The Holistic Accountant

Send us Fan Mail In this episode, Mena and Stuart discuss what factors what a service entity is and when to use one including:  How service entities are structured  The benefits that service entities generate What types of businesses service entities suite                         Common service trust mistakes we see To find out more about our holistic accounting firm, ProSolution Private Clients,...

Send us Fan Mail Mena and Stuart discuss what factors you must consider when deciding whether to buy the property that you use to operate your business.  The first question to ask yourself How to own the property  Why commercial property is ‘risky’ at the moment Pros and cons of buying your business premises  If you would like us to cover a particular topic, please email us at 'advice at pros...

Send us Fan Mail Mena and Stuart discuss how state governments are targeting business to raise more payroll tax revenue including: What types of businesses are they targeting What is the government argument What action can businesses take to avoid this liability What other liabilities may arise If you would like us to cover a particular topic, please email us at 'advice at prosolution dot com...

Send us Fan Mail Mena and Stuart discuss the tax incentives resulting from self-employed people  buying electric vehicles in their businesses name including: Which vehicle that the incentives apply to What benefits are available?  If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'.  If this episode resonated with you, please leave...

Send us Fan Mail Mena and Stuart discuss what PAYG employee can do to minimise tax including:  The importance of focusing on maximising wealth after-tax – not just saving tax Negative gearing Margin lending Super contributions If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'.  If this episode resonated with you, please leave a r...

Send us Fan Mail This week, Mena and Stuart discuss the tax consequences of renting out your holiday home including:  How the ATO is targeting these arrangements Recording keeping and proof that the property is available for rent Importance of charging market level rent How to apportion tax-deductible expenses If you would like us to cover a particular topic, please email us at 'advice at pro...

Send us Fan Mail Stuart & Mena discuss the following considerations with respect to entertainment expenses:  The What, When, Why and Where factors Where is the event happening Type of food and drink being provided  Client gifts If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'.  If this episode resonated with you, please leav...

Send us Fan Mail This week, Mena and Stuart discuss:  Common strategy recommended by a lot of accountants, but it does it provide much tax savings? Stringent log book record keeping  Exception for utility vehicles  When to put a motor vehicle in your business name Borrowing capacity considerations and funding considerations  If you would like us to cover a particular topic, please email us at &apo...

Send us Fan Mail This week, Mena and Stuart discuss how to tell whether your accountant is doing a good job or not. We discuss:   The fact that fees tend to be either end of the spectrum I.e., too cheap or too expensive.   Some signs to look out for are:  Shares/units owned personally or operate as a sole trader   No distribution strategy i.e., large retained profits in business.  No discussion ab...

Send us Fan Mail This week, Mena and Stuart discuss:  What is blackhole expenditure Types of expenses included under blackhole expenses How to treat these types of expenses in your tax accounts. If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'.  If this episode resonated with you, please leave a rating on your favourite podcast...

Send us Fan Mail This week, Mena and Stuart discuss how to build a consulting/professional services businesses, including  Rule of One Third Expense management strategies  You can’t build a great business without a great team There's a 40% discretionary element – how to you motivate people to provide that effort. If this episode resonated with you, please leave a rating on your favourite podc...

Send us Fan Mail This week, Mena and Stuart discuss what costs are deductible when you buy an investment property including  How to treat all capital costs  Improvements made to the property prior to renting it to a tenant  Maintainance and improvements made post renting it to a tenant  Record keeping tips  If this episode resonated with you, please leave a rating on your favourite podcast platfor...

Send us Fan Mail This week Mena and Stuart discuss tips on how to manage your stock on hand to maximise your business’ profitability, including:  Why stock takes are important  Why to analysis your stock turn-over (by category and item) Measuring gross-profit by stock item – a small improvement can have a massive impact on profitability and cash flow  How to funding stock purchases.  If this episo...

Send us Fan Mail This week Mena and Stuart what you must know about trust distributions. Main points include:  Not presently entitled to income is taxed at 45%, so it’s best to make a distribution.  Trustee minutes must be completed prior to 30 June, so tax planning should be an ongoing process.  From here on in it is very likely that you must distribution the actual cash for any distributions oth...

Send us Fan Mail This week Mena and Stuart discuss how investment and taxation advice intersect using a real client as a case study. Main points include:  How we eliminated Div. 7A issues saving the client $30k p.a. in tax  Making sure we had a distribution strategy to avoid compliance issues (and this strategy was congruent with the client’s investment strategy)  Utilising losses and tax attribut...

Send us Fan Mail This week Mena and Stuart discuss the common factors that business owners should consider when deciding whether to pay themselves a salary including:   Payroll tax and work cover considerations   Easier to manage tax liabilities   Forced savings   Div 7A problem loans   Borrowing capacity   If this episode resonated with you, please leave a rating on your favourite podcast platfor...

Send us Fan Mail This week Mena and Stuart discuss some of the most popular apps that plug into Xero that help business owners optimise and streamline with business. We discuss:  Xero projects HubDoc/Dext - paperless payables Payment services such as Stripe to improve your debtors/cash flow  POS integrations.  If this episode resonated with you, please leave a rating on your favourite podcast plat...

Send us Fan Mail This week, Mena and I discuss rules in relation to the main residence CGT exemption. There aren’t many things that are tax free, so you should make the most of this exemption.  Difference between residing in the property when first purchased or renting after you initial purchase the property  Converting your property to a rental property – how can you still protect your main resid...

Send us Fan Mail This week, Mena and I discuss how to choose a bookkeeper, including:  When you should be doing your own bookkeeping? If your business as some complexity, look for experience in your industry Functions they should perform include bank reconciliations, payroll, BAS (if a BAS agent).  Knowledge of your accounting software (shouldn’t be using anything that isn’t cloud based). Ask your...

Send us Fan Mail This week, Mena and I discuss whether becoming self-employed helps you reduce the amount of income tax you pay. We discuss:   The Personal Services Income (PSI) rules and how they apply.  Flexibility to distribute business income to multiple people.  Minimising any eventual capital gain if/when you sell the property.   If this episode resonated with you, please leave a rating on y...

Send us Fan Mail This week, Mena and I discuss how franking credits (aka imputation credits) work and how integral they are when it comes to tax planning including:  ·      Their aim is to avoids double taxation.  ·      Provides you with a tax offset so it’s important to keep track of your Company’s franking account. ·      Sometimes paying tax sooner, so you can pay a franked dividend can reduce...

Send us Fan Mail Mena and I discuss how to:  ·      Maximise your interest tax deductions and ensure your loans are structured in a way that ensures the ATO cannot successfully challenge this deduction.  ·      Maximising general deductions.  ·      Is it important to deal with an investment property specialist?   To learn more, refer to this blog .  If this episode resonated with you, please leav...

Send us Fan Mail This week Stuart & Mena discuss how to buy a business including:   How to find a good business to buy Negotiating a fair price  How to finance the acquisition  Completing due diligence (also refer to episode 6 in season 2)  Legal documentation and settlement.  If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more i...

Send us Fan Mail This week Stuart & Mena discuss due diligence. Due diligence includes the process to assess the assets, cash flows and risks associated with a business which is usually undertaken before you buy a business  What information you accountant will review.  Due diligence can consider financial matters, legal matters, and any industry specific matters.  Who does it and how do you fi...

Send us Fan Mail This week Stuart & Mena discuss what super balance you need to have to justify setting up a SMSF. This discussing includes:    Be clear on reasons why and consider if there are more cost-effective alternatives. If it’s because you want more control, often there are simpler and more cost effective alternatives.  If it’s to invest in direct property, then there’s no min balance...