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

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Speaker 1: the Order, Kernie 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. She's on the Money.

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Speaker 3: She's on the Money, Hello, and welcome to She's on

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Speaker 3: the Money, the podcast for millennials who want financial free.

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Speaker 4: Them My friends, it is Friday, but also let's celebrate

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Speaker 4: the fact that I'm back on my own show again finally.

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Speaker 4: But that means that it is time that we all

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Speaker 4: sit back with a bev in hand to unpack our

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Speaker 4: favorite moments of the week and of course to celebrate

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Speaker 4: you guys, the incredibly supportive She's on.

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Speaker 2: The Money community.

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Speaker 4: As always, we are going to be sharing Georgia King's

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Speaker 4: favorite money. It's We're going to be discussing what's making

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Speaker 4: news in the finance, and she's on the money World,

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Speaker 4: and we are going to be helping to answer a juicy,

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Speaker 4: juicy money question, which is all about how to pay

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Speaker 4: tax if you're going to go and work overseas. But

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Speaker 4: first it is time to recap the week that was,

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Speaker 4: miss Jessicaci.

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Speaker 2: I feel like I'm imposing on your show.

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Speaker 5: Yeah, just behave yourself today, Yeah, just.

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Speaker 2: Saying be careful.

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Speaker 4: It's very strange, like I'm not even sitting in my

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Speaker 4: own recording chair. So I genuinely feel like this isn't

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Speaker 4: my show. But that is okay. But chess, what happened

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Speaker 4: on Monday? What was our money dirost up to?

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Speaker 6: So Monday, George and I spoke to a beautiful lady

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Speaker 6: who came from kind of a lower income household, but

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Speaker 6: her parents worked really hard. Center to private school and

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Speaker 6: she dealt with a lot of bullying because of her background.

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Speaker 6: There was a lack of diversity people, so awful.

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Speaker 4: Yeah, it was really hard to hear.

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Speaker 6: And she was saying, you know, because she was from

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Speaker 6: a lower income family, she was working on school holidays,

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Speaker 6: you know, forty hours a week to be able to

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Speaker 6: pay for things.

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Speaker 2: During the school.

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Speaker 6: Term, all of her friends were going on holiday to Europe,

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Speaker 6: so that really shaped her relationship with money and her

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Speaker 6: money story, so it was super interesting to talk to

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Speaker 6: her about that. And then she also has four kids,

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Speaker 6: two of hers and two which she has joint kinship with,

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Speaker 6: so they were fostered who then kind of became permanent

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Speaker 6: parts of the family.

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Speaker 2: And this woman sounds so special.

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Speaker 6: She really was a good money diary, yeah, and talking

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Speaker 6: all about how she juggles that and the responsibilities of

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Speaker 6: working and studying and being a mum and doing all

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Speaker 6: of these crazy things, and it was a really good one.

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Speaker 6: Really interesting to hear her take on co parenting and

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Speaker 6: also just how her experiences in childhood shaped how she

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Speaker 6: was handling things with her whole family now going for it.

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Speaker 4: Which is kind of cool as well to just learn

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Speaker 4: from her experience, because that's one that I clearly like,

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Speaker 4: I haven't had. I've never fostered kids. I don't even

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Speaker 4: have kids. I don't know what that looks like. But

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Speaker 4: it just leans into how many incredible people are now

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Speaker 4: she's on the money community and what they do and

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Speaker 4: how they do it, and it just it baffles me.

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Speaker 2: That people can be.

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Speaker 4: So unkind growing up, whereas if you look at it now, you're.

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Speaker 2: Like far out.

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Speaker 4: She's the type of person I want to be mates with. Yeah,

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Speaker 4: Like I don't want to be mates with someone just

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Speaker 4: because they went to Europe. Like I want friends who

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Speaker 4: are hustlers, who have, like you know, done cool things

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Speaker 4: and are really tenacious. Like they're the types of people

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Speaker 4: we want to be friends with.

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Speaker 2: Why can't we just be kinder one hundred percent?

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Speaker 5: She was also only twenty eight years old, the same

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Speaker 5: as us.

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Speaker 2: Yeah, yeah, it was like.

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Speaker 4: A big what a queen? Yeah, wake cup cool a queen.

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Speaker 4: You're like, yes, get it together? Gee nah, don't get

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Speaker 4: it together? We like rogue G. Speaking of rogue G,

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Speaker 4: what did Rogg think of this Wednesday's episode?

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Speaker 2: It was a corker, ladies.

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Speaker 5: It was all about reporting season from companies. So that's

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Speaker 5: the season.

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Speaker 4: When you say corker, then like we needed to uncorker

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Speaker 4: a bottle of wine to deal with that and make

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Speaker 4: it kind of interesting, But no, it was.

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Speaker 1: It was.

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Speaker 5: It was interesting. We spoke about what reporting season is,

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Speaker 5: where we should be looking in a company's financials and

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Speaker 5: what that can tell us about a company. How to

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Speaker 5: read a dividend statement what a dividend is because I

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Speaker 5: can never remember divds income.

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Speaker 4: We want dividends, We love dividends. We love events, very

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Speaker 4: very sexy.

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Speaker 5: We also learned that it turns out you have to

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Speaker 5: pay tax on your investment income, so.

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Speaker 4: You do have to pay tax on any income you derive,

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Speaker 4: that is, you know income.

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Speaker 5: And this episode is actually one of many in the

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Speaker 5: tax world. So strap yourselves in, ladies.

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Speaker 2: It's going to be a dryer Oh wait, no, it

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Speaker 2: gets better.

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Speaker 5: We make it fun. She's on the Money fashion. Do

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Speaker 5: you make boring topics a good time?

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Speaker 6: We get tax questions all the time and people get

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Speaker 6: really stressed about it and they think that they to

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Speaker 6: go to someone else. But bestie is you don't. You

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Speaker 6: can you can do it. We're going to teach you how.

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Speaker 2: We've got tax and it's in Peach. Are you ready?

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Speaker 2: Sit down? My friends? Sit down?

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Speaker 4: Speaking of Peach that She's on the Money community Facebook

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Speaker 4: Greek images.

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Speaker 2: Peach a very good segue.

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Speaker 4: Yes, it was rough, but you're out of practice. Well

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Speaker 4: I thought that was one of my better segues. I

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Speaker 4: would like you to just say sorry, Jessica. In saying that,

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Speaker 4: look out on brand. She is today LSKD peach puffer jacket.

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Speaker 4: She's I think she's like a little peach flushed in

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Speaker 4: the cheeks. Now we've said that, and she's sitting in

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Speaker 4: front of the she's on the money screen, so you

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Speaker 4: look very on brand.

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Speaker 6: Like a human marshmallow.

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Speaker 2: I love it.

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Speaker 4: All right, Gee, let's get into it and stop talking

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Speaker 4: about how cute j Rick is, which she absolutely is,

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Speaker 4: and we could go on and on about that, but

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Speaker 4: it is time to start celebrating some of our budget

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Speaker 4: direct money wins.

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Speaker 2: What have you got for us this week?

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Speaker 5: Let's get into it.

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Speaker 2: Okay.

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Speaker 5: The first win of the week comes from Morgan. We've

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Speaker 5: got a bub on the way at you early September.

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Speaker 5: That's seed.

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Speaker 2: It's with me.

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Speaker 4: We bought a cold What do you mean news Eves.

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Speaker 5: When they conceived I've made that.

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Speaker 2: Is some quick math in.

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Speaker 4: She had a lot of times she had to find earlier.

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Speaker 4: I think I genuinely was like, what do you mean,

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Speaker 4: Georgia King? The end of year is actually the end

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Speaker 4: of December, not the end of September. I don't know

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Speaker 4: where we're going. You're way too quick. So I had

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Speaker 4: a good news Eve. It's what you're trying to say.

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Speaker 5: So Morgan bought, Morgan had a good news she did,

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Speaker 5: she did. Indeed, we bought a cot on Marketplace for

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Speaker 5: fifty dollars. It was barely used and it would have

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Speaker 5: been two hundred and fifty dollars brand new. We also

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Speaker 5: got a car seat for two hundred and eighty nine dollars,

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Speaker 5: down from five hundred and ninety nine dollars.

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Speaker 2: Gosh, that's cool.

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Speaker 5: She just stid with the winds.

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Speaker 4: I need to have expensive We always forget. My best

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Speaker 4: friend's Steph is pregnant and it's like the best thing

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Speaker 4: to ever happen to me ever. And yeah, we've been

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Speaker 4: having some money wins, like she got a free pram

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Speaker 4: the other day. I should get her on the show.

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Speaker 4: She's arguably the biggest she's on the money stand you've

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Speaker 4: ever met.

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Speaker 5: Love it when she had a free pram from Oh Oh.

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Speaker 2: Her sister in law found it as someone was unloading

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Speaker 2: it to put into a charity bin.

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Speaker 5: So she found it in a parking lot.

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Speaker 2: What's the begin dodgy?

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Speaker 4: The more I explain it, her sister in law found

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Speaker 4: it as somebody was unloading it to put it into

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Speaker 4: a charity bin and she was like, oh hey, like

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Speaker 4: can I buy that off you? And that she got

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Speaker 4: it for steps, So Losington wasn't dodgy. It was a

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Speaker 4: very good tale and it's a very cute looking Pram.

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Speaker 4: I'm just fainly excited to talk about my future niece

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Speaker 4: or nephew.

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Speaker 5: I hear you, girl. Let's move on to a money

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Speaker 5: loss to bring the mood back to this. One's from

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Speaker 5: Alie's going so well, money loss. We're moving house.

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Speaker 4: That is all that, okay, I get it as someone

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Speaker 4: who's just moved house.

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Speaker 2: That is expensive.

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Speaker 5: The next win is from Courtney Money Wins. Number one.

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Speaker 5: I negotiated zero point six percent off my mortgage. Number two.

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Speaker 5: I got one kill of limes for free from Coals.

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Speaker 5: Number three, thanks girls hell. She didn't explain, but I

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Speaker 5: wish I knew because lines are expensive. They'll set you

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Speaker 5: back a pretty penny.

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Speaker 4: It's like five dollars for two or something ridiculous at

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Speaker 4: the moment, so she got a kilo of them.

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Speaker 5: Number three. I spent twelve dollars getting my brows and

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Speaker 5: lashes done twelve rather than my usual forty eight dollars.

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Speaker 5: Good Moneyfore she did di y s and s nails,

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Speaker 5: saving her fifty dollars. It's pretty good, jes tonight, we're

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Speaker 5: pretty good at doing our own nails.

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Speaker 2: I'd say, look at that.

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Speaker 4: You can come over for a manicure any day, Ja King.

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Speaker 5: Thank you?

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Speaker 3: All right.

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Speaker 5: The next wind comes from Katie. I needed to fill

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Speaker 5: up petrol and was treading it because we all know

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Speaker 5: how expensive petrol.

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Speaker 6: I paid over two dollars this week. I wanted to cry,

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Speaker 6: bawling at the bowser.

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Speaker 2: Well, you need definitely.

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Speaker 5: You need a father in law like Katie's. So instead

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Speaker 5: of filling up, I got a call from my father

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Speaker 5: in law saying he had some fuel in his boat

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Speaker 5: that he needed to get rid of as it's heading

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Speaker 5: into winter and he won't be using the boat again

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Speaker 5: until summer. So I got a full tank of petrol

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Speaker 5: from my father in law for free.

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Speaker 2: I'm not money.

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Speaker 5: I didn't know you could put boat petrol in your car.

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Speaker 4: I didn't know that. I also, I just don't have

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Speaker 4: a rich family, so that's just not going to I

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Speaker 4: wouldn't know what's if you're like.

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Speaker 5: Guys, we've had a clarification from our producer because we

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Speaker 5: were thank you boat petrol. We were worried for Katie

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Speaker 5: and Katie's safety. Turns out it's just diesel. It's all

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Speaker 5: above board.

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Speaker 2: In my carreer? Can I even if I did have a.

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Speaker 4: Hold on?

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Speaker 2: Hold on?

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Speaker 4: So do people just go through the bowser, like when

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Speaker 4: they're driving and they're like, oh, hey, I'm at the bowser.

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Speaker 4: There's yes, she's balling, and they fill their boats up.

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Speaker 6: I've seen people pull through with like boats on the

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Speaker 6: back of their car on the trailer. Actually, I don't

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Speaker 6: think I've ever seen anyone put the pump into the boat.

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Speaker 2: But you guys are really.

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Speaker 5: Spectral chats all right. Let's move on to Dana money

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Speaker 5: win but also a money loss. I've been eyeing off

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Speaker 5: a Dison hair dryer for quite a while and finally

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Speaker 5: it was a sale at DJs and I got a

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Speaker 5: fifty dollars David Jones voucher for buying on sale.

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Speaker 2: With a fifty bucks I have questions.

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Speaker 5: It's about you. So she can't she can't pop it

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Speaker 5: into an investment.

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Speaker 4: That's okay, but I want to know what she's doing.

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Speaker 4: I wasn't going to bully someone into investing.

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Speaker 7: Really.

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Speaker 2: Message.

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Speaker 5: Let's move on to Hayley. I cleaned out my wardrobe

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Speaker 5: and made one hundred and thirty dollars in one night

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Speaker 5: from selling clothes I don't wear.

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Speaker 2: That is time well spent.

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Speaker 5: My final win of the day, Ladies, comes from Simone.

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Speaker 5: I was looking at an armchair for four hundred and

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Speaker 5: fifty dollars and found one similar at the local op

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Speaker 5: shop for fifty dollars.

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Speaker 4: Hey, that's a funny win, not bad. It's so very

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Speaker 4: relatable because I was doing radio stuff the other day

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Speaker 4: and we had a caller, Richard, if you're listening, hey,

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Speaker 4: or what's up? He said he got an eight thousand

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Speaker 4: dollar recliner for like eight hundred bucks on Facebook Marketplace.

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Speaker 4: But my real question is who's spending.

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Speaker 2: Eight grand on a recliner?

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Speaker 4: Can you imagine just being like, hey, you want to

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Speaker 4: get me a lazy boy?

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Speaker 2: Eight grand? That's very expense, so expensive. I don't rate

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Speaker 2: it anyway.

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Speaker 4: We should move on because I feel like this could

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Speaker 4: go real downhill, or it could recline. But it's been

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Speaker 4: so great celebrating some of your budget Direct money wins

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Speaker 4: for award winning insurance search budget Direct, Budget Direct Insurance Solved.

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Speaker 4: And with that, do you know what I'm going to

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Speaker 4: do we're going to go to a break, and then

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Speaker 4: straight after the break, we're going to talk about whatever

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Speaker 4: it just brings to the table when it comes to news,

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Speaker 4: and we're also going to talk about tax if you

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Speaker 4: are working overseas, so don't go anywhere.

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Speaker 6: All righty, So we're going to pretend that we're in

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Speaker 6: news podcast for hot second, because breaking news, the RBA

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Speaker 6: has lifted the cash rate again, And if you're wondering

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Speaker 6: what that means, head back a couple of episodes, because

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Speaker 6: we actually spoke about it on Friday Drinks a few

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Speaker 6: weeks back. But essentially, life's about to get more expensive

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Speaker 6: for all of us, as if.

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Speaker 4: It wasn't already expensive enough.

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Speaker 6: So it has lifted point five of a percentage point,

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Speaker 6: so it's now sitting at point eighty five percent, which

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Speaker 6: is actually higher than what they were predicting. And when

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Speaker 6: we spoke about this a few weeks ago, we did

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Speaker 6: say the economists and people in the finance space in

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Speaker 6: general were considering that there definitely would be more increases

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Speaker 6: to be seen. But it feels like we only had

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Speaker 6: this conversation a couple of weeks ago. I did not

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Speaker 6: expect it to be so soon.

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Speaker 2: We did.

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Speaker 4: It's been pushed off because of the pandemic as well.

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Speaker 4: I think Australia has really tried to shield us from

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Speaker 4: any changes. And as much as it sounds incredibly dramatic,

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Speaker 4: it definitely was a long time coming. Everyone in the

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Speaker 4: finance industry is very much like, yeah, okay, like this

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Speaker 4: makes sense. Obviously there's implications, but to us, it's not

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Speaker 4: this Dyer, Oh my gosh, what is going to happen

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Speaker 4: and how does this work? Because we're kind of like, well,

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Speaker 4: this was coming. In fact, we kind of expected it

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Speaker 4: two and a half years ago and it's only happening

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Speaker 4: now if you haven't been keeping up with it. It

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Speaker 4: has gone from a record low of zero point one

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Speaker 4: percent and then it went to zero point three five

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Speaker 4: percent in the lead up to the federal election, and

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Speaker 4: we knew once the federal election was all done they

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Speaker 4: would increase it. And today, as in today when we're

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Speaker 4: recording this, which spoiler guys, this week it was Tuesday.

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Speaker 4: Jess was very excited because we had another content piece planned,

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Speaker 4: but you whipped on in because she said, guess what's

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Speaker 4: just been announced? It is two forty five and it

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Speaker 4: is the RBA increase. So we want to talk about this,

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Speaker 4: get it on the pod asap. So obviously this will

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Speaker 4: be in your ears on Friday. So hi from Tuesday guys. Yes, yes, yes,

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Speaker 4: people are going to be listening to this, will be

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Speaker 4: on a plane. Oh my gosh, yes, Georgia King when

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Speaker 4: people are listening to this, because this podcast is going

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Speaker 4: to drop five am on Friday mornings and we are

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Speaker 4: playing killing me now literally, so we are pre planning this,

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Speaker 4: which is why we're recording it on a Tuesday. And

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Speaker 4: oh my gosh, we're going to be on a plane, guys,

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Speaker 4: so think about us.

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Speaker 2: Send your well wishes and comfortable sleep.

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Speaker 4: Remedies so we will be in the air while you

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Speaker 4: guys are listening to this podcast.

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Speaker 2: That kind of cool. Hi from the.

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Speaker 6: Past, taking guesses at how many times I fall asleep

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Speaker 6: on VD at this point?

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Speaker 4: How many times have I put my feet on Jess?

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Speaker 4: Are going to be fun anyway, We're going on a

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Speaker 4: holiday together. But that's exciting. What's not so exciting is

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Speaker 4: the RBA interest rise increase. And as you said before, yes,

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Speaker 4: we did a whole segment on this and I think

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Speaker 4: it's really important to talk through and understand because it

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Speaker 4: can feel really overwhelming because this is the second increase

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Speaker 4: in official interest rates since November twenty ten, and it

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Speaker 4: does feel really overwhelming, Jess, like, I'm glad you brought

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Speaker 4: it up and really wanted to make this the priority

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Speaker 4: because so many of us are wondering, like what does

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Speaker 4: it mean for our home loans? What does it mean

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Speaker 4: for our bank interest rates? Like how's this going to

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Speaker 4: impact me?

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Speaker 2: More deeply?

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Speaker 4: And we will be doing posts on social media to

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Speaker 4: make sure that you guys are all across it. But

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Speaker 4: if you are concerned and you are worried about the

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Speaker 4: impact of a rate rise on an average mortgage, let's

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Speaker 4: say of three hundred and thirty thousand dollars quarter for

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Speaker 4: percent is about forty three dollars just to put that

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Speaker 4: in a little bit more context for you. So, yes,

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Speaker 4: it is a lot, but the moment, I feel like

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Speaker 4: it's an extra a lot as well because cost of

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Speaker 4: living has increased as well. So I feel like we're

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Speaker 4: just being hit from all angles at the moment.

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Speaker 6: It's really expensive to be alive. I've really personally been

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Speaker 6: feeling it. In my budget.

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Speaker 4: The cost of.

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Speaker 6: Grocery is the cost of like gas and electricity. It's

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Speaker 6: what hectic to think about, and unfortunately it looks like

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Speaker 6: it's going to stay that way because the RBA Governor,

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Speaker 6: Philip Blaut said, while inflation is lower than in most

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Speaker 6: other advanced economies, it is higher than earlier expected and

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Speaker 6: the Board expects to take further steps in the process

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Speaker 6: of normalizing monetary conditions in Australia over the months ahead,

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Speaker 6: because obviously that really low interest rate of point one

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Speaker 6: percent that we have been seeing for many, many years

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Speaker 6: is not the standard, and I guess sooner or later

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Speaker 6: the shoe had to come off the other foot and

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Speaker 6: they had to go, well, we've got to try and

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Speaker 6: normalize the economy somehow because it wasn't I guess sustainable

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Speaker 6: the way we were going on. But it is really

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Speaker 6: hard for the everyday person like us because you then

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Speaker 6: have to wear an additional cost when it already feels

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Speaker 6: like things are costing you so much.

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Speaker 5: So is the reason for the rise like, is that

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Speaker 5: to help with inflation? Is it ultimately going to be

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Speaker 5: a good thing for more people or not?

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Speaker 7: Really?

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Speaker 4: Yeh, Look at the end of the day, this is

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Speaker 4: actually going to benefit a few people. Yes, it's going

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Speaker 4: to increase mortgages, but people who are aspiring home loans,

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Speaker 4: like you're going to have higher interest rates on your

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Speaker 4: savings accounts at some point, hopefully relatively soon. Self funded

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Speaker 4: retirees who have big savings accounts are going to benefit.

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Speaker 4: Investors are going to benefit. Banks also might feel the

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Speaker 4: perks of this rate rise, Like there are a lot

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Speaker 4: of people who are going to benefit. I think it's

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Speaker 4: quite depressing when you think about it, because it's like

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Speaker 4: the people who were already financially secure, you're.

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Speaker 2: Going to benefit a little bit more.

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Speaker 4: Like you're not in a bad position if you already

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Speaker 4: have a home deposit in a savings account, but you

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00:16:26,880 --> 00:16:29,000
Speaker 4: will be a little bit more strapped for cash if

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Speaker 4: you're going week to week and you're really trying to

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Speaker 4: get the budget done because you've got two small kids

395
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Speaker 4: in a mortgage, and like your partner's not working and

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Speaker 4: hasn't done since COVID. So I think there's a fair

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Speaker 4: few people who will be a bit apprehensive and a

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Speaker 4: bit worried about it. But if you are in a

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Speaker 4: situation where you're thinking, oh my gosh, what am I

400
00:16:44,440 --> 00:16:46,320
Speaker 4: going to do about this rate rise, speak to a

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00:16:46,400 --> 00:16:49,280
Speaker 4: mortgage broker literally a shameless plug here of the mortgage

402
00:16:49,280 --> 00:16:51,680
Speaker 4: breaking matching tool on the shees on the Money website,

403
00:16:51,720 --> 00:16:53,480
Speaker 4: like it's going to put you in a better position.

404
00:16:53,720 --> 00:16:55,360
Speaker 4: And at the end of the day, the best thing

405
00:16:55,360 --> 00:16:57,320
Speaker 4: we can do when we get news that might not

406
00:16:57,400 --> 00:17:00,000
Speaker 4: benefit us is take action. And that's a very good

407
00:17:00,160 --> 00:17:02,640
Speaker 4: action to take if you're worried about what a mortgage

408
00:17:02,640 --> 00:17:04,720
Speaker 4: could look like for you, or what that increase would

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00:17:04,720 --> 00:17:06,840
Speaker 4: look like. And I just think that we should be

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00:17:06,920 --> 00:17:09,359
Speaker 4: doing a bit more. Also, there's a free budget template

411
00:17:09,400 --> 00:17:11,439
Speaker 4: on our website. Go and download that, Go fill it

412
00:17:11,480 --> 00:17:13,120
Speaker 4: in and make sure that you are in the best

413
00:17:13,160 --> 00:17:16,359
Speaker 4: possible position, Like so many of us, just need to

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00:17:16,400 --> 00:17:18,480
Speaker 4: do a little bit more budgeting and it will be

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00:17:18,560 --> 00:17:21,600
Speaker 4: completely fine. But it can feel really overwhelming right now.

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Speaker 6: And if you are seeing all of the media attention

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Speaker 6: and you missed that episode, head back to the thirteenth

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Speaker 6: of May, we discuss the impacts of the RBA rates

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Speaker 6: much more in depth. It doesn't really make sense for

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Speaker 6: us to rehash the same thing a few weeks later

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00:17:33,080 --> 00:17:35,679
Speaker 6: right now, but we covered it across mortgages and all

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Speaker 6: the different things and changes that you kind of can

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00:17:37,840 --> 00:17:40,760
Speaker 6: expect to see for yourself as a result of an

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Speaker 6: increase and that's still applicable now even though the rate

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Speaker 6: is a little bit higher epic.

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Speaker 4: So that was thirteenth of May. Yeah, perfection. All right, well, George,

427
00:17:48,280 --> 00:17:49,680
Speaker 4: we've got a money dilemma.

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00:17:49,359 --> 00:17:53,920
Speaker 5: We certainly do. Let's have a little listen. Hi, there,

429
00:17:54,320 --> 00:17:56,560
Speaker 5: have you got a money dilemma you just can't solve?

430
00:17:56,800 --> 00:17:58,840
Speaker 5: The Shees on the Money Team is here to help.

431
00:17:59,160 --> 00:18:01,840
Speaker 5: Every week we call your dilemmas, both big and small,

432
00:18:01,920 --> 00:18:05,280
Speaker 5: to answer your most burning money, career and life questions.

433
00:18:05,680 --> 00:18:08,080
Speaker 5: To get involved, simply head to our website and leave

434
00:18:08,119 --> 00:18:10,080
Speaker 5: us a quick voice recording and you may just find

435
00:18:10,080 --> 00:18:12,600
Speaker 5: yourself on the show. Now, let's take a listen to

436
00:18:12,600 --> 00:18:15,080
Speaker 5: today's money dilemma.

437
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Speaker 7: Hi, girls or team, thank you for your podcast and

438
00:18:18,600 --> 00:18:21,399
Speaker 7: all of the work you do. I think you're great.

439
00:18:22,000 --> 00:18:24,400
Speaker 7: I had a question around self employed and come when

440
00:18:24,440 --> 00:18:28,719
Speaker 7: you're traveling. So, if you have a source of income

441
00:18:28,720 --> 00:18:31,199
Speaker 7: that allows you to work from anywhere, how does that

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00:18:31,280 --> 00:18:33,600
Speaker 7: work in terms of text? Like if you're on the

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00:18:33,640 --> 00:18:35,520
Speaker 7: in a country for sort of three to six months,

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00:18:36,000 --> 00:18:38,240
Speaker 7: do you need a pay text to those countries that

445
00:18:38,280 --> 00:18:42,119
Speaker 7: you're in or do you just make your primary place

446
00:18:42,160 --> 00:18:45,399
Speaker 7: of residence Like maybe where you came from where you

447
00:18:45,440 --> 00:18:47,760
Speaker 7: pay your text A little bit confused.

448
00:18:47,880 --> 00:18:50,800
Speaker 5: Thank you, Hi, this is a question that I have myself,

449
00:18:50,840 --> 00:18:56,040
Speaker 5: so thank you dear listener for asking it. Also, she

450
00:18:56,119 --> 00:18:56,600
Speaker 5: loves us.

451
00:18:56,720 --> 00:18:59,240
Speaker 2: Oh I love her too. Ya I'm a goodbye used

452
00:18:59,280 --> 00:18:59,879
Speaker 2: Did you hear that?

453
00:19:00,640 --> 00:19:00,720
Speaker 7: Just?

454
00:19:00,880 --> 00:19:02,400
Speaker 5: Oh one day in the future.

455
00:19:02,680 --> 00:19:05,320
Speaker 2: Are you leaving question that I want to.

456
00:19:05,359 --> 00:19:06,520
Speaker 5: Live in London one day?

457
00:19:06,600 --> 00:19:06,760
Speaker 3: Yeah?

458
00:19:06,760 --> 00:19:12,639
Speaker 6: I thought that was your sutle way of saying you.

459
00:19:11,640 --> 00:19:12,760
Speaker 2: Well, who is this?

460
00:19:13,440 --> 00:19:16,480
Speaker 4: So it's complex and the best answer you can get

461
00:19:16,640 --> 00:19:18,320
Speaker 4: is from your craton. Thank you for coming to my

462
00:19:18,440 --> 00:19:21,480
Speaker 4: ted talk goodbye. But literally, if you are planning on

463
00:19:21,560 --> 00:19:24,320
Speaker 4: working overseas, I would touch base with your accountant before

464
00:19:24,359 --> 00:19:26,480
Speaker 4: going to make sure everything is hunky Dori and you're

465
00:19:26,520 --> 00:19:30,200
Speaker 4: in the best possible position. But the important thing here

466
00:19:30,400 --> 00:19:34,119
Speaker 4: is that you are declaring income you made from Australian sources.

467
00:19:34,480 --> 00:19:38,360
Speaker 4: From my understanding and from what the ATO website says,

468
00:19:38,760 --> 00:19:41,399
Speaker 4: you only need to declare it in one tax region.

469
00:19:41,520 --> 00:19:43,919
Speaker 4: Like if you are working and living in London, but

470
00:19:43,960 --> 00:19:46,600
Speaker 4: you're working for an Australian company and driving money in

471
00:19:46,640 --> 00:19:49,320
Speaker 4: Australia and paying tax on it in Australia, you don't

472
00:19:49,320 --> 00:19:52,600
Speaker 4: need to double handle it, so I would absolutely approach

473
00:19:52,640 --> 00:19:54,240
Speaker 4: it that way, but I would also make sure that

474
00:19:54,280 --> 00:19:56,280
Speaker 4: you are double checking with an accountant, because I'm sure

475
00:19:56,280 --> 00:19:59,440
Speaker 4: it's different everywhere in the world, Like who knows what

476
00:19:59,480 --> 00:20:02,359
Speaker 4: countries expect what like. There are so many different laws

477
00:20:02,400 --> 00:20:05,080
Speaker 4: and I am obviously not able to be across all

478
00:20:05,119 --> 00:20:08,840
Speaker 4: of them. But from my understanding, freelancers can work from

479
00:20:08,840 --> 00:20:11,320
Speaker 4: anywhere in the world. The important thing is paying tax

480
00:20:11,359 --> 00:20:13,560
Speaker 4: on the income you receive in the country that you

481
00:20:13,880 --> 00:20:16,080
Speaker 4: technically received it in. So if you were working with

482
00:20:16,119 --> 00:20:19,400
Speaker 4: Australian companies Georgia, let's say she goes overseas and does

483
00:20:19,440 --> 00:20:22,679
Speaker 4: all of her freelancing from London, I'm still paying you

484
00:20:22,760 --> 00:20:25,600
Speaker 4: in Australian dollars and you'll still do an Australian tax

485
00:20:25,640 --> 00:20:28,960
Speaker 4: return because it's still going into your Australian bank account.

486
00:20:28,640 --> 00:20:31,359
Speaker 5: Right And also I guess beyond that, like you're an

487
00:20:31,400 --> 00:20:33,639
Speaker 5: Australian business, so it flows on.

488
00:20:33,720 --> 00:20:35,119
Speaker 6: That's way I was going to s Yeah, I was

489
00:20:35,119 --> 00:20:37,439
Speaker 6: going to say, like I think and correct me if

490
00:20:37,480 --> 00:20:39,840
Speaker 6: I'm wrong, But I would assume it would depend vastly

491
00:20:39,880 --> 00:20:43,400
Speaker 6: on where your business is registered. So Georgia, you're registered

492
00:20:43,400 --> 00:20:45,159
Speaker 6: for an ABM because you work here, you to go

493
00:20:45,240 --> 00:20:49,440
Speaker 6: tax here, et cetera. So if an Australian business is

494
00:20:49,520 --> 00:20:52,560
Speaker 6: invoicing outwardly, that money is still coming back to a

495
00:20:52,600 --> 00:20:55,560
Speaker 6: business that is Australian. It doesn't really matter where you're

496
00:20:55,640 --> 00:20:59,360
Speaker 6: working from. Generally speaking, obviously speaks for an account.

497
00:20:59,720 --> 00:21:01,560
Speaker 2: Yeah, you're speaking to an accountant.

498
00:21:01,560 --> 00:21:04,119
Speaker 4: It's the number one thing here because obviously laws around

499
00:21:04,119 --> 00:21:06,440
Speaker 4: the world are very different. I do know a number

500
00:21:06,520 --> 00:21:08,520
Speaker 4: of freelancers. I do have a number of clients who

501
00:21:08,560 --> 00:21:10,800
Speaker 4: are freelancers who work from anywhere in the world, and

502
00:21:10,800 --> 00:21:13,200
Speaker 4: they're paying tax on it in the country that they

503
00:21:13,800 --> 00:21:16,280
Speaker 4: derive that income from, right, But it would get a

504
00:21:16,320 --> 00:21:18,960
Speaker 4: little bit complex. Say George, if you move overseas, you

505
00:21:19,000 --> 00:21:21,080
Speaker 4: are still working for Shees on the money I'm still

506
00:21:21,080 --> 00:21:22,919
Speaker 4: paying you in Australian dollars, and then you pick up

507
00:21:22,960 --> 00:21:25,359
Speaker 4: a client over there and then they start paying you

508
00:21:25,400 --> 00:21:28,480
Speaker 4: in pounds and you're driving income there. You would need

509
00:21:28,520 --> 00:21:31,280
Speaker 4: to adhere to their tax laws and declare it there.

510
00:21:31,400 --> 00:21:34,119
Speaker 4: You would also then need to declare to the Australian

511
00:21:34,160 --> 00:21:37,359
Speaker 4: government that you have made money overseas. Doesn't mean that

512
00:21:37,359 --> 00:21:40,280
Speaker 4: you'll be double tax. They just need to know what's

513
00:21:40,320 --> 00:21:42,800
Speaker 4: going on and how you're generating an income. So it's

514
00:21:42,840 --> 00:21:44,320
Speaker 4: all crisp and clean and clear.

515
00:21:44,440 --> 00:21:45,240
Speaker 2: Please don't leave me.

516
00:21:46,040 --> 00:21:48,840
Speaker 5: I'm not going anywhere anytime soon. But no, that does

517
00:21:48,920 --> 00:21:50,480
Speaker 5: make sense just toructuring accountant.

518
00:21:50,520 --> 00:21:52,680
Speaker 4: I would talk to your accountant because obviously that's the

519
00:21:52,760 --> 00:21:55,080
Speaker 4: number one rule when it comes to answering tax questions.

520
00:21:55,119 --> 00:21:57,840
Speaker 4: I'm not a tax accountant, but I think it's important

521
00:21:57,880 --> 00:21:59,960
Speaker 4: to talk about and definitely something to fore plan for.

522
00:22:00,160 --> 00:22:02,680
Speaker 2: Like if you're planning to move overseas, that's so.

523
00:22:02,800 --> 00:22:05,600
Speaker 4: Exciting, but it's really important to work out if you

524
00:22:05,640 --> 00:22:08,080
Speaker 4: are doing that, how does that impact you with currency

525
00:22:08,160 --> 00:22:10,560
Speaker 4: changes as well? Think about it. Jess and I, Ha,

526
00:22:10,760 --> 00:22:12,560
Speaker 4: we're on a plane. High from the plane.

527
00:22:12,720 --> 00:22:14,480
Speaker 2: But Jess and I we're on our way to London

528
00:22:14,600 --> 00:22:15,200
Speaker 2: right now.

529
00:22:15,400 --> 00:22:17,160
Speaker 5: Turns out the exchange rate is shit.

530
00:22:17,880 --> 00:22:20,160
Speaker 4: It turns out the exchange rate has been doing us

531
00:22:20,160 --> 00:22:22,600
Speaker 4: a dirty So what does that mean for your everyday

532
00:22:22,680 --> 00:22:25,520
Speaker 4: living if you're living in another country, is it actually

533
00:22:25,600 --> 00:22:28,399
Speaker 4: the smartest decision for you to be driving an income

534
00:22:28,440 --> 00:22:30,880
Speaker 4: in another currency or would it be better to pick

535
00:22:30,960 --> 00:22:33,840
Speaker 4: up clients in the UK and just earn pounds and

536
00:22:34,240 --> 00:22:37,520
Speaker 4: not have any currency conversion issues? So it's really different

537
00:22:37,560 --> 00:22:40,600
Speaker 4: for everybody's personal circumstances. But I would be really thinking

538
00:22:40,600 --> 00:22:42,800
Speaker 4: about that again. Georgia King, please don't leave us.

539
00:22:42,800 --> 00:22:45,320
Speaker 5: We love you, not anytime soon, my friends. We also

540
00:22:45,359 --> 00:22:48,880
Speaker 5: did do a big episode on moving overseas and how

541
00:22:48,880 --> 00:22:52,480
Speaker 5: to manage your finances, investments, all of that kind of thing.

542
00:22:51,560 --> 00:22:55,359
Speaker 4: A this theme, You'll just just be like slowly swindling

543
00:22:55,400 --> 00:22:58,320
Speaker 4: in this idea to everybody that one day she's going

544
00:22:58,400 --> 00:23:00,359
Speaker 4: to leave that She's on the Money podcast to go

545
00:23:00,440 --> 00:23:03,040
Speaker 4: live in London and do something spar.

546
00:23:04,280 --> 00:23:04,680
Speaker 3: Anything.

547
00:23:05,040 --> 00:23:09,800
Speaker 6: Anything that Georgia does will be full par I'm sure that.

548
00:23:10,080 --> 00:23:13,439
Speaker 2: I wasn't talking about her energy or effort. I was

549
00:23:13,520 --> 00:23:14,760
Speaker 2: talking about how no.

550
00:23:14,840 --> 00:23:16,800
Speaker 4: Job would be better than working for She's on the Money,

551
00:23:17,880 --> 00:23:20,280
Speaker 4: and not that. I think we're done.

552
00:23:20,359 --> 00:23:22,720
Speaker 2: How about we wrap the boring but important stuff.

553
00:23:22,800 --> 00:23:25,800
Speaker 5: Alrighty guys, please remember that the advice shared on She's

554
00:23:25,840 --> 00:23:28,000
Speaker 5: on the Money is general in nature and does not

555
00:23:28,119 --> 00:23:32,040
Speaker 5: consider your individual circumstances. She's on the Money exists purely

556
00:23:32,080 --> 00:23:34,840
Speaker 5: for educational purposes and should not be relied upon to

557
00:23:34,880 --> 00:23:37,879
Speaker 5: make an investment or a financial decision. And we promise

558
00:23:38,000 --> 00:23:41,639
Speaker 5: Victoria divine and She's on the Money are authorized representatives

559
00:23:41,800 --> 00:23:46,040
Speaker 5: in Focus Securities Australia Proprietary Limited ABN four seven zero

560
00:23:46,119 --> 00:23:49,080
Speaker 5: nine seven seven nine seven zero four nine AS two

561
00:23:49,200 --> 00:23:52,640
Speaker 5: three six five two three. See you on Monday, guys,

562
00:23:52,640 --> 00:23:53,879
Speaker 5: See you Monday, guys,