Inspire CA: Recent Episodes

Ben Walker

Thinking of releasing equity in your home or investment property?In recent months, we’ve seen the ATO ramp up its efforts to chase outstanding tax debts, with a significant increase in the issuance of Director Penalty Notices (DPNs), particularly to companies with larger debts ($75K and above).

A Director Penalty Notice (DPNs) is an ATO notice that makes company directors personally responsible for unpaid taxes like PAYG, super, or GST if their company doesn’t pay.

The recent surge includes DPNs related to tax debts that accumulated over time, particularly from the COVID-19 lockdown periods when enforcement was reduced.

If your business has overdue tax debts, it is crucial to have a clear plan to manage the debt by paying it or entering into a payment plan.

Directors who fail to act quickly can expect the following in addition to DPNs:* pdico-checkbtnWind-up actions: The ATO has been actively pursuing the winding up of companies with unmanageable tax debts. * pdico-checkbtnGarnishee notices: These letters can be sent to your bank and customers, requiring them to pay the ATO directly instead of your business. * pdico-checkbtnCredit reporting: The ATO may also report your company's debt to credit reporting bureaus, impacting your ability to access future financing. Don’t let tax debts spiral out of control. Now is the time to engage with the ATO or reach out to your accountant to assist you with managing and reducing your ATO liabilities.If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Thinking of releasing equity in your home or investment property? appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Superannuation for contractorsBusinesses engage contractors for specialised skills or to streamline costs. But keep in mind, that superannuation isn’t always off the table.

You generally don’t pay super for independent contractors. But, if the contract is wholly or principally for their labour, you might be liable. This applies even if they have an ABN, regardless of their earnings amount.

So, a seemingly genuine “contractor” might be classified as an “employee” under the Super Guarantee Act.

Here are the key factors that could trigger super on contractor payments:* pdico-checkbtnThe individual is paid for their labour and skills * pdico-checkbtnThe individual can't subcontract the work to someone else * pdico-checkbtnThe individual is not paid to achieve a result or outcome Tip: If the individual (i.e. independent contractor) is performing work for you through an entity such as a company or trust, they would not be considered an employee under the Super Guarantee Act.If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Superannuation for contractors appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Is there really a "Sales Gene"?A recent study published in Harvard Business Review suggests that genetics may play a significant role in sales performance. Researchers from MIT Sloan found that top salespeople often possess “adaptive learning” skills, enabling them to quickly process information, adapt to changing customer needs, and identify selling opportunities in real-time.

It is easy to train people by repetition and sheer volume on memorising scripts and the use of simple yet effective language to convert leads into sales. However, “adaptive learning” is difficult and may be impossible to train.

So next time you are hiring for a position that requires an element of selling, consider adding assessments that measure candidates’ “adaptive learning” capabilities. This could include role-playing scenarios, problem-solving tasks, or even simple questions that test their ability to think on their feet.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Is there really a “Sales Gene”? appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Is a tax depreciation schedule worth it for your rental property?Not all properties are created equal.Newer properties often offer higher tax deductions from depreciation compared to older ones. However, even if your rental property is older, it’s still worth consulting a quantity surveyor specialist like BMT to assess its potential.

Additionally, if you’ve recently completed major renovations on your rental property, a depreciation schedule can be particularly valuable.

The fee payable to a licenced quantity surveyor specialist for preparing the tax depreciation is tax deductible too.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Is a tax depreciation schedule worth it for your rental property? appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Will Australia ever get a 20+ yearfixed mortgage?The idea of locking in a mortgage rate for two decades or more might seem like a pipe dream for Australian homeowners. Australian banks currently offer a maximum of 10-year fixed mortgage, however, other developed countries like the U.S. or France currently offer 25 or even 30-year fixed mortgage rates.

During a recent House of Representatives hearing, the CEO of National Australia Bank (NAB), Andrew Irvine, provided evidence on the popularity of variable-rate mortgages with offset accounts. While these accounts offer flexibility and potential savings, Labor MP Tania Lawrence argued that their popularity is partly due to the limited availability of other loan options, such as longer-term fixed rates.

The question of whether Australia will ever see 20+ year fixed mortgages remains unanswered. While there is a growing demand for such products, challenges such as interest rate risk and regulatory hurdles continue to hinder their widespread adoption.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Will Australia ever get a 20+ year fixed mortgage? appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Are you neglecting some parts of your business?Growing a business requires a holistic approach. Similar to a bike, a business has many parts that to work well together to keep moving pedaling forward. Neglecting an area or two might cause instability or slow down your growth.

The Balanced Business Wheel™ developed by Nick & Judi Hudges, give us a great insight into the key areas you can focus on so you can have a resilient and successful business.

The eight essential areas you should be focusing on are:

Tip:Your team needs to feel connected to your purpose and core values. Try involving them in an exercise to help define or redefine them. This ownership will increase engagement and ensure your values truly reflect your company culture.

Consider asking your team to share specific examples of how they’ve embodied these values in their work.For example, you could ask them to share stories of a time when they “dreamed big” and what does that mean to them, or how they’ve demonstrated “authenticity” in their interactions with clients and team members.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Are you neglecting some parts of your business? appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Why “Purpose” and “Core Values” are the Heartbeat of Your BusinessA strong purpose and core values are essential for any business. Our recent team retreat led us to refine our purpose to “To have the most impact in the lives of families we work with.”

We also added “Be Authentic” to our core values of Dream Big, Make an Impact, and Remember Your Roots.

A clear purpose unites your team, attracts clients, and guides decision-making. Core values shape your company culture and ensure everyone is aligned. By defining your purpose and values, you’re setting a powerful direction for your business.

Tip:Your team needs to feel connected to your purpose and core values. Try involving them in an exercise to help define or redefine them. This ownership will increase engagement and ensure your values truly reflect your company culture.

Consider asking your team to share specific examples of how they’ve embodied these values in their work.For example, you could ask them to share stories of a time when they “dreamed big” and what does that mean to them, or how they’ve demonstrated “authenticity” in their interactions with clients and team members.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Why “Purpose” and “Core Values” are the Heartbeat of Your Business appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Payroll for 2025FYThe tax rate cuts for the 2025 financial year will mean an increase in net payments to your employees. Last financial year, you would have withheld more tax compared to 2025FY to be remitted to the ATO when your BAS is due.

So, please ensure you have enough funds to pay employees’ net wages when processing your pay runs.

If you have set up recurring payments with your bank, ensure you update the recurring payments to reflect the new changes.

And last but not least, from 1 July 2024, the super guarantee has increased from 11% to 11.5%.

Your accounting software used for payroll should factor in tax and super changes. However, you will need to update your budget and cash flow to ensure you have enough funds at the right time to meet payroll obligations.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Payroll for 2025FY appeared first on Inspire Accountants - Small Business Accountants Brisbane.

The Early Bird Catches the WormWhile the 2024 financial year has come to a close, it’s time to get your books ready for your accountant to prepare financials and tax returns.

If you have a bookkeeper, they will hopefully assist in finalising your payroll and getting a work pack ready for your accountant to start preparing your financials and tax returns.

Don’t have a bookkeeper? Please download our comprehensive checklist to assist you in getting your books ready.The more organised you are, the faster your accountant will be able to finalise preparing your financial statements and returns.

For family groups that lodged their 2023FY late, you will need to get started early since you will not be eligible for an extension, and your 2024FY returns will be due for lodgement by 31 October 2024.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post The Early Bird Catches the Worm appeared first on Inspire Accountants - Small Business Accountants Brisbane.

$20K Instant Asset Write-off bill has become lawThe much-awaited bill has now received royal assent on on 28 June 2024. Small businesses with an aggregated turnover of under $10 million will be able to write off assets purchased between 1 July 2023 and 30 June 2024 that cost $20K and under.

What does that mean for businesses that purchased assets costing more than $20K?

If your small business has an aggregate turnover of less than $10 million, you can access the small business pool depreciation rules, which provide an accelerated depreciation rate of 15% in the first year, followed by 30% each year thereafter.

Once the balance of the pool in a given year falls below the instant asset write-off threshold for that year (before applying the depreciation deductions), you will be able to write off the balance.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post $20K Instant Asset Write-off bill has become law appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Parental Leave Gets a Boost for New Parents (Starting 1 July 2025)Great news for expectant parents! The federal government will be paying a 12% super parental leave payment if you meet the following criteria:* pdico-checkbtnhave children born or adopted on or after 1 July 2025 * pdico-checkbtnare eligible for Australian Government Paid Parental Leave Source: https://www.servicesaustralia.gov.au/sites/default/files/2024-05/budget-2024-25-raising-kids-1.pdf

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Parental Leave Gets a Boost for New Parents (Starting 1 July 2025) appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Do you have an upcoming business trip? Here’s a tax outlook to make it easierTravelling for business can involve various expenses, and understanding how taxes apply can be confusing. The below key points clarify how travel expenses are treated for tax purposes, clarify deductibility for business owners and highlight any requirements.

Key Points:

Business Travel:
- All travel expenses, including meals with or without alcohol, are deductible for both you and your employees when travelling overnight for business.
- It’s essential to keep a travel diary for documentation purposes.
Private Travel:
- Paying for private travel for your employees or their associates is considered a Fringe Benefit, subject to FBT.
- Non-deductible expense: Any private travel paid for non-employees falls under this category.
Combined Business and Leisure Trips:
- If a trip has both business and leisure components, you need to apportion the costs.
- Only the expenses that would have been incurred solely for business are deductible.
- Any costs related to the leisure portion are either Fringe Benefits (for employees) or non-deductible expenses (for non-employees). For travel to be considered “business”, it must be undertaken to:* pdico-checkbtnGenerate income for your business.
pdico-checkbtnFulfil a contractual obligation related to your business.
pdico-checkbtnAttend a conference or meeting relevant to your business.
pdico-checkbtnMaintain or improve your skills relevant to your business.

Bear in mind that this is a general overview guide. For specific guidance regarding your circumstances, we recommend reaching out to your dedicated accountant.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Do you have an upcoming business trip? Here’s a tax outlook to make it easier appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Confused about whether you need to pay superannuation for your contractors?Businesses engage contractors for specialised skills or to streamline costs. But keep in mind, that superannuation isn’t always off the table.

You generally don’t pay super for independent contractors. But, if the contract is wholly or principally for their labour, you might be liable. This applies even if they have an ABN, regardless of their earnings amount.

So, a seemingly genuine “contractor” might be classified as an “employee” under the Super Guarantee Act.

Here are the key factors that could trigger super on contractor payments:* pdico-checkbtnThe individual is paid for their labour and skills * pdico-checkbtnThe individual can't subcontract the work to someone else * pdico-checkbtnThe individual is not paid to achieve a result or outcome

Tip: If the individual (i.e. independent contractor) is performing work for you through an entity such as a company or trust, they would not be considered an employee under the Super Guarantee Act.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Confused about whether you need to pay superannuation for your contractors? appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Boost your Nest Egg: Super contribution caps are increasing from 1 July 2024Good news for people who want to contribute more into their super.

Here’s a quick breakdown of the changes taking place from 1 July 2024:

Concessional contributions (CC) cap: This increases from $27,500 to $30,000 per year. This includes employer contributions and salary sacrifice contributions.
Non-concessional contributions (NCC) cap: This increases from $110,000 to $120,000 per year. This allows you to contribute your own after-tax dollars to your super.

Maximum NCC cap under bring-forward rules: This increases from $330,000 to $360,000. This allows you to make larger contributions under specific eligibility

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Boost your Nest Egg: Super contribution caps are increasing from 1 July 2024 appeared first on Inspire Accountants - Small Business Accountants Brisbane.

The Crucial Timing Aspect Of RestructuresTiming is important, not just from an eligibility perspective, but also in terms of effort. We wouldn’t move houses if we were expecting a baby in the coming week, just as you wouldn’t move your business if you are about to go for one of your biggest tenders. So, it’s about choosing your battles wisely. If you’re considering it, you’ll want to think about it as early as possible and choose a suitable time as well.

From a tax perspective, we typically discuss wrapping up your prior business at the end of a tax period. Financially, it’s great, but sometimes it’s not ideal. At least at the end of a BAS period, too. That way, you’re not dealing with two BASs simultaneously. These small adjustments make things a bit easier and ensure a clean break.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post The Crucial Timing Aspect Of Restructures appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Restructuring Discretionary Trusts: Key FactsA discretionary trust does not allow for a fixed interest or a fixed percentage ownership within the trust itself. They are very common, especially within family groups running a business; this structure is quite normal from that perspective.

So, when there is a need for more than one family group to own that entity, we may need to consider one of two options. One option is a unit trust, where a fixed ownership percentage can be established. The other option is a company, where shares can be allocated to each family, or if there are multiple investors, or companies can have fixed entitlements in shareholding.

This is a fundamental requirement when considering an external investor and a very common reason for wanting to restructure.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Restructuring Discretionary Trusts: Key Facts appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Has your business been impacted by the South Queensland Severe Storms and Rainfall? The Queensland Government has made Extraordinary Disaster Assistance Recovery Grants available to assist directly impacted primary producers, small businesses, and non-profit organisations with the costs of cleanup and reinstatement.

Depending on your business type, the maximum grant available ranges from $50,000 to $70,000.

To be eligible, your property must be located in one of the following defined disaster areas:

City of Gold Coast Council
Logan City Council
Scenic Rim Regional Council

Click this link to find out if you’re eligible and to apply.

Additionally, Disaster Assistance Loans are available if the grants are not enough. Please visit this link for details and how to apply.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Has your business been impacted by the South Queensland Severe Storms and Rainfall? appeared first on Inspire Accountants - Small Business Accountants Brisbane.

The Worst Business Structure RevealedWe can choose different types of entities when we structure a business.

The first one which is the most popular one is being a sole trader. It might be the most popular but it’s the worst structure.

We want to be having companies and trusts or a combination of both for your business structures when we set that up as accountants.

There are a few reasons why. Tax is a huge reason why. Sole trader makes it very difficult for tax planning versus companies and trusts. But the big one is asset protection, it’s our focus. If you’ve got assets in your own name and your business gets sued, then literally your personal assets, even your home, and your car can be used to pay back creditors or the person suing you.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post The Worst Business Structure Revealed appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Seize Cashbacks Before They DisappearWe recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said –

“Cashbacks have been rife within the finance industry for the best part of the last three or four years. There’s been a lot of lenders that have access to cashback options. Anywhere between $2,000 and $5,000, which is quite a bit of money moving between lenders.

We are seeing them go away from the market. So, we’ve seen pretty much all your Big 4 lenders pull out of that, minus ANZ. It’s less than a handful of lenders left; whereas previously, we would’ve said there’s a good 10 or 15 that are offering cashbacks. So, we’re seeing a lot of the lenders pull out of the market.

It’s not always a driving factor, but if you can get a better rate and you can get these cashbacks while they’re still around, it can still be a great opportunity to take advantage of the money that’s available from the lenders right now.”

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Seize Cashbacks Before They Disappear appeared first on Inspire Accountants - Small Business Accountants Brisbane.

How To Avoid A Division 7A Loan DisasterOn a recent webinar, Rizal Ramzan, Partner of Inspire, talked about how to avoid a Division 7A loan disaster. Here’s what he said:

“There are situations where people want to keep their taxable income low and save taxes to maintain a lower income.

So, what they do is they pull a small amount of salary or a small dividend in their personal name. However, their living expenses exceed what they have actually withdrawn.

That is where the problem arises. They still have to pay for their home loan, so they pull money out of the business. That additional top-up, that difference, can become a Division 7A loan if not treated properly, or if there isn’t a plan for it.

So, the fundamental issue is you need to work backward first. Determine what you need in terms of your living expenses and lifestyle. Whatever that amount is, that’s the amount you want to take out personally.

The reason we emphasize this is that you won’t be able to pay it back. It’s not an investment; it’s an amount you cannot return. Another analogy to consider is that if you don’t take it out personally and get taxed on it, borrowing for it is like living on a credit card, in a sense.”

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post How To Avoid A Division 7A Loan Disaster appeared first on Inspire Accountants - Small Business Accountants Brisbane.

The Reason Why Division 7A Loans ExistDivision 7A exists because if we leave money in companies to be taxed, and then we take it out without ourselves getting taxed on it, that’s generally how it happens.

So, why would you need money out of a company?

Let’s consider a scenario where all the business income goes into the company, and we have $0 taxable income at the individual level. For instance, you need to cover living expenses for the person. A mortgage needs to be paid or rent. You might buy property, make other investments, or cover any other lifestyle expenses.

So the question is, how are these expenses going to be paid?

And that’s where Division 7A aims to prevent people from simply withdrawing cash from companies at a 25% tax rate and spending it personally when they would otherwise be taxed at 47%.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post The Reason Why Division 7A Loans Exist appeared first on Inspire Accountants - Small Business Accountants Brisbane.

The Benefits Of Secured Division 7A LoansIf you secure it, the ATO allows you to extend the repayment period from seven years to 25 years. What the ATO is trying to achieve is that if you borrow money from a company, as long as it’s on commercial terms, they’ll permit it. So if you’re securing it over 25 years, that’s like a mortgage on a home loan, right? Secured and protected for 25 to 30 years. We can stretch it out. If it’s unsecured for seven years, you have to pay it off much more quickly.

Now, why is this a longer-term solution? For assets like properties, you might hold onto them for a long time, especially if it’s your personal home, and you don’t want to be forced to pay off part of your home loan within seven years. You want to align that with all the other loans, typically over 30 years.

So, what you do is align that loan, secure it, and then it becomes a solution. It doesn’t eliminate it, but it reduces the minimum repayment each year significantly. Now, whenever you receive income from salary or dividends from your business, you can use that to pay your home loan, let’s say to CBA. That’s the monthly payment to CBA. Another payment goes to your own bucket company, but over 25 years, in smaller increments.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post The Benefits Of Secured Division 7A Loans appeared first on Inspire Accountants - Small Business Accountants Brisbane.

What is the R&D Tax IncentiveThe R&D Tax Incentive program is an initiative of the Australian government to encourage businesses to invest in research and development to generate new knowledge to benefit companies and increase productivity across the Australian Economy that may not otherwise have been conducted.

To achieve this, the Australia government offers a tax offset to companies doing R&D. Download our partners, Innercode’s ebook below to learn more about R&D tax in the tech and software space.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post What is the R&D Tax Incentive appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Lenders' Early Offers Vs. Brokers' TacticsWe invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar back in August 2023. Here’s what he said –

“I think, overall, it looks relatively positive as to what the economists are saying from the Big 4 lenders. This is all based around the cash rate. So, obviously it’s not the interest rate that you are getting because there’s a buffer that’s built into that. That’s how the bank makes its money.

But the cash rate just gives us a bit of an idea of what the RBA is doing. So right now, (17 August 2023) the cash rate is 4.10%. If you look across the board, the only one that is predicting that there’s going to be an increase in the next two years is NAB. So they’re saying that they’re predicting there’s going to be a 0.25% increase in November.

It’s probably worth mentioning that this can be fluid. The bank does update its outlook or its projections on a sort of semi-regular basis. But I think it comes for good reading. So if we look at the likes of Westpac, they’re saying that they predict that the cash rate is going to drop 1.5% from today (17 August 2023) to December 2025. That would be amazing. I think that’s going to be good news for mortgage owners.”

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Potential Good News For Mortgage Owners appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Lenders' Early Offers Vs. Brokers' TacticsWe recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said –

“What we’re sometimes seeing, and not great from my point of view as a mortgage broker, but sometimes we can start an application for a client and then they can turn around and say, ”Hey, we lodged the discharge form”. We tell them that they’re going to be leaving, and then they’ll try and trump potentially whatever’s made available to you.

So, one sort of thing that we are using is we are trying to leverage against your existing lender and say, “Hey, this is what’s available out there in the market. Can you come and meet this?”.

I also know that lenders are getting better at providing their best pricing upfront and stopping that toing and froing. Obviously, from a mortgage broker’s point of view, we don’t want to start doing the work whenever they’re going to come along and then try and beat the business.

We will try and put you in the best position possible to get the best rate. Whether that’s staying with the existing bank or leaving, it just comes down to the research that’s conducted at that starting point that’s going to yield you your best interest rate available.”

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Lenders’ Early Offers Vs. Brokers’ Tactics appeared first on Inspire Accountants - Small Business Accountants Brisbane.

How To Escape The Mortgage PrisonWe recently invited Colin O’Loughlin, Director and Mortgage Broker of Arch Brokerage to the webinar. Here’s what he said –

Traditionally, whenever you’re applying for a loan, the bank will add around a 3% buffer on top of what the normal interest rate is. As interest rates go up, the bank will try to fund that loan based on it being a high 8% interest rate.

A lot of these lenders bring in a 1% buffer, or sometimes a no-per cent buffer in order to allow you to look at your borrowing capacity, does it give you the ability to do that and move between lenders without actually being held in the one lender all the time?

If you want to see if there’s something that you’re eligible for on that front, or maybe you’ve looked into this process and you feel like, “You know what? I do feel like I’ve been a bit of a mortgage prisoner. I’ve got no options.” Feel free to reach out. We’ll be more than happy to provide you with some options in that space.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post How To Escape The Mortgage Prison appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Additional tax compliance requirements for professional firmsIf your business primarily sells products or is not considered a “professional firm,” you may be affected by the new guidelines published by the ATO regarding profit allocation arrangements. These guidelines will take effect on July 1, 2022, and will have a two-year transition period.

Professional firms include but are not limited to accounting, law, medical, engineering, architecture, management consulting, financial services & stockbrokers, businesses in building & construction (e.g. builders, plumbers, electricians), real estate agents and services such as waste removal and funerals.

Inspire accountants will provide detailed guidance to their professional firm clients on the new guidelines during the Annual General Meeting or during tax planning sessions.

We suggest that you speak to your accountant in the next couple of months to see how the new guidelines could affect your current arrangements.

Reference: shorturl.at/TUY01

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Additional tax compliance requirements for professional firms appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Running a home-based business from a company or trust?To claim rent expenses under the company or trust, you will need to have a genuine market rate rental agreement between the owner of the property and your business. If you do not own your property, you will need a contract with your landlord. Alternatively, you may claim occupancy expenses (subject to eligibility) in your personal tax return against your salary.

Examples of occupancy expenses are mortgage interest or rent, council rates, land taxes and house insurance premiums. Homeowners will need to consider capital gains implications should they sell their property in the future.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Running a home-based business from a company or trust? appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Typical Properties For SMSF LoansWe’ve previously invited Colin O-Loughlin, Director and Mortgage Broker of Arch Brokerage on the topic, “Buying A Commercial Property In SMSF”.

In this video, he talks about typical properties for SMSF loans.

Here’s what he said –

What sorts of things usually get funding?

There are a few options:

Shops
Factories
Warehouses
Offices

People might be seeking funds for various reasons, like investing or finding a new space for their business.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post Typical Properties For SMSF Loans appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Paid Family and Domestic Violence LeaveEffective 1 February 2023, employees working for non-small business employers (15 or more employees on February 1, 2023) are entitled to 10 days of paid family domestic violence leave. Both part-time and casual employees are also eligible for the leave.

For small business employers (less than 15 employees on February 1, 2023), paid leave will be accessible from August 1, 2023. Until then, they can still take unpaid family and domestic violence leave.

Per Fair Work, Family and domestic violence mean violent, threatening or other abusive behaviour by certain individuals known to an employee that both:

Seeks to coerce or control the employee
Causes them harm or fear

Please visit the Fair Work website for additional information on who can access paid Family and domestic violence leave.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

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The Key To Mapping Your Vision We recently invited Sean Soole to a webinar on the topic “How To Go From Stuck To Freedom In Your Business”. In this video, he talks about the key to mapping your vision. Sean says that your ‘Vision’ isn’t just a couple of lines or a quick blurb about […]

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How Bookkeeping Can Save You Money, Time And Improve Your BusinessThe ATO will likely scrutinise business transactions in the event of an audit. If your business uses accounting software like Xero, you can attach a receipt/invoice to every transaction and leave a clear description of the expense. That’ll save you hours, including the accountant fees, which can easily range between $10,000 and $20,000 per audit event. Audit insurance will cover the accountant’s fees, but it doesn’t include the time you will spend providing evidence or information to your accountant or auditor.

In addition, when reconciling transactions, you want to avoid using generic account names such as General Expenses. You want to reconcile transactions to specific accounts that accurately reflect the type of expense. With a clear overview of your income and expenses, you can seamlessly review to cut costs, streamline operations, and, most importantly, maximise profit.

A well-organised financial record enhances your business’s credibility with lenders, investors, and potential business partners. Lastly, when it comes to tax time, you’ll have all the necessary information readily available, reducing stress and allowing your accountant to provide accurate advice.

We recommend most businesses have a good quality bookkeeper that can maintain a healthy set of books.If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.

Book A ChatThe post How Bookkeeping Can Save You Money, Time And Improve Your Business appeared first on Inspire Accountants - Small Business Accountants Brisbane.

Small Business Energy Incentive The Australian government is offering a new tax break for small businesses that make energy-efficient investments. The Small Business Energy Incentive (SBEI) provides a bonus 20% deduction for eligible expenditure on assets that support electrification and more efficient use of energy. The SBEI is available to businesses with an aggregated annual […]

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Stop Wasting Time On $25 An Hour Tasks On a recent webinar, we had the pleasure of hosting Sean Soole on the topic, “Transitioning from Stagnation to Empowerment in Your Business.” Here’s what he said – My favourite thing is to stop doing $25-an-hour tasks. And for those of you who rely on notifications, consider […]

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Why Lodging Your BAS On Time Is Important We can appreciate that receiving a BAS from your accountant can be overwhelming, especially if you do not have the required funds to pay by the due date. You may opt not to sign the BAS because it’s less stressful than the ATO, knowing you have to […]

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Choosing Right People In Your Business Picking a winning team in business requires a combination of art and science. Selecting a team with diverse skill sets and experiences and individuals who can work well together and communicate effectively is vital. Choosing individuals that are great in their roles will only take you so far. Attributes […]

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In a few years, employers may be required to pay super at the same time as wages The Federal Government has announced that it’s considering amending super laws to require super to be paid on payday. The change is set to take effect from 1 July 2026, and it will aim to stop disreputable employers from exploiting […]

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Do You Have a HECS-HELP Loan? The Australian Government indexes HECS-HELP loans each year on the 1st of June. The Australian Government indexes HECS-HELP loans each year on the 1st of June. The percentage in which the debt amount will go up is directly linked to the cost of living (i.e. inflation). On the 1st […]

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The Final ATO Ruling Affecting Trust Distributions The ATO has finalised the section 100A ruling, which provides guidelines and a compliance approach to trust distributions. In essence, the ATO is concerned that the adult beneficiary who’s been made entitled to a trust distribution does not enjoy the economic benefit. More importantly, section 100A also focuses on taxpayers […]

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How To Cut Energy Waste And Save Money https://youtu.be/cD7PF3Ly9zo Small Business Energy Incentive is not too dissimilar to the small business skills boosts and investment boosts that we saw last year introduced by the previous government. Basically, it’s allowing you an extra 20% tax deduction for any expenses that are related to the use of […]

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Your Last Chance To Carry Back Business Losses This is the last year in which, if you have a loss in your company, you can carry that loss and apply it back to any prior years where you’ve made a profit. There are limitations in how far back you can go, and there’s a process […]

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Finding Balance Within the Allocation of Profits within professional firms Guidelines PC 2021/4 The industries that are affected by the Allocation of Professional Firm Profits Guidelines are the service-based businesses where you are selling knowledge or expertise. If you are using a trust or a company to run your service-based business, they want to attribute […]

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Don’t Miss Out On These Tax Benefits For small business owners, The first thing that everyone’s been thinking of and waiting on is the temporary full expensing rules. Just a quick reminder, for assets that were purchased in this financial year, this will be the last time where there is no limit on what you […]

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Tax Planning 2023: How to Keep More of Your Money with Legal Tax Strategies What is Tax Planning? Taking place annually from March to June, tax planning is an exhilarating period for accountants. This phase, leading up to the end of the financial year, is when tax planning primarily happens. Some of these strategies are […]

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The Benefits Of Commercial Real Estate We invited Phil Grant of NAI Harcourts Pinnacle to talk about investing in commercial property. Here’s what he said about the benefits of commercial real estate – If we do a quick analysis regarding the market rent, it’s $110. I’ll just use the $120 as an example. If we […]

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The New Tax Strategy For EV Buyers The government is encouraging the uptake of electric vehicles with this new strategy. If you buy an electric vehicle before the end of this financial year (30 June 2023), you can claim it as a tax deduction in your business. Previously, if your logbook had 50% business use, […]

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Eligibility Criteria For Training Tax Deductions Claim an additional 20% expenditure Claim an additional 20% of expenditure that is incurred for the provision of external training courses to their employees. Eligibility Small Business Employee is in Australia Course is provided by a registered provider in Australia Make sure that not only does your entity qualify […]

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Business Structure Tax Rates You can use a business structure for doing anything like investing in shares, separating your assets out of your personal name. Also, you can even run a businesses out of companies and trusts. We use that a lot with our clients here at Inspire when we are structuring their businesses where […]

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Eligibility Criteria For Training Tax Deductions Claim an additional 20% expenditure Claim an additional 20% of expenditure that is incurred for the provision of external training courses to their employees. Eligibility Small Business Employee is in Australia Course is provided by a registered provider in Australia Make sure that not only does your entity qualify […]

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Family Business Distribution Rules Explained Rules explained: If you’re distributing to a family member, the money should directly go to them, and they should be the one utilising that money for their economic benefit. If you’re a family business and you distribute funds to your spouse, that’s generally acceptable. For example, if you transfer the […]

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Business Structure Tax Rates You can use a business structure for doing anything like investing in shares, separating your assets out of your personal name. You can even run a businesses out of companies and trusts. We use that a lot with our clients here at Inspire when we are structuring their businesses where we […]

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Get 20% Extra Tax Deduction On Tech Expenses Get 20% extra tax deduction on tech expenses with the Small Business Investment Technology Boost You can claim extra 20% on expenses that support digital operations and digitising operations, such as: Digital Enabling Items – e.g. cost to set up a digital payment system, any subscriptions that […]

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Why I Will Probably Never Retire https://youtu.be/KQRbLST03s8 Here’s a snippet from the Young Family, Small Business Podcast where we did a reverse interview with the host, Ben Walker. The question was asked, “When are you going to retire? When are you going to stop working and enjoying life?” We asked Ben the question, when […]

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The New Tax Strategy For EV Buyers The government is encouraging the uptake of electric vehicles with this new strategy. If you buy an electric vehicle before the end of this financial year (30 June 2023), you can claim it as a tax deduction in your business. Previously, if your logbook had 50% business use, […]

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Margin Scheme – A Brief Overview https://www.youtube.com/watch?v=7yBYZi7EhXE In this article, we will discuss the Margin Scheme and the prerequisites for its application in your business. The Margin Scheme is particularly relevant for developers, as the Goods and Services Tax (GST) can significantly impact their operations. The Margin Scheme Explained Let’s suppose that you’re in the […]

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Great Tax News For Businesses & Individuals Unlocking great tax news for businesses & individuals 1. Small business skills and training boosts This was released in March earlier this year, where you make an investment in training, or in your employees. There’s some eligibility criteria that’s not being taken off the table, not that we […]

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Write Off Bad Debts To Reduce Tax In a scenario where you have provided a service to someone and they refuse to pay despite your efforts to resolve the matter, it may be wise to consider writing off the unpaid invoice instead of dwelling on it. By doing so, you can claim it as a […]

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Ben Walker Gives Tips For Sustainable Success Here’s what he said – Being a business owner, you’re not capable of doing everything. You need to delegate and let go of some core business and key responsibilities. You have so many lives and livelihoods under your responsibility, which is why oversight is crucial. We’ve seen some […]

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How Do Banks Calculate Buying Capacity? https://youtu.be/qh95sx6z3t8 We invited Colin O-Loughlin, Director and Mortgage Broker of Arch Brokerage on the topic, “Buying A Commercial Property In SMSF”. In the video he walks us through how banks calculate the buying capacity. When it comes to securing a loan from a bank, understanding how they calculate buying […]

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Is A Budget The Same As A Forecast? On a recent webinar, a client had asked, “Is a budget the same as a forecast?” Here’s what we said – We prefer to use the word ‘budget’. There are many different ways that Accountants, or CFO people forecast or budget. For us, it’s using the budget feature […]

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Who Pays The Parental Leave https://youtube.com/shorts/sLeXkdEcfRE?feature=share A commonly asked question when it comes to parental leave is, “who pays the parental leave – Is it the employer or the federal government?” Who pays the Parental Leave? The answer is: The Department of Human Services. They manage any welfare payments such as age pension and paid […]

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Should I Put My Home Into A Trust? By buying the family home in a personal name, we ensure we get the ‘Capital Gains Tax Main Residence Exemption’ when we sell that house later. There is a stamp duty concession once you’ve bought a home in your name. Those things often outweigh the benefits of […]

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The Company Business Structure Explained The company structure is one of the most common business structures. Clients who have already done their research, or new clients who are looking at setting up a business, a company structure is usually what they opt-in. For this structure, we have two different tax rates 25% – It used […]

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How To Add Subscription Cost To Xero We want to make sure your expenses in Xero are in detail Let’s take for example, subscriptions. At Inspire, we have about 15 to 20 accounts of subscriptions. And in the chart of accounts, every account needs a number associated with it in Xero. To avoid creating a […]

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What To Look For When Investing We invited Phil Grant of NAI Harcourts Pinnacle to talk about investing in commercial property. Here’s what he said about what to look for when investing Good Location, Quality Tenant/s, Easily Relettable, Downturn Proof Some of the major things that really need to be taken into consideration when you’re […]

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Why Trusts Are Great For Tax Planning A trust allows us to plan the tax so well so that it can be distributed to whoever it is needed for each financial year. Keep in mind, it needs to be, not only a distribution on paper, but the cash also needs to exchange hands. The money […]

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Modernisation of PAYG instalments If you have a company running a business and you’re prepaying some tax for the current financial year, this is something that has been anticipated. The pay as you go (PAYG) instalments is the way that you prepay tax for the current year and usually, it’s based on last year’s returns […]

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The Impact Of Money Printing On Investors We invited Nick Webb of RSM Financial Services Australia to share his thoughts on the impact of money printing on Investors Here’s what he said: An important focus, for a physio clinic business, is to make sure you are getting a great utilisation from your team. This means […]

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Every Business Owner Should Have This Rainy Day Fund When we went through the first few months of COVID and lockdowns, there was a valuable thing called a Rainy Day Fund. It is a backup account in case of an unforeseen event, you can get this easy-to-access pot of cash that can save the business. […]

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Save Tax With A Motor Vehicle Logbook There are two ways to claim expenses for a motor vehicle Cents per kilometre method Your car depreciation, fuel, parking, tolls, repairs, insurance, etc. is grouped into one. You can claim $80 cents per kilometre, for every kilometre you have driven your car for business or work purposes. […]

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How To Make Your Employees Work Efficiently For a lot of businesses, employment costs are the biggest expenses in their business. We noticed that if you do not have processes around making your employees more effective and efficient, there’s a lot of value that is being missed out on. Empowering your employees to either upsell, […]

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How to convert website traffic into leads? Have a compelling offer This is your chance to stand out from the crowd. Offer something your competitors are not. If you sell products, offer a free demonstration OR show them a video of how your existing clients use the product. Bear in mind that, you do not […]

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It’s rare to see a client where crypto is their ‘day job’ – but more and more of our clients have portfolios, are trading, or are engaged in some form of investment or business with cryptocurrency here in Australia. Quick Links What we will cover Experience of Inspire Team who are involved in crypto Crypto […]

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Buying Commercial Property SMSF | Inside and Outside Super WHY WE’RE SHARING Ben Walker has personally been an SMSF member since 2011 He began working with SMSFs in 2007 (before starting Inspire) and his role was heavily geared towards SMSF’s to grow people’s wealth. Since then he worked with hundreds of SMSF’s throughout his career. […]

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You can use a business structure for doing anything like investing in shares, separating your assets out of your personal name. You can even run a businesses out of companies and trusts. We use that a lot with our clients here at Inspire when we are structuring their businesses where we incorporate companies and […]

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A very common question in our webinar registration page was, “How do I track crypto transactions for tax? We want to get it right and we don’t want to pay any more tax than we need to. We want to pay the tax we legally have to, and not a cent more.” If your affairs […]

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Crypto myth #1: “I’ll only pay tax when I convert it to Australian dollars” Cryptocurrency is like a currency. You’re not going to get taxed until you take it back out completely to Australian dollars. The timing of the tax event (or when you get taxed), is when you dispose of that asset or currency. […]

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CRYPTO MYTH: “My Crypto is a hobby so I don’t have to pay tax” The ATO’s view is that crypto is personal use if it’s kept or used mainly to make purchases of items for personal use or consumption. You might hold a very small portfolio of Bitcoin, Ethereum, or whatever it is, and use […]

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Crypto Myth: “I don’t have to pay tax because the ATO will never know about my portfolio.” We kind of get that there is some level of anonymity but the ATO is onto this. Some of them aren’t incredibly helpful but in general, they’re not Muppets when it comes to taking as much tax as […]

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Another key tax concept when it comes to crypto, is your profit or what you earn on a revenue basis, a capital basis, or a capital account? Money you receive is treated either as revenue account, or ordinary income. In terms of Revenue account: Normal ‘business’ income – If you run a business, this is […]

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CRYPTO MYTH: “My SMSF cannot invest in crypto” If you have a self managed super fund, there are no laws preventing an SMSF from investing in cryptocurrency. But keep in mind that if you are going to do this – You must read the trust deed – Trust deed needs to allow an investment in […]

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Unfortunately, the answer is not favourable to what you are hoping for. Keep in mind that the timing of the tax event is when you dispose of any asset or currency. Regardless of what you purchase next, you’ve still made a gain at the time of selling. “Is buying an NFT disposing your Ethereum?” Disposing […]

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We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said about the first step of a killer digital strategy – From a client engagement perspective, this is where we really dig into the client. We try to understand who […]

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On a recent webinar, we invited Michael Dunne, co-founder of Epic Sales Group to talk to us about the 50% Wage Subsidy for Eligible Employees. Here’s what he said about the benefits of The BAC Grant – The 3 big ones are: Upskilling the team in your business. Personal development in your team. So, you can […]

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How to reduce your Crypto Tax: Know the rules Get on the front foot (don’t bury your head) – We’ve heard of people who make a lot of money and they’re just like, “Oh, I’ll deal with that later.” make sure you get on the front foot with this stuff by learning the rules and […]

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We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said why your business needs professional photos – What does your premises, office, or team look like? What is the process that you’ll run through from a new client […]

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We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said on the 6 steps to research your competitors – The cool thing about the internet is you can research all your competitors and understand what it is that […]

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It’s been a tough year that’s challenged us to our core. We’d like to take you on the journey through our incredible wins and one of the toughest calls we’ve made to date. If you were a fly on the wall at Thankyou HQ over the last year, all you’d hear us talk about were […]

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Why do we have a business website? Early into business, when Ben started Inspire, he found a huge growth in the first couple of months from his own network. He was only 23 years old and his network wasn’t that massive. But all of a sudden the growth stopped after 3 to 4 months […]

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On a recent webinar, we invited Michael Dunne, co-founder of Epic Sales Group to talk to us about the 50% Wage Subsidy for Eligible Employees. Here’s what he said about The BAC Grant – In terms of what’s the catch, there is no catch. Most people don’t know about it and they think it […]

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If you have one number that you can work towards, this is the number that makes sure that you pay for yourself, your team, contractors, suppliers, rent, you pay for everything including the tax man and on top of that, you also make some profit. If you add all that up, then that is your […]

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If you have one number that you can work towards, this is the number that makes sure that you pay for yourself, your team, contractors, suppliers, rent, you pay for everything including the tax man and on top of that, you also make some profit. If you add all that up, then that is your magic number.

Magic number ensures that your business provides you with everything that you need, and also some on top for your family and the wealth that you create out of it. If you don’t know what it is, find out what your weekly magic number is. Weekly is a good way to do it so that you will have your finger on the pulse with this stuff.

Make sure that the people who are important in your team know about this as well because then everyone’s rowing towards the same direction and working towards one number. It’s a little bit more in depth in terms of how you can come up with this number and this is something that we do in our Total Financial Control workshop. We help out a little bit on how to get your magic number.

Essentially, every one of your team members might not have a direct link to your sales, revenue, or your profit making activities. But how do they contribute to the weekly magic number? Obviously, a salesperson is the easiest.

What about an admin team person? This is a little bit harder but that’s something that you can build towards. If you make sure that you save X amount of time of the founder’s daily schedule, then you’re meeting the target. What does that lead to? The founder being able to work more on their business rather than in the business.

This idea shifts your business to make sure they can make more profit for you. There are actually ways that you can link towards this weekly magic number and it’s just distilling it and breaking it down to more granular levels.

Watch the webinar replay, “Are you doing the best you’ve ever done? What’s next? Get ready for the rush” at https://fb.watch/a113GzzTtn/

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You have made some steps this year to move forward, and you’ve gone into this profit phase. How do you ensure that you don’t go backwards? The problem when you make a profit, you start becoming like an attractive target. If you have a few categories of risk such as employees, competitors, customers, creditors, or […]

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On a recent webinar, we invited Paul Dunn to talk all things about making your business standout. Here’s what he said – When you become a Standout, people would love to buy from you, you become a magnet for talent, and people would want to work for you. This is a triangle that you should […]

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Exempt Property Benefits The costs of food and drink associated with Christmas parties are exempt for FBT if they are provided on a working day on your business premises and consumed by current employees. The property benefit is only available for employees and not associates of the employees, or family and friends. Note: Even though […]

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A fringe benefit is a payment to an employee but in a different form to salary and wages. Examples include: Allowing an employee to use a work car for private purposes Generally, there are exemptions and reductions for this stuff Giving an employee a discounted loan Paying an employee’s gym membership Providing entertainment by way […]

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The differences between staff and their family and friends versus clients. If you choose to invite clients to your Christmas party, the rules change. Regardless of the cost of the party, entertaining clients is not subject to FBT because FBT is for employees, their family, and friends. And the cost is not tax deductible. So […]

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For tax purposes, a Christmas gift may also be considered as an entertainment. There are two kinds of gifts: Entertainment gifts Items such as movie tickets, concert, airline, theatre tickets may be subject to FBT and not deductible for tax purposes. Gifts that are more than $300 are subject to FBT. It is likely tax […]

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Paul Dunn, Co-founder of B1G1 recently joined us on a webinar and he said, “It’s Not What You Sell, It’s What You Stand For” If the pandemic has taught us anything, it is that we are all connected. And so, this division that comes from thinking, “It’s all about me,” is really causing lots of […]

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In SMSF, it used to have up to 4 members but now it’s gone up to 6 members in the Superfund. 6 people’s balances are better than 1. If you have an average of 100 grand per person and you have 2 people in it, then you’ll have a 200 grand in your fund. And […]

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In a recent webinar, “Become an SMSF millionaire” we run through the SMSF tax benefits. SMSFs have a very low tax environment. Under trust, it says 0% because trusts like discretionary trusts, give their profit to other entities or people in their family group and they pay the tax. 0% is not quite correct for […]

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The benefit of paying insurance through Super is cash flowed from super, so you don’t have to pay it personally and it may be tax-effective. If there is a portion of life insurance that’s usually deductible in super and if you pay for that outside of super, then it is not tax-deductible. The con is […]

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A lot of people ask, “How much do I need in super to consider setting up an SMSF?” If you Google that question, the suggestions for the normal range is about $200,000 to $250,000 in super. But the idea is breaking even, comparing the costs of your current super to the cost of running an […]

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Some of the things that you should consider in creating an SMSF strategy are: Risks of your investments If you’re investing in cryptocurrency, note that it might be extremely risky compared to leaving it in cash, which also has its risks with inflation. You need to basically have a common sense and documentation of the […]

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A few years ago, we had a client who had a commercial property outside of Super worth about a million dollar value. He is shifting into retirement and he wanted to move more money and assets into Super. So, he transferred that million-dollar property to Super. He wasn’t an owner-occupier, but he received rent for a few years at 0% tax because he was in pension mode.

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Tax-Free Case study: A few years ago, we had a client who had a commercial property outside of Super worth about a million dollar value. He is shifting into retirement and he wanted to move more money and assets into Super. So, he transferred that million-dollar property to Super. He wasn’t an owner-occupier, but he […]

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https://www.youtube.com/watch?v=4G9X6jLY8Sc&t=8s Estate planning is not just a ‘Will’. Superannuation proceeds after dying is dealt with by binding death benefit nominations. If you don’t have one in place, then that is dealt with under the trust deed. It may be simple for the trust deeds to deal with it if you don’t have a binding death […]

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Add Your Heading Text Here The 3 Key Aspects of Incapacity Planning If you have incapacity to make financial decisions for yourself, or another member of your SMSF is in that situation, always have an enduring power of attorney in place for every member of your SMSF. The Super Fund requires all members to be […]

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We give advice and education before setting up a company structure. The session costs $750 plus GST, depending on what you need, because some situations are sometimes completely different. But most structures are around about $2,500 for us to implement for you. We do that in the context of making sure it’s right for your […]

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Here at Inspire, when there’s a couple in the family group, we designate one of them to be the risk-taker and one of them is the asset holder. And when we’re running the business, we are setting up structures for that family. When they are buying and investing in property or shares, we make sure […]

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https://youtu.be/aBsuxZ7zxPs Why Division 7A was brought in? If you were a sole trader and you made $1M, here are some options: Option 1: Taxed in your own name at 47% top tax rate. 47% is the highest marginal tax rate of an individual and it’s higher if they have a hex debt of another 8-10%. […]

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When is a bucket company worth it? A webinar attendee has said, “In the future, the personal income tax rate will reduce for most people to around 30%.” Yes, we have been signalled by previous budget releases, but we still have a high marginal tax rate which is still above the $180K of income or […]

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On a recent webinar, one of our attendees has asked, “Please define the term ‘franked dividend”

Here’s our answer –

If the company is earning $100,000 in profit, you will pay 26% of tax, and you’ve got $74,000 left in the bank account.

You can pay a dividend, and you can attach the $26,000 tax as a credit because you’ve already paid tax on that $74,000. We call it a franking credit to the dividend so that your shareholder isn’t taxed on the full amount again.

In the shareholders’ hands, they are not paying tax on the $100,000 without any credit because the company has already paid the tax for $26,000. So, it’s basically preventing you from paying tax twice on the profit.

Watch the full webinar, ‘Solving Company Loads Division/7A Problems ’ at https://learning.benwalker.com/courses/solvingcompanyloansD7AP

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On a recent webinar, one of our attendees has asked, “Please define the term ‘franked dividend” Here’s our answer – If the company is earning $100,000 in profit, you will pay 26% of tax, and you’ve got $74,000 left in the bank account. You can pay a dividend, and you can attach the $26,000 tax […]

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In terms of taking money out of a company versus a trust, the first way to take money out of a company is through a salary. Take a salary out to pay yourself, or to your spouse if they work in the business. But you still have to take Pay As You Go withholding because […]

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https://youtu.be/q4PhwfGJdfQ One of the short term solutions for Division 7a is a lot of clients put their excess cash in their offset account to reduce the interest on their home loan. They repay the loan before 30 June, and that is a repayment of the Division 7A loan. But technically, if you rip it back […]

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Option 1: Pay minimum repayments on unsecured loan

A common one we do is pay the minimum repayments on the unsecured loan. Unsecured Division 7A loan is a 7-year term. There are minimum repayments and we can pay these in cash (transfer back).

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It is possible to avoid Division 7A altogether, but there are potential drawbacks because we don’t get access to cash personally, but that may be okay depending on your circumstances.

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On a recent webinar, one of our attendees asked, “Please define an offset account, and does an offset account only exist for a home loan?”

Here’s our answer:

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When Ben started in accounting, they had a couple of clients who had loans pre-1997, and they basically didn’t repay a cent because there were no requirements to abide by these sorts of rules.

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LRBA is an acronym for Limited Recourse Borrowing Arrangement.

Super funds on their own can’t lend money from a bank or anything.

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Step 1. Preapproval

The first step is to get preapproval or some idea that you can buy what you are looking to buy.

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The first structure is in your own name, as a sole trader, or as an individual. Second is a company, third is trust, and fourth is a self-managed super fund.

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Quick reminder, as an adult tax resident in Australia, you will get the first $20K or so of your income tax for free, that is called the tax free threshold. If you look at distributing $20K to one person at no tax versus giving it to yourself at 39% tax, you can save under $8K per person in tax, so it can add up to a decent tax saving.

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BAS is an actual acronym for Bas And Super. BASes and superannuation are paid quarterly for GST purposes for most businesses.

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If you’re the main person running the income and you have no other salary or income from other sources, here’s a guideline:

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At Inspire, we report our magic number every single day. We have a team daily huddle and a target for the week.

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Ben initially created an accounting firm with a cafe in the foyer called Inspire cafe. It had a heap of losses over a number of years before it ended up closing.

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The first one is the main account, it receives all income and it pays the headline expenses which are your pay, the wage bill, and any big suppliers. It disperses the rest into the other accounts.

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The rainy day fund has an allocation of money to build a rainy day fund for your business. Start small with a small weekly contribution if you haven’t got anything and aim for three months worth of expenses.We had a number of business owners who came to workshops years ago, they didn’t necessarily become clients […]

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An attendee has asked: “If you’re feeding all the cash deposits from the sales and it goes into your main bank account, and you split off all these different accounts, as far as bookkeeping and all that sort of thing, how does that work with Xero and having all the different accounts, for tax time […]

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A trust doesn’t technically distribute to a super fund like a discretionary trust but you as a member, can contribute the profit you receive from a trust into super.

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Magic Number is one of the strategies that we use to help business owners understand how much sales they need to make in their business so that everyone is paid including suppliers, team, and themselves.

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https://youtu.be/wuM4pvUXMtE Churches and charities are classed differently in terms of their ability to give pre-tax money. If you distribute tithes or give money to a church, and they are not a deductible gift recipient, then you need to make sure that they have an income tax exemption by looking their ABN on the Australian Business Register. […]

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https://youtu.be/PyACKDzvOZk If you have a trust earning $500K in profit and you have given $120K each for the husband and wife and for whatever reason, you have only given $60K to your grandparent or the parent. If we add all those up, you have distributed $300K and you still have $200K remaining to distribute. Where […]

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Why would asset protection should be talked about when you haven’t run through what the actual risks are? People have had different experiences about getting sued so you may want to be prepared for it, rather than not prepared and have to react. There are four categories of risks to a business and the first […]

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The tax rate of a self-managed super fund is 0% and this is not a trick like the trust was. In certain conditions, your self-managed super fund can actually pay 0% in tax on what it earns. The differentiator between the two is the 15% tax rate is what you pay when you’re accumulating your […]

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How you tell someone has a company in their structure, is the letters “Pty Ltd” at the end of the name.

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A way to take money out of a company is through a loan and it’s quite complex. If you have a company structure you might have heard your accountant talk about this thing called Division 7A, or maybe a frustration with company loans. Division 7A basically says you can’t just rip money out of a […]

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https://youtu.be/9fHUFXw_0cM What is the highest rate of tax you can pay as an individual or a sole trader in Australia? The top marginal tax rate is 47%, and it goes higher than that if you’ve got HECS. You can pay north of 50% tax, where literally half of your profit is going to the tax […]

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https://youtu.be/uqFgRy5742U Trust is not a legal requirement like the Pty. Ltd. in a company. The tax rate of a trust is 0% and with a trust, it gives its profit to other people or other entities in the family group and they pay the tax for the trust. However, it is not technically zero because […]

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https://youtu.be/-R0o4ckIdy8 Sole traders are basically the highest risk you’ve got. In terms of asset protection, it is a continuum of how comfortable you are with risk. What we want to do when clients come on board is educate them on the principles around asset protection and some people start really far around the higher risk […]

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https://youtu.be/lXZ5hM3hQY8 For shareholders who own the company and who are entitled to the profits, you pay a dividend which is a payment of prior year profits to the shareholders. If the dividend is franked, which means the company has paid tax on that amount, the shareholder will receive a franking credit so that they don’t […]

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https://youtu.be/VjIh3eq99uU We recently invited Michel Sulzbach and Erica Carino, directors of Bravo Migration to a webinar on the topic, ‘Hiring Temporary Residents on a Visa’ Here’s what they said – Any business could be approved to become a sponsor. The requirements to get a blanket approval are minimal. A sole trader, a partnership, a PTY LTD, […]

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https://youtu.be/BbjdZVmkeL8 The first way to pull money out of a company is to pay yourself a salary. It is the context in terms of pulling money out. So, how do you put food on the table through a profit you generate in your company or trust? There are two things to keep in mind with […]

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We have conversations with a number of banks to understand their appetites, but generally once we work out each different banks’ appetite, their viewpoint to a transaction,

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Why is growth the most vulnerable stage?

Growth is the most vulnerable phase for a business and many people think that the most vulnerable phase of a business is in startup,

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In general, a bank won’t go to 100%. However, if you had security outside of that, a residential property that was free of any debt and you put that property in as a security, then the bank would entertain that transaction up to 100%.

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It comes down to the management experience and their skills, the industry that they are operating their business within and who are the key people in that business.

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The number one common issue isn’t necessarily the one that I see most often, but it is the one that I see when it comes in and can have the most massive impacts, and that’s personal liability.

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We see a lot of business acquisitions where the vendor was quite happy to provide some finance to the buyer on that business.

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The most common visas today are starting with the 482 TSS. This is the new 457 visa which really is just the same with a different name and a little bit of tweaking in the requirements

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How Do Finance Providers Approach Pre-Purchase Structuring? For example, if the business has high cash reserves and retained earnings, declaring dividends prior to purchase

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These industries are by no means exhaustive. It just highlights a few of the industries where a lot of banks have specific policies around lending to these industries

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The options under temporary visas would be the 482 TSS Sponsorship Visa, which is the old 457.

In 2017, the Government woke up and said, “We’re abolishing the 457. No one else can be sponsored

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The options under temporary visas would be the 482 TSS Sponsorship Visa, which is the old 457.

In 2017, the Government woke up and said, “We’re abolishing the 457. No one else can be sponsored

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The reason for non-payment and slow payment, is a lack of provision in your client agreement when they don't pay on time.

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In regards to the shares in the business, if you are buying shares in the business there are whitewash provisions.

The post The 2 Main Ways To Manage Purchase Structures appeared first on Inspire CA.

It is important to understand when you are buying a business that there is often a purchase price. You might have to buy some stock, but if that business has a high level of core trading or working assets in their machinery-type equipment,

The post What You Must Know About CapEx appeared first on Inspire CA.

Be aware of where your financials are. Keep regular communication up with your accountants. If you're in financial distress, don't put your head in the sand, deal with it front-on, have those discussions with your lawyer and his team to make sure you're on top of understanding what to do in this situation.

The post How To Reduce Personal Liability As A Director appeared first on Inspire CA.

First is the ‘Character’ of the business. A fairly decent and a sort of low risk approach in terms of their makeup and history. Second is the ‘Capacity’ to repay, which is like when you get a house and they want to check your income can repay the debt.

The post The 4 C’s Of Funding appeared first on Inspire CA.

A lot of the applicants that end up being sponsored by companies in Australia and end up being absorbed by the workforce, those are people that are coming here initially not on permanent visas,

The post How Border Closures Affect Workforce Participation appeared first on Inspire CA.

It is bank specific and potentially the size of the transaction as well. From a business banking point of view, the banks have SME type areas, and they have larger departments that look after different sized businesses.

The post Time Frames For Funding Transactions appeared first on Inspire CA.

Clients may not realise how much value sits in their intellectual property. You will realise how much value sits in it when someone tries to take it from you, when a competitor uses a similar brand, or if you receive a cease and desist action for a mark that you've used for years and years.

The post The Importance Of Protecting IP appeared first on Inspire CA.

The business plans are handy. It gives the bank an understanding of the borrower's thought processes around that business.

The post What Do Bankers Look For In A Business Plan? appeared first on Inspire CA.

It is a legal document that allows a foreigner to not only enter the country, but also remain in the country for a particular period of time. In Australia, we have three main sub-categories of visas.

The post What Is A Visa? appeared first on Inspire CA.

Banks are going to look at the capacity, which is effectively the ability to repay the loans. That is what the bank refers to as the Primary Exit, and how the businesses cash flow will afford the loan repayment.

The post How Banks Determine Capacity For Funding appeared first on Inspire CA.

There would be accounting fees and there is also potentially tax depending on how you purchase it and depending on which state you purchase the business in.

The post What Costs Are Involved In Acquiring A Business? appeared first on Inspire CA.

The interesting update is we've actually hit almost $4.3 million.

The post An Update On Our Big Hairy Audacious Goal appeared first on Inspire CA.

We have been identifying, protecting, preventing and predicting. It is identifying issues that might be sitting there in your business. There could be landmines that might be about to go off.

The post What Is The Fortify Methodology? appeared first on Inspire CA.

Process is something most lawyers won't even talk about, because most lawyers don't have a defined process for how they see acquisitions.

The post Most Lawyers Won’t Talk About This appeared first on Inspire CA.

There are a number of different risks that could be involved in a business purchase and it is going to depend on the business and the industry. They are probably more specific to an application.

The post The Risks Involved In Purchasing Business appeared first on Inspire CA.

There's a number of ways that you can fund it. You can fund it from your own investors into the business.

The post How To Fund An Acquisition appeared first on Inspire CA.

A Big Hairy Audacious Goal (or a BHAG) should be something that is almost a theory or almost difficult for you to achieve - We at Abundance Global call this a Grand Vision.

The post The Problem With Your BHAG appeared first on Inspire CA.

Number one is preparation. You need to get yourself sorted right from the beginning. Make sure your ship's in order right from the beginning.

The post The 5 Drivers Of Killer Deals appeared first on Inspire CA.

“Are the 4 C’s the way a lender would value a business? Or is there another way?”

That's not the way a lender would value the business, it's the way they're going to assess the business from a credit point of view.

The post Creditworthiness Vs. Business Value appeared first on Inspire CA.

One of the services we can help with is business valuation of a prospective purchase. A couple of the ways that you might value a business is a multiple of profit.

The post Different Ways To Value A Business appeared first on Inspire CA.

Two types of novated leases are fully maintained, which involves maintenance, fuel, tyres, servicing and non-maintained.

The post Is A Novated Lease Right For You? appeared first on Inspire CA.

The first one is to buy the actual business or assets of the business versus the shares in a company or the units in a unit trust. They're kind of the two main ways.

The post The 2 Main Ways To Purchase A Business appeared first on Inspire CA.

We can do it in two ways. We can do it either in the Terms Sheet, which is the exclusivity. The problem is it will end at some point.

The post How To Approach Exclusivity In Acquisitions appeared first on Inspire CA.

A little bit of a rule of thumb, in terms of how banks will look at some of the funding, the first one there is a bit of a shared risk.

The post This Is How Banks Look At Funding appeared first on Inspire CA.

"Not enough detail,” is kind of caused by a couple of things. When you set up a Xero account or a chartered account, the list of expenses or the list of income, will only give you a standard list.

The post The Importance Of Knowing Your Numbers In Detail appeared first on Inspire CA.

The right strategy at the wrong time is the wrong strategy.

The post Winter Is The Season Where Millionaires Are Made appeared first on Inspire CA.

Something that you can do as a business is to pay a meal allowance for your employees.

The post The Rules For Claiming Meal Expenses appeared first on Inspire CA.

When I was putting this together, I kind of felt there were five main things to talk about. And they're in this particular order for a reason, because we can kind of build on each of the topics as we go.

The post The 5 Keys To Total Financial Control appeared first on Inspire CA.

What are you trying to do? Let’s get a strategy of how you’re getting this. So you can work out what your targets are, What do they look like? Where are you going to find them? Go find your targets, understand a bit about the business to the extent that you can agree on commercial […]

The post The Acquisition Process – Deal Flow appeared first on Inspire CA.

In a recent webinar, we were asked the questions, “Must the distribution money need to be paid to the Bucket Company? If yes, when?” Let’s say, the Bucket Company will receive a distribution this year. You say, “Look, you’re going to receive $30,000 in distribution.” Now, at 30 Virginia, Ryan Perook signed a trust distribution […]

The post How Does A Bucket Company Work? appeared first on Inspire CA.

Are there three ways to play the game? The first way is ‘Drifting Business’, an example of this is like, “Hey, we got JobKeeper, we’ve got a good war chest, things are looking good. You know what? We’ll just maybe cruise. We’ll see what happens with the economy. We’ll just keep on doing what we’re […]

The post The 3 Ways To Play The Game Of Business appeared first on Inspire CA.

What true scale really means is for your energy or money output to get a disproportionately higher return than what you did before that scale. Most people grow their businesses. Now, you can grow your mindset. You can grow your leadership ability, however, you want to be very careful about growing your business. You want […]

The post Why 8-Figure Entrepreneurs Often Hate Their Business appeared first on Inspire CA.

Cashflow days are made up of three components. We’ve got debtor days which is how long it takes you to get paid, basically. We’ve got stock days or inventory days or even invoicing days if you’re a service business let’s say you might not carry a physical stock and you invoice your customers. And so […]

The post Why You Have To Understand Your Cash Flow Days appeared first on Inspire CA.

The idea that in a single signature, you can double or triple or quadruple the value of your business in comparison to decades of building a business is, I think, the number one reason for SMEs to consider acquisition versus organic, but of course you never stop with organic, but it’s just looking at that […]

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I was hosting a webinar recently, and one of our attendees asked: “Do you have any advice on car allowances from the individual/company audit?” Here’s our response:When it comes to car allowances, usually what typically happens when there’s a company that you work for, If you use your car for work purposes instead of the […]

The post What You Need To Know About Car Allowances appeared first on Inspire CA.

I’d just like to touch on some changes from last year’s budget. There’s a new strategy that we’re putting into play before the 30th of June called “The Loss Carry Back”.The criteria is if you’re running a company and you’re a small business, if you make a loss in 2021 financial year, after this 30 […]

The post What Are The New Criteria For Loss Carryback? appeared first on Inspire CA.

One of the stages within the B.O.S.S Steps is called STAR. Now in the STAR phase, you get a true sense of freedom. It’s somewhere between $350 and $800 K. Now, you can sit at the $350 – sometimes it’s a touch more than that to $400, and you can be on that borderline. But […]

The post Do You Have Multiple “Teams” Of Income? appeared first on Inspire CA.

I was on a webinar recently with Ashley Smith from ASA finance group, and here’s what he had to say in regards to Chattel Mortgage vs. Finance Lease for vehicle finance – Ashley: 98% of the stuff I write is a chattel mortgage. Finance lease is a little outdated. I can’t comment on the tax […]

The post Chattel Mortgage Vs. Finance Lease appeared first on Inspire CA.

During a recent webinar, one of our viewers asked “If I have only made a minimal profit in 2021, can I delay the asset write off to 2022 when my business is more profitable and there’s more to write off?” My answer: I guess in a way that depends – it depends on when you […]

The post Can You Delay Assets If You’ve Only Made A Minimal Profit? appeared first on Inspire CA.

Traditionally I would say we’ve been in a declining rate market for between roughly six to eight years. Rates have been coming off, which is great news – everyone keeps being told to renegotiate their rates around home loans and all these other things. The reality is, rates are pretty much as low as they’re […]

The post Interest Rates In Asset Finance Are On The Rise appeared first on Inspire CA.

We strongly recommend that every business has a war chest – there’s many authors, business writers and even personal finance writers who suggest something like this as well. A war chest is basically an emergency fund, where you’ve got – for example – three months’ worth of your business’s recurring expenses in cash, just sitting […]

The post Why Every Business Needs A War Chest appeared first on Inspire CA.

When you first build your business, you’re going to experience the first step, which is what we call the “start-up phase”.

The post Why Businesses Stay Stuck In The Startup Phase appeared first on Inspire CA.

For most business owners/entrepreneurs, their biggest challenge is scaling their business. Now, a lot of people don't understand what scaling really means - the goal is to build an asset.

The post The #1 Challenge For Most Entrepreneurs appeared first on Inspire CA.

When we talk about multiple, we're talking about the way to value business. But one of the ways to link to the way to value business, it's always some sort of calculations, so that might be profit or EBITDAR, multiplied by a number.

The post Why Acquire A Business? appeared first on Inspire CA.

There were two main stimulus measures which were announced last year, one of which was the “cashflow boost” - that's if you employ someone including yourself.

The post Let’s Talk About The Tax Impact Of Covid Stimulus Measures appeared first on Inspire CA.

Business owners shouldn’t DIY their own bookkeeping.

The post Why You Shouldn’t DIY Your Bookkeeping appeared first on Inspire CA.

It is totally okay for you to go out there with a product that you're learning how to do - and the way to do it is really, really simple: it’s signal.

The post How To Know If Your Product Will Sell appeared first on Inspire CA.

It is totally okay for you to go out there with a product that you're learning how to do - and the way to do it is really, really simple: it’s signal.

The post The Wrong Business Structure Will Eat Into Your Profits (Sharon Cliffe Podcast) appeared first on Inspire CA.

When we look at purchasing things in our business, there's kind of two ways to treat them:

The post The 2 Ways To Treat Business Purchases appeared first on Inspire CA.

My recommendation is you use some sort of app to track your logbook for ATO reporting purposes.

The post What Should You Track In A Logbook After Buying A Car? appeared first on Inspire CA.

This tax tip I want to share here is: Work your family trust..

The post Tax Tip: Work Your Family Trust appeared first on Inspire CA.

One of the announcements in the most recent federal budget was the downsizer contribution.

The post Federal Budget: Key Details About Downsizer Contribution appeared first on Inspire CA.

https://youtu.be/t0GTyPjdWFQ If you hire employees and pay super for them, or even yourself – you might even have yourself paying wages to yourself, and therefore superannuation on that – then you’ve got to pay super. Superannuation is accrued every three months, so let’s take the March quarter (January, February, March) and you’ve got to pay […]

The post Tax Tip: Pay Employee Super Early appeared first on Inspire CA.

If you hire employees and pay super for them, or even yourself - you might even have yourself paying wages to yourself, and therefore superannuation on that - then you've got to pay super.

The post Federal Budget: Low To Middle Income Tax Offset Extended appeared first on Inspire CA.

Salaries paid to business owners is actually a really common thing we see done, which is totally fine.

The post Tax Tip: Salaries Paid To Business Owners appeared first on Inspire CA.

"Can a couple sell their 10-year-plus home into their SMSF?"

The post Federal Budget: Can A Couple Sell Their 10+ Year Home Into Their SMSF? appeared first on Inspire CA.

During the federal budget broadcast, the government announced an extension of one of the stimulus measures which was mentioned about a year ago, which is the company loss carry back.

The post Federal Budget: The Extension of the Company Loss Carry Back appeared first on Inspire CA.

During the federal budget broadcast, the government announced an extension of one of the stimulus measures which was mentioned about a year ago, which is the company loss carry back.

The post Get Your Approval & Order Your Assets NOW appeared first on Inspire CA.

Essentially, what the government has brought in was the temporary full expensing of any assets that's purchased as a small business.

The post Federal Budget: Updates On The Temporary Full-Expensing Measures appeared first on Inspire CA.

There used to be four ways to claim vehicles, but now there's only two ways to claim vehicles as a business:

The post Tax Tip: Keep A Motor Vehicle Logbook appeared first on Inspire CA.

Couples or as a household who earn over $189,000 combined receive a childcare rebate of $10,560 per child.

The post Federal Budget: Important Changes To The Child Care Rebate Cap appeared first on Inspire CA.

This tax tip actually assumes that you're using a trust, a discretionary trust maybe, or a company that might be owned by a trust to be able to distribute some dividends around and be able to have the flexibility to distribute to different family members.

The post Tax Tip: Ensure Family Members Are In The Same Tax Bracket appeared first on Inspire CA.

This is relevant for those who have an SMSF or a super fund.

The post Federal Budget: This Superannuation Change Is Pretty Amazing appeared first on Inspire CA.

This was announced before the Federal Budget. Essentially, there's some exciting news about super contribution limits

The post Federal Budget: Super Limits Are Changing appeared first on Inspire CA.

This tax tip is about establishing a SMSF, or self-managed super fund.

The post Tax Tip: Establish An SMSF appeared first on Inspire CA.

As a small business in Australia, there's a special rule around prepayment of expenses - what you're able to do is claim up to 12 months' worth of prepayments.

The post Tax Tip: Prepaying Expenses appeared first on Inspire CA.

In terms of setting your businesses Rainy Day Number - anything is better than nothing.

The post What’s A Good Rainy Day Number To Have? appeared first on Inspire CA.

When you're running a business, sometimes things break or need repair, and you have to go and fix the printer, or a piece of machinery that might be busted in the warehouse

The post Tax Tip: Repairs And Maintenance appeared first on Inspire CA.

We want to save our clients $2.1 million in tax in 2021, which is a massive goal for our team! Interestingly enough, we've already hit $769,000 out of that target (as at 4 May 2021)

The post We Want To Save Our Clients $2.1 Million In Tax In 2021 appeared first on Inspire CA.

This tax tip will be relevant for you if you've got a family trust or a discretionary trust, and it runs a business or receives investment income, and you use that to distribute to family members or entities in your family group.

The post Tax Tip: Update Your Trust Deed appeared first on Inspire CA.

As an individual, the tax rates have actually changed from 2021 Financial Year versus the year beforehand.

The post 2021 Tax Rates For Individuals Vs. Companies appeared first on Inspire CA.

So this strategy actually requires you to have a trust that's earning income - that could be investment income or business income, it doesn't really matter too much, but the whole purpose of a bucket company is to receive the rest of the distribution from a trust.

The post Tax Tip: Amazing Power Of Bucket Companies appeared first on Inspire CA.

Our tax planning season is between March and June every single year, and this involves every single client.

The post Cut Your Tax Bill In Half With Tax Planning appeared first on Inspire CA.

An account for your tax savings - to cover your quarterly BAS and your monthly IAS.

The post The 4 Savings Accounts Every Entrepreneur Should Have appeared first on Inspire CA.

Some practical little nuggets that you could pull the trigger on to improve your cash flow days is to keep less stock on hand

The post Practical Ways To Improve Your Cash Flow Days appeared first on Inspire CA.

If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple?

The post The Importance Of Financial Forecasting appeared first on Inspire CA.

If you could generalise businesses across the board, the valuation principles worked off, what is your adjusted profit times by your business valuation multiple?

The post How To Increase Your Business Value appeared first on Inspire CA.

I was recently invited to jump on the @EmployeeMatters Podcast hosted by HR Guru @NatashaHawker and we spoke about the positive outcomes from COVID.

The post What The Plot Twist Of 2020 Really Taught Us appeared first on Inspire CA.

Natasha Hawker: What's your view of the ATO now? You were pretty impressed with them when we spoke last time - how do you think they've managed this?

The post How To Avoid Trouble With The ATO appeared first on Inspire CA.

One mistake I see a lot of businesses make, is the lack of reviews they perform on their bookkeepers’ work. Every single month I go through what our bookkeeper has prepared, and make sure it lines up with the story from the last month in my head.

The post A Lot Of Businesses Make This Bookkeeping Mistake appeared first on Inspire CA.

I don't want this to sound harder than it is, because it's not super simple, but it's not super complex either. But when it comes to keeping an eye on cashflow, my best tip is to actually do a budget.

The post The #1 Way To Keep Track Of Your Cashflow appeared first on Inspire CA.

Reporting allows business owners to look at what's happened in the past, and what we need to keep in mind or adjust to go forward.

The post Daily, Weekly, Monthly & Quarterly Reports appeared first on Inspire CA.

If you’ve never had a bookkeeper before, a good question is “How do I find a good one?”.

The post How To Find A Good Bookkeeper appeared first on Inspire CA.

A ‘magic number’ is our term for how much money you need to hit in sales each week, or each day.

The post How To Calculate Your Magic Sales Number appeared first on Inspire CA.

An Ungeared Unit Trust may or may not be perfect for your development or your property holding, but it does allow multiple owners, including super (even your own super).

The post What Is An Ungeared Unit Trust? appeared first on Inspire CA.

The most important number to know in business is what I actually call our “magic number”, and we do it internally at Inspire.

The post The Most Important Number To Know In Business appeared first on Inspire CA.

A common thing that I see is business owners may not know enough to outsource this component appropriately, and they might put too much trust in a bookkeeper who doesn't have the skillset to be able to offer advice to that client.

The post ‘You Get What You Pay For’ Also Applies To Bookkeepers appeared first on Inspire CA.

When comparing Business vs Capital developments, It's not black and white when it comes to legislation.

The post Tax Structures Of Business vs Capital Developments appeared first on Inspire CA.

https://youtu.be/1hPWokajw_U Recently, on The Sharon Cliffe Podcast (@sharoncliffe), we talked about the fear of money in business, the fear of the unknown and what you need to do to be more comfortable around your finances. Sharon: A lot of conversations that I have with female entrepreneurs and business owners in general (and myself included), is […]

The post Watch This If You’re Afraid Of Doing Your Taxes appeared first on Inspire CA.

Income tax will be payable on developments that aren't capital, and most developments will be on an income tax basis. So choose your structure wisely: this includes your company trust, and individual name.

The post 5 Things Business Owners Need To Know Before Getting Into Property Development appeared first on Inspire CA.

Here's some high-level things we need to think about when we're approaching the structure of carrying out a development.

The post High-Level Structures For Tax Efficient Property Development appeared first on Inspire CA.

In terms of the structure; once you've purchased a property, it's usually whoever holds the land will become the seller once you develop it.

The post What You Need To Know About Land Tax appeared first on Inspire CA.

The way you fund a development varies from client to client. The easiest of it all would be if a client is self-funded.

The post 3 Ways To Fund Property Development appeared first on Inspire CA.

A discretionary trust is very simple; it's not a very complex trust structure at all.

The post 4 Key Points About Development In A Discretionary Trust appeared first on Inspire CA.

That's really up to the trust deed. There might be a maximum before you're starting to consider a managed investment trust, which I think is about 20, and it depends on how much money you've got in the trust as well.

The post What’s The Maximum Number of Unit Holders We Can Have? appeared first on Inspire CA.

There's no black and white number there - it depends on what you want to do with your super, and you also want to make sure it's not a silly financial decision.

The post How Much Money Do You Need To Start An SMSF? appeared first on Inspire CA.

JobMaker Hiring Credit claim has started this month and the aim of this program is to incentivise businesses to hire young job seekers.

The post Hired a new employee since 7 October 2020? You could be eligible for $200 per week! appeared first on Inspire CA.

For: 4 January to 28 March 2021

Eligibility: Dec 20 QTR vs Dec 19 QTR - same as BAS lodgement

The post Update on JobKeeper 2.2 (JobKeeper 2.0, extension 2) appeared first on Inspire CA.

We use a method called “LAPS” we learned from our friends at Dent, and that essentially stands for; Leads, Appointments, Presentations, and Sales.

The post How We Track Our Marketing Results With The LAPS Method appeared first on Inspire CA.

When we create a social media post, we post it both on my personal facebook, and on our Inspire facebook page. So, whatever goes on Ben's account goes on Inspire's.

The post The #1 Piece of Advice We Got From Gary Vee appeared first on Inspire CA.

If you’re reading this and you are sort of running the business week to week when it comes to cash, it can be hard thinking about having 50 grand in an account just sitting there as a cash buffer, or paying your BAS in full.

The post Finding It Hard To Pay Your BAS On Time? appeared first on Inspire CA.

Usually as business owners, we’ll just pour hours and hours into our business and we’ll work big days

The post Do You Take 12 Weeks Off A Year From Your Business? appeared first on Inspire CA.

Our Chief Experience Officer, Roze, reckons that about 80% of her role is spent in marketing.

The post The Truth About How Much Time We Spend On Marketing appeared first on Inspire CA.

We’ve recently launched an app that tracks your wealth. The purpose of this app is to know where you are now, see where you’re going, and we can even set goals in the app so it gives you an update each month on how you're tracking.

The post Track & Grow Your Wealth With The New Inspire App appeared first on Inspire CA.

Statistics show that about 60% of Australians die without a will, which is huge.

The post The Documentation You Need To Pass On Your Wealth appeared first on Inspire CA.

The number one question that I get quite a lot is: Who do we use to create these amazing videos, and how do we get all these templates?

The post How We Turn 1 Webinar Into 50 Pieces Of Content appeared first on Inspire CA.

I’ve created an automated household budget template where you can use this to track your BSB and account number and know exactly how much a week goes into each of those accounts.

The post How To Create An Automated Household Budget appeared first on Inspire CA.

It's the first few days of January and I really want to encourage you - when you're setting New Year's resolutions - to reflect on the last 12 months that you've had.

The post Need To Change Accountants? Why Now Is The Best Time appeared first on Inspire CA.

It's the first few days of January and I really want to encourage you - when you're setting New Year's resolutions - to reflect on the last 12 months that you've had.

The post JobKeeper December Claim appeared first on Inspire CA.

You actually get to know a few insights from having a business budget, but my recommendation is that your budget is inside your accounting software.

The post 4 Steps To An Effective Business Budget appeared first on Inspire CA.

I truly believe you need to take time and plan out what you want in life. Anything about goals, creating wealth, or that sort of thing needs to be contextual into what you want out of life.

The post The First Step In Creating Wealth for Life appeared first on Inspire CA.

I’m going to give you a demo on how to review your profitability using Xero.

The post How To Review Your Profitability In Xero appeared first on Inspire CA.

We keep track of our daily content schedule in an Excel spreadsheet.

The post Our Daily Content Planning System Revealed appeared first on Inspire CA.

If you get married, any previous wills you had are automatically void - that’s pretty huge.

The post Why Estate Planning Is Not ‘Set and Forget’ appeared first on Inspire CA.

I strongly encourage you to set up a rainy day fund, or a “profit war chest”.

The post 3 Key Tips To Start Your Rainy Day Fund appeared first on Inspire CA.

When you’re preparing your profit and loss statement, I want you to look to really make sure that you're actually making an operating profit.

The post Are You Making An Operating Profit Without The Stimulus Measures appeared first on Inspire CA.

If you look at it from a financial perspective, the whole idea of wealth creation is increasing the value of your family's wealth.

The post Why You Don’t Have To Spend 10K on A Wealth Creation Course appeared first on Inspire CA.

This is usually called “Trauma Insurance”. “Critical Illness Insurance” is another one that some of the insurers use

The post How To Protect Yourself Against Health Incidents appeared first on Inspire CA.

From a financial perspective, this year has been one of the most interesting things we've ever seen, as accountants, and probably you as a business owner

The post The #1 Question To Ask At The End Of 2020 appeared first on Inspire CA.

This is an example of the power of compound returns.

The post The Power of Compound Returns appeared first on Inspire CA.

Scott Morrison said, “the results of the dip in the economy globally are 45 times worse than the GFC.” That’s an incredible dip compared to something that shook up the Australian economy a few years ago.

The post A Quick Overview Of The Federal Budget Update appeared first on Inspire CA.

In terms of investment, I've learned about and looked into a whole heap of different things from Bitcoin to silver bars

The post 4 Types Of Investments To Grow Your Wealth appeared first on Inspire CA.

Good debt is usually referred to as “tax deductible debt”, and bad debt is referred to as “non-tax deductible debt”.

The post Is Debt A Dirty Word? appeared first on Inspire CA.

Can intellectual property qualify as an eligible asset write off?

The post Intellectual Property & The Immediate Asset Write Off appeared first on Inspire CA.

Instead of envelopes, opt for different bank accounts, that's the idea here.

The post The 5 Bank Accounts You Need To Stay In Control Of Your Finance appeared first on Inspire CA.

There's a couple of different tax rates for Super.

The post The 3 Different Tax Rates For Super Explained appeared first on Inspire CA.

So for guidance with a fit-out for the actual construction and fit-out of a building (so things you can't move, like walls, glass panels,

The post Claiming Depreciation On An Office Fit-Out appeared first on Inspire CA.

If you own shares, let's say you own shares in your personal name and you transfer them to your SMSF, that is deemed to be a disposal of the shares in your own name, so you will have CGT implications when you transfer them in.

The post Is there any tax on transfer of listed shares to the SMSF? appeared first on Inspire CA.

There are two ways to pass assets on to beneficiaries:

The post The 2 Ways To Pass Assets To Beneficiaries appeared first on Inspire CA.

This is a philosophy that is shared with a lot of different people who speak and write about this topic. The guy I initially listened to on this topic was a guy called Dave Ramsey, and he wrote a book called "Total Money Makeover".

The post Why You Should Setup A Slush Fund appeared first on Inspire CA.

If you're a member, drawing a pension is only possible where you've met preservation age.

The post Can You Only Withdraw Profit From SMSF After You Turn 60? appeared first on Inspire CA.

Investing in private companies - there's a few different layers here.

The post Use Your SMSF To Become and Angel Investor appeared first on Inspire CA.

The ones you can do is you can buy an established property.

The post Buying Commercial Or Residential Property In Super? appeared first on Inspire CA.

You need to document the loan, and you need to make sure that it doesn't go above 5% of your fund balance at any one day.

The post Can You Access Part Of Your Super for Short Term Business Cashflow? appeared first on Inspire CA.

I'm going to just explain a bit of a personal story about this - it was a couple of grand a year we saved by not spending so much on coffees.

The post How to Save $5,500 A Year With One Simple Change appeared first on Inspire CA.

The general rule is that you can actually loan money with your SMSF.

The post The Rules For Lending Money With Your SMSF appeared first on Inspire CA.

We will never, ever, ever, ever, ever set up a self-managed super fund without a corporate trustee.

The post Why You Should Never Set Up An SMSF Without A Corporate Trustee appeared first on Inspire CA.

A bit of a warning to people who are considering setting up an SMSF. The “SM” in “SMSF” stands for “self-managed”.

The post What You Need To Realise Before Setting Up An SMSF appeared first on Inspire CA.

I don't think the bank is going to lend you for a share purchase (margin lending in Super). But, you can under certain rules, fund a share purchase with outside of Super money.

The post Is It Hard To Get Finance In An SMSF For Share Or Property Purchase? appeared first on Inspire CA.

For some businesses, the end of JobKeeper 1.0 might have been 27 October 2020. But if you are eligible for JobKeeper 2.0 going forward, then your endpoint for JobKeeper is potentially from January 2021 onwards or from April 2021 onwards.

The post How To Get Your Business Ready for After JobKeeper appeared first on Inspire CA.

Yes, you can. There's two ways you can contribute to Super.

The post Can I contribute more money to my SMSF than my $25,000 annual contribution? appeared first on Inspire CA.

The most common question I get when someone's exploring self-managed super is, when does it make sense to set one up?

The post When Does It Make Sense To Set Up An SMSF? appeared first on Inspire CA.

Tax Free Capital Gains Tax or CGT

The post Grow Your Wealth In A Legal Tax “Haven” appeared first on Inspire CA.

FBT is a bit of a pain to deal with if your business provides benefits to employees, that are not tax deductible in general.

The post FBT Red Tape Reduction Explained appeared first on Inspire CA.

It needs to be within one year of the relevant age ranges in their first year of employment. So they need to be in the age range.

The post Which Employees Are Eligible For the JobMaker Hiring Credit? appeared first on Inspire CA.

This is pretty exciting. Like JobKeeper, it needs your business and employees to be eligible.

The post What You Need To Know About The JobMaker Hiring Credit appeared first on Inspire CA.

Another announcement is the ability to deduct your pool. Now, I don't mean actually going and building a pool in your backyard. But under the simplified depreciation rules that are allowable for small businesses, you can actually deduct your closing balance of your pool.

The post The Small Business Pool Write Off appeared first on Inspire CA.

This applies to assets such as cars, laptops, computers, machinery - assets that you purchase in your business, but under normal rules, you can't write off as soon as you buy them such as consumables. You actually have to write them off over a number of years.

The post Changes To The Immediate Asset Write Off appeared first on Inspire CA.

How the Tax Loss “Carry Back” Can Benefit You

The post How the Tax Loss “Carry Back” Can Benefit You appeared first on Inspire CA.

Employer eligibility key criteria:

The post Is Your Company Eligible For Up To $200/wk/employee JobMaker Hiring Credit? appeared first on Inspire CA.

There's no specific law that says you cannot run a business from Super. Often, it is impractical because you might break another rule to run a business from Super.

The post Can we operate a business from Super? appeared first on Inspire CA.

If you are already part of JobKeeper 2.0, you don’t need to re-enrol for the December 2020 extension and March 2021 extension.

The post Practical Steps for JobKeeper 2.0 – to do before end of this month appeared first on Inspire CA.

The difference between the two is basically the way that you take money out of your business structure.

The post What’s the difference between a salary and a drawing? appeared first on Inspire CA.

It's hard to get access to bank money to fund projects especially when you've got no experience at property development.

The post Why Property Development In Super Is So Attractive appeared first on Inspire CA.

In terms of the 20-hour test, we actually look back to February, 2020 - just before COVID made things a bit weird in the world. Tier one is for employees who have worked on average 20+ hours per week. Tier two is for employees who have worked below 20 hours on average per week.

The post Important Details About The 20-hour Test For Employees appeared first on Inspire CA.

If you've got excess money outside of super that you don't need to live on, you could invest that outside of super such as property, shares or, you can put it into super and invest it through your super fund.

The post Save Money With These Super Fund Strategies appeared first on Inspire CA.

I was on a recent webinar, with Employment Law Specialist, Danny King (Danny King Legal)

The post Are JobKeeper Contributions masking concerning statistics in your business appeared first on Inspire CA.

One of the things we spoke about is having separate bank accounts for your personal and business finance.

The post Why You Need Separate Bank Accounts For Your Personal And Business Finance appeared first on Inspire CA.

I'll share a personal story from Stevie and I about coffee.

The post The Easy Way To Save $500 Every Month appeared first on Inspire CA.

Number one is you. Our magic number is about $90,000 in how much we want to cap out at giving you. The reason is because the tax rate goes from 34.5% to 39%.

The post What You Need To Consider When Setting Up A Family Trust appeared first on Inspire CA.

Let's say, if you don't account for it, you've got two car rego's and they all come in the same week, you're probably not going to have enough money to pay that if you're following the system in your living expenses account.

The post Do you have a seperate account for irregular bills to prevent financial strain? appeared first on Inspire CA.

Assuming your Xero is up to date and your payroll's been done correctly, you can check where a team member is at if you're considering restructuring your team or redundancy.

The post How To Review Your Annual Leave Balances In Xero appeared first on Inspire CA.

If you're a sole trader, you’ve got very limited options to protect your personal assets. If I was a sole trader it would literally be Ben Walker, trading as Inspire CA. If something were to go wrong in the business and someone sued me, then any assets that I own would be exposed.

The post Asset Protection Options For Business Owners appeared first on Inspire CA.

"I've got 50 grand sitting there for a rainy day, and it's a rainy day."

The post Set Up A System To Save Money On AutoPilot appeared first on Inspire CA.

After September, the payment amount is going to change.

The post JobKeeper 2.0 Payment Changes You Need To Know About appeared first on Inspire CA.

There are two categories. With a charity, the way you know whether you can claim a tax deduction is to Google their ABN. They need to be what we call a DGR or a Deductible Gift Recipient.

The post How To Claim Tax Deductible Donations With Churches or Charities appeared first on Inspire CA.

With super, it's not a trust distribution but a tax deduction from a trust. We need to consider our $25,000 cap per person, per year. If you do have under $500,000 in super on the 30 June of the previous financial year, you are able to carry forward any unused cap from 2019 onwards.

The post How To Cut Your Tax Bill Through Super appeared first on Inspire CA.

We've gone through April, May and June with JobKeeper supporting Australian small businesses. Now we can see some results that we are able to extract from.

The post Interesting Statistics About The Impact Of JobKeeper appeared first on Inspire CA.

I had the pleasure of joining Natasha Hawker on a webinar last week around the topic of JobKeeper 2.0. Natasha is an employee expert and founder of Employee Matters.

The post The Difference Between Businesses That Succeed And Those Who Fail appeared first on Inspire CA.

Don't pay tax on money you haven't received yet.

The post Rapid Fire Strategies To Pay a lot less tax appeared first on Inspire CA.

This is the stuff we need to know now, because at the moment, with all these stimulus measures, we're making a profit. But, if your business would no longer be eligible after September, then you may have some cashflow issues with this business.

The post A Quick Self Assessment To Find Out How Your Business Is Doing Without The Stimulus Measures appeared first on Inspire CA.

On a recent webinar, Inspire’s Chartered Accountant, Rizal Ramzan shared his story on simple tweaks he made for our clients that have made a massive financial impact.

The post Simple Tweaks To Your Business Can Have A Massive Financial Impact appeared first on Inspire CA.

Cash is the lifeblood of the business. We need to make sure that we've got enough coming in and not too much going out ("in versus out".)

The post How To Manage Your Cashflow appeared first on Inspire CA.

One of the changes with JobKeeper 2.0 is the employee eligibility date.

The post JobKeeper 2.0 – Employment Date 1 July appeared first on Inspire CA.

Last week we hosted a JobKeeper 2.0 webinar. In that webinar, we shared that to be eligible for the JobKeeper extension, the June quarter of a business's turnover needed to be down compared to last year as well as the September quarter.

The post JobKeeper 3.0 – Update 7 August appeared first on Inspire CA.

On the 21st of July, the federal government announced the extension of the JobKeeper Programme - they’re calling this JobKeeper 2.0.

The post JobKeeper 2.0 – What’s changed? appeared first on Inspire CA.

On the 13th of August I hosted a webinar with Employment Law Expert, Danny King and HR Guru, Natasha Hawker as we combine our expertise on reviewing and restructuring your team with the effects of COVID and what your business needs to prepare now with the end of JobKeeper in sight.

The post JobKeeper 2.0 – Restructuring Your People For After JobKeeper appeared first on Inspire CA.

The last quarter was a bit weird for most of us. We went from working in an office to working from home.

The post $7.5M worth of help – Client Success Stories From A Tough Quarter appeared first on Inspire CA.

Recently, on the Reimagining Healthcare podcast with @YianniSerpanos, I answered the question “When should somebody be thinking about asset protection when starting a business?” There are a couple of things to consider. When you have a director of the business (the person running the business) we actually don’t like them holding any personal assets in their […]

The post Are you properly protecting your personal assets? appeared first on Inspire CA.

1) Make sure you have a plan for cash flow If you don’t already have a budget or forecast, make sure you go and do that for the next 3 to 6 months. We’ve been helping our clients with this through our “Emergency Assistance Meeting” ( https://calendly.com/inspireca/eam ) and we answer the question, “When are you going to […]

The post 2 Key Pieces of Advice For SME Businesses in this Challenging Time appeared first on Inspire CA.

Here are some things to be mindful of when reviewing your costs – do we really need to be spending this? Software – make sure you’re paying for the right amount of licenses for that software. Especially when people leave, some people don’t off-board, including myself I’ve found. Accounting Fees – (and all advisors) are you actually […]

The post How To Cut Down Expenses In Your Business appeared first on Inspire CA.

FAQ – “Can you please clarify, the employee versus business participant? I do collect a wage and exclude myself as an employee and have added myself as a business participant. Is this correct or incorrect?” An employee has to be on your payroll before the 1st of March. This applies to the same eligibility […]

The post JobKeeper: The Distinction Between Business Participants & Employees appeared first on Inspire CA.

JobKeeper Reporting By the 14th of each month (no longer the 7th), you’ll need to report your JobKeeper-related GST turnover, as well as making sure your payroll information is correct as you’ll be reporting that to the ATO. Preparing BAS When it’s BAS time, either monthly or quarterly depending on the lodgement cycle, your […]

The post Critical Reasons to Stay On Top Of Your Bookkeeping appeared first on Inspire CA.

We’ve had a lot of clients ask us, “how does the increased instant asset write-off of $150,000 apply to a purchase of a car?” Here are a few things to consider: When you’re purchasing a car, you have to keep in mind that there are separate rules and limits around how much you can […]

The post Buying a car with the $150,000 instant asset write off appeared first on Inspire CA.

Yes. Reading the legislation as it applies, if you fail, then there is an appeals process for special circumstances that you can go through. They are structuring the process a little bit more, but at the moment, you can send your information to an email address and state your reasons why: cashflowboostreview@ato.gov.au You can say, […]

The post Can you appeal a knock back for Cashflow Boost if you believe you’re eligible? appeared first on Inspire CA.

There are rules and tests around the following – the name of each test is; Started the business recently Business disposals, purchases or restructures Fast-growth business – where you’ve had a substantial increase in turnover over the last 12 months Entities affected by drought or other natural disasters, like the fires that Australia had late […]

The post Pass One of These Alternative Tests To Qualify For JobKeeper. appeared first on Inspire CA.

If you or the bookkeeper gets it wrong, it’s going to cost you money in some way, whether that may be missing out on GST, claiming GST where you’re not meant to or it might cost more in tax or accounting fees. Here’s some common bookkeeping errors we see: Using the wrong GST code If […]

The post What Happens If You Get Bookkeeping Wrong appeared first on Inspire CA.

This is very real and as a reminder, the ATO and the Tax Practitioners Board, who licence tax agents have fired shots across the bow to accountants. They’ve sent out newsletters and emails to us basically saying, “If you do the wrong thing, you’re risking your registration and obviously fines and penalties.” Another thing […]

The post Penalties For Illegally Claiming JobKeeper Benefits appeared first on Inspire CA.

Now that May has finished, and if you are eligible – my recommendation is to lodge your monthly reporting for JobKeeper as soon as you can. Each month, to receive the cash from JobKeeper, you need to process a claim for the JobKeeper payment from the ATO business portal and report some key numbers. […]

The post JobKeeper Monthly Reporting Requirements appeared first on Inspire CA.

We spoke with @Danny King from Danny King Legal on our webinar last week about legal options when it comes to dealing with a team during COVID-19. 1 JobKeeper enabled stand down What we can do is a partial stand down where we shave off the excess wages on top of JobKeeper. For example, if […]

The post Legal Options That Can Save Your Business appeared first on Inspire CA.

“Variable rates are significantly lower than they were a year or two ago, which means that if I’m on a fixed rate of 4%, and I see variable rates in the 2s now, I’ve got this feeling I want to cancel my fixed rate and switch to a variable rate to pay much less interest. […]

The post Should You Break Out Of Your Fixed Interest Rate? appeared first on Inspire CA.

Natasha Hawker is the director and founder of Employee Matters, author of the book “From Fire to Hire & Everything in Between” and host of the HR Heroes Podcast. Here’s what she said on the webinar last week – The employee consultation process under the temporary amendments requires a three-day consultation process. Consultation is […]

The post The Employee Consultation Process – Is not just about ticking boxes appeared first on Inspire CA.

Here’s what Inspire’s mortgage broker, Colin O’Loughlin ran us through on a recent webinar – Right before we jumped on this webinar I checked one of the recent bank’s offers, and it was at a two-year fixed rate of 2.09% – which is absolutely incredible. Compared to what you’re paying at the moment, that […]

The post Mind-Blowing Bank Offers Available Right Now! appeared first on Inspire CA.

The ATO wants to make sure you have done some research from an eligibility perspective, documenting why you believe you are eligible. The ATO have said that any attempts to defraud or fiddle with the numbers so that your business becomes eligible won’t be taken lightly and will take firm action if they believe […]

The post JobKeeper Eligibility Update appeared first on Inspire CA.

I had the pleasure of joining Natasha Hawker on a webinar last week around the topic of JobKeeper. Natasha is an employee expert and founder of Employee Matters. Her biggest piece of advice right now is to communicate! Here’s what she said – This should be done on a frequent basis with empathy […]

The post How To Get The Best Out Of Your Team During COVID-19 appeared first on Inspire CA.

“If accountants are advising to add directors on the payroll, is it wise to get their instructions in writing?” Here’s what we suggest. We received an email from the Tax Practitioners Board regarding the response to COVID-19 saying, “Some advisers may be grappling with the tax consequences associated with the stimulus payment and wondering […]

The post Don’t Make This Big Mistake When you apply for JobKeeper appeared first on Inspire CA.

Each month, to receive the cash from JobKeeper, you need to claim the JobKeeper payment from the ATO business portal and report some key numbers. You will need to go to BP.ATO.gov.au (Business Portal ATO) or your accountant can do it via their Tax Agent Portal and each month, report a couple of things: […]

The post Monthly Reporting Requirements for JobKeeper appeared first on Inspire CA.

Owner and managing director of Wyntec – ideal technology solutions. Married to Christy since 2001, 6 years old daughter, Arwin. Started company in 2005, around the time of the GFC and had a 6 month old daughter. – ‘Insane, is the word I would use to describe it’ What was your reasoning to start up […]

The post YFSB Interview appeared first on Inspire CA.

What is your business? MyCladders does transportable buildings; colour bond roofing metal roofs, wall cladding we put on roofs and gutters and help builders build roves. What was your reasoning to start up your company? I am accountable to myself. I have the ability to give someone a full time job. What makes you a […]

The post YFSB Interview appeared first on Inspire CA.

I started my own business in 2012 (3 years ago) I left a much larger corporation owning 50% of the company to take the plunge. Wife: Emma. 4 kids, (2 under 2years old). Isabella,Tate, Quinn, Enya What is your business and what do you focus on? Building and creative design- innovation for entertainment through Law. The […]

The post YFSB Interview appeared first on Inspire CA.

“Use Bucket companies – tax tip of the week!” I’d love to shed some light on what we call ‘Bucket Companies’, also called: Corporate Beneficiary Dump Company Family Vault Second Super And a few other creative ones! Why this strategy is so critical, is because it can help cap your tax rate at 30%. And […]

The post Bucket Companies: The least known and most underutilised strategy to save thousands in tax appeared first on Inspire CA.

“Use Bucket companies – tax tip of the week!” I’d love to shed some light on what we call ‘Bucket Companies’, also called: Corporate Beneficiary Dump Company Family Vault Second Super And a few other creative ones! Why this strategy is so critical, is because it can help cap your tax rate at 30%. And […]

The post Bucket Companies: The least known and most underutilised strategy to save thousands in tax appeared first on Inspire CA.

“Do I have to pay superannuation on the JobKeeper payments?” There are three relatively common examples your team members might be in. Team members that have been stood down – not giving any hours to the business. You still need to pay the minimum $1,500 per fortnight to receive the JobKeeper payment for them. […]

The post JobKeeper: Do I Need to Pay Super? appeared first on Inspire CA.

Last week, the government announced two extensions for the JobKeeper programme. The enrollment to the JobKeeper programme has been extended to the 31st of May. So there’s no rush to enrol now. If you want to claim JobKeeper from the start ( the fortnight beginning on the 30th of March) you need to make sure, […]

The post JobKeeper Programme: Extensions Announced appeared first on Inspire CA.

"If employees have been stood down after the first of March 2020, does an employer have to pay them to receive the $1,500 reimbursement per fortnight?"

The post JobKeeper: Do I Pay Employees I Stood Down? appeared first on Inspire CA.

The JobKeeper payment is a reimbursement from the ATO for wages that you’ve paid in the month previous.

The post JobKeeper: Do I Need to Pay Employees First? appeared first on Inspire CA.

If you're looking to claim JobKeeper from the month of April onwards (Including from the date it was available from - 30th of March) there are five things you need to keep in mind you need to do before the end of May to make sure you'll be paid when the ATO makes the payments in early May.

The post JobKeeper: URGENT Before 30 May (updated) appeared first on Inspire CA.

If happiness was as simple as forcibly contracting a set of facial muscles, we’d all be happy – whenever we wanted and the world might be a better a place. However, that’s not the case. So this question might sound a bit forced but it’s a starting point to finding more happiness in your […]

The post Happiness is a number between 1 and 10. What’s yours? appeared first on Inspire CA.

Do you ever feel yourself getting a little uncomfortable, suspicious or even cynical when you are getting charged by the hour by a consultant of some sort? It’s okay, we do too. It’s not a bad thing and it’s totally normal to wonder what’s really going on while you’re not around. Here’s another question, […]

The post Would you like to pay by the hour or by the result? Let’s focus on saving money not charging fees appeared first on Inspire CA.

Sometimes you find yourself driving around the city on a weekend wishing you had a guaranteed space to park your car. That’s just part of normal life nowadays but it can get frustrating. But finding a place to park, let alone finding a “dream-spot”, is only half the problem as the price of parking […]

The post The Real Cost of Cars – A CBD carpark, yours for $407K. It all counts… appeared first on Inspire CA.

First World solutions to first world problems with real life impacts I want to start by saying that this is a guilt-free article, packed with opportunity and inspiration. So don’t worry, you needn’t try to hide any first world problems you might have. It’s not about that. Besides, having “first world” problems is nothing to […]

The post Saying “No” to Necker? First World solutions to third world problems appeared first on Inspire CA.

This week, Business owners around Australia are getting smashed with BAS & PAYG Tax Bills. While there’s no way to avoid paying tax (other than earning no profit or doing something dodgy / illegal) here’s 5 ways you can experience some Small Business Tax Relief … >> PAY IT << No one likes […]

The post 5 Ways To Deal With An Unexpected Tax Bill appeared first on Inspire CA.

The Federal Budget for 2019-2020 is in. Liberal and Labor have put forward their economic and fiscal outlook, including expenditure and changes to tax and super. In this article, we’ll outline the key elements of both parties budgets, and how the changes will affect you. Please note, the views in this article are our opinion […]

The post How The 2019-2020 Proposed Federal Budget Will Affect Individuals, Businesses, & Superannuation – Client Webinar appeared first on Inspire CA.

This week’s Client Webinar is on Setting up Single Touch Payroll on Xero. We explore a number of things around Single Touch Payroll, or ‘STP’: – What is Single Touch Payroll? – Who is it for? – When does it start? – How do you do it? We show you click by click how to set […]

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Podcast: Play in new window | Download Subscribe: Apple Podcasts | Android | RSS Today on the show, it is a great privilege to chat with Paul Dunn. Paul is the man behind B1G1, a global business initiative on a mission to create a world full of giving. He is a 4-time TEDx Speaker, entrepreneur, and master presenter. Paul spearheaded the Business for Good Movement, […]

The post Paul Dunn: The 3 L’s That Determine Your Legacy, And How You Can Leverage it To Do Good appeared first on Inspire CA.

Podcast: Play in new window | Download Subscribe: Apple Podcasts | Android | RSS Is it true that millennials don’t know how to handle money? Millennials are our future leaders, so if they lack financial education, what does that mean for our future? This education gap inspired our guest, Sarah Riegelhuth, to create a community called Wealth Enhancers – a Financial Planning and Advice […]

The post Sarah Riegelhuth On Helping Millennials Become Financially Free & How To Manage A Remote Team appeared first on Inspire CA.

Who

Get Rich Slow: Start Now, Start Small to Achieve Real Wealth

14 Nov Inspiring Business for Good PodcastAuthor: Ben Walker Inspiring Business for Good with Harvee Pene Podcast: Play in new window | Download Subscribe: Apple Podcasts | Android | RSS Ladies and gentlemen My name is Harvee Pene, I believe that GOOD is the NEW GREAT and welcome to episode number one of Inspiring Business for Good. Basically it’s about showcasing inspirational stories and strategies of businesses that […]

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It’s always been our mission to help families pull more money, time and happiness from their business… But if you look at the stats, not a lot of businesses are actually achieving this… Of the almost 1.9 million small businesses around Australia, 60% either – earn less than $200,000 in revenue cannot afford a team […]

The post 7 mistakes keeping business owners struggling for cash appeared first on Inspire CA.

We are well known for a campaign we ran two years ago called Save $500,000 Tax. It was a bold and audacious target to save our clients half million dollars in tax by proactively implementing cutting edge tax saving strategies. We didn’t think we’d actually get the $500,000 tax savings but we knew that […]

The post SAVE $500,000 TAX | Accounting that pays for itself appeared first on Inspire CA.

I’d like to clarify some thoughts around the tax on Bitcoin and cryptocurrency profits. Background of Bitcoin and Cryptocurrency Bitcoin has sometimes been referred to as the ‘currency of the underworld’. But whatever your view, it is likely that the currencies of the future will be cryptocurrencies. This topic is fairly controversial, especially in the […]

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Property Development in Kenya We visited Aberdare Ranges Primary school on Day 2, then we drove up the road to the village which is where most of the children live. We learned that much of the poverty and displacement was due to political violence in 2007. Due to an election, if you didn’t vote […]

The post B1G1 Study Tour to Kenya appeared first on Inspire CA.

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How do you move to Cloud Accounting? The transition from a desktop based accounting system to a cloud accounting package is an art. 1. Choose your cloud accounting package Firstly, you will want to make sure you’ve chosen the right package for your business. The best way to do this is to discuss your needs […]

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Conclusion (14:37) HARVEE: Yeah, beautiful. There are the five considerations that I want you guys to give the gift to yourself of having at least, it doesn’t have to be perfect, and a wonderful five page plan. It can look as simple as some notes in your iPhone, or a little piece of paper where […]

The post 5 Questions to Plan for Profit in 2016 conclusion appeared first on Inspire CA.

Question 3 and 4: Ins and Ons (10:00) Let’s go into Ins and Ons please Ben. BEN: Yes. What those two dots, the In and On mean is time spent in the business versus time spent on the business. This concept is shared in a book written by Michael Gerber called the E-Myth where usually […]

The post 5 Questions to Plan for Profit in 2016 qu. 3+4 appeared first on Inspire CA.

Question 2: Holidays (7:28) HARVEE: I love it. Grossly simplified, but that’s actually the power in the process. It’s very cool, let’s go onto the next one then, which is one of my favorite topics. What was the Holidays button there Ben? BEN: Yeah, yeah, I got reminded of it this morning actually. We want […]

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Question 5: Retreats (12:36) BEN: Yes, yes, and you might look at this as an excuse to go somewhere lovely, but it’s exactly what we’re talking about at the start, where Stevie and I and Harvee went away for a couple of days with the sole focus of relaxing and also working on the business. […]

The post 5 Questions to Plan for Profit in 2016 qu 5 appeared first on Inspire CA.

Question 1: Profit (4:45) With that in mind,weI might start with that first one, Profit. What we’re talking about there is how much you’d like to take out of the business in the next 12 months. Whether that’s 100 grand, 200 grand, 300 grand, but putting a target or a number down. Yeah, something to […]

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Business’ Giving Insight Shedding light on the effect of sharing the wealth Let’s start with a simple statement: giving to the needy is good. We all know it and when possible, most of us are happy to contribute something – usually on a whim, oftentimes through some sort of set and forget direct debit system. […]

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Inspired to blur the line between the haves and the have-nots How we make it our business to make a difference Some of us are born in war torn, drought ravaged countries and some of us are born into favourable circumstances in affluent societies and that’s the truth. And depending on which camp you fall […]

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Big is Better AFR A walking loudspeaker that is not connected to an Engine Room. 50% employment 2.5 mil small business http://www.afr.com/opinion/columnists/big-is-best-so-why-are-politicians-capitalising-on-small-business-20150529-ghahzq

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Inspire CA Media Release 24 November 2016 Finally! Accounting is cool again Awarding a charitable and family first worldview Brisbane-based chartered accountants Inspire CA are doing things very differently and hope to win the Innovation Award in the 2016 Anthill Magazine Cool Company Awards in Melbourne next month. By reverse engineering their shared goal of […]

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Hey, it’s Harvee here. If this is your first experience with us, Inspire, I would like to take this opportunity to be introduced. We’re the guys who help young families use their small business to achieve big goals. We definitely are here to sort out your tax and do the things that accountants are […]

The post Plan for Profit in the New Year intro appeared first on Inspire CA.

Price does not drive cost – value and experience Little Creatures in Freemantle

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Photo idea: trainwreck – Fee pressures of outsourcing – Inability of mid-tier and Big4 firms to change quickly enough – If these firms are to switch their focus to the smaller businesses, unlikely to pay big prices so have to reduce – If price reduce, service reduces and therefore still no value being delivered […]

The post Why the Accounting Industry is headed for Disaster appeared first on Inspire CA.

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Tom Freer – Wyntec. Owner and managing director of Wyntec – ideal technology solutions. Married to Christy since 2001, 6 years old daughter, Arwin. Started company in 2005, around the time of the GFC and had a 6 month old daughter. – ‘Insane, is the word I would use to describe it’ What was your […]

The post YFSB Interview appeared first on Inspire CA.

Happy New Year, Inspire Family. I want to support your success in 2018 by sharing with you 5 tools that I personally use every single week, that I believe are critical to business and life success in 2018. Bucket List – to help you live the good life. One Page Business Plan – get everyone […]

The post 5 x GAME CHANGING TOOLS TO HELP MAKE 2018 YOUR BEST YEAR YET appeared first on Inspire CA.

“Deep down I reckon every person wants to make a difference. Maybe we’d all like to change something, but how do we do it? How do we tap into the little part of everyone that wants to change the world and do it in a way that’s really simple?” Daniel Flynn, MD & Co-Founder Thankyou. […]

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6 Quick wins buying a business property in your family SMSF I’ll start off by saying that as a serial entrepreneur, I was fairly “Anti-Super” for a very long time. That was until my best mate, business partner and tax wizard Ben Walker showed me how easy it was to become a SMSF Millionaire. He’s […]

The post SAVING $8,000 A MONTH BY BUYING AN OFFICE (IN OUR SMSF) appeared first on Inspire CA.

We are numbers people and WE BELIEVE THAT FAMILY IS NUMBER ONE Our model is simple Proactive Tax & Accounting that pays for itself in tax savings then Help to make the 7 Smart Financial Decisions of a Cashed UpTM Business. Perfect for Founders of 6 & 7 figure business owners WHO ARE IN BUSINESS FOR A […]

The post YEAR IN REVIEW 2017 appeared first on Inspire CA.

WE DID IT | $3M in proactive Tax Savings & 3M days of help to families in need across 16 countries. With every dollar of tax we proactively save a small business, Inspire will help a person in need for a day. Day for a Dollar As of dec 2017, we’ve given 3 million days of […]

The post Australia’s Most Impactful Accounting Firm appeared first on Inspire CA.

Learn how to turn a BAS Deadline into a BIZ Lifeline. A common mistake in thinking for business owners is that “BAS time sucks.” And while paying tax isn’t everyone’s favourite pastime, BAS lodgements do give business owners an awesome opportunity to review the business numbers that matter, every quarter. This webinar will teach you […]

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If you’re business turns over between $2M and $10M, make sure you read this! Why do you need to read this? From 1 July 2016, businesses turning over between $2M and $10M in sales have now gotten access to the Small Business Tax Concessions that the ATO previously capped for businesses up to $2M in […]

The post It’s my bet bigger businesses will overpay millions in tax this financial year appeared first on Inspire CA.

“If not, why not? Bookkeepers are. Not doing my washing gives me more time to work in / on the business = more profit = more tax. So I believe it should be tax deductible” Answer: Cleaning definitely is tax deductible, assuming that you have a home office (dedicated, not just a laptop on the […]

The post Are housekeepers Tax deductible? appeared first on Inspire CA.

“Hi Ben, I’m about to sell my business after building it for the last 10 years. I’ll probably pocket $5M from the transaction (woo-freaking-hoo!). How do I keep the tax man’s sticky little hands off my gains? Please help…” Ben: First of all congratulations. Wow! So, broadly speaking you’re looking to make capital gains […]

The post $5M Profit Tax Free? | Selling your business without selling your soul to the ATO appeared first on Inspire CA.

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The post 50 ways to Save Tax & Keep More of Your Hard Earned Cash | Checklist appeared first on Inspire CA.

So, broadly speaking you’re looking to make capital gains or a sale of business assets or investment assets and just like any Australian, your intention is not to pay any more taxes than is needed on the gain on those when you do sell them. Great question. There’s three main ways, or tax concessions, I […]

The post Paying little, less or no tax when you sell a business or large investment appeared first on Inspire CA.

A question we get from time to time is about parents wanting to set up a bank account or a share investment portfolio for their children. We love this idea as it’s a great way for the kids to get ahead. Whether the money goes to education in time, or helping them with their […]

The post The best tax outcome for Putting Money away for the Children appeared first on Inspire CA.

Learn how to turn a BAS Deadline into a BIZ Lifeline. Of course, there’s more to “getting BAS right” than merely satisfying the minimum requirements set out by the ATO. The BAS process offers the in-the-know business owner valuable insights into: Growth building profit drivers – their effect and where they are coming from Vital […]

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Everyday business owners ask us “how do I get Cashed Up?” We work with many businesses who are already well on their way to getting Cashed Up, but most are either drowning or just keeping their head above water. My reasoning as to why so many businesses are so cash poor is because they don’t […]

The post A Cashed Up Business appeared first on Inspire CA.

We recently had a question from a client, not about structuring for his business, but what his wife could do from a tax planning perspective. The scenario is the husband runs a business, and earns a good $130k profit. And through proactive tax planning, we ended up saving him over $35,000 in tax, keeping his […]

The post The top 9 Tax Planning strategies for High Income Employees appeared first on Inspire CA.

Question: We’re negotiating our new office and discussing fit out etc. The landlord is giving an incentive amount of $115,000 over 5 years. So we can either take this in rental reductions or a combination of rental reductions and fitout. I’m wondering whether we should take a combo of rental reductions and fit out or […]

The post Lease Incentives: Should I take it as a fit out or rental reduction? appeared first on Inspire CA.

Your current account may be a dinosaur if he / she – Offers advice late or not at all Does only what you ask Basically just does tax Only sees you once or twice a year Charges you for a quick call or email Charges by the hour (or the minute) Charges like a […]

The post IS YOUR CURRENT ACCOUNTANT A DINOSAUR? appeared first on Inspire CA.

An important component of managing cashflow is to increase the amount of cash that’s flowing in. Which of course means getting new business through the door. How is that going for you? Getting enough enquiries and orders, week after week? If you’re in the same boat as most business owners, you probably need more. So […]

The post Could You Do With Some More Business? appeared first on Inspire CA.

Learn from mistakes without having to make them at our 17 Feb online workshop The big difference between winning occasionally and winning almost always is not only knowing the score but understanding the factors that can and will influence it. Ben Walker For some, taking care of your BAS (business activity statement) is like […]

The post Your online guide to making BAS work for you appeared first on Inspire CA.

Download the business owners checklist here When you’re starting out in business it can be overwhelming with all the things you need to get in order. The easy ones are business name, accounting software and logos. But few realise how extensive the list of start up to-do’s really is. So we’ve put together the ultimate […]

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It goes without saying that a business needs cash flow to keep operating. If too many customers forget, delay or refuse to pay, your business could end up in serious trouble! Debt collection is an aspect of cash flow management where a lot of businesses underperform. However, it doesn’t have to be difficult. If you […]

The post Get Paid Faster appeared first on Inspire CA.

If you are planning to build, establish, grow and benefit from a small business, protecting your assets should be one of your primary considerations. Too many times you hear about people that have done brilliantly in business, only for something to go horribly wrong. Then you’re shocked to find them and their families enduring real […]

The post Risks and assets – gotta keep ‘em separated! How to keep what’s yours appeared first on Inspire CA.

Those that do not learn from the past are doomed to repeat it. Heard that one before? Your P&L (profit and loss) statement is an honest-to-goodness, no holds barred account of how your business performed over a predetermined period. It is a record of fact and leaves very little room for ambiguity. After all. Number […]

The post The truth about your P&L. Numbers never lie appeared first on Inspire CA.

We all have to pay our fair share of tax – correct! Whatever your accountant’s computer spits out, that’s what you have to pay – incorrect! As the owner of a small business, you’re not dealing with the typical individuals’ single group certificate at the end of the tax year scenario. Your business, even if […]

The post Before you pay too much tax this year… A second opinion may save you appeared first on Inspire CA.

In the lead-up to the busiest time of the year, if you’re an accountant, we have been putting a significant amount of time, energy and resources into… chilling out. Yes, holidays, time out from the business, cultural immersion, all of that. Some would simply say, “half your luck” and leave it at that. Some would […]

The post 6 Reasons cash rich business owners take time out appeared first on Inspire CA.

Harvee – Adam Houlahan is a friend of Inspire and a social media guru! He runs Web Traffic That Works, a social media agency that helps entrepreneurs gain influence and credibility online. He has a particular skill for LinkedIn, and this post is filled with some great insights on how to use it properly. Plus… There’s […]

The post Adam Houlahan – LinkedIn Secrets! appeared first on Inspire CA.

Inspire is built on the premise that we can help small business owners with young families, draw more happiness in the form of time and resources from the work they do. One of the things standing in the way of owners achieving this goal is too much time spent on invoicing, bookkeeping and administration. Now […]

The post The answer is always Xero. Take this quick quiz to see if you could improve the way you work appeared first on Inspire CA.

A reliable, recurring and regular income stream for your business from a single source is a wonderful thing. Some businesses refer to them as retainers, others simply call it repeat business. There are other names too but whatever you call it, from the outside looking in, it’s called a healthy and valuable business. You see, […]

The post Pay it again, Sam. The joys of recurring revenue appeared first on Inspire CA.

As we inch closer and closer to the end of the financial year and the conclusion of the tax season, there’ll be conversations around how your business did and how well you did on the tax front. As accountants ourselves, we know that part of the glory and all of the blame rests with […]

The post Is your Accountant making or taking your money? Cashed Up Business Q&A pt 2 appeared first on Inspire CA.

With only 8 weeks to go until the end of 2016/17 financial year aren’t you a little curious as to how your business will look, results-wise, come June 30? The correct answer here is “no”. Bonus points if you added an exclamation point. Apart from curiosity killing a cat, what’s wrong with wondering if […]

The post Are you up or are you down? It’s time to check the scoreboard… if you have one appeared first on Inspire CA.

An essential requirement for hitting a target is knowing where (and what) it is. As we have mentioned many times before, if you have not yet worked out your “magic number” (your expenses + tax payments + payroll + your pay +10% for the war chest + money to pay down debt) or the amount […]

The post Knowing your number is one thing, here’s how to hit it. Cash Rich Business cash flow Q&A pt 1 appeared first on Inspire CA.

It’s always a great thrill when you look at your P&L and realise that you’ve made a profit. Let’s face it, everyone loves a profit, especially when it’s big and healthy and we don’t even mind if it’s an unexpected event. It’s hard to think of a circumstance where the sudden arrival of a substantial […]

The post Don’t be surprised by your profits. Plan to nurture and grow your earnings appeared first on Inspire CA.

Hope for the best, plan for the worst. We’ve heard that a lot and the tax planning season, which is already upon us, takes elements of this saying into account. Saving tax to ensure you only pay your fair share and operating under the right business structure, form the backbone of strategies that help your […]

The post Don’t spend it all at once. A cash rich business takes care of tomorrow, today! appeared first on Inspire CA.

Spending too much time and effort shaving valuable layers off your margins to remain competitive is literally death by a thousand cuts for your business. It’s excruciating, time-consuming and unfortunately futile. But as someone wise once said, “if you don’t like the answer, change the question.” That is to say, instead of focusing on discounting […]

The post Stop trying to squeeze blood from a stone. A cash rich business concentrates on creating value appeared first on Inspire CA.

The key to success is to work hard, we’re told. But they’re only telling us half the story. The often quoted saying should be amended to “the key to success is to work hard for a while and then enjoy the results.” If you set sail on the dream of providing for your family through small business […]

The post Ah, well there’s your problem – you work too hard. It’s time to take a chainsaw to your workload appeared first on Inspire CA.

Pick any business structure you like to launch your small business, it makes no difference at all in the very, very short term… and then suddenly… the pain. The type of pain that can really hurt you and your family because it will hurt your business right in the coffers. The Cash Rich Business workshop […]

The post Build a business built to last. Cash Rich Business tip #2 – Get your structure right! appeared first on Inspire CA.

[su_youtube_advanced url=”https://www.youtube.com/watch?v=4s7tCmYe7Po&feature=youtu.be” height=”340″ controls=”no” autohide=”yes” showinfo=”no” rel=”no” modestbranding=”yes”] Building a Profit War Chest and save your Business How a Small Business owners can very quickly amass Emergency Cash Reserves and Build a Profit War Chest: Most business owners don’t have the time to or know-how to read the different accounting reports necessary to manage the […]

The post Building a Profit War Chest and save your Business appeared first on Inspire CA.

Most business owners agree that cash is the oxygen that keeps the heart of a commercial enterprise pumping. It doesn’t matter if we’re talking about trades, financial services or product sales and distribution, without a healthy cash flow, things start looking pretty sickly. So it’s always a good idea to build a cash reserve, […]

The post Building a “profit war chest” is just like riding a bike. A crucial step towards becoming a cash rich business appeared first on Inspire CA.

It’s the invisible expenses that hurt your business the most – he amounts that sneak under the wire of your business accounts every month or quarter. And even if you were asked point blank to name them all, you just couldn’t. But who cares, right? They are just small expenses – subscriptions or memberships probably. […]

The post The 10 minutes that could save you hundreds every month. Get ready for the Autumn “spring clean” appeared first on Inspire CA.

If you can’t tell someone in two sentences what you do and why, your business is in trouble or heading that way. Sure you may have a solid business structure, you’ve minimised your tax and things might be going well but your sales and/or service pipeline is kept full by a fuel called purpose. Purpose […]

The post 3 reasons your original purpose can determine your future appeared first on Inspire CA.

First of all, know your numbers inside and out. Those of you who are familiar with Inspire remember that “knowing your numbers” is part of our mantra. It’s the foundation upon which we help build significant tax savings, robust cash flow and better lifestyles for small business owners with young families. Knowing your numbers will […]

The post Tax: are you paying too much, too little or about the right amount? 3 tax lies that ensure you get this wrong appeared first on Inspire CA.

“I can’t give you the secret to success but I can give you the secret to failure – try to please everyone”. Someone famous said that a very long time ago and it is as true now as it was way back when. But we’re all guilty of it in varying degrees in a variety […]

The post Leading the way to more time with family. You can’t be all things to all people – so why try? appeared first on Inspire CA.

Just like any good business or even a studious school kid, our government works to a budget. They look at the income and outgoings of our great land and even come up with a magic number of sorts to plan and allocate spend on roads, schools, health… helicopter rides (maybe). The fact is that they […]

The post The accidental tax (over)payer. Are you really going to tip the ATO? appeared first on Inspire CA.

Really well paid people not only get paid for what they do and what they are going to do, they get rewarded for what they have done. Not all of their achievements are on open display though. We often debate the worthiness of say, sportspeople raking in huge dollars on the 1st and 15th of the month […]

The post Ensure your risk pays off… regularly. Funding the founder is only fair appeared first on Inspire CA.

Some of the things we just love to do around this time every year at Inspire. Enjoy our 4 day Easter break – check. A planned getaway of some sort – locked in. Provide excellent year round service to our clients – of course. Oh and save them over one million dollars in tax. We’ve […]

The post We’re going to save our clients, $1m in tax… again! appeared first on Inspire CA.

Diets are temporary by their very nature. They last from point A until point B, they are a means to an end. What’s more they are usually the second last resort before far more drastic measures come into play. The same applies in our businesses when we say we’re slashing costs, tightening the belt and […]

The post A lean business is a healthy business. Keep fit year round appeared first on Inspire CA.

There’s a lot to be said for the miracle of compound interest and how it can turn modest savings with small regular contributions into a sizable nest egg that hatches holidays, jet skis, long term financial security and more. But as with most things, there is another side to the big, cuddly compound interest bear. […]

The post Compound interest cuts both ways. Kill your debt before it kills you. appeared first on Inspire CA.

It’s becoming increasingly obvious, even to those that have joined the party a little late, that Ed Sheeran is a very successful singer songwriter. I heard somewhere that he paid his dues by never refusing an opportunity to play and actually played 300+ gigs one year while travelling throughout his corner of Europe. BUT… that’s […]

The post The Sheeran School of Business Success. Because talent is very rarely enough appeared first on Inspire CA.

Entrepreneurs who want to change their world and possibly even rule it, constantly think big picture and act accordingly. They paint their destiny in bold brushstrokes and display it for all to see. This isn’t for everyone of course. Some prefer to stay out of the limelight and achieve some form of success on the […]

The post Thinking BIG will save your business pt 1 – think structure, save $$$ appeared first on Inspire CA.

Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. There is a fine and potentially very expensive line between securing the right workspace for your business and ego-driven […]

The post Avoid the “vanity” lease and preserve your profits appeared first on Inspire CA.

If you survived year one of your business ownership and you’ve broken even – well done and congratulations. You’ve made some massive personal, financial and emotional investments and on paper, you’re no worse off than you were when you started. In fact, if you think about it, you’re better off because that ten, twenty or […]

The post Breaking even is the new Breaking Bad. It seems okay… until… appeared first on Inspire CA.

You’ve heard the saying, “make hay while the sun shines”, right? It means that you should work as hard as you can, for as long as you can while the money is still on offer. It makes some sense but workaholics and people who feel they have to keep pedalling hard to keep their business afloat, comfort […]

The post 6 Reasons to book your holiday right now! appeared first on Inspire CA.

It’s a disheartening fact that many people have a fabulous business, with a healthy turnover but routinely get slapped in the face with low valuations. It can be very disappointing and from time to time it can be insulting. How does this happen? What’s going wrong in a business that appears to be going […]

The post Share your brain or feel the pain. How to avoid insulting business valuations and low-ball offers appeared first on Inspire CA.

Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. Now there’s an interesting question to ponder over the weekend. If someone made you an offer to consider, for […]

The post How much do you want for your business? appeared first on Inspire CA.

Every business faces a period when revenue drops below expectations for a time. Hopefully this occurs at the beginning of your ownership journey, not the end. It’s at this time that knowing your numbers will provide comfort and reasons for optimism, or indicate that you are sailing far too close to the rocks! Either […]

The post Profits are down soooo… do I take a pay cut? The “business $100 note” can save you from yourself appeared first on Inspire CA.

If you are an accountant that delivers excellent service and measures their achievements by how much tax you save people – stop reading now and carry on with what you’re doing. If not, we’d like to echo some advice that came to us from one of our own clients: “The best part about your customer […]

The post Stay focused on your area of focus appeared first on Inspire CA.

Accountants often get saddled with the “boring” tag and that may be because the perception is that they deal exclusively with numbers. And not just any numbers but bland inanimate numbers that simply tell you what happened – past tense. These same numbers might also suggest passive actions to take – pay this, submit that, […]

The post Numbers get bored too. Time to put them to work! appeared first on Inspire CA.

Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. How many times has someone asked, “what’d you get up to on the weekend?” and you struggled to think […]

The post How to make a memorable weekend appeared first on Inspire CA.

Few Olympic or endurance track images are as enduring as the long distance runner that, despite a body that has clearly given up, manages to will themselves over the line. Last place never looked so good. But what about those that cannot make it. They actually fall over a few agonising steps from their goal […]

The post The agony of almost making it to the end of the month. Cashflow catastrophes and how to avoid them appeared first on Inspire CA.

Saving tax by offering individual care and service to small businesses is our heart and soul. But what about the individual who works for a larger business as an employee? How can they reduce their tax? Well as an individual, it’s a tougher proposition. You can still claim standard deductions here and there plus we […]

The post The 80/20 rule, the ATO and you appeared first on Inspire CA.

Paying too much tax is bad. Paying your fair share is good. Black and white statements don’t come much truer than that but as we keep finding, people, honest people running good businesses to help their families, are regularly giving more than they need to. Put another way, more than they should. There are many […]

The post In Trusts we trust. Another way to make sure you pay enough tax and nothing more appeared first on Inspire CA.

A lot has been made of the value of setting goals, knowing numbers, aiming high, feeling the burn (wait, what?) and a whole bunch of other aspirational catchphrases. They’re fun, they’re motivational and yes, sometime a little clichéd. But it’s amazing how effective they are at inspiring people (not just sports and business people) to […]

The post Recognise! Celebrating milestones is not only fun but functional appeared first on Inspire CA.

Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. It’s Friday and if the weekend hasn’t yet started for you yet, it will very soon. Or will it? […]

The post The Magic that makes a better lifestyle appeared first on Inspire CA.

Just calling wine’s tax deductibility “very good news” feels a bit like saying that Australia is large when at 7.69million km2 it ranks sixth in the world in land mass. So the wine thing is pretty huge. There are some provisions, of course. You can’t simply park yourself at your favourite wine bar for the […]

The post And now for the (very) good news. Wine is tax deductible appeared first on Inspire CA.

Recently we’ve been speaking about the many and varied ways technology allows us to run a business and the different ways of working people can enjoy as a result. This led us to reviewing some really cool home office set-ups, as well as touching on the benefits of co-work spaces. Of course there’s always the tried and […]

The post I have a pool so now I can buy an office – smsf magic trick #31 appeared first on Inspire CA.

Australia is full of people who are very familiar with, if not completely nuts for, one sport or another. They might have a favourite team, a favourite player or simply play on weekends or maybe after work. This is not all people by the way but our friends at the Australian Bureaus of Statistics (ABS) […]

The post Saving tax is a year round sport. And finals time is just around the corner (the angry coach edition) appeared first on Inspire CA.

We believe there is a quantifiable psychological benefit to having a clear view of critical numbers. But instead of trying to quantify them here, early on a Monday morning, let’s just focus on proving to ourselves anecdotally, that it’s true – more inspiring that way. To me, it’s hard to think straight when there’s sweat […]

The post The motivational benefits of knowing your numbers appeared first on Inspire CA.

Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. Cash flow remains a hot topic and so it should. We have spoken about it before both in our […]

The post Before we go… You’re not a bank, so don’t act like one appeared first on Inspire CA.

If we didn’t care, we wouldn’t bother. But we do and that’s why we like to stay connected with clients past, future and present by any means necessary. There are those that believe that an accountant is a “suit” to be visited once a year or once a quarter if you run a business or […]

The post (Facebook) friends don’t let friends pay through the nose appeared first on Inspire CA.

The rising cost of office space, particularly in the CBDs, highlights the need for businesses to get even smarter about how and from where they run their enterprises. The traditional office can work, so do co-workspaces but have we forgotten one obvious option? One of the things we hear quite often from business owners, employees […]

The post We liked this… Take your work home with you… and leave it there appeared first on Inspire CA.

Everybody is different so it should come as no surprise that everybody is different too. We each place different demands on our physiques beyond the whole heart, lungs and brain function imperative – something that came up in a roundabout way earlier last month, we met Chef Pete Evans. We talked through brands and business-building […]

The post Paleo, vegan or Proprietary Limited? Let the numbers be your guide appeared first on Inspire CA.

Is it just me or have there been a lot of baby birth announcements on social media lately? Despite the Australian population swelling beyond 24million it may still come as a surprise that a child is born every 1 minute and 40seconds. Which is quite mind-boggling because that means that over 30 times an hour, […]

The post What does a healthy business look like? appeared first on Inspire CA.

Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. Can you feel it? Tax season is getting closer and closer and as we’ve often said, the key […]

The post Before we go… I’ll have the steak, extra fries, hold the tax appeared first on Inspire CA.

Why are we here? A wonderful question that people from all walks of life, in a number of locations around the world have asked down through the ages. Today, I’d like to focus on those of us who have stepped out and decided to create the best life they could for their family and themselves […]

The post Protecting your home: What’s yours is yours – let’s keep it that way! appeared first on Inspire CA.

Yes, I see the irony. Unless reading our Inspired Daily article is a scheduled part of your everyday work routine, there’s a chance that you’re procrastinating. You are doing almost anything else rather than simply getting on with what you are supposed to be doing. It happens to almost all of us at one point […]

The post Stop what you’re doing and learn how to stop procrastinating appeared first on Inspire CA.

Well not in so many words, but inspirational author, thought leader and speaker Simon Sinek blames part of the so-called “dealing with millennials” problem at the feet of dopamine-peddling social media. Agreed. We echo the notion that a disproportionate amount of time, energy and emotion is devoted to accruing likes and shares (not that kind) […]

The post Simon says, “dopamine is dope” appeared first on Inspire CA.

The post BAS Webinar: How to turn a BAS Deadline into a Business Lifeline appeared first on Inspire CA.

Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. Many small business owners around the country are, as we speak, in a white hot BAS panic because the deadline […]

The post Autumn’s coming – enjoy the sun, embrace the cloud appeared first on Inspire CA.

Today’s BAS webinar can help you get it right It probably doesn’t get more embarrassing than what popular host and celebrity Steve Harvey had to go through when he misread the score card and named the wrong contestant as winner of the 2015 Miss Universe. Let’s embrace the pain one more time. Yikes! But many of us […]

The post The horrors of getting your numbers wrong: Today’s BAS webinar can help you get it right appeared first on Inspire CA.

The thing about ground-breaking entrepreneurs is that they think differently about everyday situations by applying very different, often elevated, goals and functionality to common items and situations. Back in the day we all thought about how sensible phones, phone lists/directories and maps were. So we put them in books and carried them around with us. A certain […]

The post Will “Siri” get done for tax evasion? appeared first on Inspire CA.

Not enough thought goes into pricing. Either that or the wrong thought processes are applied to pricing. We see it time and time again in various businesses and particularly start-ups. Over the weekend I thought about the often-seen “closing down sales” as I did a bit of shopping. It occurred to me that there’s more […]

The post The Price is Right… or is it? appeared first on Inspire CA.

You’ve got to spend money to make money. Don’t put all your eggs in one basket. Save your pennies. These are all well-worn statements that contain more than a grain of common sense. The size of those grains depend on which business sector you operate in and what your priorities and needs are. Here’s one […]

The post Concentrate on Concentration: Deliver more value and you’ll earn dollars appeared first on Inspire CA.

Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. There’s an old saying advising us all that prevention is better than cure. And it’s absolutely true – in […]

The post Why didn’t coalmine canaries have fitbits? appeared first on Inspire CA.

Because we’re all about helping families derive more benefit from the business they own rather than merely working in a business that owns them, we need to shine a light on the whole truth about commercial success. It’s a little unconventional but there again, I already started a paragraph with “because” so what could be worse […]

The post …and here’s the other half of your success formula appeared first on Inspire CA.

To say things got a bit warm over the weekend would be like suggesting too much tax is an inconvenience. As the mercury soared, I stayed close to the air-conditioning while my thoughts were with small business owners. Something we hear quite often from our new and prospective clients is that they are trying to […]

The post Like a rolling… tennis ball appeared first on Inspire CA.

If a familiarity if not a deep understanding of the numbers in and around your business was not necessary, we wouldn’t be here. But it is and we are definitely here for you. So grab a coffee if that’s your thing and we can also finish the story about our café. But before we go […]

The post Little (coffee) shop of horrors (part two) appeared first on Inspire CA.

Did we mention we had a coffee shop – of sorts? Yeah, we wanted people we met to be at ease and to share our fondness for constructive chats. So we turned part of our somewhat oversized premises into a café. It was a really cool idea and one that most certainly would have worked […]

The post Little (coffee) shop of horrors (part one): Numbers never lie appeared first on Inspire CA.

What price inspiration? How much should be spent on a chance to make valuable contacts? How much is too much to risk on an opportunity? Important questions that span high school economics classes (opportunity costs) to the great Daryl Sommers telling us, “you’ll never never know, if you never ever go…” Go where, though? Richard […]

The post Saying No to Necker? (part one) appeared first on Inspire CA.

Newsflash: Cash flow is still the number one priority to many businesses out there today and rightly so. Some have described it as oxygen keeping their businesses alive, others see it as fuel that drives their commercial success. For something so widely understood to be of such high value to enterprises, it’s surprising that more […]

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Towards the tail end of the weekend I remember seeing some hype about the Superbowl which is the grand final of American football for those that aren’t familiar. It’s beamed around the world to a HUGE worldwide audience – a massive event. So huge and all-consuming is it, that even those with less than a […]

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Every Friday we just want to stop the world for a moment and give you a couple of real tips to think about that will make a real difference to your business and in your life. So we’ve reached the end of another week and we are now hip deep into February – already! 2017 […]

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Everything ends badly. If it didn’t, it wouldn’t end… That is a very pessimistic view – let me say that right out of the gate. But is it the view of a pessimist, a realist or perhaps a pessimistic reali… I’ll stop. Take for example the fairly recent case of Mercedes Corby’s business partnership with […]

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For business or pleasure? That’s a question you still get asked at customs desks around the world but it should also be a question we ask ourselves whenever we roll up to a car dealership. As with everything in the car yard or showroom, there are pros and cons and this is especially true of […]

The post Driving your business: A car for you or your business? appeared first on Inspire CA.

The traditional “week-end” is becoming a fading memory for a lot of the business owners we get to speak with and hear from. That’s not to say that they aren’t getting any time off to enjoy life and/or spend time with family but the consensus is there’s less time to do the things that matter. Ok, you’re […]

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This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 5 – Invest in Multiple Buckets, create automatic cash flow. Remember Jesus first miracle? He turned water into […]

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This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 4 – Get a Bigger Bucket by generating repeat business Step 2 asked HOW FAST. Step 3 asked HOW […]

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This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 3 – Fill the Bucket by attracting more customers! Learn with us how to attract more […]

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This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 2 – Control the Tap & get paid faster! Imagine a river. A river flows. From high ground […]

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This article contains the revolutionary secret to beating the ever growing statistics of Business’ not making it after their first couple of years. These five simple steps will change the future of you and your business forever. Step 1 – Stop the leaks and take your profit FIRST! This might surprise you, but the […]

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Step 1 – Stop the leaks TAKE YOUR PROFIT FIRST Revenue – How happy are you with your current revenue? Profit – How happy are you with how much profit you have sitting in your profit war chest? Expenses – How happy are you with the percentage of tax you are paying? Expenses – How […]

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Call it coincidence, but over the past couple of days, I’ve discovered that the sporting “greats” use numbers to win. What do I mean by this? Well, let’s look at the example of the Oakland A’s. Prefer to watch this article? [su_youtube url=”http://www.youtube.com/watch?v=UD8fAdxrahE” width=”640″ height=”360″] Moneyball – Focus on One Number Moneyball is a […]

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Many people are quite comfortable sitting in simple, plain, ‘vanilla’, industry and retail superannuation funds. Self Managed Super Funds or ‘SMSF’s’ are a lot different. The Warning: If you are someone who is laid back. You are really not interested in your retirement. You don’t want to make investments yourself. You are […]

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Time out – free speech Time out! Can we just talk for a minute… for free? Firstly and most importantly the answer to that one is a yes. A resounding and emphatic yes for that matter. But let’s take a step back because I’ve come in half way through the story. Have you ever had […]

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Adapted from Gary Keller’s recent book, “The ONE Thing”, what is the ONE number you could focus on, such that by improving it everything else would be easier or unnecessary? What we want to identify here is the one number in your business that will have a roll on effect to other aspects of your […]

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Just be ready to say “yes”! Opportunities are stupid. I don’t mean they are irritating to have around or generally score badly in basic arithmetic evaluations. I mean they have no sense: no sense of timing nor sense of occasion. They just appear – sometimes only fleetingly and oftentimes, never to return. I […]

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If you have never met us before, we’re the guys who help young families use their small business to achieve big goals. Now that’s a cause that’s very dear to our hearts because, as you may know, the statistics when it comes to failure in both business and family aren’t great. The experts say, three […]

The post Paying too much Tax? How to know and what to do about it. appeared first on Inspire CA.

Hiring your first employee in your business can be a very daunting task if you haven’t done it before. There’s all sorts of worries that could be going through your head: How do I do the Payroll each week or fortnight? What do I need to do for Superannuation? What is WorkCover, and what I […]

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Now for the three quick educational stories about Parkinson’s Law, The Size of Your Dinner Plate, & Toilet Paper. They’re three lessons you won’t forget that reinforce why becoming a Cash Rich Business not only is a good thing, but it works because it works WITH human nature not against it. Perhaps you, like me, […]

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Commonly asked questions about Building a Cash Rich Business: I built up some debt over the years trying to keep things afloat. How do I get out of that debt while still building my War Chest? At the Cash Rich Business workshop, we’ll give you a plan to rapidly pay down your debt that works […]

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The benefits of becoming a Cash Rich Business: 1. The War Chest is a rainy day fund, a backup when storms hit but this fund is specifically for those really bad storms. It is not something to be accessed unless it is an emergency. When storms hit it can trigger a panic of trying to […]

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How much money can be transferred to the War Chest without threatening the health of the business? Start out slow and easy, then build up. Most stable companies should be able to post a profit of 10% – 25% after all expenses. But, to start off, begin with low threshold, where maybe 5% of every […]

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Logic vs Human Behaviour I was talking to a good friend of mine recently who I know regularly donates blood. I know that because he posts on Facebook whenever he does it. So yesterday, I asked him, how much blood have you donated? He said about 40 L. I said holy crap, the human body […]

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Creating a powerful culture worth being a part of begins with you! I believe we each have a responsibility as individuals to be the culture that we want to see around us.For instance, if we walk into work and we’re grumpy and have had a bad morning and just happen to get up on the […]

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⏰⏰⏰ The ugly truth about TIMESHEETS – what old school accountants don’t want you to know about how they charge when they bill you by the hour ?? You may not realise this but ‘Old School’ Accountants charge by the minute. They are driven by timesheets. What’s the problem with your accountant charging you […]

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It’s Monday morning; you’ve just finished a fantastic weekend. You’ve played the sports with the kids. You’ve gone to the beach, had a beautiful meal, and it’s just been wonderful. When you wake up, and it’s Monday morning, you check your emails, and you’ve got a hundred new emails that have come in over the […]

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Learn how to set a big goal for your company and have your team actually buy into it and not just roll their eyes like every other time you’ve said this. It’s really important that we engage our team from the start with our new ideas and business aspirations. This is, so they can catch […]

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Focus, focus, focus. Learn how to stay focused, laser-sharp focus on your goals and stick to your priorities. How to maintain focus? That’s exactly what I think about when I think of focus, is a magnifying glass. You probably did this when you were a kid, you have an A4 piece of paper and you […]

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Feel like you don’t have enough time? I want to share with you 4 easy and powerful tips so you can create more time, even when you feel like you don’t have it. Now, this is a really interesting one, because the challenge is we all have the same amount of time, so it’s not a […]

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In this video, you’ll learn how to use Facebook groups to increase your referrals and retain your best clients. Hi, I’m Harvee from Inspire and stay tuned. How to use Facebook groups to grow your business and referrals, and retain your best clients? This is a really passionate subject of mine because I love Facebook […]

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You’ve been there before, you’re sitting on the computer, you’ve got your to-do list of things that are priority and important to do in your day, but you’re just sitting there scrolling and looking at Facebook, or you’re in your inbox. The worst thing is, you know you’re not really doing anything. You’re just farting […]

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Ever wondered if coffee meetings are tax deductible? Anyone who knows me, knows that I’m a big coffee freak. I have about 3 or 4 cappuccinos every day. My favourite coffee shop is Bellissimo. You’ve got to try it. It’s around the corner from Inspire and there’s also one around one from my house. […]

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Parkinson’s Law says is that if there’s an available resource, it will be used up. For example with my uni assignments, if I’ve got three weeks to complete a uni assignment, I’ll take the three weeks to complete the uni assignment. Realistically though, I’ll probably do nothing for the first two and a half weeks […]

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What is negative profit? Imagine your business has ten thousand dollars a week coming in.A negative fifteen percent profit means that you are actually spending eleven thousand five hundred dollars. One thousand five hundred more, than you should actually be spending. One thousand five hundred dollars more than you have. That’s what a negative profit […]

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How much do I need in super to start an SMSF? The rough guideline for how much you need in superannuation to justify a SMSF or Self Managed Super Fund is about a quarter of a million dollars or $250,000 – or more. Remember a SMSF can have up to 4 members and so you […]

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Imagine you’ve got an amazing business that is trading through a Trust. You take out some profit to feed yourself, feed your family, put the kids in school and live comfortably. But you still have some excess profit left over! If you take it out, you’ll have to pay up to 49 percent tax. What […]

The post Where to legally store your excess profits, so the tax man doesn’t take half. (HINT: It’s not in Panama!) ??? appeared first on Inspire CA.

As Accountants, we are seeing people drop out of high-paying employment or jobs, and jumping in and starting their own business. This is a very exciting time and it’s a great way to be absolutely in control of the impact that you make on this world. However, this big move towards jumping into business is […]

The post Risky business – Dangers of Sole Traders, Partnerships & ABNs as Business Structures ?? appeared first on Inspire CA.

I’m not proud of it. But my first business was … selling cigarettes to under-aged kids.This entrepreneurial dream didn’t last long as the principal of my school had actually gotten wind of what I was doing. I packed up shop really, really, really quickly, but not before learning a lesson about business and profits that […]

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When should you outsource your bookkeeping or when you should do it yourself? First of all, we need to figure out what’s the cost of a bookkeeper. Here at Inspire CA, we do have a bookkeeping package that’s around $200.00 a month. That’s how much it costs to do your bookkeeping for that month or […]

The post Bookkeeping; how to know if you should be doing your own… ?⏳⌛️?⚖ appeared first on Inspire CA.

There are three key people that should be in your A team. a Bookkeeper an Accountant a CFO or Chief Financial Officer What do bookkeepers do? They process day to day transactions of your business and they reconcile your bank statements and sometimes they have accounts payable and accounts receivable functions. Sometimes, they also process […]

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In every Self Managed Super Fund there are 2 sides. An Accumulation side and a Pension side. Using Harvee’s plane analogy from the beginning, the accumulation side or phase of a SMSF is when the fund is actively growing. The same as when that plane is climbing to new heights. You can’t touch any […]

The post Pay Less, Little and No Tax in SMSF. It’s legal. appeared first on Inspire CA.

It’s a new Financial Year, and we believe the key to financial bliss is starting the year the way you’d like to end it. So Ben Walker, brings you his top 9 New Financial Year Resolutions you should start now. 1. Miracle Morning A mentor of mine once told me “Ben, a great morning, makes […]

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In April 2016 we set a very big (and hairy) audacious goal. To help young families in business by having, to save $500,000 tax for our clients before 30 June. Well it’s our pleasure to announce that as at Thursday 30th June we’re up to over $1,000,000 tax saved! Congratulations #InspireFamily. It feels great to aim for something […]

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I’m fresh off the boat from 9 magical days in New Zealand and instead of cheap souvenirs, I’ve got a game changing business strategy for you: Grab a big 12 month calendar and map out all the holidays you want to take, aim for 8 – 12 weeks. Block out: the overseas holidays the local […]

The post Why Business Owners Need To Take Holidays, 8 to 12 weeks a year ⛷⛵️ appeared first on Inspire CA.

I’m fresh off the boat from 9 magical days in New Zealand and instead of cheap souvenirs, I’ve got a game changing business strategy for you: Grab a big 12 month calendar and map out all the holidays you want to take, aim for 8 – 12 weeks. Block out: the overseas holidays the local […]

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Hi #InspireFamily, Please join me in welcoming Jake Pretorius to the INSPIRE team. Jake came to us a few months ago with his dream of becoming an inspirational accountant. He has since excelled in his 12 week internship (aka baptism of fire!) all while juggling his last few months of Accounting Degree at UNI and […]

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561,478 reasons to aim high! In April 2016 we set a very big (and hairy) audacious goal. To save young families in business, $500,000 in tax before 30 June. Well it’s our pleasure to announce that as at Monday 13th June 4pm we’re up to $561,478 tax saved! Congratulations #InspireFamily. The campaign is […]

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“How much should I / can I pull out of the business?” is a question we get asked almost everyday. There are two primary ways a business owner gets paid from the business and it’s extremely important to understand the difference between the two. For business owners, what is the difference between a […]

The post What’s difference between Salary and Profit? And how to get more of both… appeared first on Inspire CA.

We’ve been busily researching the latest in tax law and have found a number of strategies that will either save you tax, increase your wealth and / or accelerate your cashflow. Thanks to your prompt action, we are well on our way to our campaign goal – Save $500,000 Tax by 30 June. Beginning next week, we […]

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Are you SuperStream ready? To make sure employer superannuation contributions are paid in a consistent, timely and efficient manner, the ATO has introduced SuperStream. The key component of SuperStream is that it is compulsory to make your superannuation contributions online with products that are SuperStream compliant. The easiest way to become SuperStream compliant is to […]

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THANK YOU PHIL – A year of NEW beginnings! Last Friday the Inspire Team farewelled our friend and Senior Accountant Phil “Shep” Shephard. Phil has had a big year, welcoming his new baby girl Melody Jane Shephard into the world. He is now making a move to the sunny coast to be closer to family […]

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This Inspiring Business Event is powered by Inspire CA, an uber cool and disruptive accounting firm that is proving that not all accountants are boring. Secure your tickets now: WEDNESDAY 8th JUNE, 5:30pm – 8pm Co-Founder of Australia’s 9th fastest growing company shares his rare insights into finding your competitive advantage. Inspiring Business Event […]

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WE’RE HELPING YOUNG FAMILIES IN SMALL BUSINESS ACHIEVE A VERY BIG GOAL – SAVE $500,000 IN TAX BEFORE 30 JUNE. We’re calling it the … SAVE $500,000 TAX CAMPAIGN Imagine for a minute … What half a million dollars would mean, back in the hands of the Young Families that work so hard to earn […]

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We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to keep going. Entrepreneurs of Brisbane is where we […]

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Time Your Capital Gains – Hold for 12 months & Sell in a low income year. How does this strategy work? You bought an investment. A property for example. Bought it for $200,000, sold it for $300,000. You made $100,000 profit – wooohoo. The tax man wants a piece of your pie – booo. It’s […]

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Accelerated Asset Depreciation – 100% deduction NOW if it’s under 20 k. How does this strategy work? You buy an asset. A car for example. For running around doing quotes onsite. Its value will GO DOWN (aka depreciate) over time. So the tax man lets you claim that depreciating value – Thanks, Tax Man! […]

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How does this strategy work? Each month you pay super for your employees. 9.5% of their wage. For a quarterly payroll of $100,000, that’s $9,500. Now your Employee Super Payments are typically due on 28th day of the following month after each quarter finishes. For the quarter of March to June 2016, it’s due 28 […]

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How does this strategy work? Life Insurance is money your family will receive in the event of you kicking the bucket. Interestingly the premiums you pay for Life Insurance are not tax deductible, unless they’re paid from your superannuation. Let’s say the premiums for your Life Insurance are $5,000 per year. Option 1 (Without Tax […]

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Sales is such an important part of any business. Many of us hate the word sales, but it pay the bills and keeps the lights on. So we asked Richard Bell, the speaker at our upcoming Inspiring Business Event, “when you’re advising sales professionals, what sales advice do you give them?” Before Rich’s career as GM […]

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Make Additional Super Contributions to reduce your tax How does this strategy work? You may be aware that superannuation is the best investment vehicle for tax purposes out there. It’s also easy to put this in the back of your mind for a number of reasons. You might think: 1) “I can’t touch it […]

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How does this distribute to your children strategy work? Discretionary Trusts are great for Young Families in Business as they give you… you guessed it, DISCRETION. In fact they’re more well known as Family Trusts. They give you discretion about who pays tax, how much they pay and potentially when it’s paid. So let’s […]

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Write Off Bad Debts How does this strategy work? Let’s say you are a plumber, and builders are your clients. You send them invoices regularly for your work. Sometimes they pay. Sometimes they don’t. There always seems to be a dispute. Let’s say for a $1,000 invoice you send, the builder pays $800 but refuses […]

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DISTRIBUTE INCOME TO RETIRED PARENTS (& IN LAWS!) How does this strategy work? Discretionary Trusts are great for Young Families in Business as they give you… you guessed it, DISCRETION. In fact they’re more well known as Family Trusts. They give you discretion about who pays tax, how much they pay and potentially when it’s […]

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TAKE YOUR PROFIT FIRST “Money isn’t everything, but having a mountain of it sitting around is handy.” Step 1 – Stop the leaks This might surprise you but the Profit equation you were taught is wrong. Sales (minus) Expenses (equals) Profit does not work. If it worked you’d have more money in your account than […]

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What is a Car Fringe Benefit? A car fringe benefit can occur when an employer makes a car they own or lease available for the private use of an employee. If you conduct your business through a company or trust, you may be an employee of the company or trust. Are any of […]

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Ben Love, Father, Businessman, and Hero We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to keep going. […]

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We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to keep going. Entrepreneurs of Brisbane is where we […]

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Find out how Phillip Di Bella revolutionised the Australian coffee culture! We’ve all experienced the disappointment that comes with an average cup of coffee, however Phillip Di Bella has made it his mission to change this. Dissatisfied with the level of customer service and consistency within the coffee industry, Phillip started Di Bella Coffee. His obsession […]

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Chapter One: You Have The Power to Change Stuff Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. CHAPTER ONE is the story of one of my favourite brands, Thankyou. A social enterprise that gives […]

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?? Collaboration Not Competition: a tale of 2 candles ?? Only read this if you operate business in a very competitive industry, like we do. Competition = 2 competitive business owners fight over the flame of a single candle (a business opportunity). When they believe that only 1 can have the flame, they snuff out the flame so neither […]

The post Collaboration Not Competition: a tale of 2 candles 07 Mar Uncategorized Author: Ben Walker appeared first on Inspire CA.

Why is an SMSF better for investing in commercial property, and leasing it back to yourself, than an investment trust? Many people ask us how is it that they can stop paying somebody else for their lease. A lease is a big expense, and they want to somehow cash in on that money, or […]

The post #Accounting Answers: How Can I Buy a Commercial Property? appeared first on Inspire CA.

Accounting Answers: So remember young family, small business equals family trust or discretionary trust as the ideal structure for 9 times out of 10. If you don’t understand how your structure works, or you don’t feel you’re in the right structure we absolutely need to talk, but let me give you a really cool example about how you […]

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Before you can decide about the best way to pay yourself for your hard work in your business, you need to understand about structures. 9 times out of 10, if you’re a young family in a small business, your ideal structure is a company and a discretionary trust. Another name for discretionary trusts are family […]

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The Power of Building an Empire Using Social Media Many Business owners tell us that GROWTH is amongst the top items on their agenda for 2016. To grow you need more customers. More customers means more sales. Before Sales you need Marketing. You probably dabble in Social Media. But not many of us generate tonnes of leads from Facebook. So […]

The post 5 of the Most Powerful & Under-utilised Facebook Strategies (Brett Campbell) appeared first on Inspire CA.

Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Book Review: What the All Blacks can teach us about the business of life. At this level, sport – like business and life – is a mind […]

The post Book Review: Legacy – What the All Blacks can teach us about the business of life. appeared first on Inspire CA.

SMSF Myths Busted! Self managed super fund Is a Self Managed Super Fund (SMSF) right for you? Already have a SMSF, but want to make it work harder for you? Over 900,000 Australians run their own SMSF. But the news media is in a frenzy at the moment about SMSF’s and property investments. We understand that SMSF’s don’t suit […]

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The Four Hour Work Week Escape the 9-5, Live Anywhere and Join the New Rich. Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. The Four Hour Work Week or 4HWW is a very […]

The post Book Review: The Four Hour Work Week – Escape the 9-5, Live Anywhere and Join the New Rich. appeared first on Inspire CA.

8 ways to know if you can afford to hire your next employee – Part 2 of 2 The opportunities for growth in your business will come in ebbs and flows, like waves. Hire too early and you’re a sitting duck waiting for an opportunity off in the distant horizon. Hire too late and you’re playing catch […]

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Is donating to charity tax deductible? There’s three rules at play: Is it more than two dollars? Are they a DGR? You want to ask the provider that. Are you a profitable business? Now, why three is important is because of the ATO. If you are in loss, they’re going to give you the benefit […]

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We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to keep going. Entrepreneurs of Brisbane is where we […]

The post Famous Fashion Blogger opens Fashion Boutique appeared first on Inspire CA.

Many Business owners tell us that GROWTH is amongst the top items on their agenda for 2016. To grow you need more customers. More customers means more sales. Before Sales you need Marketing. You probably dabble in Social Media. But not many of us generate tonnes of leads from Facebook. So to help out, we’ve brought in an expert with […]

The post If 10x Business Growth is on the 2016 agenda, read this today. appeared first on Inspire CA.

Can’t afford to hire your next employee? It’s an age-old dilemma for small business owners: You need help to grow your business, but you can’t afford to hire anyone. This common situation is a catch-22 that has driven many an entrepreneur into early burnout, if not an early grave. There is an answer to the […]

The post 8 ways to know if you can afford to hire your next employee – Part 1 appeared first on Inspire CA.

[su_youtube url=”https://www.youtube.com/watch?v=EcaGg10f5pk” width=”640″ height=”360″] How much GST can I claim on a new car? When it comes to claiming GST on a car (Goods & Services Tax), it’s very similar to claiming GST on any other business expense. You can only claim the GST to the percentage that it relates to earning an income in your business. So […]

The post #AccountingAnswers – Claiming GST on a new car appeared first on Inspire CA.

We believe that every business owner has an inspiring story to tell. A story of how they began. A story of how they overcame the odds. A story of what drives them. A story of when they had a breakthrough. A story of who inspires them to keep going. Entrepreneurs of Brisbane is where we […]

The post Collaboration queen makes career out of passion appeared first on Inspire CA.

Do Cool Sh*t: Quit your day job. Start your own business. Live happily ever after. by Miki Agrawal. Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. I believe everyone wants to do cool […]

The post [Book Review] Do Cool Sh*t: Quit your day job. Start your own business. Live happily ever after. appeared first on Inspire CA.

Book Review: Daring and Disruptive: Unleashing the Entrepreneur by Lisa Messenger . Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Morning all, Happy Monday The Entrepreneurial Grind hit me hard last week – in […]

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Give your Super a Boost! An alternative way of building up your retirement savings. While most of us will hopefully accumulate enough superannuation throughout our working lives to have a comfortable retirement, many of us simply won’t have the funds there to splurge on something nice every now and then. What if we could tell […]

The post Give your Super a Boost! Buy a commercial property (via SMSF) and rent it from yourself. appeared first on Inspire CA.

Build an Inspiring Book List with Harvee Pene (Partner & Business Advisor at Inspire CA) as he undertakes his 2016 Challenge: Read (implement & review) a Book a Week. Happy pre-Australia Day people’s. Turns out this book a week challenge isn’t so hard, once you get your momentum up! The key is in implementation, rather […]

The post Book Review: UNPROFESSIONAL by Jack Delosa – How a 26 year old university dropout became a self-made millionaire appeared first on Inspire CA.