00:40:58,560
Speaker 4: also know when I go to him, I'm like, all right,

1000
00:40:58,600 --> 00:41:00,520
Speaker 4: these are the big hitting questions. What are you doing

1001
00:41:00,560 --> 00:41:04,279
Speaker 4: for me so he can pay for lunch? Yes, all right,

1002
00:41:04,360 --> 00:41:06,719
Speaker 4: I feel like that is all we have time for

1003
00:41:06,840 --> 00:41:09,120
Speaker 4: unfortunately today. So I'm going to invite you back on

1004
00:41:09,160 --> 00:41:10,600
Speaker 4: the show at some point because I feel like I

1005
00:41:10,600 --> 00:41:12,799
Speaker 4: haven't got enough value out of you yet. But in

1006
00:41:12,880 --> 00:41:15,680
Speaker 4: the interim, Julian, where can we find you if we

1007
00:41:15,719 --> 00:41:17,920
Speaker 4: want to either work with you or watch your content

1008
00:41:18,040 --> 00:41:19,960
Speaker 4: or just hang out or ask you for a coffee.

1009
00:41:20,080 --> 00:41:22,440
Speaker 5: Yeah, we'd love a coffee. Hit us up on socials

1010
00:41:22,480 --> 00:41:26,880
Speaker 5: it's moo dot au, m a U ro dot au, Google,

1011
00:41:27,000 --> 00:41:30,160
Speaker 5: whatever it is. We're everywhere. We're very contactable, and naturally

1012
00:41:30,200 --> 00:41:31,640
Speaker 5: we like to apply pretty quickly.

1013
00:41:31,719 --> 00:41:34,200
Speaker 4: You're so contactable that the link to your website and

1014
00:41:34,239 --> 00:41:37,520
Speaker 4: your Instagram is in our show notes. So you welcome, guys,

1015
00:41:38,040 --> 00:41:40,680
Speaker 4: But that is it from us today. Have a great

1016
00:41:40,719 --> 00:41:42,719
Speaker 4: week and we will see you on Friday.

1017
00:41:42,840 --> 00:41:52,200
Speaker 2: Bye guys. Thanks guys, did buy shared on?

1018
00:41:52,360 --> 00:41:54,799
Speaker 6: She's on the Money is general in nature and does

1019
00:41:54,840 --> 00:41:58,840
Speaker 6: not consider your individual circumstances. She's on the Money exists

1020
00:41:58,960 --> 00:42:02,160
Speaker 6: purely for education purposes and should not be relied upon

1021
00:42:02,239 --> 00:42:04,400
Speaker 6: to make an investment or financial decision.

1022
00:42:04,800 --> 00:42:07,400
Speaker 2: If you do choose to buy a financial product.

1023
00:42:07,040 --> 00:42:10,600
Speaker 6: Read the PDS TMD and obtain appropriate financial.

1024
00:42:10,160 --> 00:42:11,960
Speaker 2: Advice tailored towards your needs.

1025
00:42:12,320 --> 00:42:16,240
Speaker 6: Victoria Divine and Sheese on the Money are authorized representatives

1026
00:42:16,280 --> 00:42:19,799
Speaker 6: of Money Sherpa pty lt D a BN three two

1027
00:42:19,800 --> 00:42:23,759
Speaker 6: one six four nine two seven seven zero eight AFSL

1028
00:42:23,920 --> 00:42:28,080
Speaker 6: four five one two eight nine