Shooting for the Stars: Recent Episodes
Southern Cross Business Advisers
The team at SCBA are committed to Build and Protect our clients Financial Independence. Listen as we share our knowledge and learnings to educate and provide solutions that work!
No matter how big or small your business or individual brand is, if you don't have a trademark in place - or, more importantly, the right trademarks in place - you run the risk of either losing the ability to protect your brand and effectively market it (which can lead to significant loss of income), or - worse still - infringing on the legal rights of another business or individual (which can lead to even greater loss than just income!).
Louie chats with veteran trademark expert Binh Rey from Pointon Partners to highlight just how important and meaningful trademarks are, with real world examples to further point out what works and what can land you in hot water. Binh also provides her tips on how to make your trademarked brand memorable and stand out more to consumers, both current and potential.
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
While tax losses are never fun to incur, there is a bright side to them - they can be used to lower the tax payable on future profits. However, the ATO requires certain criteria to be met before a loss can be used.
In the case of companies, there are two tests they are subjected to in order to be able to offset prior year tax losses against future taxable income: the Continuity of Ownership Test, and the Similar Business Test.
Only one of the two tests needs to be passed, with the Similar Business Test only required if the company fails the Continuity of Ownership Test.
The Continuity of Ownership Test is pretty self-explanatory; however, the Similar Business Test is not so straightforward...
Louie is back in full voice and back with Senior Client Manager Nihit Mittal to help explain these two different tests, and what has to happen in order to pass each of them.
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Fighting off the effects of mild laryngitis, Louie is back to help our legends of the land, our fantastic farmers, learn more about the Australian Government's financial support program known as the Farm Household Allowance.
This allowance provides support to primary producers in times of financial hardship, no matter the cause of the hardship. Income and Assets test assessment do apply; however, further support is available through a Services Australia Case Officer and/or a Rural Financial Counseller.
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
A company tax structure is a very popular one, and can be the most appropriate for your own circumstances. However, unlike an individual, partnership, or trust tax structure, withdrawing funds from a company for personal use is not as straight forward, as tax legislation requires such withdrawals to be paid back to the company (subject to few exceptions).
Louie returns from a COVID-19/flu-forced absence last fortnight to provide some further clarity and understanding around the Division 7A requirements for companies, shareholders and their associates, with the assistance of detailed explanations from Assistant Commissioner/Chief Tax Counsel of the ATO's Tax Counsel Network Fiona Dillion (as part of the ATO's Division 7A series co-ordinated by Shailla Van Raad).
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Louie welcomes us into the new financial year by discussing the main changes taking effect from today:
- National Minimum Wage Increase
- Adult Minimum Award Wage Increase (for most Awards)
- Superannuation Guarantee Increase
- $450 monthly minimum ordinary earnings threshold removed for superannuation purposes
- Cessation of the Pandemic Leave Disaster Payment
- Low and Middle Income Tax Offset Increase
Happy New Financial Year!
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
After a short break, Louie returns to the studio by welcoming SCBA's Business Operations Consultant Adrian Mezzatesta to talk about all things Xero and how this "beautiful accounting software" can make a major difference to how clients manage their bookkeeping and accounting affairs.
Incorporating Xero into your business life is - as Adrian puts it - a "no-brainer".
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
The Victorian government, through Business Victoria and the Department of Jobs, Precincts and Regions, has opened up another round of the Small Business Digital Adaption Program. This program offers a rebate of up to $1,200 for eligible small businesses who take up a new subscription of an eligible product to assist with their transformation to a more digital operation.
Louie takes you through the main features of the program, which software providers have partnered with the Victorian government (including Xero), and also how to complete the application.
This round closes at 11:59pm on 18 July 2022 or until funds are exhausted (whichever happens first).
NOTE: Following this episode, the next episode of Shooting For The Stars will be released on Friday 3 June 2022 as opposed to Friday 27 May 2022.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Being involved in property investing is an exciting prospect, and one which can be extremely financially rewarding and life-changing. But it can also be a daunting prospect if you get into it without the right information, guidance and support.
Louie welcomes Clem De Rosa and Noel Costa back on the podcast to discuss the foundations of getting into the property game, and the importance of being "Investor Ready".
Be sure to get in touch with us about our SCBA Investor Ready Program - "Get yourself in financial shape in 90 days!"
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
We use advanced software every day, so why should safety and compliance be any different? Especially in the agricultural world?
SafeAg Systems keeps workplace health and safety top of mind for your whole company and brings safety management in line with your other software solutions.
Louie chats with SafeAg Systems' Business Development Manager Kirby Richmond-Davis to learn more about this ground-breaking and revolutionary software that has now expanded out of Australia to places such as New Zealand, the UK, the US and Canada.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
On the heels of the Coalition Government's handing down of the 2022-23 Federal Budget, Louie takes you through the key announcements and measures that affect individuals and businesses from a tax and financial perspective.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Heading into the 2022 tax planning season, the ATO have come out with a "curve ball from out of left field" (to use baseball vernacular) by drafting legislation targeting - or as many in the accounting profession have termed "attacking" - discretionary trust distributions to adult children, where the amount sits as an unpaid present entitlement and could be taxed at the highest tax rate of 47% irrespective of the child reporting it in their tax return and paying tax on it themselves!
Louie welcomes SCBA Senior Client Manager Nihit Mittal back on the podcast to discuss this game-changing legislation, as well as the changes also being proposed to unpaid present entitlements made to corporate (a.k.a. company) beneficiaries.
Certainly one not to be missed!
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Words cannot begin to describe the devasation and distress of the recent record flood events occurring in South East Queensland and in the Northern Rivers region of New South Wales. As individuals, families, businesses, community organisations and Local Government Area councils do their best to pull through and start to rebuild and recover, the Commonwealth Government - together with the Queensland and New South Wales State Governments - have announced financial support packages to help assist with (and try as best as possible to help fast-track) the rebuild and recovery in those affected LGAs.
Louie takes you through the key important announcements made at recent press conferences, and also gives you a high level overview of what each of the payments and grants are and the eligibility criteria for the federal funding (as well as the "likely" eligible criteria for the state funding).
NOTE: At the time of publication of this episode, no formal Guidelines have been made available for the state-based grant programs. Any references to Guidelines in this episode are in relation to equivalent grant programs made available in previous similar flood events in Queensland and New South Wales, and are not guaranteed to be the same for the upcoming grant programs.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Being able to manage your team is a fundamental aspect of running an employing business. But when a one-in-a-100-year event like COVID-19 is thrown into the mix, it becomes even more than that - it becomes paramount.
Louie welcomes SCBA Managing Director Noel Costa back to discuss the key statistics around employee satisfaction and needs while working under COVID-19 conditions, and how businesses can continue to not only navigate their way through the pandemic, but also build on the lessons learned and adopted for sustained success in team management and development post-COVID.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
After a delayed start to 2022 due to falling ill to COVID-19 in January, Louie is back to bring more invaluable content to our clients, subscribers and other listeners alike.
On this episode, Louie has the utmost pleasure of talking with the Owner/Director of the Global Training Institute, Anne Botting, about the Commonwealth Government's current 50% wage subsidy (up to $28,000). This subsidy is targeted at fast-tracking Australia's economic recovery by encouraging businesses to take on new apprentices and trainees, with some limited ability to allow existing employees to benefit also.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
For our final episode of 2021, Louie speaks with Southern Cross Property Advisers Property Projects Specialist and Licensed Estate Agent Clem De Rosa about how the property market fared overall in 2021 around Australia (with specific focus on Mildura). Louie and Clem also discuss the future of apartments, and predict whether 2022 will see the bubble get bigger or - as some media outlets are speculating - burst.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
From 1 November 2021, all company directors (including directors of corporate trustees) are now required to hold a Director Identification Number issued by the Australian Taxation Office, via the Australian Business Registry Services. This is a new mandate introduced by the Australian Commonwealth Government to help prevent the use of false or fraudulent director identities.
Louie takes you through how to apply for a Director ID (via myGovID, via phone and via post), with help from the online ATO TV explanations provided by the Deputy Registrar of the ABRS, Michelle Crosby.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
From 1 November 2021, whenever an employer/business hires a new employee (or engages with a contractor who is subject to employer superannuation based on the nature of the work performed). there is an extra step required in determining the relevant super fund for the employee/contractor should they not provide the employer/business with a completed Superannuation Choice Form stating the super fund they wish for their contributions to go into. No longer can the employer/business automatically select their default fund - they now need to find out from the Australian Taxation Office to see what "stapled" super fund is attributable to that employee/contractor.
Louie looks into the concept of stapled super funds, and shares insights from the ATO's "Your Future, Your Super" Project Director Katie Constance to assist employers/businesses with meeting this new super obligation.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
With so many state-based grant programs announced across all states and territories in Australia to assist and support businesses throughout the COVID-19 pandemic, now that there appears to be a glimmer of light of "normality" at the end of the tunnel the question now turns to: will there be any tax to pay on these grants? Well, the answer is not universal; that is, some of these grants are tax-free, while others are still subject to income tax.
Louie takes you through the legislation that provides for the tax-free status of certain COVID-19 business grants, and gives his best explanation as to the belief of why other grants that were for the same purpose are not tax-free.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Due to major announcements occurring just before this episode was due to be published regarding changes to both New South Wales and Victoria's COVID-19 business support programs, the scheduled "Managing People Through COVID-19" episode has been postponed.
In this episode, Louie takes you through the specific changes to NSW's JobSaver and Micro-Business grant payments lasting until the end of November, as well as the specific changes to VIC's Business Cost Assistance Program and Licensed Hospitality Venue Fund payments lasting until mid-November. Louie also addresses the largely unadvertised NSW Accommodation Support Grant, the one-off VIC Business Costs Assistance Program payment for the construction industry, and the extra $600million allocated to the VIC Small Business COVID Hardship Fund to help push through the backlog of unprocessed applications.
Finally, Louie touches on the major changes to the Commonwealth's COVID-19 Disaster Payment for each state and territory as they close in on the targets set out by the National Plan.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Steering away from COVID-19 for the moment, Louie takes you back to an excerpt from the episode "Managing People" where SCBA Managing Director Noel Costa discusses the four behavioural traits that make up the DISC Profile - Dominance, Influence, Steadiness and Conscientiousness - and how much of a powerful tool it is in assisting with the management of people in the workplace.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Just as it seemed there wasn't anymore COVID-19 financial support for businesses being announced, Victoria extended its lockdown well into September. As a result, the Minister for Industry Support & Recovery Martin Pakula once again fronted the media this past Saturday with even more funding from State Treasurer Tim Pallas and Federal Treasurer Josh Frydenberg, beefing up the amounts of the current Victorian business support grants - including a MAJOR boost to the Small Business COVID Hardship Fund.
Join Louie as he covers these updated amounts and recaps the full application process for the Small Business COVID Harship Fund, which is scheduled to close to new applications at 11:59pm on Friday 10 September 2021 (subject to any extension announcements still to be confirmed). Louie also touches on what will happen if Regional Victoria (sans Greater Shepparton) comes out of lockdown later this week and if businesses will still receive funding.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
While the main focus has been on New South Wales and Victoria with regards to business grant funding, it would be remiss to ignore the other Australian states and territories who also each have support measures for their own businesses that have been impacted by their own separate lockdown restrictions in recent months.
And despite Tasmania being the only state to have never gone back into lockdown since the very first lockdown that the entire country was simultaneously in, their businesses have still been impacted by ongoing lockdowns on the Australian mainland that have caused the Apple Isle to impose strict border restrictions, wreaking havoc on their tourism and importing/exporting industries.
Louie returns from a week's rest to give you the run down on all the main grants available in South Australia, Queensland, Western Australia, the Northern Territory, the Australian Capital Territory and Tasmania. Louie also looks at the latest grant updates in New South Wales and Victoria, and goes further into detail on the recently increased Victorian Small Business COVID Hardship Fund grant.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Greater Melbourne's "second wave" lockdown from 8 July 2020 to 27 October 2020 is still regarded as one of - if not the - toughest in the world in terms of restrictions. However, the current Greater Sydney lockdown is giving it a run for its money. Speaking of giving money, that's what both the New South Wales and Commonwealth Governments are doing in the form of unique business support for affected NSW businesses across not only the Greater Sydney area, but the entire state.
Louie is back to go through the main measures of support on offer - the COVID-19 Business Grant, the JobSaver Scheme, and the Microbusiness Grant. He also takes you through the application process for each of them via the Service NSW website.
And finally, Louie also has the OFFICIAL word on the LEGAL tax status of the COVID-19 Disaster Payment.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
It's fair to say that Victoria has become the unwanted "Lockdown Leader" of Australia after entering a further TWO snap COVID-19 lockdowns in both mid July and early August to go with FOUR previous lockdowns (including the 112-day "second wave" hard lockdown endured over much of winter and spring in 2020). And it's even more fair to say that Victorian businesses have been battered from pillar to post even when the stay-at-home orders have been lifted, due to persistent restrictions and customer density limits damaging their revenue earning potential.
As a result, both the Victorian and Commonwealth Governments have teamed up to deliver a STACK of financial support for Victorian businesses to not only get through lockdown, but to be sustainable beyond lockdown as well.
Louie has dissected all of the press conferences and published information in order to take you through all you need to know regarding the latest rounds of funding that have been announced, including how to apply for the Business Costs Assistance Program Round Two July Extension step-by-step.
Louie also provides key updates on the COVID-19 Disaster Payment, including a vitally important update on the tax implications of this financial support.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
With over 14 million Australians subjected to the latest COVID-19 Delta Variant lockdowns in Greater Sydney and the whole states of Victoria and South Australia, the Commonwealth Government has teamed up with the relevant State Governments to provide an alternative to 2020's Jobkeeper payment in the form of the COVID-19 Disaster Payment.
Louie takes you through this payment in more detail, including the eligibility criteria and how long these payments are available for. Louie also touches on the other forms of financial assistance provided to individuals subject to isolation/quarantine - the COVID-19 Test Isolation Payments applicable in Victoria and South Australia, and the nationwide Pandemic Leave Disaster Payment.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
A new financial year brings about new opportunities to not only minimise your tax, but also maximise your wealth. Investing in real estate has always been a very popular way to build wealth, but without being equipped with the right education and understanding of what is actually involved, it can cause more harm than good.
Louie chats with Clem and Noel to learn how the "SCPA" concept came about, why it fits within the overall SCBA service structure, what the "PRESI" model is all about (Profile, Risk, Education, Strategy, Invest), and - most importantly - why you should consult with us when undertaking your property investment journey.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Louie chats with SCBA Director Noel Costa about the importance of ensuring that your business' most important investment - your human capital - is managed in the best possible way to achieve what Noel likes to call "premiership success".
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
Federal Treasurer Josh Frydenberg has handed down the latest budget, claiming that "Australia is back!" And with proposed extensions of personal tax cuts and small business incentives, it is a statement with merit.
Listen in as Louie dissects and further details the key tax and superannuation related measures from the budget and what they will mean for individuals, businesses and retirees.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
The 2021 tax planning season is in full swing, and given the major impact of COVID-19 it is more important than ever to have not just your tax affairs in order before 30 June, but all other areas of business and finance as well.
Listen in as Louie & Nihit discuss the importance of tax planning and reviewing other matters such as cash flow position, entity structures and succession planning.
Contact us:
E: admin@scba.com.au
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.