1 00:00:00,200 --> 00:00:02,040 Speaker 1: She's on the Money. 2 00:00:02,160 --> 00:00:14,720 Speaker 2: She's on the Money. 3 00:00:21,239 --> 00:00:23,800 Speaker 1: Hello, and welcome to She's on the Money, the podcast 4 00:00:23,800 --> 00:00:27,560 Speaker 1: for millennials who want financial freedom. My name is Annabel Lee. 5 00:00:27,600 --> 00:00:29,680 Speaker 1: If you're a diligent pod listener, you'd know that by now, 6 00:00:29,720 --> 00:00:32,640 Speaker 1: but if you're not, that's okay. I forgive you welcome 7 00:00:32,760 --> 00:00:35,920 Speaker 1: greetings all that, and as always, I'm joined by my 8 00:00:36,040 --> 00:00:39,920 Speaker 1: lovely friend and money expert Victoria Devine. Hello there, Hello. 9 00:00:40,320 --> 00:00:43,199 Speaker 1: Can I just say, firstly, I'm so impressed with how 10 00:00:43,560 --> 00:00:47,200 Speaker 1: responsive you are on our Facebook page to every She's 11 00:00:47,200 --> 00:00:49,200 Speaker 1: on the Money community member. You're just like, hi, there, 12 00:00:49,240 --> 00:00:52,040 Speaker 1: and you just give them your advice and it's brilliant. 13 00:00:52,040 --> 00:00:52,479 Speaker 1: I love it. 14 00:00:52,640 --> 00:00:54,400 Speaker 3: I think it's more opinion than advice. 15 00:00:54,640 --> 00:00:57,480 Speaker 4: Not sure if I would take it as advice, but yes, 16 00:00:57,520 --> 00:00:59,800 Speaker 4: I do love talking to everybody in the group. I 17 00:01:00,040 --> 00:01:03,720 Speaker 4: absolutely appreciate all of the messages I get and the 18 00:01:03,840 --> 00:01:06,600 Speaker 4: Instagram stories that get sent to me, like keep them coming, 19 00:01:06,720 --> 00:01:07,160 Speaker 4: thank you. 20 00:01:07,319 --> 00:01:08,920 Speaker 1: So on behalf of all of the the Ses on 21 00:01:08,959 --> 00:01:12,959 Speaker 1: the Money community members. Thank you, no, thank you, Victoria. 22 00:01:13,000 --> 00:01:15,680 Speaker 1: Today we're going to talk about something we've received dozens 23 00:01:15,680 --> 00:01:18,560 Speaker 1: of dms, about a three letter word that sparks fear 24 00:01:18,640 --> 00:01:19,840 Speaker 1: into the average millennial. 25 00:01:21,560 --> 00:01:22,880 Speaker 3: What is it tax? 26 00:01:23,040 --> 00:01:26,040 Speaker 1: Oh but before we really dig in, let's kick things 27 00:01:26,040 --> 00:01:28,200 Speaker 1: off by sharing a money win or a money confession 28 00:01:28,319 --> 00:01:29,640 Speaker 1: from the week you first. 29 00:01:29,800 --> 00:01:32,679 Speaker 4: Why do I always have to go first? I'm the 30 00:01:32,760 --> 00:01:35,920 Speaker 4: first one to be thrown under a bus. Okay, So 31 00:01:36,600 --> 00:01:40,200 Speaker 4: backing up last week's confession, I have another confession for 32 00:01:40,319 --> 00:01:40,840 Speaker 4: you guys. 33 00:01:41,520 --> 00:01:43,240 Speaker 3: So on the weekend, I went to. 34 00:01:43,240 --> 00:01:46,560 Speaker 4: A Dares with the purpose of purchasing a brand new 35 00:01:46,600 --> 00:01:49,840 Speaker 4: Doner because Adares had their fifty percent off sale and 36 00:01:49,920 --> 00:01:51,320 Speaker 4: that's incredibly exciting. 37 00:01:51,400 --> 00:01:53,600 Speaker 1: You know, us have really expensive they are so expensive. 38 00:01:53,720 --> 00:01:56,680 Speaker 4: So I had worked out that this Juner was probably 39 00:01:56,680 --> 00:01:58,440 Speaker 4: going to go on sale, so I've been hanging out 40 00:01:58,480 --> 00:02:01,480 Speaker 4: for it to be marked down. So off I go 41 00:02:01,560 --> 00:02:04,240 Speaker 4: to Adaz and I pick the doner that I knew 42 00:02:04,280 --> 00:02:05,880 Speaker 4: I wanted fifty percent off. 43 00:02:05,960 --> 00:02:10,080 Speaker 3: What a money win. But instead I picked the more deluxe. 44 00:02:09,600 --> 00:02:11,600 Speaker 4: Version of the doner and spent what I would have 45 00:02:11,600 --> 00:02:13,960 Speaker 4: spent on the full priced, cheaper. 46 00:02:13,680 --> 00:02:15,840 Speaker 3: Doner on this more deluxe doner. 47 00:02:15,880 --> 00:02:17,680 Speaker 1: Therefore, still she's fancy. 48 00:02:17,639 --> 00:02:18,399 Speaker 3: Very fancy. 49 00:02:19,120 --> 00:02:22,040 Speaker 4: But now I spent what I was going to spend 50 00:02:22,080 --> 00:02:23,840 Speaker 4: on the full price diner to begin with, and didn't 51 00:02:23,840 --> 00:02:25,080 Speaker 4: actually save any money. 52 00:02:25,360 --> 00:02:29,359 Speaker 1: Oh no, well, mine is also a money confession this week. Unfortunately, 53 00:02:29,960 --> 00:02:31,880 Speaker 1: I have, I think, done the opposite of what most 54 00:02:31,880 --> 00:02:35,480 Speaker 1: people do, in that I have become a coffee drinker. 55 00:02:35,960 --> 00:02:37,760 Speaker 1: And because I used to not drink coffee, I used 56 00:02:37,760 --> 00:02:39,480 Speaker 1: to be very caffeine in sensitive. But now I think 57 00:02:39,639 --> 00:02:41,480 Speaker 1: maybe it's because whenever I come here, you make me 58 00:02:41,520 --> 00:02:43,960 Speaker 1: this really fancy soy latte and I just can't say no. 59 00:02:44,240 --> 00:02:46,680 Speaker 3: It is really fancy. There's a heart on hers today. 60 00:02:47,120 --> 00:02:48,800 Speaker 3: I know I need everybody to know that. 61 00:02:48,960 --> 00:02:51,920 Speaker 1: But now every morning I'm going walking to the cafe. 62 00:02:52,320 --> 00:02:54,600 Speaker 1: I live in Richmond, so there are lots of choices. 63 00:02:54,919 --> 00:02:57,040 Speaker 1: I'm walking to a cafe and I'm buying a coffee 64 00:02:57,080 --> 00:02:58,960 Speaker 1: and it's not good for the bank. 65 00:02:59,040 --> 00:03:00,440 Speaker 3: Have I been in a neighbor learn this? 66 00:03:00,560 --> 00:03:02,600 Speaker 4: Because when I met you, you're like, oh, I'm sorry, 67 00:03:02,680 --> 00:03:05,240 Speaker 4: I don't drink coffee. And now every time you come 68 00:03:05,240 --> 00:03:07,720 Speaker 4: into the office you are too soy lattes deep before 69 00:03:07,720 --> 00:03:08,160 Speaker 4: ten am. 70 00:03:08,240 --> 00:03:11,400 Speaker 1: I'm like, give it to me, pomp it into my veins. Okay, 71 00:03:11,480 --> 00:03:14,200 Speaker 1: with coffee in my system, let's get straight into it. 72 00:03:14,520 --> 00:03:17,160 Speaker 1: We all know. The Australian income year ends on June 73 00:03:17,160 --> 00:03:20,160 Speaker 1: thirty and that you generally have from July first to 74 00:03:20,200 --> 00:03:22,880 Speaker 1: October thirty first to lodd your return from the previous year. 75 00:03:23,120 --> 00:03:25,320 Speaker 1: Now that we're in the middle of July, we suppose 76 00:03:25,400 --> 00:03:27,440 Speaker 1: lots of you are thinking the same thing as am I. 77 00:03:28,040 --> 00:03:31,320 Speaker 1: Where the hell do I start? And what am I owed? Victoria. 78 00:03:31,400 --> 00:03:33,679 Speaker 1: Let's start with just that there's an attitude out there 79 00:03:33,720 --> 00:03:36,200 Speaker 1: that we should be getting cash injections back into our 80 00:03:36,200 --> 00:03:39,320 Speaker 1: accounts at tax time. Is that actually accurate? Does the 81 00:03:39,360 --> 00:03:42,040 Speaker 1: average working Australian get a refund on their tax return? 82 00:03:42,200 --> 00:03:44,800 Speaker 4: This is such a complex area to start talking about, 83 00:03:44,920 --> 00:03:46,400 Speaker 4: and I think the first thing I need to do 84 00:03:46,520 --> 00:03:48,640 Speaker 4: is disclaimer that I am not an accountant. 85 00:03:48,720 --> 00:03:50,040 Speaker 3: I am a financial advisor. 86 00:03:50,080 --> 00:03:51,800 Speaker 4: So all of the opinions I'm going to give you 87 00:03:51,840 --> 00:03:54,880 Speaker 4: guys are just based on my interpretation. 88 00:03:54,320 --> 00:03:56,640 Speaker 3: Of tax law. Right, fun, right, Yeah. 89 00:03:57,840 --> 00:04:01,520 Speaker 4: So yes, generally Australian do get a refund, but they 90 00:04:01,600 --> 00:04:04,160 Speaker 4: don't get a massive one. I think it's also a 91 00:04:04,200 --> 00:04:06,880 Speaker 4: really backwards way of thinking to think that every time 92 00:04:06,920 --> 00:04:10,160 Speaker 4: you submit your tax return you are owed something. So 93 00:04:10,200 --> 00:04:12,640 Speaker 4: we pay tax in a country to live in this 94 00:04:12,720 --> 00:04:15,160 Speaker 4: country and have all the things that we have and 95 00:04:15,280 --> 00:04:17,920 Speaker 4: access to all of these beautiful things that enable our 96 00:04:17,920 --> 00:04:21,039 Speaker 4: world to keep going around. But a tax return is 97 00:04:21,080 --> 00:04:24,599 Speaker 4: actually just you submitting your claim of I earned this 98 00:04:24,720 --> 00:04:28,000 Speaker 4: much per year. Please compare this to what my employer said. 99 00:04:28,080 --> 00:04:30,760 Speaker 4: You are claiming anything that you spent money on in 100 00:04:30,800 --> 00:04:33,359 Speaker 4: relation to you deriving a taxable income. 101 00:04:33,920 --> 00:04:36,160 Speaker 1: So is it normal to get zero dollars back? 102 00:04:36,480 --> 00:04:37,880 Speaker 3: It is quite normal to that's happening. 103 00:04:39,040 --> 00:04:41,239 Speaker 4: And as much as it sounds a little bit depressing, 104 00:04:41,279 --> 00:04:43,719 Speaker 4: it's actually a money win for the government and for 105 00:04:43,760 --> 00:04:46,120 Speaker 4: your employer and for you because it means that the 106 00:04:46,240 --> 00:04:49,000 Speaker 4: right yeah when win win because it means that the 107 00:04:49,080 --> 00:04:51,240 Speaker 4: right amount of tax was taken out of your take 108 00:04:51,279 --> 00:04:53,920 Speaker 4: home pay for you to give to the government and 109 00:04:53,960 --> 00:04:56,440 Speaker 4: they didn't owe you anything back. So often when you 110 00:04:56,520 --> 00:04:59,119 Speaker 4: get a tax return, it means one of two things. 111 00:04:59,160 --> 00:05:01,599 Speaker 4: It either means that you got a pay rise in 112 00:05:01,640 --> 00:05:04,520 Speaker 4: that year and you had more taxable income than you 113 00:05:04,560 --> 00:05:07,320 Speaker 4: did before. Or it could mean that you had a 114 00:05:07,400 --> 00:05:10,200 Speaker 4: second job. You might be driving ubers on the side 115 00:05:10,200 --> 00:05:13,000 Speaker 4: and you've derived some more income, or you might have 116 00:05:13,040 --> 00:05:15,760 Speaker 4: expenses that you're able to claim that are related to 117 00:05:15,800 --> 00:05:18,640 Speaker 4: you deriving your income. So I think that there's a 118 00:05:18,680 --> 00:05:21,880 Speaker 4: real sense of entitlement around tax. You know, you go 119 00:05:21,960 --> 00:05:24,400 Speaker 4: to brunch with friends and they'll say, oh, I feel 120 00:05:24,400 --> 00:05:26,640 Speaker 4: like I'm paying too much tax, or the government is 121 00:05:26,720 --> 00:05:28,120 Speaker 4: taking so much of my income. 122 00:05:28,160 --> 00:05:29,039 Speaker 3: That's my income. 123 00:05:29,200 --> 00:05:31,039 Speaker 4: To put this in perspective for you guys, if you 124 00:05:31,120 --> 00:05:34,120 Speaker 4: go back twenty years and you were earning more than 125 00:05:34,120 --> 00:05:37,440 Speaker 4: fifty thousand dollars, you are actually in the highest marginal 126 00:05:37,480 --> 00:05:40,120 Speaker 4: tax bracket. So that means that your tax rate was 127 00:05:40,160 --> 00:05:43,480 Speaker 4: effectively forty seven percent, so you were nearly paying half 128 00:05:43,520 --> 00:05:45,360 Speaker 4: of your income to the taxman. 129 00:05:45,680 --> 00:05:47,039 Speaker 3: Whereas now, if. 130 00:05:46,839 --> 00:05:50,039 Speaker 4: You are earning fifty thousand dollars, you are in the 131 00:05:50,120 --> 00:05:53,240 Speaker 4: lower marginal tax brackets, so not the lowest, which is 132 00:05:53,279 --> 00:05:54,880 Speaker 4: people who don't have to pay tax, but you were 133 00:05:54,920 --> 00:05:58,320 Speaker 4: in the lower marginal tax bracket of only paying thirty 134 00:05:58,320 --> 00:06:01,359 Speaker 4: two percent tax. So I think it's really important to 135 00:06:01,400 --> 00:06:04,560 Speaker 4: realize that over time, the marginal tax bracket has been 136 00:06:04,600 --> 00:06:07,120 Speaker 4: declining as our incomes have been increasing. 137 00:06:07,440 --> 00:06:10,080 Speaker 1: Right, So let's talk horror stories for a second. What 138 00:06:10,120 --> 00:06:12,600 Speaker 1: are the most glaring mistakes you've seen with clients at 139 00:06:12,640 --> 00:06:13,120 Speaker 1: tax time? 140 00:06:13,279 --> 00:06:15,800 Speaker 4: So at the end of the day, so many taxpayers 141 00:06:15,880 --> 00:06:20,240 Speaker 4: are making incorrect claims, and as much as we've previously 142 00:06:20,279 --> 00:06:24,120 Speaker 4: been able to get away with these claims. The technology 143 00:06:24,160 --> 00:06:27,200 Speaker 4: that the ATY now has is so far advanced that 144 00:06:27,279 --> 00:06:29,840 Speaker 4: it's now not about if you get caught, but when 145 00:06:29,960 --> 00:06:32,599 Speaker 4: you get caught. So we're yeah, we're talking about you 146 00:06:32,600 --> 00:06:35,159 Speaker 4: know all of this robo advice with centralling. 147 00:06:35,240 --> 00:06:35,719 Speaker 3: Can you know? 148 00:06:35,760 --> 00:06:37,640 Speaker 4: The data matching has happened, And now all of these 149 00:06:37,680 --> 00:06:39,800 Speaker 4: people owe money that they thought that they either got 150 00:06:39,800 --> 00:06:40,440 Speaker 4: away with. 151 00:06:40,600 --> 00:06:41,520 Speaker 3: Or didn't know about. 152 00:06:41,839 --> 00:06:44,880 Speaker 4: And at L was essentially doing the same thing. So 153 00:06:45,560 --> 00:06:48,159 Speaker 4: I think the missteps that people are making now is 154 00:06:48,240 --> 00:06:50,880 Speaker 4: just assuming that they are able to claim for things 155 00:06:50,960 --> 00:06:53,760 Speaker 4: that they don't need to produce receipts for. So, for example, 156 00:06:53,839 --> 00:06:55,840 Speaker 4: I had a friend the other day say, hey, Victoria, 157 00:06:55,839 --> 00:06:58,120 Speaker 4: but I can claim up to three hundred dollars on 158 00:06:58,480 --> 00:07:02,320 Speaker 4: of work related expenses without producing receipts. And whilst this 159 00:07:02,480 --> 00:07:05,919 Speaker 4: is absolutely true, the issue here is you actually have 160 00:07:06,040 --> 00:07:08,640 Speaker 4: to have incurred those costs to be able to claim them, 161 00:07:08,839 --> 00:07:12,200 Speaker 4: and the ATO can audit you ad hoc if they 162 00:07:12,240 --> 00:07:14,000 Speaker 4: decide to do so, and you need to be able 163 00:07:14,040 --> 00:07:17,560 Speaker 4: to justify those costs. So as much as people are saying, hey, 164 00:07:17,720 --> 00:07:20,000 Speaker 4: I am able to claim up to three hundred dollars 165 00:07:20,000 --> 00:07:22,240 Speaker 4: without receipts, you're not actually able to claim it at 166 00:07:22,240 --> 00:07:23,640 Speaker 4: all unless you've actually spent it. 167 00:07:23,760 --> 00:07:26,120 Speaker 1: What about self employed people in particular. 168 00:07:25,920 --> 00:07:27,960 Speaker 4: So, I think self employed people are in a bit 169 00:07:27,960 --> 00:07:31,320 Speaker 4: of a sticky situation where they are often not earning 170 00:07:31,400 --> 00:07:34,120 Speaker 4: enough income or they feel like they're not earning enough 171 00:07:34,120 --> 00:07:36,920 Speaker 4: income to justify the expense of having an accountant on 172 00:07:36,960 --> 00:07:40,200 Speaker 4: their team. So that means that they are either guestimating 173 00:07:40,200 --> 00:07:43,440 Speaker 4: how much tax they are paying or overestimating what they 174 00:07:43,440 --> 00:07:46,480 Speaker 4: can claim. So something that the ATO is cracking down 175 00:07:46,520 --> 00:07:50,440 Speaker 4: on more recently is your home expenses, so your internet 176 00:07:50,440 --> 00:07:53,360 Speaker 4: and electricity charges. That people are saying, well, I am 177 00:07:53,520 --> 00:07:55,640 Speaker 4: a sole trader and I work from home one hundred 178 00:07:55,640 --> 00:07:57,920 Speaker 4: percent of the time. Therefore I'm going to claim one 179 00:07:58,000 --> 00:08:01,320 Speaker 4: hundred percent of my electricity or mobile bill or phone 180 00:08:01,360 --> 00:08:04,160 Speaker 4: bill or internet Whereas this is not actually the case. 181 00:08:04,200 --> 00:08:07,200 Speaker 4: You can only claim what you're entitled to, and that 182 00:08:07,320 --> 00:08:10,680 Speaker 4: is a percentage of your phone or internet bill, not 183 00:08:10,800 --> 00:08:11,800 Speaker 4: the entire amount. 184 00:08:11,880 --> 00:08:14,040 Speaker 1: You've got to be pretty specific with that then, because 185 00:08:14,080 --> 00:08:16,880 Speaker 1: how do you even calculate when you're using it for 186 00:08:16,960 --> 00:08:19,000 Speaker 1: work expenses and when it's for personal use. 187 00:08:19,200 --> 00:08:21,720 Speaker 4: So this is one of those things where it's sometimes 188 00:08:21,840 --> 00:08:25,280 Speaker 4: easier to have two separate plans. So you'll see some 189 00:08:25,360 --> 00:08:28,720 Speaker 4: people having two separate mobile phones because it's easier to 190 00:08:28,760 --> 00:08:31,280 Speaker 4: say one is solely used for work and the other 191 00:08:31,440 --> 00:08:36,000 Speaker 4: is solely used for personal if you aren't in that situation, 192 00:08:36,080 --> 00:08:38,880 Speaker 4: though I'm not in that situation. I use my mobile 193 00:08:38,920 --> 00:08:41,680 Speaker 4: for work and for personal. It just means going through 194 00:08:41,720 --> 00:08:44,360 Speaker 4: a couple of statements and working out on average, what 195 00:08:44,480 --> 00:08:48,400 Speaker 4: percentage am I using my phone for? Is it seventy 196 00:08:48,400 --> 00:08:51,000 Speaker 4: five percent work, twenty five percent personal? Is it fifty 197 00:08:51,000 --> 00:08:53,480 Speaker 4: to fifty? What does that actually look like? And then 198 00:08:53,800 --> 00:08:56,360 Speaker 4: justifying that to the ato. So as much as you 199 00:08:56,440 --> 00:08:59,720 Speaker 4: don't have to always preside receipts, make sure you've got 200 00:08:59,720 --> 00:09:01,360 Speaker 4: them for your own personal records. 201 00:09:02,000 --> 00:09:04,560 Speaker 1: So, speaking more generally, then, what are the big things 202 00:09:04,600 --> 00:09:07,680 Speaker 1: people can claim like travel expenses or work clothes? Is 203 00:09:07,720 --> 00:09:08,599 Speaker 1: that attacks me? 204 00:09:08,800 --> 00:09:12,680 Speaker 4: So if you are a PAYG employee, so it means pay. 205 00:09:12,520 --> 00:09:16,040 Speaker 3: As you go, Oh really, yes? Yes, So if you're 206 00:09:16,040 --> 00:09:16,840 Speaker 3: a payers who. 207 00:09:16,880 --> 00:09:20,640 Speaker 4: Go tax employee, this means that there's probably not a 208 00:09:20,640 --> 00:09:22,320 Speaker 4: lot of things you can actually claim on. And I 209 00:09:22,400 --> 00:09:24,199 Speaker 4: know that this is not what people want to hear 210 00:09:24,240 --> 00:09:26,680 Speaker 4: out of this podcast. You're probably on this podcast because 211 00:09:26,679 --> 00:09:28,600 Speaker 4: you're like, Oh, Victoria's gonna give me all the goals 212 00:09:28,600 --> 00:09:30,840 Speaker 4: and the things that I can claim to get money back. 213 00:09:31,160 --> 00:09:32,880 Speaker 3: When it's actually not the case. 214 00:09:33,360 --> 00:09:36,600 Speaker 4: If you are a PAYG employee, there's not a lot 215 00:09:36,640 --> 00:09:39,560 Speaker 4: you can claim on unless you are incurring costs that 216 00:09:39,679 --> 00:09:42,000 Speaker 4: are directly related to you deriving an income. 217 00:09:42,240 --> 00:09:44,400 Speaker 3: So that could be travel. 218 00:09:44,559 --> 00:09:46,080 Speaker 4: So if you had to go to Sydney for the 219 00:09:46,120 --> 00:09:50,480 Speaker 4: week for work, anything related to that would be claimable. However, 220 00:09:50,760 --> 00:09:52,680 Speaker 4: going to and from work in the car is not 221 00:09:52,760 --> 00:09:54,959 Speaker 4: a claimable expense, whereas if you get in the car 222 00:09:55,120 --> 00:09:57,280 Speaker 4: at eleven o'clock to go get the mail from the 223 00:09:57,320 --> 00:09:59,600 Speaker 4: post office, that is claimable. I know that a lot 224 00:09:59,640 --> 00:10:02,280 Speaker 4: of people have gotten in trouble previously because they're trying 225 00:10:02,320 --> 00:10:05,160 Speaker 4: to claim their work kilometers, but they're actually traveling to 226 00:10:05,240 --> 00:10:07,560 Speaker 4: and from work, not during work times. 227 00:10:07,720 --> 00:10:08,719 Speaker 3: Right, Yes, I. 228 00:10:08,720 --> 00:10:10,800 Speaker 1: Actually read this is maybe a bit of a tangent 229 00:10:11,240 --> 00:10:14,199 Speaker 1: that people who work in the sun a lot can 230 00:10:14,240 --> 00:10:17,800 Speaker 1: claim some protection like sunglasses, sunscreen for. 231 00:10:17,920 --> 00:10:22,120 Speaker 4: Some industries and some rolls, you can claim those things, 232 00:10:22,400 --> 00:10:26,280 Speaker 4: but that's because it is directly related to you deriving 233 00:10:26,400 --> 00:10:26,920 Speaker 4: an income. 234 00:10:27,080 --> 00:10:29,800 Speaker 1: So in your opinion, Victoria. Why is your tax return 235 00:10:29,920 --> 00:10:32,240 Speaker 1: so important? How far in advance should you maybe be 236 00:10:32,280 --> 00:10:33,080 Speaker 1: preparing for it. 237 00:10:33,240 --> 00:10:35,480 Speaker 4: I know these are boring, but it's actually a legal 238 00:10:35,520 --> 00:10:38,480 Speaker 4: requirement for you to fill in a tax return each year, 239 00:10:38,920 --> 00:10:41,440 Speaker 4: and if you aren't filling in a tax return each year, 240 00:10:41,559 --> 00:10:44,320 Speaker 4: there are actually fees and penalties that will apply. So 241 00:10:44,520 --> 00:10:46,440 Speaker 4: doing it is actually in your best interest to not 242 00:10:46,559 --> 00:10:49,760 Speaker 4: incur any kind of fine. You should be preparing for 243 00:10:49,800 --> 00:10:52,520 Speaker 4: your tax return always. If you're incurring a cost related 244 00:10:52,520 --> 00:10:55,080 Speaker 4: to your employment, just make sure you take note of it. 245 00:10:55,160 --> 00:10:57,320 Speaker 4: So whether that's you keeping a shoe box under your 246 00:10:57,360 --> 00:10:59,959 Speaker 4: bed of receipts that at tax time you pull out 247 00:11:00,120 --> 00:11:02,960 Speaker 4: and work out what you need to claim, that's fine. 248 00:11:03,080 --> 00:11:05,000 Speaker 4: I know a lot of people also take photos and 249 00:11:05,040 --> 00:11:07,280 Speaker 4: create an album on their phone to keep track of 250 00:11:07,320 --> 00:11:09,160 Speaker 4: these things. But at the end of the day, I 251 00:11:09,160 --> 00:11:11,520 Speaker 4: think always having in the back of your mind that 252 00:11:11,600 --> 00:11:15,040 Speaker 4: tax is important will definitely keep you on the right track. 253 00:11:15,240 --> 00:11:17,240 Speaker 1: So in your opinion, then, do you think it's worth 254 00:11:17,240 --> 00:11:19,960 Speaker 1: getting your tax returned done by an accountant or a 255 00:11:20,000 --> 00:11:22,520 Speaker 1: tax agent or through my tax. 256 00:11:22,880 --> 00:11:24,480 Speaker 4: So I think that this is a bit of a 257 00:11:24,600 --> 00:11:28,080 Speaker 4: fickle question to answer, because at the end of the day. 258 00:11:28,280 --> 00:11:31,400 Speaker 4: Tax agents and accountants are specialists in their area, so 259 00:11:31,440 --> 00:11:33,520 Speaker 4: if anyone is going to know what you can and 260 00:11:33,559 --> 00:11:36,200 Speaker 4: can't claim, it is them. It's not up to the 261 00:11:36,240 --> 00:11:38,360 Speaker 4: discretion of you saying, well, I feel like I should 262 00:11:38,400 --> 00:11:40,600 Speaker 4: be able to claim it. It might not actually be 263 00:11:40,640 --> 00:11:43,400 Speaker 4: a legitimate claim. I think if you're earning less than 264 00:11:43,440 --> 00:11:46,040 Speaker 4: twenty five thousand dollars a year, though, you should probably 265 00:11:46,080 --> 00:11:48,440 Speaker 4: be able to work out the my tax portal on 266 00:11:48,480 --> 00:11:50,720 Speaker 4: your own because you're not actually going to be paying 267 00:11:50,760 --> 00:11:53,760 Speaker 4: any tax to begin with, So to pay someone to 268 00:11:53,800 --> 00:11:57,000 Speaker 4: claim any small amount for your tax that you didn't 269 00:11:57,000 --> 00:11:59,640 Speaker 4: actually ever pay seems a bit redundant to me. If 270 00:11:59,640 --> 00:12:02,640 Speaker 4: you are earning over twenty five thousand dollars, though, and 271 00:12:02,679 --> 00:12:05,760 Speaker 4: you feel like you have some legitimate claims, that's probably 272 00:12:05,800 --> 00:12:10,359 Speaker 4: when I'd start talking to an accountant. But again discretionary. 273 00:12:10,559 --> 00:12:12,760 Speaker 4: Going to a tax agent means you're getting advice and 274 00:12:12,760 --> 00:12:15,760 Speaker 4: they're more likely to prepare your tax return in a 275 00:12:16,360 --> 00:12:19,280 Speaker 4: legal way. But if you feel like you are, you know, 276 00:12:19,360 --> 00:12:22,400 Speaker 4: a salary and wage earner, you only have one stream 277 00:12:22,400 --> 00:12:24,800 Speaker 4: of income, and you know you didn't spend anything to 278 00:12:24,840 --> 00:12:27,720 Speaker 4: derive your income, you can again probably work out my 279 00:12:27,840 --> 00:12:28,920 Speaker 4: tax portal on your own. 280 00:12:29,160 --> 00:12:31,280 Speaker 1: I also read that apparently if you used a tax 281 00:12:31,320 --> 00:12:33,560 Speaker 1: agent or etax dot com dot or you to lodge 282 00:12:33,520 --> 00:12:36,040 Speaker 1: your tax return last year, you can claim the amount. 283 00:12:36,320 --> 00:12:38,840 Speaker 3: Yeszy, so that's something you can claim. I don't know 284 00:12:38,880 --> 00:12:39,400 Speaker 3: that you can. 285 00:12:39,600 --> 00:12:42,560 Speaker 4: Often people actually forget that that's a claimable expense because 286 00:12:42,559 --> 00:12:44,400 Speaker 4: it happened in the previous financial year. 287 00:12:44,400 --> 00:12:46,200 Speaker 3: But yes, you can claim. 288 00:12:46,000 --> 00:12:50,959 Speaker 4: Your previous tax preparation fees from the previous financial year. 289 00:12:50,800 --> 00:12:51,880 Speaker 1: Because it's to do with work. 290 00:12:52,200 --> 00:12:54,040 Speaker 3: Yes, tax, Yes, because great. 291 00:12:53,960 --> 00:12:58,160 Speaker 1: I'm getting it. So what's the likelihood of being audited 292 00:12:58,559 --> 00:13:02,160 Speaker 1: to go down to dark? It's certainly tempting to exaggerate 293 00:13:02,160 --> 00:13:03,880 Speaker 1: a little when you're doing your tax return at the 294 00:13:03,960 --> 00:13:06,480 Speaker 1: chance of maybe getting a higher refund, But is that 295 00:13:06,600 --> 00:13:07,439 Speaker 1: really dangerous? 296 00:13:07,840 --> 00:13:08,760 Speaker 3: Absolutely it is. 297 00:13:09,040 --> 00:13:12,560 Speaker 4: So the likelihood of you being audited increases each year 298 00:13:12,960 --> 00:13:15,840 Speaker 4: because of technology. So the ADO is now able to 299 00:13:15,880 --> 00:13:18,520 Speaker 4: do what's called a desktop audit. So it's where they 300 00:13:18,559 --> 00:13:21,520 Speaker 4: don't actually call in your information. It's where they just 301 00:13:21,800 --> 00:13:24,320 Speaker 4: in their office go through all of your stuff because 302 00:13:24,679 --> 00:13:27,920 Speaker 4: no longer do you have to provide them with group certificates. 303 00:13:27,920 --> 00:13:30,320 Speaker 4: It's all online. So they already have access to the 304 00:13:30,360 --> 00:13:32,520 Speaker 4: ATO portal. They already have access to all of the 305 00:13:32,520 --> 00:13:35,319 Speaker 4: group certificates the business you work for has submitted. They 306 00:13:35,320 --> 00:13:38,360 Speaker 4: have access to your Medicare records, they have access. 307 00:13:38,080 --> 00:13:38,720 Speaker 3: To your supers. 308 00:13:38,800 --> 00:13:40,640 Speaker 1: Sounds so scary, It is. 309 00:13:40,640 --> 00:13:43,520 Speaker 4: Somewhat scary, but also it's a really nice thing to 310 00:13:43,520 --> 00:13:45,800 Speaker 4: have in place, because it means that more people are 311 00:13:45,800 --> 00:13:48,080 Speaker 4: doing the right thing, because there's less chance of you 312 00:13:48,200 --> 00:13:50,800 Speaker 4: being in a position where you can evade tax. What 313 00:13:50,920 --> 00:13:53,560 Speaker 4: the ATO is doing is more desktop audits, which means 314 00:13:53,720 --> 00:13:57,040 Speaker 4: just auditing people in general. And because this is more efficient, 315 00:13:57,080 --> 00:14:00,199 Speaker 4: it's happening more often, and with their data matching software, 316 00:14:00,400 --> 00:14:02,960 Speaker 4: they're able to just lump a lot of people together 317 00:14:03,040 --> 00:14:04,600 Speaker 4: and audit them all at one time. 318 00:14:04,920 --> 00:14:07,080 Speaker 1: Moving on from that, is it true that the gig 319 00:14:07,080 --> 00:14:10,040 Speaker 1: economy has changed the way the government monitors our tax returns? 320 00:14:10,200 --> 00:14:12,880 Speaker 4: Absolutely it has, And I feel like I say absolutely 321 00:14:13,120 --> 00:14:16,199 Speaker 4: a lot in this podcast, but absolutely it happened. 322 00:14:16,440 --> 00:14:16,760 Speaker 1: Is good. 323 00:14:17,559 --> 00:14:21,160 Speaker 4: I'm so certain about this because it's happening with a 324 00:14:21,160 --> 00:14:23,320 Speaker 4: lot of my clients as well. As you know, we 325 00:14:23,360 --> 00:14:25,320 Speaker 4: see a lot in the news about what's going on. 326 00:14:25,280 --> 00:14:26,240 Speaker 3: With the gig economy. 327 00:14:26,360 --> 00:14:29,400 Speaker 4: The economy is fantastic because it's enabling people to derive 328 00:14:29,520 --> 00:14:32,440 Speaker 4: more income and you know, have more control over the 329 00:14:32,440 --> 00:14:35,280 Speaker 4: income that they are producing for themselves. So for something 330 00:14:35,320 --> 00:14:37,640 Speaker 4: like Uber, it's in your hands. So you can go 331 00:14:37,760 --> 00:14:40,120 Speaker 4: and set up an Ober account, become a driver, and 332 00:14:40,240 --> 00:14:42,560 Speaker 4: you're in control of how many hours a day you're working, 333 00:14:42,600 --> 00:14:45,360 Speaker 4: how much extra income you are producing. The thing with 334 00:14:45,400 --> 00:14:48,120 Speaker 4: the gig economy, though, is a lot of people are 335 00:14:48,200 --> 00:14:51,440 Speaker 4: starting these side jobs creating income, but they're not declaring 336 00:14:51,440 --> 00:14:54,120 Speaker 4: the income they're making. So if you're a graphic designer 337 00:14:54,160 --> 00:14:56,440 Speaker 4: and you're doing a couple of jobs on the side, 338 00:14:56,680 --> 00:14:59,040 Speaker 4: I think it's becoming more and more likely that you're 339 00:14:59,080 --> 00:15:01,160 Speaker 4: going to be ordered to and the ATO is going 340 00:15:01,200 --> 00:15:04,160 Speaker 4: to find out that you are not declaring that income 341 00:15:04,240 --> 00:15:07,360 Speaker 4: because of data matching. Now, the ATO is going directly 342 00:15:07,440 --> 00:15:10,960 Speaker 4: to the employers or the businesses that are paying for 343 00:15:11,040 --> 00:15:14,360 Speaker 4: invoices and saying, hey, how much have you paid this 344 00:15:14,440 --> 00:15:16,720 Speaker 4: year and to who, and data matching it to what 345 00:15:16,760 --> 00:15:20,040 Speaker 4: you have said you have earned. So this has been 346 00:15:20,040 --> 00:15:22,400 Speaker 4: happening for a number of years in the building industry. 347 00:15:22,560 --> 00:15:25,640 Speaker 4: So they've done something called the Taxable Payment Reporting Scheme 348 00:15:25,760 --> 00:15:28,600 Speaker 4: or the TPRs for sure, and it's been in play 349 00:15:28,760 --> 00:15:31,680 Speaker 4: since twenty twelve, and it actually means that the ATO 350 00:15:31,840 --> 00:15:34,800 Speaker 4: is able to cross check between what people say versus 351 00:15:34,800 --> 00:15:36,040 Speaker 4: what they've actually earned. 352 00:15:36,360 --> 00:15:38,080 Speaker 3: And this is the type of thing that's going on 353 00:15:38,120 --> 00:15:39,280 Speaker 3: in the gig economy now. 354 00:15:39,480 --> 00:15:41,920 Speaker 4: So whether you're working as a freelance graphic designer or 355 00:15:41,920 --> 00:15:44,680 Speaker 4: you're working for a larger company like Uber, now, everything 356 00:15:44,720 --> 00:15:48,000 Speaker 4: is actually being taken into consideration and cross checked. And 357 00:15:48,040 --> 00:15:50,880 Speaker 4: as much as that sounds like, oh okay, they're cross 358 00:15:50,960 --> 00:15:54,160 Speaker 4: checking it, it maybe isn't that important. As a result 359 00:15:54,240 --> 00:15:57,360 Speaker 4: of the TPRs, in only one year, it increased the 360 00:15:57,400 --> 00:16:01,320 Speaker 4: ato's revenue by two point seven billion dollars. I thought 361 00:16:01,320 --> 00:16:03,360 Speaker 4: you were gonna say a million, but noorry other one 362 00:16:03,400 --> 00:16:06,920 Speaker 4: billion dollars. So you best believe that they're definitely investing 363 00:16:06,960 --> 00:16:09,680 Speaker 4: in making sure they're capturing all income from all places 364 00:16:09,720 --> 00:16:12,240 Speaker 4: as they're building a more fair tax system for everyone. 365 00:16:12,600 --> 00:16:15,160 Speaker 1: Oh my goodness that I just can't get over that number. 366 00:16:15,320 --> 00:16:17,280 Speaker 3: It's actually it's actually crazy. 367 00:16:17,560 --> 00:16:20,280 Speaker 4: So it's obviously in the government's best interest to make 368 00:16:20,320 --> 00:16:23,520 Speaker 4: sure that people aren't not declaring income because at the 369 00:16:23,600 --> 00:16:26,400 Speaker 4: end of the day, the tax that we have builds 370 00:16:26,440 --> 00:16:28,800 Speaker 4: our economy and it supports. 371 00:16:28,320 --> 00:16:29,840 Speaker 1: Us follow the law people. 372 00:16:29,880 --> 00:16:31,960 Speaker 3: It's important, Oh, says the law student. 373 00:16:38,200 --> 00:16:40,600 Speaker 1: Hi, there, you've called the Shees on the Money hotline. 374 00:16:40,760 --> 00:16:42,680 Speaker 1: Do you have a money problem you want help solving. 375 00:16:43,040 --> 00:16:44,440 Speaker 1: Do you have a money dilemma you just want to 376 00:16:44,520 --> 00:16:47,720 Speaker 1: chat about. Victoria is here to help. Every week we'll 377 00:16:47,720 --> 00:16:49,680 Speaker 1: be playing your hotline questions to help make sense of 378 00:16:49,720 --> 00:16:51,720 Speaker 1: the money mess you may have found yourself in. Give 379 00:16:51,800 --> 00:16:54,160 Speaker 1: us a call on four three five, two nine three 380 00:16:54,120 --> 00:16:56,720 Speaker 1: double eight six and you might find yourself on the show. 381 00:16:57,000 --> 00:17:03,880 Speaker 1: And over to today's listener questions. 382 00:17:05,160 --> 00:17:08,080 Speaker 5: How She's on the money. I'm start working full time 383 00:17:08,160 --> 00:17:10,440 Speaker 5: at the end of last July on a wage of 384 00:17:10,520 --> 00:17:14,080 Speaker 5: fifty thousand dollars. I've also done some furlanch writing work 385 00:17:14,160 --> 00:17:17,480 Speaker 5: over the last ym which I've only kind of occasionally 386 00:17:17,520 --> 00:17:20,359 Speaker 5: paid for. I do a lot of free work, so 387 00:17:20,400 --> 00:17:22,600 Speaker 5: even though I don't pay a lot, it doesn't pay 388 00:17:22,640 --> 00:17:24,919 Speaker 5: a lot, so it's probably less than five hundred dollars. 389 00:17:25,240 --> 00:17:27,800 Speaker 5: It is all done through in ABNS, So I guess 390 00:17:27,800 --> 00:17:30,879 Speaker 5: my question is how do I work out my tax 391 00:17:31,440 --> 00:17:35,200 Speaker 5: around this kind of small side gig income on top 392 00:17:35,240 --> 00:17:38,639 Speaker 5: of my actual income and if I am going to 393 00:17:38,680 --> 00:17:41,760 Speaker 5: be charged extra tax because I haven't really declared it 394 00:17:41,800 --> 00:17:44,320 Speaker 5: through the year. Can I offset this by claiming some 395 00:17:44,440 --> 00:17:47,000 Speaker 5: home office expenses? All right, thank you? 396 00:17:47,600 --> 00:17:49,280 Speaker 1: What should she do? Victoria? 397 00:17:49,359 --> 00:17:51,280 Speaker 4: So I think that she really needs to have a 398 00:17:51,320 --> 00:17:54,080 Speaker 4: look at the ATO website actually, because that has a 399 00:17:54,160 --> 00:17:56,960 Speaker 4: number of really good tax calculators which will actually tell 400 00:17:57,040 --> 00:17:59,160 Speaker 4: you how much tax you need to be saving from 401 00:17:59,200 --> 00:18:02,600 Speaker 4: each pay to go towards tax, and having a look 402 00:18:02,600 --> 00:18:03,800 Speaker 4: at how she wants to pay that. 403 00:18:04,000 --> 00:18:04,399 Speaker 3: So I know. 404 00:18:04,440 --> 00:18:06,000 Speaker 4: There are a number of different ways that you can 405 00:18:06,040 --> 00:18:08,480 Speaker 4: pay tax. You can either hoard it all until the 406 00:18:08,600 --> 00:18:11,320 Speaker 4: end of the year and work out what your tax 407 00:18:11,359 --> 00:18:14,119 Speaker 4: return is gonna ask of you. Or you can do 408 00:18:14,160 --> 00:18:17,040 Speaker 4: what's called a BASS, which you do every quarter and 409 00:18:17,119 --> 00:18:19,639 Speaker 4: you essentially make sure that you're on track with your 410 00:18:19,840 --> 00:18:23,320 Speaker 4: tax every single quarter. So each three months you'll do 411 00:18:23,359 --> 00:18:25,679 Speaker 4: a BAS statement, which is a business activity statement to 412 00:18:25,720 --> 00:18:27,280 Speaker 4: make sure that you are paying the tax that you 413 00:18:27,320 --> 00:18:29,400 Speaker 4: need to be paying and paying it in advance. 414 00:18:29,720 --> 00:18:31,919 Speaker 1: So can I do a BAS myself online or do 415 00:18:31,920 --> 00:18:32,680 Speaker 1: I need help with it? 416 00:18:32,720 --> 00:18:34,640 Speaker 4: Absolutely you can, So you can just do it through 417 00:18:34,640 --> 00:18:37,840 Speaker 4: the ATO dot dot au website, or you could talk 418 00:18:37,880 --> 00:18:40,520 Speaker 4: to an accountant about setting that process up. In relation 419 00:18:40,640 --> 00:18:43,520 Speaker 4: to the question about additional office expenses. If you incurred 420 00:18:43,560 --> 00:18:47,720 Speaker 4: those expenses in direct relation to the money that you 421 00:18:47,800 --> 00:18:50,760 Speaker 4: are earning, then it could be a claim that you 422 00:18:50,800 --> 00:18:53,360 Speaker 4: can make. But I think that to make sure that 423 00:18:53,359 --> 00:18:55,159 Speaker 4: that's one hundred percent on track, you need to have 424 00:18:55,200 --> 00:18:56,959 Speaker 4: a chat with an accountant just to work out what 425 00:18:57,000 --> 00:18:59,679 Speaker 4: those percentages are and what those claims actually look like. 426 00:19:00,119 --> 00:19:01,520 Speaker 1: Let's roll right into my next question. 427 00:19:05,240 --> 00:19:06,480 Speaker 5: Hey, guys, tili here. 428 00:19:07,119 --> 00:19:10,200 Speaker 6: So I'm two years behind on my tax returns because 429 00:19:10,200 --> 00:19:13,000 Speaker 6: I started working and an ongoing role a few years 430 00:19:13,000 --> 00:19:16,080 Speaker 6: ago for the government, earning over the HEX threshold for 431 00:19:16,080 --> 00:19:18,800 Speaker 6: the first time, and they weren't actually taking my HEX 432 00:19:18,880 --> 00:19:20,640 Speaker 6: out of my salary, which I didn't know at the time. 433 00:19:20,960 --> 00:19:22,520 Speaker 6: So when I went to submit my tax in the 434 00:19:22,560 --> 00:19:24,720 Speaker 6: Miagash portal, it was like, you're gonna have a future debt. 435 00:19:25,400 --> 00:19:29,159 Speaker 6: So I just didn't submit my tax. And I have 436 00:19:29,240 --> 00:19:30,920 Speaker 6: been told by someone that if I do submit my 437 00:19:31,000 --> 00:19:33,199 Speaker 6: tax and I get the tax debt, it'll have a 438 00:19:33,200 --> 00:19:35,640 Speaker 6: really high interest. So I was like, no, just don't 439 00:19:35,640 --> 00:19:39,840 Speaker 6: submit it. Really really good solution. So from there, I've 440 00:19:40,160 --> 00:19:42,840 Speaker 6: not done it for two years. This will be my 441 00:19:42,920 --> 00:19:46,600 Speaker 6: third year and I wanted to submit my taxes sixty 442 00:19:46,640 --> 00:19:49,600 Speaker 6: years basically, and I'm just wondering. I know I can 443 00:19:49,840 --> 00:19:54,640 Speaker 6: do them through the migras portal, but as a student 444 00:19:54,920 --> 00:19:58,200 Speaker 6: working in an admin type role, is it worth getting 445 00:19:58,240 --> 00:20:01,080 Speaker 6: an accountant? I know they're really good for businesses and 446 00:20:01,359 --> 00:20:03,440 Speaker 6: things because they know how to claim that, like what 447 00:20:03,880 --> 00:20:07,560 Speaker 6: for the business or for an individual with business related costs, 448 00:20:07,760 --> 00:20:10,280 Speaker 6: But for someone like myself who doesn't have any business 449 00:20:10,320 --> 00:20:13,160 Speaker 6: costs and who just has like personal coasts and maybe 450 00:20:13,240 --> 00:20:17,080 Speaker 6: some student costs and like the very basic admin role 451 00:20:17,160 --> 00:20:19,240 Speaker 6: pad costs, is there any value in getting an account 452 00:20:19,359 --> 00:20:21,760 Speaker 6: or should I just submit them myself to the mic gospettle? 453 00:20:22,200 --> 00:20:26,399 Speaker 1: Thanks you, so, Victoria, how'd she do? Should she get 454 00:20:26,400 --> 00:20:27,359 Speaker 1: an accountant? Do you reckon? 455 00:20:27,680 --> 00:20:30,119 Speaker 4: I think because she's behind in her tax returns, it 456 00:20:30,160 --> 00:20:32,439 Speaker 4: would be a really good idea to consult with an 457 00:20:32,480 --> 00:20:34,879 Speaker 4: accountant so that she can get on top of it 458 00:20:35,080 --> 00:20:38,159 Speaker 4: and so she can completely understand what she needs to 459 00:20:38,200 --> 00:20:40,800 Speaker 4: pay for her hex. But then also what kind of 460 00:20:40,960 --> 00:20:44,119 Speaker 4: fees and charges are associated with late submission of a 461 00:20:44,200 --> 00:20:46,600 Speaker 4: tax return, which is something that can happen. So if 462 00:20:46,640 --> 00:20:49,560 Speaker 4: you lodge your tax return late as an individual, there 463 00:20:49,560 --> 00:20:51,400 Speaker 4: will be fees and charges associated. 464 00:20:51,800 --> 00:20:53,520 Speaker 3: So talking to an accountant will mean. 465 00:20:53,440 --> 00:20:54,879 Speaker 4: That they'll be able to work it all out for 466 00:20:54,960 --> 00:20:56,800 Speaker 4: you and let you know what you do oh for 467 00:20:56,880 --> 00:20:59,440 Speaker 4: your hex, but then also help you get your head 468 00:20:59,480 --> 00:21:01,359 Speaker 4: around all of the other fees in charges that might 469 00:21:01,440 --> 00:21:03,919 Speaker 4: be associated with the late submission of a tax return. 470 00:21:04,200 --> 00:21:06,000 Speaker 1: So, Victoria, do you see this kind of thing a lot, 471 00:21:06,080 --> 00:21:08,120 Speaker 1: Because I feel like a lot of people maybe put 472 00:21:08,119 --> 00:21:09,600 Speaker 1: their head in the sand when it comes to getting 473 00:21:09,600 --> 00:21:11,480 Speaker 1: their tax returns in on time. I think so. 474 00:21:11,720 --> 00:21:13,200 Speaker 4: I think a lot of women put their heads in 475 00:21:13,240 --> 00:21:16,000 Speaker 4: the sand because it seems overwhelming and too much for 476 00:21:16,119 --> 00:21:18,119 Speaker 4: them to do, and it often feels like something that 477 00:21:18,200 --> 00:21:19,160 Speaker 4: we can just do later. 478 00:21:19,720 --> 00:21:21,639 Speaker 6: But you have from the. 479 00:21:21,640 --> 00:21:24,080 Speaker 4: First of July to the thirty first of October each 480 00:21:24,160 --> 00:21:26,840 Speaker 4: year to lodge your tax return. And if you're too 481 00:21:26,960 --> 00:21:29,640 Speaker 4: overwhelmed during that period of time, you can actually talk 482 00:21:29,680 --> 00:21:30,760 Speaker 4: to an accountant. 483 00:21:30,400 --> 00:21:32,760 Speaker 3: Because they have extended deadlines so they are. 484 00:21:32,720 --> 00:21:35,359 Speaker 4: Able to submit your tax return by the fifteenth of 485 00:21:35,440 --> 00:21:36,480 Speaker 4: May the following. 486 00:21:36,200 --> 00:21:38,840 Speaker 1: Year, and you can claim those fees on your next year. 487 00:21:39,119 --> 00:21:40,040 Speaker 3: Absolutely can. 488 00:21:40,640 --> 00:21:48,240 Speaker 1: God, I'm good, and now it's time for the purby stuff. 489 00:21:49,200 --> 00:21:51,600 Speaker 1: Today's money daries from a twenty eight year old PhD 490 00:21:51,720 --> 00:21:54,200 Speaker 1: student who didn't have the easiest upbringing when it came 491 00:21:54,240 --> 00:21:55,280 Speaker 1: to her family situation. 492 00:21:55,760 --> 00:21:58,560 Speaker 7: My main thing is that I never try not to 493 00:21:58,640 --> 00:22:02,360 Speaker 7: buy anything new, so basically by everything off Facebook Marketplace, 494 00:22:02,440 --> 00:22:04,440 Speaker 7: Like I'm obsessed. A lot of my friends actually think 495 00:22:04,440 --> 00:22:06,479 Speaker 7: I have a problem, but it is a really good 496 00:22:06,520 --> 00:22:08,520 Speaker 7: way to save money. And my entire house is furnished 497 00:22:08,560 --> 00:22:13,159 Speaker 7: from Facebook Marketplace. All the clothes I get, including like, 498 00:22:13,760 --> 00:22:16,680 Speaker 7: I have an absolute obsession with Gorman. I hope that's 499 00:22:16,680 --> 00:22:19,000 Speaker 7: okay to say that brand. So I get like most 500 00:22:19,040 --> 00:22:21,400 Speaker 7: of my Gorman stuff from Facebook Marketplace, and I save 501 00:22:21,520 --> 00:22:23,440 Speaker 7: loads of money. I suppose, like, I come from a 502 00:22:23,600 --> 00:22:26,680 Speaker 7: pretty low SS background SES means socio economic status, and 503 00:22:26,800 --> 00:22:29,800 Speaker 7: so I suppose from my mum and my dad. I 504 00:22:30,040 --> 00:22:31,879 Speaker 7: grew up with my dad cause so it's kind of 505 00:22:31,880 --> 00:22:34,679 Speaker 7: always been like single income, and then my mom's perpetually 506 00:22:34,760 --> 00:22:37,240 Speaker 7: been unemployed basically on and off throughout my whole life, 507 00:22:37,320 --> 00:22:39,040 Speaker 7: so never too much money coming in. 508 00:22:39,840 --> 00:22:41,439 Speaker 8: And I think, yeah, as a result, I've just been 509 00:22:41,480 --> 00:22:42,159 Speaker 8: super thrifty. 510 00:22:42,240 --> 00:22:45,280 Speaker 7: But also when I was eighteen, because I've kind of 511 00:22:45,320 --> 00:22:47,040 Speaker 7: lived out in the country, I had to move out 512 00:22:47,080 --> 00:22:49,520 Speaker 7: of home to go to UNI, and then so I 513 00:22:49,680 --> 00:22:51,960 Speaker 7: was forced to kind of live off centerlink and like. 514 00:22:52,040 --> 00:22:53,439 Speaker 1: Hospitality jobs stuff. 515 00:22:53,520 --> 00:22:55,919 Speaker 7: And so basically from when I've been eighteen till now, 516 00:22:55,960 --> 00:22:57,800 Speaker 7: which is twenty eight, so ten years, I've been like 517 00:22:57,880 --> 00:23:00,200 Speaker 7: a student the entire time. I think there was maybe 518 00:23:00,240 --> 00:23:01,760 Speaker 7: one and a half years where I was like working 519 00:23:01,800 --> 00:23:04,359 Speaker 7: proper jobs. But yeah, because of that, I've just always 520 00:23:04,400 --> 00:23:07,240 Speaker 7: been living off superlu income. I think now I have 521 00:23:07,320 --> 00:23:09,399 Speaker 7: a pretty good relationship. Like sometimes I get a bit 522 00:23:09,480 --> 00:23:11,720 Speaker 7: stressed about it, Like like if I have a friend's 523 00:23:11,720 --> 00:23:14,520 Speaker 7: birthday and I'm like want to buy them a presents, Like, Okay, 524 00:23:14,520 --> 00:23:16,240 Speaker 7: I'm gonna do this, but as a result, I'm gonna 525 00:23:16,240 --> 00:23:18,320 Speaker 7: have to live off me gong for the next couple 526 00:23:18,359 --> 00:23:19,240 Speaker 7: of days, you know what I mean. 527 00:23:19,359 --> 00:23:22,600 Speaker 8: Stuff like that. So it's okay, but yeah, sometimes it 528 00:23:22,640 --> 00:23:23,320 Speaker 8: can be stressful. 529 00:23:23,359 --> 00:23:24,600 Speaker 7: At the moment, I feel like I'm in a really 530 00:23:24,640 --> 00:23:27,479 Speaker 7: good place though, so much better now than even two 531 00:23:27,600 --> 00:23:29,240 Speaker 7: years ago I was like struggling. 532 00:23:30,480 --> 00:23:32,639 Speaker 1: Okay, so we know twenty eight and fifty has had 533 00:23:32,680 --> 00:23:35,199 Speaker 1: it tough. But let's hear the nitty gree stuff. How 534 00:23:35,280 --> 00:23:36,840 Speaker 1: much does she earn and how much is sitting in 535 00:23:36,880 --> 00:23:37,960 Speaker 1: her bank account right now? 536 00:23:38,240 --> 00:23:39,520 Speaker 8: Okay, so it's complicated. 537 00:23:40,000 --> 00:23:42,439 Speaker 7: So I'm on a PhD scholarship, but a specific one 538 00:23:42,600 --> 00:23:46,280 Speaker 7: through a different university, so it's slightly higher than the average. 539 00:23:45,920 --> 00:23:47,280 Speaker 8: Australian PhD scholarship. 540 00:23:47,640 --> 00:23:50,320 Speaker 7: So that's thirty two thousand a year, and that's tax free, 541 00:23:50,520 --> 00:23:52,479 Speaker 7: and that is like my base salary. 542 00:23:52,680 --> 00:23:54,200 Speaker 8: But then on top of that, I do what's called 543 00:23:54,440 --> 00:23:55,760 Speaker 8: RA work and consulting work. 544 00:23:55,800 --> 00:23:58,600 Speaker 7: So RA work is like research assistant work, so that's 545 00:23:58,720 --> 00:24:01,720 Speaker 7: like casual research work where you might work for another 546 00:24:01,760 --> 00:24:04,680 Speaker 7: academic and that's like forty bucks an hour in general. 547 00:24:04,840 --> 00:24:07,040 Speaker 7: And then my consulting work that's really good money, but 548 00:24:07,880 --> 00:24:10,440 Speaker 7: it's really sporadic. So I had a look like last 549 00:24:10,560 --> 00:24:14,400 Speaker 7: year in consulting, I got sixteen thousand dollars, which is brilliant, 550 00:24:14,560 --> 00:24:18,280 Speaker 7: but that's actually not tax free, so I actually don't 551 00:24:18,320 --> 00:24:20,000 Speaker 7: know how much of that. I'm going to the accounted 552 00:24:20,040 --> 00:24:22,280 Speaker 7: tomorrow to figure out how much of that I actually 553 00:24:22,400 --> 00:24:23,160 Speaker 7: get to take back. 554 00:24:23,240 --> 00:24:24,639 Speaker 1: But what I do is I put that. 555 00:24:25,119 --> 00:24:27,600 Speaker 7: Immediately into savings, so I didn't even touch that. So 556 00:24:27,880 --> 00:24:29,720 Speaker 7: even though I'm going to lose some of it to tax, 557 00:24:29,720 --> 00:24:32,320 Speaker 7: I'm still earning interest on it while it's in savings, 558 00:24:32,560 --> 00:24:36,119 Speaker 7: So before tax, I'm earning around forty eight thousand a 559 00:24:36,240 --> 00:24:39,159 Speaker 7: year and after tax it's about forty four thousand. 560 00:24:39,400 --> 00:24:41,760 Speaker 1: Yeah, and how much I have in savings, I've. 561 00:24:41,640 --> 00:24:45,480 Speaker 7: Actually got thirty thousand dollars, so I've been like steadily 562 00:24:45,520 --> 00:24:45,920 Speaker 7: working on that. 563 00:24:45,960 --> 00:24:46,840 Speaker 8: I'm super proud of it. 564 00:24:47,119 --> 00:24:48,879 Speaker 7: So this is why I say I'm really thrift to you, 565 00:24:49,000 --> 00:24:52,560 Speaker 7: because I basically live off my PhD salary and then 566 00:24:52,680 --> 00:24:56,080 Speaker 7: everything else I basically consulting work. 567 00:24:56,119 --> 00:24:57,760 Speaker 8: I put straight into savings, don't touch it. 568 00:24:57,920 --> 00:25:01,159 Speaker 7: And if I get RA money, that's a real bonus 569 00:25:01,359 --> 00:25:04,240 Speaker 7: I might I'll use that to spend like week to week. 570 00:25:04,440 --> 00:25:06,480 Speaker 1: So we know how twenty eight and thrifty gets paid, 571 00:25:06,560 --> 00:25:09,080 Speaker 1: but what exactly happens to that money after it's deposited 572 00:25:09,160 --> 00:25:10,200 Speaker 1: into her account. 573 00:25:10,040 --> 00:25:11,160 Speaker 8: Because it's a bit complicated. 574 00:25:11,240 --> 00:25:13,119 Speaker 7: Before how I was mentioning, I have the base salary, 575 00:25:13,320 --> 00:25:16,080 Speaker 7: so that works out is about twelve hundred dollars a fortnight. 576 00:25:16,200 --> 00:25:17,840 Speaker 8: So that's my base salary what I live off. 577 00:25:17,920 --> 00:25:20,240 Speaker 7: And then with the consulting, it's kind of really sporadic 578 00:25:20,280 --> 00:25:23,080 Speaker 7: when I get paid, So basically I get paid when 579 00:25:23,160 --> 00:25:25,880 Speaker 7: the company gets paid. So I was checking last year, 580 00:25:26,400 --> 00:25:29,359 Speaker 7: I got paid once in January and once in April 581 00:25:29,680 --> 00:25:31,640 Speaker 7: and that's it, So I kind of but I don't 582 00:25:31,640 --> 00:25:34,440 Speaker 7: even look at that, so it's okay. So twelve hundred 583 00:25:34,480 --> 00:25:38,000 Speaker 7: dollars a fortnite base salary, and then occasionally if I 584 00:25:38,040 --> 00:25:39,720 Speaker 7: get RA work, it might be a bit higher, but 585 00:25:39,960 --> 00:25:43,840 Speaker 7: basing everything on the base salary, twelve hundred to fortnite, 586 00:25:44,320 --> 00:25:46,960 Speaker 7: and then straightaway I put two hundred and fifty dollars 587 00:25:46,960 --> 00:25:49,400 Speaker 7: of that into my like ultra savings account, and that's 588 00:25:49,400 --> 00:25:53,160 Speaker 7: a savings I can't touch. Then two hundred and fifty 589 00:25:53,280 --> 00:25:56,040 Speaker 7: I put into like my accessible savings account, so that 590 00:25:56,240 --> 00:25:59,359 Speaker 7: leaves to seven hundred dollars. Unfortunately, then rent and Internet 591 00:25:59,440 --> 00:26:02,199 Speaker 7: is five hundred fifty dollars that automatically goes away. Then 592 00:26:02,400 --> 00:26:04,080 Speaker 7: that leaves me with one hundred and fifty dollars for 593 00:26:04,160 --> 00:26:06,720 Speaker 7: the fortnight. So you can see why I really rely 594 00:26:06,960 --> 00:26:09,920 Speaker 7: on my RA work or my consulting work, because basically, 595 00:26:10,200 --> 00:26:11,960 Speaker 7: if I have another bill, like a gas bill or whatever, 596 00:26:12,080 --> 00:26:14,520 Speaker 7: I have no money. So a lot of the time 597 00:26:14,680 --> 00:26:17,680 Speaker 7: what happens is I end up dipping into my accessible 598 00:26:17,760 --> 00:26:20,280 Speaker 7: savings account, like to the point where I've had a 599 00:26:20,320 --> 00:26:22,840 Speaker 7: lot of bills recently, so at the moment, my accessible 600 00:26:22,880 --> 00:26:25,119 Speaker 7: account is only at like four hundred dollars, So. 601 00:26:25,200 --> 00:26:27,280 Speaker 1: We know she's pretty damn good with saving, but what 602 00:26:27,400 --> 00:26:28,160 Speaker 1: about investing? 603 00:26:28,720 --> 00:26:32,320 Speaker 7: I have a raise account thanks to Shameless Girls, and 604 00:26:32,800 --> 00:26:35,359 Speaker 7: that's it only started that up in May, but I 605 00:26:35,440 --> 00:26:37,480 Speaker 7: did have it. I used to have an everyday round 606 00:26:37,560 --> 00:26:39,280 Speaker 7: up account, but I was finding I was like getting 607 00:26:39,280 --> 00:26:41,280 Speaker 7: no money from it and the interest was crappy, so 608 00:26:41,359 --> 00:26:43,439 Speaker 7: I moved it into rays and so far it's been 609 00:26:43,480 --> 00:26:46,160 Speaker 7: pretty good. Apart from that, nothing else, but like long term, 610 00:26:46,280 --> 00:26:48,920 Speaker 7: my goal is to eventually put some into proper stocks, 611 00:26:48,960 --> 00:26:50,560 Speaker 7: but don't really understand how to do that. 612 00:26:51,160 --> 00:26:53,560 Speaker 1: And where does twenty eight and thrifty set with her debts? 613 00:26:53,920 --> 00:26:57,360 Speaker 7: Okay, so I officially have no credit card or kind 614 00:26:57,400 --> 00:26:59,760 Speaker 7: of personal loan debt, which is fantastic, but my hex 615 00:26:59,840 --> 00:27:02,600 Speaker 7: day is hefty at fifty thousand goals. 616 00:27:02,920 --> 00:27:05,160 Speaker 1: So does twenty eight and thrifty have any good money 617 00:27:05,160 --> 00:27:07,040 Speaker 1: habits that she's especially proud of the. 618 00:27:07,080 --> 00:27:09,680 Speaker 7: Best one is probably that I live off my base 619 00:27:09,760 --> 00:27:14,879 Speaker 7: salary and everything else is a bonus. My savings, like 620 00:27:15,200 --> 00:27:17,159 Speaker 7: my consulting money, I don't even look at it. I 621 00:27:17,280 --> 00:27:18,639 Speaker 7: just put it straight into savings. 622 00:27:18,840 --> 00:27:22,000 Speaker 1: And what about her worst money habit splurging. 623 00:27:21,520 --> 00:27:25,200 Speaker 7: On occasion when I really shouldn't. So sometimes I'll dip 624 00:27:25,240 --> 00:27:29,080 Speaker 7: into my accessible savings account and get something like I 625 00:27:29,200 --> 00:27:32,960 Speaker 7: really shouldn't. Mainly clothes, it's the main weakness. 626 00:27:33,080 --> 00:27:36,200 Speaker 1: Yeah, what's twenty eight and thrifty actually saving for? What's 627 00:27:36,240 --> 00:27:37,280 Speaker 1: her big money goal? 628 00:27:37,680 --> 00:27:39,720 Speaker 7: So my main savings goal at the moment is for 629 00:27:39,800 --> 00:27:42,600 Speaker 7: a house. And the reason really is, I've been renting 630 00:27:42,640 --> 00:27:45,960 Speaker 7: for so long now that I've just been having lots 631 00:27:46,000 --> 00:27:48,400 Speaker 7: of issues with renting. Like so, for example, a few 632 00:27:48,440 --> 00:27:50,920 Speaker 7: places like homeowners just decided to up and sell the house, 633 00:27:50,960 --> 00:27:52,560 Speaker 7: so we had to find a new place in thirty days. 634 00:27:52,600 --> 00:27:54,879 Speaker 7: So I just really hate the insecurity of renting. So 635 00:27:54,920 --> 00:27:56,680 Speaker 7: I just want to kind of have her own place 636 00:27:56,720 --> 00:27:57,959 Speaker 7: and be like, Okay, we can stay here. 637 00:27:58,640 --> 00:28:01,520 Speaker 1: So how would today's money diary her own relationship with money? 638 00:28:01,600 --> 00:28:03,760 Speaker 1: If we force her to give herself a grade, let. 639 00:28:03,720 --> 00:28:05,879 Speaker 7: A grade, I'd probably give myself a maybe a B 640 00:28:06,119 --> 00:28:11,560 Speaker 7: plus because I'm super thrifty, maybe an A based on 641 00:28:11,680 --> 00:28:14,960 Speaker 7: your faces, I don't think like what I'm doing is 642 00:28:15,080 --> 00:28:17,560 Speaker 7: like it's not really sustainable, and it's really hard because 643 00:28:17,560 --> 00:28:20,160 Speaker 7: I don't have this consistent income, I find it really 644 00:28:20,240 --> 00:28:21,680 Speaker 7: hard to plan long term. 645 00:28:22,280 --> 00:28:24,320 Speaker 8: So like this fortnight, I had no ra wex. 646 00:28:24,400 --> 00:28:27,920 Speaker 7: It was literally twelve hundred dollars for the fortnight, which 647 00:28:28,119 --> 00:28:30,280 Speaker 7: so I had one hundred and fifty dollars left. But 648 00:28:30,320 --> 00:28:32,920 Speaker 7: then I'm taking like the dog to be groomed because 649 00:28:32,960 --> 00:28:35,440 Speaker 7: she needs to be groomed, and that's like there goes 650 00:28:35,480 --> 00:28:37,320 Speaker 7: sixty bucks and it's like I've got nothing left. So 651 00:28:38,080 --> 00:28:40,320 Speaker 7: I definitely have to dip into that saving. So I 652 00:28:40,400 --> 00:28:42,720 Speaker 7: sometimes wonder if I'm putting too much pressure on myself 653 00:28:42,800 --> 00:28:44,720 Speaker 7: how much I save, and maybe I should pull some 654 00:28:44,800 --> 00:28:46,960 Speaker 7: more out to be like less stressed. 655 00:28:46,560 --> 00:28:47,080 Speaker 8: Week to week. 656 00:28:47,840 --> 00:28:50,200 Speaker 1: Victoria, what do you think she's doing well? 657 00:28:50,560 --> 00:28:52,400 Speaker 4: I think that she's really good with her money. She 658 00:28:52,480 --> 00:28:55,200 Speaker 4: sounds like she's being incredibly frugal. I love that she's 659 00:28:55,280 --> 00:28:58,400 Speaker 4: on Facebook marketplace, even though she thinks her friends are 660 00:28:58,400 --> 00:28:59,880 Speaker 4: probably not on the same page. 661 00:29:00,080 --> 00:29:02,080 Speaker 1: She said that she loves Gorman. Yeah, so do I, 662 00:29:02,240 --> 00:29:03,960 Speaker 1: and I would like to say to anyone else who 663 00:29:04,000 --> 00:29:08,680 Speaker 1: loves Gorman follow the Facebook group Gorman Esque. It's greats. 664 00:29:09,360 --> 00:29:12,200 Speaker 4: I think it's really important to actually point out how 665 00:29:12,320 --> 00:29:15,920 Speaker 4: frugal she's being whilst also still enjoying things in life 666 00:29:16,000 --> 00:29:18,440 Speaker 4: that she wants to enjoy. So that Gorman is a 667 00:29:18,520 --> 00:29:21,080 Speaker 4: really expensive clothing brand. But if she's able to go 668 00:29:21,280 --> 00:29:24,320 Speaker 4: through you know, Facebook Marketplace or these Facebook groups that 669 00:29:24,360 --> 00:29:27,280 Speaker 4: you're mentioning, and you know, still wear the things that 670 00:29:27,400 --> 00:29:30,280 Speaker 4: she wants to wear and feel nice and have access 671 00:29:30,320 --> 00:29:32,800 Speaker 4: to these things, she's being a lot more savvy than 672 00:29:32,840 --> 00:29:35,280 Speaker 4: most of us. Like I know, I'm guilty of it. 673 00:29:35,480 --> 00:29:37,640 Speaker 4: Like if I would like to purchase something, I don't 674 00:29:37,720 --> 00:29:40,240 Speaker 4: think of an alternative way to purchase that. I just go, 675 00:29:40,280 --> 00:29:42,000 Speaker 4: all right, I want a new dress. I probably want 676 00:29:42,040 --> 00:29:44,280 Speaker 4: it from this place, and I go to the shop 677 00:29:44,440 --> 00:29:46,240 Speaker 4: work out what I want. It's something I want to 678 00:29:46,240 --> 00:29:48,000 Speaker 4: get better at. So I hope that I can learn 679 00:29:48,080 --> 00:29:48,440 Speaker 4: from her. 680 00:29:49,040 --> 00:29:50,080 Speaker 1: So what should she improve on? 681 00:29:50,200 --> 00:29:50,320 Speaker 7: Then? 682 00:29:51,000 --> 00:29:52,560 Speaker 3: I think that her education. 683 00:29:52,440 --> 00:29:56,080 Speaker 4: Around investing could be improved, just education around what she 684 00:29:56,200 --> 00:29:59,000 Speaker 4: can do with her money, potentially learn a little bit 685 00:29:59,120 --> 00:30:03,080 Speaker 4: more about home ownership. So what type of deposit does 686 00:30:03,120 --> 00:30:05,400 Speaker 4: she need? At what point should she be talking to, 687 00:30:05,840 --> 00:30:07,800 Speaker 4: you know, a mortgage broker. At what point should she 688 00:30:07,960 --> 00:30:10,200 Speaker 4: be starting to look at property? Has she thought about 689 00:30:10,360 --> 00:30:12,480 Speaker 4: how much the property she wants to purchase is going 690 00:30:12,560 --> 00:30:14,640 Speaker 4: to cost her and what associated. 691 00:30:14,080 --> 00:30:16,080 Speaker 3: Costs are going to come along with that? So I 692 00:30:16,160 --> 00:30:16,480 Speaker 3: think that. 693 00:30:16,720 --> 00:30:18,240 Speaker 4: You know, it's one thing to have a goal of 694 00:30:18,400 --> 00:30:21,600 Speaker 4: purchasing a home, but I really like tangible goals. And 695 00:30:21,680 --> 00:30:23,600 Speaker 4: we'll go back to that thing that we spoke about, 696 00:30:23,680 --> 00:30:26,160 Speaker 4: you know, when we're all in university, about setting smart 697 00:30:26,240 --> 00:30:28,800 Speaker 4: goals and making sure they're realistic and time relevant and 698 00:30:28,880 --> 00:30:31,400 Speaker 4: all of that other fun stuff. But you know, really 699 00:30:31,440 --> 00:30:33,160 Speaker 4: mapping out, all right, I want to purchase a home, 700 00:30:33,320 --> 00:30:35,479 Speaker 4: what does this home actually look like? How much can 701 00:30:35,520 --> 00:30:37,120 Speaker 4: I actually forward? Is this going to be a five 702 00:30:37,200 --> 00:30:38,680 Speaker 4: hundred thousand dollar home? Is it going to be a 703 00:30:38,720 --> 00:30:41,479 Speaker 4: seven hundred thousand dollar home. Those two things are very 704 00:30:41,560 --> 00:30:43,720 Speaker 4: different in terms of saving goals and the amount of 705 00:30:43,760 --> 00:30:45,800 Speaker 4: time it's going to take her to achieve that. So 706 00:30:45,840 --> 00:30:47,840 Speaker 4: I think if she can work out exactly what she's 707 00:30:47,880 --> 00:30:51,480 Speaker 4: aiming for and create a goal that is incredibly clear, 708 00:30:51,880 --> 00:30:53,520 Speaker 4: she's going to be able to achieve it one in 709 00:30:53,600 --> 00:30:56,640 Speaker 4: a shorter period of time, but to know when she's 710 00:30:56,720 --> 00:30:59,440 Speaker 4: achieving it, not just go Okay, well, I've saved thirty 711 00:30:59,480 --> 00:31:04,320 Speaker 4: thousand dollars, which, by the way, is incredible, incredible, especially 712 00:31:04,360 --> 00:31:05,040 Speaker 4: for her salary. 713 00:31:05,080 --> 00:31:07,160 Speaker 3: She's saved a year's worth of salary. 714 00:31:07,480 --> 00:31:08,320 Speaker 1: I'm so proud of her. 715 00:31:08,640 --> 00:31:10,840 Speaker 4: Who else can say, hey, I've got a year's worth 716 00:31:10,880 --> 00:31:13,560 Speaker 4: of my salary sitting in a savings account. 717 00:31:13,840 --> 00:31:17,040 Speaker 3: That's so not many. So I think that's really impressive. 718 00:31:17,120 --> 00:31:19,640 Speaker 4: But yeah, just that education piece and you know, really 719 00:31:19,720 --> 00:31:21,640 Speaker 4: refining her goals and picking that up. 720 00:31:22,080 --> 00:31:23,480 Speaker 1: So how would you consider her grade? 721 00:31:23,520 --> 00:31:23,600 Speaker 7: Then? 722 00:31:23,680 --> 00:31:24,640 Speaker 1: A B plus to A. 723 00:31:25,080 --> 00:31:26,840 Speaker 4: I think she can keep the A. I think she's 724 00:31:26,920 --> 00:31:30,200 Speaker 4: doing really well. I think it's really impressive, especially given 725 00:31:30,240 --> 00:31:32,880 Speaker 4: her history. And you know what she shared with us 726 00:31:32,920 --> 00:31:36,240 Speaker 4: about her money story, where she's gone and where she's going. 727 00:31:36,600 --> 00:31:38,840 Speaker 4: It's actually quite inspirational. 728 00:31:38,400 --> 00:31:41,800 Speaker 1: Very motivational. That's all we have time for today. Just 729 00:31:41,880 --> 00:31:44,240 Speaker 1: before we head off, as always, let's quickly wrap the 730 00:31:44,280 --> 00:31:46,960 Speaker 1: boring but important stuff. The advice shared on She's on 731 00:31:47,000 --> 00:31:49,120 Speaker 1: the Money is general in nature and does not consider 732 00:31:49,200 --> 00:31:52,480 Speaker 1: your individual circumstances. She's on the Money exists purely for 733 00:31:52,600 --> 00:31:55,040 Speaker 1: educational purposes only and should not be relied upon to 734 00:31:55,120 --> 00:31:57,960 Speaker 1: make an investment or a financial decision, and of course 735 00:31:58,040 --> 00:32:01,480 Speaker 1: we promise. Victoria Divine is an author representative of Consultant 736 00:32:01,560 --> 00:32:06,040 Speaker 1: Financial Advisors Proprietary Limited ABAN six five double O six 737 00:32:06,240 --> 00:32:09,360 Speaker 1: three seven three double nine to five AFSL two three 738 00:32:09,480 --> 00:32:11,520 Speaker 1: oh three two three. I did that in one breath. 739 00:32:11,640 --> 00:32:14,160 Speaker 3: You did that in one breath. I'm so impressed with you. 740 00:32:14,720 --> 00:32:18,000 Speaker 4: So join our Facebook group where seven thousand now women 741 00:32:18,120 --> 00:32:21,480 Speaker 4: share money tips and tricks every single day, free of judgment. 742 00:32:21,840 --> 00:32:24,320 Speaker 4: So She's on the Money on Facebook and join us. 743 00:32:24,600 --> 00:32:27,560 Speaker 4: If Facebook's not your thing, find us on Instagram. We're 744 00:32:27,640 --> 00:32:29,520 Speaker 4: at She's on the Money AUS. 745 00:32:30,000 --> 00:32:32,520 Speaker 1: This podcast is a production of Shameless Media on behalf 746 00:32:32,560 --> 00:32:34,880 Speaker 1: of She's on the Money. See you guys next week. 747 00:32:35,000 --> 00:32:35,280 Speaker 6: Bye.