Shows
The Holistic AccountantEp 166: Philanthropy at Scale: Private Ancillary Funds & Giving With GovernanceSend a textPhilanthropy changes when wealth reaches a certain scale. It stops being about one-off generosity and starts becoming a question of structure, intent, and legacy.In this episode, Stuart and Mena explore Private Ancillary Funds (PAFs) and why they are increasingly used by high-net-worth families who want to give back in a deliberate, governed, and sustainable way. They unpack what a PAF actually is, how it works, and why it’s best understood as part of a broader wealth architecture, not a tax tactic or emotional response to causes.Me...
2026-02-1010 minThe Holistic AccountantEp 165: When choosing an accountant on price may quietly cost you moreSend a textMost business owners believe accounting is a commodity. The tax return gets lodged, the ATO is paid, and everything looks fine, so why pay more?In this episode, Stuart and Mena unpack why choosing an accountant purely on price can quietly cost you far more over time, even when nothing appears “wrong”. They explain why tax and accounting stop being mechanical once a business grows, and why judgment, not compliance, is where real value (or damage) occurs.Stuart explores how seemingly harmless defaults around profit extraction, entity structures, retained earnings, and...
2026-02-0312 minThe Holistic AccountantEp 163 : Best of 2025 - How to read financial statements like a CFOSend a textMost business owners glance at their financial statements and move on. CFOs do the opposite; they use them as a decision-making tool to spot risks early, improve performance, and protect cash flow. In this episode, Stuart and Mena break down how CFOs actually read financial statements, in plain English, without jargon or accounting theory. They walk through the three core questions every set of numbers should answer: is the business profitable, is it financially healthy, and is it actually growing? You’ll learn why revenue is rarely the starting point, why gross pro...
2026-01-2014 minThe Holistic AccountantEp 162: Best of 2025- How to tax effectively get money out of a companySend a textIn this episode, Stuart and Mena explore one of the most common and misunderstood questions business owners face: how to tax-effectively get money into and out of a company. Whether you’re starting a business, investing in one, or managing retained profits, understanding the right structure from the outset can save you from costly mistakes later on.They walk through the key ways to fund a company, either by loaning money in or contributing share capital, and explain when each method is most appropriate. If there are multiple owners involved, Stuart and Me...
2026-01-1312 minThe Holistic AccountantEp 161: Best of 2025- Navigating the main residence 6-year rule CGT exemptionSend a textIn this episode, Mena and Stuart unpack the ins and outs of Australia’s often misunderstood 6-year CGT exemption rule for main residences. They explore how this powerful tax concession can help homeowners maximise profits when selling a property they no longer live in, particularly those who rent it out after moving. Listeners will learn the exact eligibility criteria, including how to ensure a property still qualifies as your main residence for tax purposes even while it’s earning rental income.Stuart explains how the exemption resets if you move back in, whil...
2026-01-0613 minThe Holistic AccountantEp 160: Best of 2025- Strategies to minimise CGTSend a textIn this episode, Stuart and Mena take a deep dive into one of the biggest and often most misunderstood taxes investors face, Capital Gains Tax (CGT). Whether you're dealing with property, shares, or business assets, they explain why the smartest CGT strategies begin not at the point of sale, but before you even buy the asset.They start by breaking down how CGT works, who gets the 50% discount, and why holding structures, like companies, individuals, or discretionary trusts, make a huge difference in the final tax bill. Mena explores how to maximise...
2025-12-3015 minThe Holistic AccountantEp 159: Best of 2025- Tax changes for 2025-26 financial yearSend a textIn this episode, Mena and Stuart unpack the latest tax updates for the 2025–26 financial year, helping listeners navigate changes that could impact their personal finances and business planning. They kick off with the Super Guarantee (SG) increase to 12%, highlighting what this means for employers and employees alike. Next, they discuss the end of deductions for ATO interest charges, a significant shift that removes tax relief on General Interest Charges (GIC) and Shortfall Interest Charges (SIC) from 1 July.Listeners will learn about the $150 energy rebate, a 30% home battery discount, and the extended $20,000 instant as...
2025-12-2310 minThe Holistic AccountantEp 156: 10 important business tips from Verne HarnishSend a textIn this episode, Stuart and Mena unpack ten punchy lessons from Verne Harnish’s Scaling Up, plus a sharp LinkedIn distillation by Jennifer Berkowitz, and translate them for Australian SMEs. They start with the big two: why speed wins (compress decision-to-execution with short cycles, guardrails, and rapid prototypes) and why simplicity scales (a one-page strategy everyone can explain). Then it’s “you can’t grow what you don’t measure”: weekly, not quarterly, tracking of lead flow, conversion, average order value, labour efficiency, delivery time, and retention. They tackle Goldratt’s core idea, fix the single big...
2025-12-0215 minThe Holistic AccountantEp 155: When to Rethink Your Advisors- Red Flags With Your Accountant or AdvisorSend a textIn this candid episode, Stuart and Mena unpack the red flags that signal it’s time to rethink your accountant or business advisor, and what “great” should look like instead. They start with the biggest warning sign: a reactive advisor who only appears at tax time. From there, they cover a checklist of concerns, including advisors who don’t understand your industry or goals, cling to outdated systems, hide behind vague invoices, sugarcoat tough truths, miss deadlines, or get defensive when you ask questions. Stuart and Mena draw a clear line between bookkeepe...
2025-11-2513 minThe Holistic AccountantEp 154: Redefining success: What does it really mean in business?Send a textIn this thought-provoking episode of The Holistic Accountant, Stuart and Mena challenge the traditional metrics of success in business. While financial milestones like profit, revenue, and market share have long been the gold standard, the question is: Is that really enough? They explore how modern entrepreneurs are redefining success to include personal well-being, work-life balance, purpose-driven impact, and long-term sustainability.Stuart shares why hitting every financial goal can still feel empty if your work lacks meaning. At the same time, Mena highlights the rise of businesses that value culture, customer trust, and...
2025-11-1815 minThe Holistic AccountantEp 153: When Partnerships Fall Apart: Why Some Business Collaborations Just Don’t WorkSend a textIn this episode of The Holistic Accountant, Stuart and Mena dive into the complexities of business partnerships, why they’re formed, where they go wrong, and how to prevent them from falling apart. While many partnerships start with good intentions, complementary skills, and a shared vision, they can quickly unravel due to misaligned values, poor communication, unequal contributions, and a lack of role clarity. Mena unpacks common reasons partnerships fail, including mismatched goals, blurred responsibilities, financial power struggles, and the absence of formal agreements. Stuart outlines early warning signs of trouble, such as...
2025-11-1111 minThe Holistic AccountantEp 152: The Synergy Effect – How Smart Integration drives business growthSend a textIn this episode, Stuart and Mena explore the powerful concept of synergy and how strategic integration can fuel sustainable business growth. They start by demystifying what synergy really means: intentional alignment, not accidental collaboration, and why it’s essential for small businesses, even those without large teams. From aligning goals between departments to reducing friction and duplication, synergy is all about pulling in the same direction.The conversation then moves into vertical integration, owning or strategically aligning with different parts of the supply chain. Stuart and Mena discuss backward and forward integration, di...
2025-11-0413 minThe Holistic AccountantEp 151: Don’t trust your accountantSend a textIn this episode, Stuart and Mena unpack the provocative, but crucial message behind the title “Don’t Trust Your Accountant.” It’s not about questioning your accountant’s integrity, but recognising the limits of what they can (and should) do for your business. Stuart explains why business owners must take full ownership of their financial understanding, because while accountants report the history, it’s up to you to fly the plane.Mena highlights that accountants are compliance-driven, often focused on tax returns and financial statements after the fact, not strategy or real-time insights. St...
2025-10-2811 minThe Holistic AccountantEp 150: Conducting a health check of your businessSend a textIn this episode, Stuart and Mena explore why every business owner should conduct regular health checks, not just when things go wrong, but as a proactive strategy for long-term success. They break the health check process into six core areas, starting with financial health, where Mena explains how to assess profitability, cash flow strength, and balance sheet resilience. Stuart then examines client and market health, highlighting the importance of avoiding overreliance on key clients, staying relevant in your market, and keeping your lead pipeline strong.Mena dives into operational health, discussing the...
2025-10-2112 minThe Holistic AccountantEp 149: 1%ers in business that can benefit your personal lifestyleSend a textIn this episode, Stuart and Mena explore the lesser-known “1%ers” in business—small, smart strategies that can make a big difference to your personal lifestyle when implemented correctly. While most business owners focus solely on income, employees, and long-term value, Stuart challenges listeners to also think about how their business can improve everyday life, without crossing any lines.Mena kicks things off by explaining how to maximise credit card reward programs through business expenses, turning points into luxury travel perks. Stuart dives into the electric vehicle (EV) Fringe Benefits Tax exemption and how ow...
2025-10-1406 minThe Holistic AccountantEp 148: Young entrepreneurs and building wealth outside their core businessSend a textIn this episode, Stuart and Mena shift the focus to young entrepreneurs, those building businesses but wondering how to build wealth beyond them. It’s easy to pour everything into your business when it feels like your best asset. But what happens if growth slows down or plans change? The biggest risk for entrepreneurs is having all their wealth tied to a single venture. That’s why this episode is packed with the right questions to ask your accountant or financial adviser if you want to protect what you’ve built and set yourself up for...
2025-10-0719 minThe Holistic AccountantEp 147: Maximising your EV FBT Benefits as a business ownerSend a textIn this episode, Stuart and Mena break down one of the most generous tax perks currently available to employees and employers alike: the Fringe Benefits Tax (FBT) exemption for electric vehicles. With so few genuine “free kicks” in the tax system, understanding how to maximise this benefit is essential for anyone considering a new car or looking to enhance employee compensation packages.Mena begins by outlining the eligibility rules: the vehicle must be a zero- or low-emissions car, first held and used after 1 July 2022, used by an employee or their associate, and fall...
2025-09-3006 minThe Holistic AccountantEp 146: Common accounting errors to avoidSend a textIn this episode, Stuart and Mena uncover the most common accounting errors that can quietly cost business owners thousands in tax, compliance issues, or poor financial decisions. They begin by highlighting why your accountant plays a critical role as your de facto CFO, and how to spot red flags if things aren’t quite right. One of the biggest warning signs? A bank reconciliation that doesn’t match your records. Mena explains how overlooked discrepancies here can lead to under-reported profits, incorrect GST, or even missed fraud.From there, Stuart and Mena alte...
2025-09-2313 minThe Holistic AccountantEp 145: Making money with small-scale property development: Risks and opportunitiesSend a textIn this episode, Stuart and Mena take a deep dive into the world of small-scale property development, highlighting both the potential rewards and the very real risks involved. Off the back of recent episodes about property spruikers selling uneconomical "development sites," they clarify what genuine small-scale development looks like, who it's suited to, and where it fits into a broader investment strategy.Mena explains the typical scope of a small-scale project, think two to four dwellings, and outlines the knowledge, financial strength, and risk appetite required to execute one successfully. They discuss...
2025-09-1619 minThe Holistic AccountantEp 144: Sale Succession Strategy – Selling to an External BuyerSend a textIn this follow-up episode on succession planning, Stuart and Mena explore the second path: selling your business to an external buyer. Unlike a transition strategy, this approach involves a clean break, often preferred by owners seeking speed, lifestyle change, risk reduction, or when no internal successors are available. Mena begins by outlining the different types of buyers: strategic buyers (such as competitors looking to scale), financial buyers (like private investors or P/E firms), and the key distinctions between industry insiders and outsiders. Stuart then breaks down what buyers are actually purchasing, whether assets...
2025-09-0910 minThe Holistic AccountantEp 143: Transition Succession Strategy – Selling to Key StaffSend a textIn this episode, Stuart and Mena kick off their new series on succession planning by exploring the transition pathway, where ownership and leadership of a business are progressively handed over to internal staff or family members. Stuart begins by defining what a transition strategy is and why it matters, highlighting how it can preserve a business’s legacy, protect its culture, and ensure continuity for clients and team members while reducing long-term risk.Mena outlines how a well-executed transition, typically involving a gradual sale of equity to key staff, can keep top ta...
2025-09-0210 minThe Holistic AccountantEp 142: 3 Pillars of Business: Profit margin, Distribution, and DemandSend a textIn this episode, Stuart and Mena unpack the three essential pillars of building a successful, scalable, and sustainable business: profit margin, distribution, and demand. They begin by breaking down profit margins, exploring what makes them sustainable, and how they impact your ability to attract talent and quality inputs. Additionally, they explain why every business owner must understand whether they’re a price maker or a price taker. They explore how businesses can use their unique selling proposition (USP) to charge higher prices and build long-term profitability.Next, they dive into distribution, how to...
2025-08-2618 minThe Holistic AccountantEp 141: Business Activity Statements 101Send a textIn this practical and info-packed episode, Stuart and Mena demystify Business Activity Statements (BAS) for business owners, sole traders, and anyone new to GST and tax reporting. They begin by explaining what a BAS is, who needs to lodge one, and how often, depending on business turnover. You’ll learn when you’re legally required to register for GST (hint: it’s not just at EOFY), how to register correctly, and the difference between cash and accrual reporting, an essential distinction that affects how and when GST is declared.Stuart and Mena also b...
2025-08-1912 minThe Holistic AccountantEp 140: How to tax effectively get money out of a companySend a textIn this episode, Stuart and Mena explore one of the most common and misunderstood questions business owners face: how to tax-effectively get money into and out of a company. Whether you’re starting a business, investing in one, or managing retained profits, understanding the right structure from the outset can save you from costly mistakes later on.They walk through the key ways to fund a company, either by loaning money in or contributing share capital, and explain when each method is most appropriate. If there are multiple owners involved, Stuart and Me...
2025-08-1211 minThe Holistic AccountantEp 139: Strategies to minimise CGTSend a textIn this episode, Stuart and Mena take a deep dive into one of the biggest and often most misunderstood taxes investors face, Capital Gains Tax (CGT). Whether you're dealing with property, shares, or business assets, they explain why the smartest CGT strategies begin not at the point of sale, but before you even buy the asset.They start by breaking down how CGT works, who gets the 50% discount, and why holding structures, like companies, individuals, or discretionary trusts, make a huge difference in the final tax bill. Mena explores how to maximise...
2025-08-0514 minThe Holistic AccountantEp 138: All you need to know about purchasing a franchiseSend a textIn this episode, Mena and Stuart take a close look at the pros and cons of purchasing a franchise and whether it’s truly the right path for aspiring business owners. They break down why buying into an established brand can fast-track revenue, provide a proven business model, and offer ongoing support in areas like training, marketing, and supply chain management. Stuart explains how franchises can simplify access to finance and deliver real advantages through economies of scale.But it's not all upside. Mena unpacks the hidden costs, such as hefty upfront fe...
2025-07-2913 minThe Holistic AccountantEp 137: Navigating the main residence 6-year rule CGT exemption.Send a textIn this episode, Mena and Stuart unpack the ins and outs of Australia’s often misunderstood 6-year CGT exemption rule for main residences. They explore how this powerful tax concession can help homeowners maximise profits when selling a property they no longer live in, particularly those who rent it out after moving. Listeners will learn the exact eligibility criteria, including how to ensure a property still qualifies as your main residence for tax purposes even while it’s earning rental income.Stuart explains how the exemption resets if you move back in, whil...
2025-07-2212 minThe Holistic AccountantEp 135: Digitising, streamlining and automating your tax affairsSend a textIn this episode, Mena and Stuart share practical strategies to streamline tax administration and reduce headaches for individuals and investors. They begin by discussing the value of using Xero, even for non-trading entities, as a powerful tool to centralise and simplify record-keeping. Next, they explore the benefits of wrap platforms for managing shares and investments, including consolidated reporting and time savings.The conversation turns to property, where they advise having your property manager handle all expenses tied to each investment property, making EOFY reconciliations far easier. They also emphasise the importance of...
2025-07-0809 minThe Holistic AccountantEp 134: Tax changes for 2025-26 financial yearSend a textIn this episode, Mena and Stuart unpack the latest tax updates for the 2025–26 financial year, helping listeners navigate changes that could impact their personal finances and business planning. They kick off with the Super Guarantee (SG) increase to 12%, highlighting what this means for employers and employees alike. Next, they discuss the end of deductions for ATO interest charges, a significant shift that removes tax relief on General Interest Charges (GIC) and Shortfall Interest Charges (SIC) from 1 July.Listeners will learn about the $150 energy rebate, a 30% home battery discount, and the extended $20,000 instant as...
2025-07-0109 minThe Holistic AccountantEp 133: Should you be considering a super contribution strategy as a tax planning measure in your 30s and 40s?Send a textIn this episode, Mena and Stuart explore whether making additional super contributions in your 30s and 40s is a smart tax planning move or a potential limitation on your financial flexibility. They break down the compelling benefits of contributing extra to your superannuation, including tax savings of up to 30% for high earners, the power of compounding over decades, and the ability to carry forward unused concessional caps for strategic top-ups. They also highlight super splitting with a spouse as a savvy way to equalise balances and improve future retirement outcomes.However, it’s...
2025-06-2410 minThe Holistic AccountantEp 132: Considerations for your business when creating your WillSend a textIn this episode, Mena and Stuart delve into the critical considerations for Australian business owners when creating a will. They unpack how your business structure, whether sole trader, partnership, company, or trust, determines what can be passed on and how. The duo explores the importance of aligning your business succession plan with your personal estate plan, from identifying future leadership to leveraging buy-sell agreements and regular valuations. They highlight the necessity of mapping out control over trusts and companies and planning for incapacity through tools like Enduring Powers of Attorney and alternate directors.
2025-06-1714 minThe Holistic AccountantEp 121: Beware! The ATO is on the Audit WarpathSend a textAudit activity is ramping up fast. In this crucial episode, Stuart and Mena reveal the sharp rise in ATO audits they've seen in the past few months, with more cases than in their combined careers to date. If you're a business owner, investor, or employee with deductions, this is a must-listen.They break down the key audit hotspots the ATO is zeroing in on right now: • Rental Properties – especially repairs vs. capital improvements and incorrectly claimed interest on mixed-use loans • Work-Related Expenses – With the updated fixed-rate method fo...
2025-04-0115 minThe Holistic AccountantEp 115: The art of business structuringSend a textPodcast Episode: S05 – E03 – The Art of Business StructuringGetting your business structure right from day one can make or break your long-term success. In this episode, Stuart and Mena unpack the often-overlooked art of business structuring and why it’s essential to align your entity type with your business goals, industry risks, and future plans.Whether you're building a lifestyle business, planning to raise capital, or hoping to sell for maximum after-tax value, your structure matters. They explore the different structuring paths—sole trader, partnership, company...
2025-02-1808 minThe Holistic AccountantEp 114: What will accountants be doing in 2040?Send a textIn this thought-provoking episode, Stuart and Mena dive into the future of accounting and how it’s set to transform by 2040. Gone are the days of paper-driven processes and purely compliance-focused roles. Over the past two decades, the industry has undergone a radical shift, with automation, AI, and prefilled data revolutionising how businesses manage their finances. But what’s next?Looking ahead, accountants will no longer just be number crunchers; they’ll become strategic financial advisors, helping businesses navigate complex financial landscapes. Stuart and Mena discuss how AI and automation will redefine the pr...
2025-02-1106 minThe Holistic AccountantEp 113: What are things that business owners should be thinking about and working on at the beginning of the year?Send a textIn this episode, Stuart and Mena kick off Season 5 of the HA podcast by highlighting the importance of business goal-setting at the start of the year. While personal New Year’s resolutions often take the spotlight, many business owners neglect to set clear targets—something Stuart and Mena argue can significantly impact success.They discuss key areas to focus on, starting with a review of 2024’s financial performance. From managing expenses and improving margins to assessing inventory and fixed assets, they break down how to optimise operations. They also stress the importance of rev...
2025-02-0410 minThe Holistic AccountantEp 112: When You Should Consider Outsourcing Your Finance FunctionSend a textOutsourcing your finance function might sound risky, but as Stuart and Mena explain, it can be a strategic game-changer for businesses at the right stage. This episode outlines scenarios where outsourcing makes sense—like scaling, cost efficiency, accessing advanced tools, or meeting compliance demands. The duo explores how outsourcing can free up resources, enabling you to focus on core business priorities. They discuss its benefits, such as expert advice, timely financial insights, and better risk management, while addressing common concerns like control and alignment with business goals. From handling seasonal workloads to leveraging cutting-edge fi...
2024-12-1010 minThe Holistic AccountantEp 111: Understanding Employee Share Schemes for Your Small BusinessSend a textIn this episode, Stuart and Mena delve into the ins and outs of Employee Share Schemes (ESS) for small and medium businesses. They discuss how ESS can attract and retain top talent, particularly when capital is limited. By offering employees an ownership stake, businesses can foster loyalty, align employee interests with company goals, and create a motivated, long-term workforce. The episode highlights the flexibility of ESS in tailoring schemes to meet business needs, while also addressing challenges such as administrative complexity, ownership dilution, and tax implications. Mena and Stuart explore the risks of unclear...
2024-12-0315 minThe Holistic AccountantEp 110: How Payroll Tax Works and What You Need to KnowSend a textStuart and Mena break down payroll tax, a significant revenue source for state governments, explaining how it’s calculated and why it’s often a point of concern for growing businesses. They review current payroll tax thresholds and rates across states, detailing what counts toward the threshold, from salaries and bonuses to fringe benefits and termination payments. Importantly, they address exemptions, such as those for apprentices and not-for-profits, and discuss the rules for grouping related entities. With insights on planning, like structuring business ownership and timing payments, Stuart and Mena provide listeners with actionable step...
2024-11-2611 minThe Holistic AccountantEp 108: Understanding the Instant Asset Write-OffSend a textStuart and Mena explore the intricacies of the instant asset write-off, a tax incentive allowing small businesses to claim immediate deductions for assets under $20,000. This episode covers why the policy was introduced and how it benefits small business owners by simplifying deductions for essential business purchases. They explain the various thresholds and eligibility requirements, shedding light on the types of assets that qualify and key exclusions, like cars and some personal-use items. Stuart and Mena also discuss the practical considerations: keeping detailed purchase records, determining if assets primarily serve business needs, and considering whether...
2024-11-1208 minThe Holistic AccountantEp 107: Case study: $66,000 annual tax savingSend a textIn this episode, Stuart and Mena delve into a real client case, showcasing how strategic financial planning can yield impressive savings and long-term financial security. This client, who started trading a new business in late 2022, has already seen great results, thanks to comprehensive support from due diligence and structuring to setting up efficient accounting systems. Beyond the numbers, Stuart and Mena emphasise the importance of aligning personal and business goals, focusing here on funding a home purchase. Through thoughtful restructuring, they manage to make 72% of the client’s debt tax-deductible, securing a $66,000 ann...
2024-11-0514 minThe Holistic AccountantEp 106: The Future of Work: How AI and Automation Are Reshaping the Modern Business LandscapeSend a textIn this episode, Stuart and Mena delve into how AI and automation are rapidly reshaping the business world, highlighting the future of work. They discuss the shifting landscape, where traditional roles are disrupted as automation handles repetitive tasks, pushing creativity, critical thinking, and emotional intelligence to the forefront. This shift doesn’t signal a loss of jobs, but rather a pivot toward new types of roles that leverage unique human skills.The conversation explores how AI augments rather than threatens the workforce, with tools like chatbots managing routine customer service inquiries while hu...
2024-10-2908 minThe Holistic AccountantEp 105: Identifying what business failure looks likeSend a textIn this insightful episode, Mena and Stuart tackle the crucial signs of business failure that every owner should watch for. They reveal how stagnation can be just as detrimental as negative profit margins. Key indicators include a loss of employee morale, where high turnover and low engagement signal deeper cultural issues. Customer dissatisfaction, evident through increased complaints and declining loyalty, can also jeopardise growth.The hosts delve into operational inefficiencies, highlighting the impact of ineffective leadership and process breakdowns. They explore the erosion of company culture...
2024-10-2214 minThe Holistic AccountantEp 104: The key to business success is fanatical disciplineSend a textIn this episode, Stuart and Mena discuss the importance of fanatic discipline in achieving long-term business success. Drawing a parallel with health and fitness, Stuart explains that, just like staying in shape requires consistent effort over time, business success is driven by small, simple tasks executed with unwavering discipline over months and years.They explore the concept of "fanatical discipline," a term coined by Jim Collins, which refers to a business’s commitment to following specific practices and maintaining focus on long-term goals despite any external challenges. Mena highlights key characteristics of di...
2024-10-1513 minThe Holistic AccountantEp 103: Using the flywheel concept to grow your businessSend a textIn this episode, Stuart and Mena explore the powerful Flywheel concept, originally developed by Jim Collins, and how it can drive sustainable growth in business. They explain that great companies don’t rely on one key strategy but instead build momentum through a series of interconnected, reinforcing activities that create a cycle of success. The episode delves into the components of the Flywheel, using real-world examples to demonstrate how it works in practice.Stuart highlights the importance of continuous improvement and iteration, showing how companies can refine their processes and grow over ti...
2024-10-0812 minThe Holistic AccountantEp 102: How to improve your business’ productivitySend a textIn this episode, Stuart Wemyss and Mena explore strategies to enhance business productivity amidst Australia’s declining productivity rates. They begin by discussing the factors contributing to this decline, including a lack of competition, excessive bureaucracy, and a tight labour market. Both Stuart and Mena emphasise that businesses shouldn't wait for market forces to push them towards productivity but should actively seek improvements.They share actionable tips across five key areas: 1. Employee Productivity: Assess skills, set clear performance metrics, and foster open communication for feedback.2. Process Optimisation: Analyse workflows, aut...
2024-10-0111 minThe Holistic AccountantEp 101: Firing bullets and then firing cannonballsSend a textIn this episode, Stuart and Mena introduce Jim Collins' book 'Great by Choice', focusing on how companies thrive in uncertain and chaotic environments. They explore the concept of "firing bullets, then cannonballs," where businesses test ideas with small, low-risk experiments before scaling successful ones. Using Apple as an example, they discuss how the iPod started as a small project but led to the launch of iTunes, which eventually became a multi-billion-dollar revenue stream.The episode highlights the disciplined strategies of 10X companies like Microsoft and Intel, which outperformed their industries by consistently...
2024-09-2407 minThe Holistic AccountantEp 100: Interest rates have a wide-reaching impact on businessSend a textIn this episode, Mena and Stuart dive into the various ways rising interest rates can impact businesses. They explain how higher interest rates directly affect business valuation by reducing multiples, as higher required returns lower company values. The discussion also covers the increasing costs of holding inventory and tighter payment terms from creditors due to higher interest rates.They address the rising cost of capital for businesses seeking funding through credit cards, overdrafts, and bank bills, noting borrowing costs can now reach 7.5% to 8.5% per annum. Additionally, both consumer and business demand take...
2024-09-1706 minThe Holistic AccountantEp 98: Why self-employed people favour investing in propertySend a textIn this episode, Stuart and Mena explore why self-employed individuals often gravitate toward property investment and the key considerations they should keep in mind. They discuss the appeal of property as an easily understood and tangible asset, particularly for those with strong incomes but limited cash reserves. Property investment can offer control, tax advantages through gearing, and the potential for self-employed individuals to purchase their business premises, further integrating their business and personal wealth strategies.However, they also highlight the common mistakes self-employed investors make, such as focusing on quantity over quality...
2024-09-0314 minThe Holistic AccountantEp 96: How to maximise your borrowing capacity from your businessSend a textIn this episode, Stuart and Mena explore strategies to maximise borrowing capacity from your business profits. They stress the importance of having a knowledgeable broker who can effectively advocate for you with bank credit managers. The duo highlights the significance of financial "add-backs," such as interest and depreciation, which banks often consider when determining serviceability. Properly reporting these expenses can substantially enhance your borrowing position.They also discuss the distinction between regulated and unregulated credit, the benefits of using corporate tax rates for serviceability analyses, and when a corporate beneficiary might be...
2024-08-2011 minThe Holistic AccountantEp 95: How to structure your property developmentSend a textIn this episode, Stuart and Mena delve into the complexities of property development, offering valuable insights on how to structure your projects effectively. They tackle common misconceptions about development feasibility, emphasising the importance of consulting with a holistic accountant before making any significant investment decisions. The discussion highlights the necessity of setting up a robust operating structure before beginning the planning process. Stuart and Mena stress the importance of clearly defining your intentions for the development, as tax treatments vary depending on whether you plan to build and sell or build and r...
2024-08-1309 minThe Holistic AccountantEp 94: How to best protect your interests in the event of a relationship breakdownSend a textIn this episode, Stuart and Mena delve into the crucial topic of protecting your interests in the event of a relationship breakdown, especially when owning a business or investment entity. They discuss proactive steps to take when entering a new serious relationship, including setting up a Binding Financial Agreement (BFA) with the help of a reputable family lawyer, structuring business affairs thoughtfully, and ensuring both partners have independent financial, legal, and accounting advice to avoid conflicts of interest.For those already in business, Stuart and Mena outline what to expect during a...
2024-08-0614 minThe Holistic AccountantEp 93: Protecting your business from cybersecurity threatsSend a textIn this episode, Stuart and Mena tackle the crucial topic of protecting your business from cybersecurity threats. With 59% of losses reported to the ACCC's Scamwatch in 2022 affecting small and micro businesses, they delve into common cybersecurity threats like ransomware, malicious software, phishing, and business email compromise. They highlight essential cybersecurity practices, such as regularly updating software, using strong passwords with multi-factor authentication, and backing up critical data.Stuart and Mena offer practical steps for implementation, including setting up automatic updates, using password managers, maintaining a regular backup schedule, and developing basic cybersecurity...
2024-07-3005 minThe Holistic AccountantEp 92: What insurance should you have for your business?Send a textDo you have a question? Email questions@investopoly.com.au and Stuart and Mena may answer it in the podcast.In this episode, Stuart and Mena delve into the crucial topic of business insurance, outlining the various types of coverage business owners should consider to safeguard their operations. They discuss Public Liability Insurance, which covers third-party injuries and property damage caused by your business activities, and Product Liability Insurance, which protects against claims related to the products your business sells. Professional indemnity insurance is also highlighted, especially noting the type of PTA...
2024-07-2308 minThe Holistic AccountantEp 91: Asset protection for business ownersSend a textIn this episode, Stuart and Mena dive into the crucial topic of asset protection for business owners. They explore the various risks that business owners face, both from a business and personal standpoint. On the business side, they discuss the importance of maintaining a safe workplace, managing employee entitlements and ATO liabilities, and the dangers of trading while insolvent. On the personal side, they highlight risks like personal injury on your property and the complexities of relationship breakdowns.Stuart and Mena provide practical advice on how to safeguard assets through effective company...
2024-07-1613 minThe Holistic AccountantEp 90: Create a financial crystal ball for your businessSend a textIn this episode, Mena and Stuart explore the power of financial modelling and why it's essential for your business. They discuss the limitations of standard financial reporting, which often provides a high-level overview but lacks the detail needed to make informed decisions. Financial models, however, are tailored to each business and offer a deeper insight into key performance indicators (KPIs) and metrics that truly matter. Mena and Stuart explain how financial models can track specific objectives, such as revenue growth and expense management, offering a clearer picture of the underlying drivers and t...
2024-07-0907 minThe Holistic AccountantEp 89: Business planning for a new yearSend a textIn this episode, Mena and Stuart explore key strategies for planning your business for a successful new year. They start by emphasising the importance of reviewing the past year's performance through a thorough analysis of financial reports and key performance indicators, while also evaluating strengths, weaknesses, opportunities, and threats. They highlight the need to define clear, SMART goals that align with your business vision, and the importance of breaking down these goals into actionable projects and tasks.The discussion then moves to resource allocation and budgeting, ensuring you have the financial, human...
2024-07-0210 minThe Holistic AccountantEp 88: How to fire a bad customerSend a textIn this episode, Mena and Stuart tackle the challenging but crucial topic of how to fire a customer that doesn’t suit your business. They explore the impact of bad customers, who not only fail to refer new clients but also take longer to serve, increase business risk, and are generally less profitable and enjoyable to work with. Mena and Stuart explain that bad clients can hinder business growth and make it difficult to attract and retain great staff. They stress that success often comes from saying no to certain customers, even though many pe...
2024-06-2507 minThe Holistic AccountantEp 87: Top 5 reasons why businesses failSend a textIn this episode, Stuart and Mena delve into the top five reasons why businesses fail and offer practical advice on how to avoid these pitfalls. They start with the crucial issue of running out of money, emphasising the importance of adequate working capital, maintaining a profit margin, and keeping a financial buffer. Next, they discuss the impact of a poor business model or marketing strategy, highlighting the necessity of understanding how your business operates and effectively reaching customers while managing acquisition costs.The conversation then shifts to poor margins, explaining that a...
2024-06-1807 minThe Holistic AccountantEp 86: Our top 10 hiring mistakes and learningsSend a textIn this episode, Stuart and Mena delve into the top 10 hiring mistakes and the invaluable lessons they've learned along the way. They share candid insights on building a strong team, emphasising the importance of hiring slowly and firing quickly, and the necessity of quality over quantity. They pose a crucial question for business owners: "Would you enthusiastically rehire everyone in your business?" and suggest asking it regularly to stay ahead of potential issues.The hosts discuss the significance of having difficult conversations, setting clear expectations, and the pitfalls of making excuses for...
2024-06-1110 minThe Holistic AccountantEp 85: Customer feedback surveys: everything business owners must knowSend a textIn this episode, Stuart and Mena dive into the world of customer feedback surveys, uncovering essential insights for business owners. They explore the Net Promoter Score (NPS) introduced by Fred Reichheld, a straightforward yet powerful tool for gauging customer loyalty and forecasting business growth. NPS segments customers into Promoters, Passives, and Detractors, each offering unique insights into customer satisfaction and areas for improvement.Key takeaways include the importance of keeping surveys short, typically no more than 2-3 questions, and always acknowledging feedback to show customers their input is valued. The hosts discuss...
2024-06-0411 minThe Holistic AccountantEp 84: Tax planning for End of Financial YearSend a textIn this episode, Stuart and Mena provide a comprehensive guide to end-of-financial-year tax planning strategies that can help maximise your tax savings. With a wealth of practical tips and considerations, they break down complex tax concepts into easily digestible insights.Whether you're a high-income earner, a business owner, or simply looking to optimise your tax position, their advice covers a range of scenarios and opportunities. From maximising super contributions and utilising unused caps to navigating tax brackets and deductions, he offers actionable steps to potentially save thousands in tax liabilities....
2024-05-2809 minThe Holistic AccountantEp 83: Should I merge my business?Send a textIn this episode, Stuart and Mena dive into the critical considerations surrounding business mergers, offering valuable insights for entrepreneurs and business owners contemplating this strategic move.They emphasise the paramount importance of cultural fit, exploring how aligning values, client bases, and work environments can make or break a merger's success. Stuart and Mena also delve into the potential opportunities and risks, such as expanding service offerings, achieving economies of scale, financial stability, valuation disparities, and potential control trade-offs.With a pragmatic approach, they discuss the need to thoroughly assess the...
2024-05-2108 minThe Holistic AccountantEp 81: What to do if you are reliant on one customer?Send a textIn this episode, Stuart and Mena discuss the challenges and potential strategies for businesses that are heavily reliant on a single major customer. They acknowledge that while having a large customer can be advantageous, it also poses significant risks due to the lack of diversification and potential loss of revenue if that customer relationship were to end.The hosts outline three main options for businesses in this situation: 1) Actively pursuing new customers, potentially through acquisitions, 2) Vertically integrating or expanding offerings in a way that complements the existing major customer, or 3) Embracing the...
2024-05-0706 minThe Holistic AccountantEp 80: Why you should outsource your bookkeeping functionSend a textIn this episode, Stuart and Mena dive into the invaluable benefits of outsourcing your bookkeeping function, highlighting how it can be a game-changer for businesses seeking to streamline operations and boost profitability.They emphasise the importance of having an expert team deeply integrated into your business, ensuring accurate data flow and enabling your accountant to provide meaningful insights. By outsourcing bookkeeping, businesses can improve invoice and receipt management, leading to faster payment cycles and better cash flow management.Moreover, Stuart and Mena underscore the significant time savings that come with...
2024-04-3006 minThe Holistic AccountantEp 79: Considering financing an asset in your business? Here’s a few considerationsSend a textIn this episode, Stuart and Mena dive into the different finance solutions available for asset finance and discuss the pros and cons of each option. They start by outlining the main types of asset finance:Chattel Mortgage - The lender takes a mortgage over a specific asset like equipment or vehicles and provides funding secured by that asset. This is one of the most common options.Hire Purchase - The financier purchases the asset and the client takes out a loan to pay it off over a fixed period, ultimately owning...
2024-04-2306 minThe Holistic AccountantEp 78: Debunking common tax minimisation mythsSend a textIn this episode, Stuart and Mena debunk common tax minimisation myths perpetuated by some accountants to attract clients. They delve into strategies often marketed as tax-saving methods but may not necessarily be beneficial in the long run.One such myth revolves around the promise of quick tax refund turnaround times, which should not be the sole driving factor in choosing an accountant. Additionally, they address the misconceptions surrounding motor vehicle expenses and the potential pitfalls of focusing solely on negative gearing benefits when investing in property, which could lead to poor asset...
2024-04-1506 minThe Holistic AccountantEp 77: Who’s going to look after your business when you die?Send a textIn this episode, Stuart and Mena delve into a critical topic: "Who’s going to look after your business when you die?" Tune in as they navigate the complexities of estate planning for business owners, addressing key considerations to ensure the continuity and prosperity of your enterprise.From selecting capable executors to identifying competent successors, Stuart and Mena guide listeners through the crucial decisions that shape the future of your business. Explore the intricacies of determining whether your estate will retain or sell the business, and gain insights into crafting essential documents li...
2024-04-0906 minThe Holistic AccountantEp 76: Under what circumstances can businesses borrow?Send a textIn this episode, Stuart and Mena delve into the intricate world of business borrowings, offering invaluable insights and strategies to navigate this crucial aspect of entrepreneurship. They shed light on the criteria commercial lenders use, emphasising the significance of future cash flows in lending decisions. Discussing security options like property or General Security Agreements, they provide clarity on tailoring these to suit your business needs effectively.Listeners gain insight into specialised banking sectors, including medico, property development, franchise, and more, ensuring a nuanced understanding of tailored financial solutions. Stuart and Mena stress...
2024-04-0208 minThe Holistic AccountantEp 75: Powerful business insights – introduction to cost accountingSend a textIn this episode, Stuart and Mena dive into the powerful world of cost accounting, unveiling strategies to gain deep insights into your business's profitability at the product or service level. They break down the essentials of cost accounting, sharing practical tips on how to accurately measure and analyse the true costs associated with each offering.Key topics covered include identifying and tracking all direct costs, as well as effectively allocating overhead expenses. Stuart and Mena provide guidance on setting up your accounting system, leveraging general ledger codes and tracking mechanisms to capture...
2024-03-2606 minThe Holistic AccountantEp 73: How to minimise land taxSend a textIn this episode, Stuart and Mena unravel the intricacies of minimising land tax, a looming concern expected to rise in the foreseeable future. They demystify the concept of land tax, emphasizing its assessment based on property holdings as of December 31st. The hosts advise listeners to scrutinise notices carefully upon receipt, underlining the significance of proactive examination.The discussion delves into the financial barriers of changing ownership due to stamp duty and Capital Gains Tax (CGT), prompting consideration of alternative strategies such as grouping and discretionary trusts. Stuart and Mena explore actionable...
2024-03-1206 minThe Holistic AccountantEp 71: Offering customers discounts – should you, when, how and why?Send a textEmbark on a strategic journey to business excellence with Stuart and Mena in this enlightening episode, where they unravel the intricacies of understanding and enhancing your business model. Offering a comprehensive breakdown of the nine vital components, the hosts provide a roadmap for entrepreneurs keen on refining their business structure. From crafting a compelling value proposition to navigating distribution channels and revenue streams, this episode serves as a practical guide for entrepreneurs at any stage. Stuart and Mena delve into the key factors that contribute to a robust business model, emphasising elements such as...
2024-02-2708 minThe Holistic AccountantEp 70: Understanding & improving your business modelSend a textDive into the intricacies of business success with Stuart and Mena in this illuminating episode, where they unravel the importance of understanding and improving your business model. The hosts break down the business model into nine essential components, providing a comprehensive framework that outlines how a company creates, delivers, and captures value. From defining the value proposition and identifying target customer segments to outlining distribution channels, customer relationships, and revenue streams, this episode serves as a roadmap for entrepreneurs seeking clarity on their business structure. Moreover, Stuart and Mena explore the factors that contribute...
2024-02-1915 minThe Holistic AccountantEp 69: Business exit strategy - personal considerationsSend a textJoin Stuart and Mena in this episode as they unravel the crucial considerations for business owners contemplating retirement. With a treasure trove of insights, the hosts guide listeners through the key factors that shape the decision-making process when determining the fate of your business post-retirement. The episode explores three primary options: retaining the business as a passive income streamselling it in full to maximize valueselling to staff to realize some value while maintaining a connection to the businessListeners are encouraged to introspect on their role within the business - ar...
2024-02-1309 minThe Holistic AccountantEp 45: Simple things you can do that produce big resultsSend a textIn this episode, Mena and Stuart discuss some simple things you can do or steps you can take to dramatically improve your business, including:Spend 30 min on ‘the numbers’ per weekImprove management reporting and insights e.g., margins, stock turnover, etc Review expenses one to two times per year Speak to people in the industry to share ideas – it’s often a who question not a what question Engage your holistic accountant to develop a reporting system that gives you all the information you need to make sure your business is as efficient as possible...
2023-07-1108 minThe Holistic AccountantEp 44: How businesses can navigate high inflationary environmentsSend a textIn this episode, Mena and Stuart discuss how to deal with the challenges that high inflation is causing business, including:High inflation can have a big impact on profitability How some businesses are navigating higher staffing costs Managing rises costs/expenses How to maintain sustainable margins. Are you a price taker or marker? To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with...
2023-07-0408 minThe Holistic AccountantEp 43: How to own investment properties – trust, company, personal name, etc.?Send a textIn this episode, Mena and Stuart discuss the factors to consider when structuring the ownership of investment properties, including: Tax considering include income tax, CGT, and land taxYou must consider future plansWe discuss options such as personal names, company, trust and super funCash flow, asset protection and estate planning considerations To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please lea...
2023-06-2708 minThe Holistic AccountantEp 42: What to consider when buying into a businessSend a textIn this episode, Mena and Stuart discuss the factors to consider when buying into a pre-existing business, including: How to value the share of the business Consider whether your business partners are aligned Taxation and cash flow consideration Legalities e.g., agreements, buy-sell, etc. How to fund the acquisition To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please leave a ratin...
2023-06-2006 minThe Holistic AccountantEp 41: When should you start employing staff?Send a textIn this episode, Mena and Stuart discuss when a small business should start employing staff I.e., what to consider, including: Why delaying employing staff so that you can optimise your systems and process is often the best approach Employing staff puts you on the hook to do the hard (unstructured) work Cash flow considerations Whether to hire part-time, full-time, contractors and/or offshore staff Tax and accounting obligations e.g., super, Workcover, PAYG, etc. To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au...
2023-06-1306 minThe Holistic AccountantEp 40: Is it worthwhile engaging a business coach?Send a textIn this episode, Mena and Stuart discuss what a business coach does and whether they are worthwhile, including: The importance of accountability Better/different perspective & sounding board Business processes Do they have experience with helping business achieve better results Tax deductibility To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/ If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us...
2023-06-0606 minThe Holistic AccountantEp 39: 2023 tax planning ideas and tipsSend a textIn this episode, Mena and Stuart discuss the common tax planning matters that you should consider prior to 30 June, including: Completing trustee minutes and dividend declarations Super contributions – when, how much, etc. Importance of doing a stocktake Forecasting taxable income Using corporate beneficiaries To find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please leave a rating on your favourite podcast platform...
2023-05-3005 minThe Holistic AccountantEp 38: What tax deduction am I entitled to as an investor?Send a textIn this episode, Mena and Stuart discuss tax deductions investors can claim, including:What expenses are considered capital and how they are treatedAre educational costs deductible? Subscriptions and financial advice Interest deductions Computer and internet The importance of recording keepingTo find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us r...
2023-05-2306 minThe Holistic AccountantEp 37: What is a service entity and when should I use one?Send a textIn 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 generateWhat types of businesses service entities suite Common service trust mistakes we seeTo find out more about our holistic accounting firm, ProSolution Private Clients, click here: https://www.prosolution.com.au/ Connect with Mena on LinkedIn: https://www.linkedin.com/in/mena-abraham-99635579/If this episode resonated with you, please leave a rating on your favourite podcast platform. It hel...
2023-05-1606 minThe Holistic AccountantEp 19: What to look for in a bookkeeper (and how to find a good one)?Send a textThis 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 industryFunctions 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 accountant for a referral to a good bookkeeper or Xero has a register of certified bookkeepers.If this episode resonated with you, please leave a rating on your f...
2022-11-2905 minThe Holistic AccountantEp 18: Does becoming self-employed help me pay less tax?Send a textThis 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 your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here...
2022-11-2206 minThe Holistic AccountantEp 17: How do franking credits work?Send a textThis 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 your overall tax. · Distribution/dividend strategy - streaming franking credits to beneficiaries or shareholders with low taxable income and to receive a tax refund.
2022-11-1506 minThe Holistic AccountantEp 16: How do I maximise negative gearing tax benefits from investing in property?Send a textMena 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 leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Cli...
2022-11-0805 minThe Holistic AccountantEp 15: How do you buy a business?Send a textThis week Stuart & Mena discuss how to buy a business including: How to find a good business to buyNegotiating 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 incredible listeners like you. Thank you for being a part of the journey! Click here to subscribe to our weekly email. SPECIAL OFFER: B...
2022-11-0106 minThe Holistic AccountantEp 14: What is due diligence?Send a textThis 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 find the right advisor that can help you. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Than...
2022-10-2505 minThe Holistic AccountantEp 13: How much super do you need to have to justify setting up a Self Managed Super Fund?Send a textThis 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 per se, it will probably be guided by how much you can borrow (inside super). Other reasons could include intergenerational wealth (e.g., pooling family’s super monies), estate plann...
2022-10-1803 minThe Holistic AccountantEp 12: What is a dump companySend a textThis week Stuart & Mena discuss what is a dump company – also referred to as a corporate beneficiary or non-trading investment company. This discussing includes: What is a corporate beneficiary and how is it used? Advantages of a corporate beneficiary? Disadvantages of corporate beneficiary? Yet again, this topic demonstrates that any tax management strategies must align with your investment strategy as saving tax alone will not help you become financially independent. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more in...
2022-10-1106 minThe Holistic AccountantEp 11: Can I use my super to invest in property?Send a textThis week Stuart & Mena discuss the key factors that people must consider when contemplating investing their super in direct residential or commercial property. Including: Why you need a SMSF to do that Borrowing capacity is based on the requirement of 30% deposit plus costs and history of super contributions You must consider the Fund’s liquidity i.e., ability to fund a pension without selling the propertyGenerally, we prefer to invest in property outside super because you have more flexibility with what you do with the property, higher gearing, better negative gearing benefits and so on...
2022-10-0305 minThe Holistic AccountantEp 10: How do you value a business?Send a textMena and Stuart discuss how a business is valued: The value of a business is equal to the present value of its future cash flows. Therefore, we must ask (1) what cash profit will it generate and (2) what are the risks associated with this income stream i.e., how likely is it that the business will generate these expected profits? They discuss some 'rules of thumbs': multiple of sales or reoccurring income, users (IT business), EBIT, etc. And they need to look for evidence – sales of comparable businesses. If this e...
2022-09-2606 minThe Holistic AccountantEp 9: What are the top three reasons accountants recommend establishing a SMSF?Send a textMena Abraham and Stuart Wemyss discuss the top 3 reasons that we think accountants recommend setting up a Self Managed Super Fund (SMSF) and whether they have merit. If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to subscribe to our weekly email. SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the d...
2022-09-1904 min
The Holistic AccountantEp 8: How to prepare your business for sale and maximise your after-tax proceedsSend a textThere are many reasons to improve the saleability of your business, including if it’s your plan to sell your business in the future, of course. Other reasons can include succession planning, to raise capital, reduce your working hours and so on. In this episode, Mena and Stuart discuss:The five steps involved in maximising the saleability of your business and what’s involved in each of these.How to use the small business capital gains tax (CGT) concessions to potentially reduce any CGT liability to nil.Various strategies to maximise your sale pric...
2021-06-0914 min
The Holistic AccountantEp 7: How to scale your business to multiply your profitsSend a textKnowing how to scale your business is the fastest and most successful way to multiple your business’ profitability. That is why it’s important to consider if your business lends itself to scaling and if so, how to do it. In this episode, Mena and Stuart discuss:§ Three examples of how business’ achieve saleability including building a well-known brand, productisation and build-in the desire/incentive to ‘share’ in your product.§ Some businesses don’t lend themselves to sharing, and of course that’s fine, but those business’ should consider the ‘smallest viable audi...
2021-05-2715 min
The Holistic AccountantEp 6: How to prepare a practical and actionable business plan - and why it's so importantSend a textMany business owners prepare a business plan when they first start their business. But this document is never looked at again. We encourage our clients to invest one day every two to three years to draft a practical and actionable business plan. In this episode, Mena and Stuart discuss:Why it's the best investment of your time. A business plan provides multiple benefits including sharpening your focus, motivating employees, obtaining finance and/or investors and so on.A deep dive on the 6 key topics/matters that you must include in your business plan...
2021-05-1317 min
The Holistic AccountantEp 5: A business owners most important decision is setting the price of their product or serviceSend a textIf your net profit margin is 20% and you increase your price by 10%, you will increase your profit by 50%! That is why pricing is probably the most important decision that a business owner makes. However, most business owners spend very little time setting prices. Mena and Stuart discuss:§ Why pricing decisions are so important.§ Common methods used to set prices.§ Three proven strategies to improve pricing power (and therefore profit).§ How to optimise pricing depending on your business model… and much more.If this...
2021-04-2911 min
The Holistic AccountantEp 4: How to turn your business into a cash flow machine (self-fund growth and personal needs)Send a textCash flow is the lifeblood of any business. A business that generates an increasing amount of free cash flow as it grows can self-fund its future growth. It can grow infinitely. However, a business that doesn’t generate free cash flow will eventually die (without constant equity injections). This is the topic of episode four: how do you turn your business into a cash flow machine. Mena and Stuart discuss:The four elements that impact a business’ cash conversion cycle and we share tips on how to improve each of them.Strategies to rece...
2021-04-1514 min
The Holistic AccountantEp 3: What should you ask your accountant to focus on?Send a textImagine your accountant came up with an idea that would save you $30,000 in tax each year for the next 20 years. That one idea would be worth over $460,000 to you (in today’s dollars). That’s what you want your accountant working on. However, historically, accountants spend most of their time helping their clients meet all ATO compliance obligations such as preparing Business Activity Statements and tax returns.A holistic accountant should be finding ways to use technology to automate and systemise as much of this work as possible. If they...
2021-03-3116 min
The Holistic AccountantEp 2: How to ensure your business helps you achieve your financial and lifestyle goals.Send a textThere are many non-financial reasons that encourage people to start their own business. But it’s important that you are fairly rewarded (financially) for your time, effort and risk. It might be your goal to build your businesses value and sell it one day. But as a plan B, you must direct a proportion of your annual profit towards building a personal nest egg. Stuart and Mena show you how to do this including:- The three common tax-effective ownership structures to use to build wealth- How to improve yo...
2021-03-1716 min