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. The post Taking Money Out Of A Company Vs A Trust appeared first on Inspire CA – Family Small Business Accountants Brisbane.
On a recent webinar, one of our attendees has asked, “Please define the term ‘franked dividend” Here’s our answer – The post What Is A Franked Dividend? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
A webinar attendee has said, “In the future, the personal income tax rate will reduce for most people to around 30%.” The post When Is A Bucket Company Worth It? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
One of the short term solutions is, a lot of clients put their excess cash in their offset account to reduce the interest on their home loan. The post Short Term Solutions For Division 7A appeared first on Inspire CA – Family Small Business Accountants Brisbane.
Option 1: Pay minimum repayments on unsecured loan The post Medium Term Solutions For Division 7A appeared first on Inspire CA – Family Small Business Accountants Brisbane.
It was introduced in 1997 and it applies to loans after the introduction date. The post 5 Rules For Division 7A Loans appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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?” The post How Does An Offset Account Work? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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. The post Long Term Solutions For Division 7A appeared first on Inspire CA – Family Small Business Accountants Brisbane.
LRBA is an acronym for Limited Recourse Borrowing Arrangement. The post What Are Your Lending Options Inside Super? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
Step 1. Preapproval The first step is to get preapproval or some idea that you can buy what you are looking to buy. If it’s Inside Super, you don’t necessarily need your SMSF set up – you could be looking but not have an SMSF. Whilst Outside Super is more simple than a home loan […]
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. The post 4 Business Structures Explained appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 […]
BAS is an actual acronym for Bas And Super. BASes and superannuation are paid quarterly for GST purposes for most businesses. The post What Is A BAS Bank Account? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
At Inspire, we report our magic number every single day. We have a team daily huddle and a target for the week. Obviously, not everyone is involved in sales but we share our numbers at our morning meeting so that everyone is aware of how we‘re tracking and it gives absolute clarity and focus for […]
If you’re the main person running the income and you have no other salary or income from other sources, here’s a guideline: The post Tips To Pay Yourself From A Trust appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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. Over the accounting firm, it wasn’t making massive amounts of profits, because it was the first few years of the accounting firm and it […]
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. The post The 4 Bank Accounts Every Business Needs appeared first on Inspire CA – Family Small Business Accountants […]
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. The post Why You Need A Rainy Day Fund appeared first on Inspire CA – Family Small […]
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 […]
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. The post How To Save Tax & Boost Your Super appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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. They make a healthy profit which a lot of business owners don’t budget for, and any debt repayments that they’ve […]
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. […]
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. The post […]
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. The post 4 Categories Of Risks To A Business appeared first on […]
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 […]
How you tell someone has a company in their structure, is the letters “Pty Ltd” at the end of the name. For instance, our own structure is Inspire Accountants Pty Ltd. So we’ve got a company within our own structure. The post The Pty Ltd Business Structure Explained appeared first on Inspire CA – Family […]
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. The post Draw Vs. Loan – What’s The Difference? appeared first on […]
What is the highest rate of tax you can pay as an individual or a sole trader in Australia? The post The Cons Of Being A Sole Trader appeared first on Inspire CA – Family Small Business Accountants Brisbane.
Trust is not a legal requirement like the Pty. Ltd. in a company. The post 3 Characteristics Of A Trust appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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. The post Are You Running A High-Risk Business? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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. The post Can A New Business Sponsor A […]
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 pay […]
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? The post How To Pull Money Out Of A Company […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ Here’s what he said – We have conversations with a number of banks to understand their appetites The post Should You Apply To Multiple Banks For Funding? appeared first on Inspire CA – Family […]
We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’ Here’s what she said – 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 […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar and we asked the question, “Will the banks loan 100% of the purchase price? Or do they still look for that particular?” Here’s what he said – In general, a bank won’t go to 100%. However, if you had security outside of […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ Here’s what he said – 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. The […]
We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’ Here’s what she said – 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 […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ Here’s what he said – We see a lot of business acquisitions where the vendor was quite happy to provide some finance to the buyer on that business. It is accepted by the banks, […]
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 – 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 […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ We asked him this question – 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, and let’s say a […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ Here’s what he said – 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. The […]
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 – The options under temporary visas would be the 482 TSS Sponsorship Visa, which is the old 457. The post 5 Types Of Employer Sponsored Visas appeared […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ Here’s what he said – 6 months trading is not a huge amount from a bank’s point of view, but certainly you would need information up to date and a very comprehensive and rigorous […]
We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’ Here’s what she said – The reason for non-payment and slow payment, is a lack of provision in your client agreement when they don’t pay on time. You have the right to charge […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ We asked him if he had any insights into the two main purchase structures. Here’s what he said – In regards to the shares in the business, if you are buying shares in the […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ Here’s what he said – 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 […]
We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’ Here’s what she said – 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 […]
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ Here’s what we said – The post The 4 C’s Of Funding appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – The post How Border Closures Affect Workforce Participation appeared first on Inspire CA – Family Small Business Accountants Brisbane.
We recently invited Scott McGregor, Commercial Broker at Mortar Finance to a webinar on the topic, ‘Funding Your Next Business Acquisition.’ And we were asked, “Can you provide some insight around time frames? How long do the transactions take?” Here’s our answer – The post Time Frames For Funding Transactions appeared first on Inspire CA […]
We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’ Here’s what he said – The post The Importance Of Protecting IP appeared first on Inspire CA – Family Small Business Accountants Brisbane.
On our recent webinar with Scott McGregor – Commercial Broker at Mortar Finance, we were asked, “Is there a key element of a business plan that banks put emphasis on?” Here’s our answer – The post What Do Bankers Look For In A Business Plan? appeared first on Inspire CA – Family Small Business Accountants […]
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 – The post What Is A Visa? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
We recently invited Scott McGregor, Commercial Broker at Mortar Finance on a webinar on the topic, ‘Funding your next business acquisition.’ Here’s what he said – The post How Banks Determine Capacity For Funding appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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. For instance in Queensland, if you were to buy a business/asset sale or purchase, you pay stamp duty on that but New South Wales has a zero stamp […]
The interesting update is we’ve actually hit almost $4.3 million. We’ve more than doubled our target and our team is stoked and clearly we set the bar or the target too low and so good that we’ve been able to save our client base over $4 million. The post An Update On Our Big Hairy […]
We recently invited Joanna Oakey, director of Aspect Legal on a webinar on the topic ‘Acquiring A Business.’ Here’s what she said – The post What Is The Fortify Methodology? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
We recently invited Joanna Oakey, director of Aspect Legal on a webinar on the topic ‘Acquiring A Business.’ Here’s what she said – The post Most Lawyers Won’t Talk About This appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
We recently invited Joanna Oakey, director of Aspect Legal on a webinar on the topic ‘Acquiring A Business’ and we had a question come through, ‘how to fund an acquisition?’ Here’s what she said – The post How To Fund An Acquisition appeared first on Inspire CA – Family Small Business Accountants Brisbane.
In a recent webinar, we invited Dr David Dugan from Abundance global on the topic ‘How to Navigate in 2021.’ Here’s what he said – The post The Problem With Your BHAG appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
“Are the 4 C’s the way a lender would value a business? Or is there another way?” The post Creditworthiness Vs. Business Value appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
On the recent webinar, we were asked “Is that period of exclusivity, a bit like a property contract?” The post How To Approach Exclusivity In Acquisitions appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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. Banks are going to want to know that the owners of the business have got some skin in the game. An industry term is […]
“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. You need to know what season we are in. Economically, you’ve got it wrong. There are only one or two people that actually get it right. Where are we right now? We’ve had a downturn and uptick. There’s a growth wave and this is […]
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 – Family Small Business Accountants Brisbane.
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 […]
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 post What Are The New Criteria For Loss Carryback? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
What are you trying to do? Let’s get a strategy of how you’re getting this. The post The Acquisition Process – Deal Flow appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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: The post What You Need To Know About Car Allowances appeared first on Inspire CA – Family Small Business Accountants Brisbane.
Are there three ways to play the game? The post The 3 Ways To Play The Game Of Business appeared first on Inspire CA – Family Small Business Accountants Brisbane.
In a recent webinar, we were asked the questions, “Must the distribution money need to be paid to the Bucket Company? If yes, when?” The post How Does A Bucket Company Work? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 […]
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 […]
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 […]
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 – Family Small Business Accountants Brisbane.
My recommendation is you use some sort of app to track your logbook for ATO reporting purposes. Inspire’s app – which can be found on the app store (link in the bio) actually has a log book feature that can also track GPS and do kilometre tracking for you. The post What Should […]
Business owners shouldn’t DIY their own bookkeeping. Similarly, I’m not the best person to go and rewire my house for electricity or the wires. I’m probably going to end up killing myself if I was to do that, or harm my family, or the house would burn down at some stage. The post Why […]
Lets talk about the tax impact of COVID stimulus measures. The post Let’s Talk About The Tax Impact Of Covid Stimulus Measures appeared first on Inspire CA – Family Small Business Accountants Brisbane.
I was speaking with a business owner recently and we’d had discussions around prepping for exit over a few months, and I’d just mentioned acquisition, and he’d been thinking about it anyway. So last week, he spoke to me and he said, “Do you know what? I’ve decided to put on hold exit for […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
The post The Wrong Business Structure Will Eat Into Your Profits (Sharon Cliffe Podcast) appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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. Don’t put any more work into it. Don’t say: “I need to get the web page right” or, “I need to have […]
One of the announcements in the most recent federal budget was the downsizer contribution. For context, let’s say you’ve got parents whose kids have left the nest, they don’t need the five-bedroom house anymore – they want to get into maybe a two or three-bedroom house or apartment. In the process of selling the […]
“Can a couple sell their 10-year-plus home into their SMSF?” So the answer to that is: I wish we could, but you can only transfer assets that you own outside of super into an SMSF if they’re market-listed shares or commercial real property. So unfortunately we cannot sell a residential property into your SMSF. […]
Salaries paid to business owners is actually a really common thing we see done, which is totally fine. When you run a company or a trust, one of the ways to get money out of either of those structures is to actually pay a salary to the business owners. Some of the pitfalls, or […]
LMITO stands for Low to Middle Income Tax Offset. You might’ve heard of this last year – It was supposed to end on 30th of June 2021. So essentially, if you’re a low to middle income earner, you can get a maximum of $1,080 off that tax offset. Tax offsets are super powerful – […]
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 Tax Tip: Pay Employee Super Early appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
What we’re seeing at the moment is times are increasing with our lenders. There’s an issue due to COVID, where the financiers sent home all the staff. So where staff were typically in the office all day long working together, they’re now working from home. So as a lot of businesses experienced, it created […]
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. Just as a reminder for what this one is – if you use a company structure and you’ve been profitable (which I hope many […]
This was announced before the Federal Budget. Essentially, there’s some exciting news about super contribution limits. Prior to 1st of July, 2021 (this finance year we’re in), you can contribute $25,000 maximum concessional contribution, which is tax deductible – that’s pre-tax money into super fund. The post Federal Budget: Super Limits Are Changing appeared […]
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. So what we want to see with this tax tip […]
Couples or as a household who earn over $189,000 combined receive a childcare rebate of $10,560 per child. This is relatively easy to do when you’ve got a profitable business, and you might be distributing $100,000 each, you’re already over that limit. The good news is the cap per child is now removed. The […]
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 – Family Small Business Accountants Brisbane.
This tax tip is about establishing a SMSF, or self-managed super fund. I’m not going to give you advice whether you should do this from a personal perspective, but I’ll just outline some tax saving tips that you can actually do if you have a self-managed super fund. The post Tax Tip: Establish An […]
In terms of setting your businesses Rainy Day Number – anything is better than nothing. But if I was to give any business a target, it is three months worth of expenses to run your business. That means that if you couldn’t sell anything for three months, you could pay all of your expenses […]
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) – so just over 36% which I’m blown away with. We’ve still got more work to do and it’s not […]
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 – what this tax tip suggests is that if you need some repairs or maintenance done on something, if you get them […]
As an individual, the tax rates have actually changed from 2021 Financial Year versus the year beforehand. But with individuals, the more money that you earn, the more tax you pay as a percent. Here’s the income threshold breakdown for individuals: The post 2021 Tax Rates For Individuals Vs. Companies appeared first on Inspire […]
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 […]
I’m not suggesting you have 30 accounts for your business, but there’s a couple of main ones that we want you to have, and these are; The post The 4 Savings Accounts Every Entrepreneur Should Have appeared first on Inspire CA – Family Small Business Accountants Brisbane.
Our tax planning season is between March and June every single year, and this involves every single client. Now, the reason why we enforce that is because it’s so critical – It’s just such a no-brainer part of working with a client, that we need to do this with you. There’s plenty of other […]
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 […]
Some practical little nuggets that you could pull the trigger on to improve your cash flow days is to keep less stock on hand – but don’t be doing it so you can’t deliver to your customers, don’t go so low. If you’re a service business, it could be invoicing earlier; don’t wait four months […]
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 answer is an indication of the risk in your business. So, you get a higher business multiple if you’re a lower-risk industry or business, or you’ve got systems in […]
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 answer is an indication of the risk in your business. So, you get a higher business multiple if you’re a lower-risk industry or business, or you’ve got systems in […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 […]
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 […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
A ‘magic number’ is our term for how much money you need to hit in sales each week, or each day. For example, let’s say you’re running a hair salon, you might want your team to work towards a daily target because you’re a high-transaction business and you really need to keep an eye […]
When comparing Business vs Capital developments, It’s not black and white when it comes to legislation. There’s a lot of case law that supports arguments either way. Unfortunately, you get a worse tax outcome with business – but that’s what’s going to be most developers. Most property developers are going to be seen as […]
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. We typically see this when clients go direct to offshore bookkeepers – […]
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. The post Watch This If You’re Afraid Of Doing Your Taxes appeared first on Inspire CA – Family Small Business […]
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 – Family […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
The way you fund a development varies from client to client. The easiest of it all would be if a client is self-funded. However, because of the cost of land and construction on top of that, usually someone needs funding from a bank or (and what we’ve seen recently is) using the help of […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants […]
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? […]
For: 4 January to 28 March 2021 The post Update on JobKeeper 2.2 (JobKeeper 2.0, extension 2) appeared first on Inspire CA – Family Small Business Accountants Brisbane.
JobMaker Hiring Credit claim has started this month and the aim of this program is to incentivise businesses to hire young job seekers. So if you hired a new employee recently or thinking of hiring a new employee, you could be eligible. Please check your eligibility below: The post Hired a new employee since 7 […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
Usually as business owners, we’ll just pour hours and hours into our business and we’ll work big days. Often we’ll find the whole reason why we went into business, which was to give more freedom to our family, is flipped and it ends up working against us. The post Do You Take 12 […]
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 […]
Our Chief Experience Officer, Roze, reckons that about 80% of her role is spent in marketing. Keep in mind that she also does the event side of things, and also the partnerships – which includes keeping in touch with our key partners and referral partners at Inspire – so that’s her two other roles. […]
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 […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
Quick reminder about JobKeeper for the month of December – we actually get three fortnights for the month of December, and the third one actually finishes on the 4th of January. So if you are eligible for the first extension of JobKeeper 2.0, our last month is to claim for this December – you can […]
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 – Family Small Business Accountants Brisbane.
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. Xero makes this quite easy for us to do – It also allows you to know what your sales target needs to be to make sure you pay all […]
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 – Family […]
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 – Family Small Business Accountants Brisbane.
I was recently on a webinar with Roze Ferrer – Head of Marketing at Inspire – Life Changing Accountants and she revealed our daily content planning system. Here’s what she said – The post Our Daily Content Planning System Revealed appeared first on Inspire CA – Family Small Business Accountants Brisbane.
This is usually called “Trauma Insurance”. “Critical Illness Insurance” is another one that some of the insurers use – It’s basically heart problems, heart attacks, stroke, and all sorts of varieties of cancers. But we’ve had clients who went down to their skin clinic, got a melanoma removed, met the conditions of a payout […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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. I think we’ve had some high highs and some low lows – I don’t think anyone’s been exempt from both of those things this year. The post […]
This is an example of the power of compound returns. The post The Power of Compound Returns appeared first on Inspire CA – Family Small Business Accountants Brisbane.
In terms of investment, I’ve learned about and looked into a whole heap of different things from Bitcoin to silver bars – and different clients like different things. I’ve worked with a whole range of different tastes: shares, managed funds, index funds, property, commercial property, all sorts of different stuff. It can be super […]
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. What they’ve encouraged is more spending, especially for businesses. The post A Quick Overview Of The […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
There are two ways to pass assets on to beneficiaries: Lawyers call this the “I love you” way, where you pass assets directly to the person – so someone dies and it goes straight to that person under the will (I don’t know why they call it that). The post The 2 Ways To […]
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 […]
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, and reception desks that are built out of the ground, that sort of thing) unfortunately we’ve got to claim them over forty years because they’re fittings, rather than things […]
The answer to that is: Yes. The post Can You Access Part Of Your Super for Short Term Business Cashflow? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
Investing in private companies – there’s a few different layers here. Let’s put our ‘angel investor’ hat on. Let’s say we’re the sharks off ‘Shark Tank’ and we’ve got people asking to invest in their business for 5, 10, or 20% holdings. You can actually be an angel investor with your SMSF. […]
If you’re a member, drawing a pension is only possible where you’ve met preservation age. Now there are so many rules around this, but preservation age depends on when you were born. The post Can You Only Withdraw Profit From SMSF After You Turn 60? appeared first on Inspire CA – Family Small […]
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”. But if you’ve read “Barefoot Investor” it’s a similar sort […]
The general rule is that you can actually loan money with your SMSF. This means a loan to another person is considered an investment. What you need to do is make sure you’re charging an appropriate interest rate, appropriate term and the appropriate security for that loan as well. The post The Rules For Lending […]
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 – Family Small Business Accountants Brisbane.
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 – […]
A bit of a warning to people who are considering setting up an SMSF. The “SM” in “SMSF” stands for “self-managed”. So you actually have to be actively engaged in making decisions about what you invest in, about doing the documentation and the compliance side of things, and making sure you’re doing the steps needed […]
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 – Family Small Business Accountants Brisbane.
The post Can I contribute more money to my SMSF than my $25,000 annual contribution? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 […]
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 – Family Small Business Accountants Brisbane.
Eligibility Criteria: The post Which Employees Are Eligible For the JobMaker Hiring Credit? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
Tax Free Capital Gains Tax or CGT Let’s say you run a business and you want to buy the premises. The premises is worth $1,000,000. You’re 40 years old. You might fund that mostly from the bank, around $600,000, $700,000 and the rest from your SMSF. Over the next 20 years through to retirement, you […]
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 […]
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 – Family Small Business Accountants Brisbane.
How the Tax Loss “Carry Back” Can Benefit You If your business is making losses now because of COVID and if you’re structured as a company, then you can actually offset your 2020, 2021 or 2022 financial year. The post How the Tax Loss “Carry Back” Can Benefit You 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 […]
Employer eligibility key criteria: You need to be up to date with tax lodgements. You can’t have any overdue or outstanding tax returns. The post Is Your Company Eligible For Up To $200/wk/employee JobMaker Hiring Credit? appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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. […]
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
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 – Family Small Business Accountants Brisbane.
The post Why You Need Separate Bank Accounts For Your Personal And Business Finance appeared first on Inspire CA – Family Small Business Accountants Brisbane.
I was on a recent webinar, with Employment Law Specialist, Danny King (Danny King Legal) She spoke about the concerning statistics JobKeeper could be masking for your business. The post Are JobKeeper Contributions masking concerning statistics in your business appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 – […]
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%. We’re better off sending money to a bucket company after the $90,000 mark. However, we don’t want to rush straight to a […]
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 – […]
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 – Family Small Business Accountants Brisbane.
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 […]
“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 – Family Small Business Accountants Brisbane.
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 […]
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 – Family Small Business Accountants Brisbane.
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. […]
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 – Family Small Business Accountants Brisbane.
On the 21st of July, the federal government announced the extension of the JobKeeper Programme – they’re calling this JobKeeper 2.0. Here are a few changes that are happening – The post <div>JobKeeper 2.0 – What’s changed?</div> appeared first on Inspire CA – Family Small Business Accountants Brisbane.
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 […]
One of the changes with JobKeeper 2.0 is the employee eligibility date. In the original JobKeeper package, an employee, either full time or part time, needed to be employed before the 1st of March 2020. Now, if they were casual, they needed to have been working for that business for at least 12 months […]
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 – Family Small Business Accountants Brisbane.
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. Here’s what he said – The post Simple Tweaks To Your Business Can Have A Massive Financial Impact appeared first on Inspire CA – Family Small Business Accountants […]
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 […]
Don’t pay tax on money you haven’t received yet. This is applicable more so for service-based businesses where you’re primarily providing a service. You can choose to pay tax on what they call the receipts based method of your sales, rather than an accruals basis which is when you raise the invoice. So […]
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 – Family Small Business Accountants Brisbane.
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 […]
JobKeeper: Do I need to pay employees first, to be eligible? The answer is absolutely. The JobKeeper payment is a reimbursement from the ATO for wages that you’ve paid in the month previous. The first JobKeeper fortnight commenced on Monday, 30th of March 2020 and ended on Sunday, 12th of April […]
“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 answer is, yes. In another video, we talked about the requirement to pay the employees first, before you receive the reimbursement. This includes employees who […]
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 April to make sure you’ll be paid when the ATO makes the payments […]
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 … >> […]
Curious as to exactly how the Inspire CA business is performing? We’d like to share with you the story that our numbers tell. WHY? 1 – We couldn’t have made this impact without you. So THANK YOU! 2 – We are growing with you. Young Families, Small Businesses, – Achieving Big Goals. It’s not just […]
Understanding your working capital timeline allows you to control it. Understanding how cash flows to and through your business is the first step on taming the beast and setting yourself up to win. Download your free working capital timeline infographic
How does $34,000 TAXED SAVED sound? Have you ever wondered whether or not you’re in the right business structure? Or if you have no idea why you’re set up the way you are? To clear up the mist surrounding business structures, we’ve put together a quick 20 min LIVE webinar that answers the most common […]
Check out this webinar and see how to: Improve your Christmas cashflow so you can Holiday in PEACE. With Christmas coming up, the wheels of business tends to slow as everyone winds down for the year. But the problem for you is, you still have expenses that don’t go on holidays! Here is a summary […]
This is a fairly technical article – but it is an important one. All too often, I see business structures slapped together with average advice from accountants. And one of the killers is just setting up a company, with individuals (usually the business owner / owners) as shareholders. It won’t hurt you now, but it will hurt you […]
Let’s Make it Your Best Year yet – Plan for Profit! Wouldn’t it be great to Plan well for 2016 now so you can spend more quality time with your family? How do the multi millionaires plan for profit for the next year so they can holiday in peace? Watch this webinar and find out: Here is […]
Welcome to the NEW YEAR!!! I just recently wrote an article about a baseball team using numbers to win. And in that same week, hearing a quote, I realised something about Michael Jordan’s career. Michael Jordan would make a great businessman. Oh, I would actually say he is a great businessman, second to basketball. Michael […]
And designing the dream lifestyle you want, with plenty of holidays and time to work ON the business! Hey, welcome back to 2016! Ever heard of the saying “the quality of one’s life is in direct proportion to the quality of the questions you ask of yourself”? I’m pretty sure it was that big motivational […]
Ever had a great idea for a business that was borne out of a frustration you faced? Ever wanted to take a 3 month Road trip around Australia? Ever tried one of those crappy frozen meals and wondered if there was anything better out there? (I know I have!) It was an absolute pleasure to […]
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. Harvee – The second I walked past the title, it was book love at first sight. “OVERSUBSCRIBED: How to get people lining up to do […]
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. This is a brilliant story about the commercial and creative forces that came together to create Pixar. You can download Creativity Inc here. Ironically Steve Jobs only […]
We recently attended a charity for Hummingbird House and while putting on my black tie, inquisitive 7 year old nephew asked “Uncle, what is Hummingbird House?” I said “Do you know what a Hospice is?” He said “Yeah it’s a sad place where old people go before they die.” To which I said “Well Hummingbird […]
A visual memoir of the Australia Day themed Inspiring Business Event on Jan 22, 2016 Welcome to our first Inspiring Business event of 2016! What started as a small group of like minded business owners getting together for after work drinks and a chat has turned into a Meet Up Movement with almost 500 […]
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 […]
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. 1st day back in 2016 and it was highly appropriate to ‘just’ finish this awesome book on the boat ride into the office this morning. This […]
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 Virgin Way How to listen, learn, laugh and lead This is one of the only books that have left me laughing out loud, usually in […]
A better, faster, easier way to succeed in business 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. Straight up, people around me would say I’m a pretty impatient man. So this is my kind […]
Collaborate with 5,000+ inspirational entrepreneurs on the same journey as you Running a small business can be hard. Being an entrepreneur can be lonely. Most fail. Yet every morning we get out of bed to realise our entrepreneurial dreams. To provide for our families. To be a business that exists for good. To be the one […]
Happy Birthday Inspire! Our own start up story, told for the first time. WOW it’s Inspire CA – Young Family Small Business 3rd Birthday today. For the first time, I’m going to share the cool story about how Ben Walker and I met (and way later came to be in business together) I helped start […]
Help! cashflow is killing me #AccountingAnswers: 3 tips to even out the ups and downs Fixing cashflow problems is like dealing with the pain of a toothache. Strong painkillers give immediate but temporary relief. A filling or root canal can remove the problem of pain. Improvement in Oral Health with prevent further decay. In this […]
[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 […]
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 – […]
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 […]
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 […]
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 […]
[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 […]
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 […]
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 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 […]
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 […]
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 […]
[su_youtube url=”https://youtu.be/kzI9gzHGrYs” width=”640″ height=”360″] 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 […]
?? 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 […]
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 that […]
#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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 your […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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! […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Congratulations to the #InspireFamily aka clients of 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 […]
“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 Salary […]
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 not over […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
Opportunities can’t tell the time 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 […]
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 […]
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 a tradesperson over at your […]
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 movie […]
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 […]
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 […]
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 […]
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 […]
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 MANY. […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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. […]
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 […]
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 […]
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 in […]
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 […]
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) […]
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 […]
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 to […]
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, […]
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 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 […]
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 […]
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 […]
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 […]
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) […]
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 […]
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 […]
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? […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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, do […]
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 […]
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 way, […]
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 […]
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 business […]
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 so […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
“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 […]
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 […]
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 […]
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. […]
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, an […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 you […]
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 us […]
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, […]
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. […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 bull […]
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 […]
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 […]
https://www.facebook.com/InspireCA/videos/1560554290644528/ “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%. […]
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 […]
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 first […]
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 […]
“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 or […]
“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 […]
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 […]
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 […]
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 […]
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 […]
“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. […]
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. […]
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 […]
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 […]
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 […]
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 we […]
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 […]
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 […]
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 […]