Shows
The Holistic AccountantWhat Does a Labor Party Victory Mean for Small Business?Send us a textA Labor Party win brings a wave of policy changes—some offering opportunities, others increasing complexity for small businesses. In this timely episode, Stuart and Mena unpack the key reforms and proposals affecting entrepreneurs and business owners.From tighter labour market conditions and ATO crackdowns on trusts to the $3 million super tax and incentives like the extended instant asset write-off and energy grants—this episode breaks down what’s real, what’s likely, and what you should prepare for.They also discuss housing market impacts, fee-free TAFE expansions, IR reforms...2025-05-0610 minThe Holistic AccountantWhat is the Biggest Profit Multiplier?Send us a textWant to dramatically grow your business profits? Stuart and Mena reveal that instead of focusing on dozens of small changes, most businesses should laser in on one to three profit multipliers.They break it down into four critical areas: People, Pricing, Product, and Process—and show how mastering just one can transform your business. Learn how to build a culture that retains top talent, charge what you’re truly worth, refine your offerings, and create systems that scale.With actionable examples, stra...2025-04-2916 minThe Holistic AccountantNavigating Decision ParalysisSend us a textSudden wealth sounds like a dream—until it isn’t. In this deeply insightful episode, Stuart and Mena unpack financial decision paralysis, a common yet overlooked phenomenon that hits when wealth arrives through inheritance, a business exit, or property windfall.They go beyond the typical “overwhelm” narrative to explore identity shifts, fear of mistakes, conflicting advice, and how to reclaim clarity through a structured approach. From building your own decision-making principles to assembling a unified advisory team, this episode offers a practical playbook for regaining control.If you’ve come into...2025-04-2213 minThe Holistic AccountantSmall Business Tax PlanningSend us a textEffective tax planning isn’t just for big corporations — it’s an essential lever for small business success. In this power-packed episode, Stuart and Mena walk through the ultimate small business tax planning checklist to help you preserve capital, reduce liabilities, and build long-term wealth.They explore forecasting profit and tax positions, optimising superannuation strategies, reviewing bad debts, plant and equipment, FBT, stock on hand, and your business structure. Learn how to align tax planning with your commercial strategy and avoid the end-of-financial-year panic.If you’re serious about building...2025-04-1514 minThe Holistic AccountantPAYG/Individual Tax PlanningSend us a textAs 30 June approaches, Stuart and Mena shift focus to PAYG employees and individual taxpayers, sharing key tax planning strategies that can help you save money and avoid surprises at tax time.From super contributions (including carry-forward and spousal strategies) to income protection insurance, salary packaging, home office expenses, and even timing of income, this episode offers practical tips to help you make the most of what's available to you.They also highlight deductions you might be overlooking and how negative gearing and prepaying interest can play into your tax...2025-04-0812 minThe Holistic AccountantBeware! The ATO is on the Audit WarpathSend us 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-rat...2025-04-0116 minThe Holistic AccountantTax strategies to optimise your borrowing capacitySend us a textWant to boost your borrowing power without compromising your long-term tax strategy? In this episode, Stuart and Mena unpack the critical tax strategies that can enhance your ability to secure loans while maintaining wealth-building goals.They dive into key tactics such as strategically increasing taxable income, delaying deductible expenses, and optimizing distributions from trusts and companies. They also explore loan structuring strategies—like refinancing to lower repayments, using offset accounts, and prepaying interest—to improve serviceability in the eyes of lenders.Choosing the right ownership structure can also impact borr...2025-03-2510 minThe Holistic AccountantConsiderations When Making a Living InheritanceSend us a textTraditional estate planning can be complicated, with legal disputes and tax burdens creating hurdles for beneficiaries. In this episode, Stuart and Mena explore an alternative—giving a living inheritance—and the financial strategies that make it a powerful tool for wealth transfer.They discuss how a living inheritance allows beneficiaries to receive financial support when they need it most, such as buying a home, starting a business, or raising children. They also cover tax optimization strategies, including capital gains tax (CGT) planning and superannuation benefits, ensuring that wealth is transferred efficiently.2025-03-1812 minThe Holistic AccountantWhat Value Can Accountants Add?Send us a textWhat makes a great accountant invaluable to your business and finances? In this episode, Stuart and Mena go beyond compliance work to explore how a proactive accountant can save you money, reduce risks, and provide financial insights that fuel long-term success.They discuss key accounting functions, from keeping your financials up to date and ensuring legal compliance to optimizing your tax position and leveraging technology to prevent audit risks. Beyond regular tasks, they highlight how one strategic financial decision—whether triggered by a tax law change, a new business opportunity, or a...2025-03-1109 minThe Holistic AccountantHow to make your business cash work for youSend us a textManaging business profits effectively is crucial to minimising tax risks and optimising cash flow. In this episode, Stuart and Mena break down the complexities of withdrawing business income for personal use and the potential tax consequences if not done correctly. Many business owners assume they can freely access business profits, but the ATO closely monitors such transactions.They discuss the risks of high retained earnings, how to legally and tax-efficiently withdraw funds, and strategies for handling major financial needs—whether it's paying off a home loan, funding an investment, or preparing fo...2025-03-0411 minThe Holistic AccountantBecoming a self-employed medical specialist - here’s what you need to know.Send us a textThinking of making the transition from an employed medical practitioner to running your own private practice? In this insightful episode, Stuart and Mena break down everything you need to know about structuring your business, protecting your assets, and optimising your tax position as a self-employed medical specialist.The duo dives into the ongoing debate around sole trader vs. corporate or trust structures, shedding light on the real impact on asset protection and tax minimisation. They discuss how professional indemnity insurance plays a crucial role in shielding your assets and explore strategic...2025-02-2510 minThe Holistic AccountantThe art of business structuringSend us 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, partners...2025-02-1808 minThe Holistic AccountantWhat will accountants be doing in 2040?Send us 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 redefi...2025-02-1106 minThe Holistic AccountantWhat are things that business owners should be thinking about and working on at the beginning of the year?Send us 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 import...2025-02-0410 minThe Holistic AccountantWhen You Should Consider Outsourcing Your Finance FunctionSend us 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 cu...2024-12-1011 minThe Holistic AccountantUnderstanding Employee Share Schemes for Your Small BusinessSend us 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...2024-12-0315 minThe Holistic AccountantHow Payroll Tax Works and What You Need to KnowSend us 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 acti...2024-11-2611 minThe Holistic AccountantMYOB versus Xero: which software is better for business?Send us a textIn this episode, Stuart and Mena compare MYOB and Xero, two leading accounting software options in Australia. While both offer core features like payroll, bookkeeping, and inventory management, they have unique strengths suited to different business needs. Xero, designed as a fully cloud-based solution, stands out for its intuitive dashboard, extensive integrations, and customisable reporting, making it ideal for businesses needing in-depth financial insights. MYOB, though less user-friendly, provides robust inventory tools and tiered pricing, which may appeal to smaller enterprises. The discussion spans usability, pricing, features, integrations, and customer support, ultimately highlighting...2024-11-1908 minThe Holistic AccountantUnderstanding the Instant Asset Write-OffSend us 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...2024-11-1208 minThe Holistic AccountantCase study: $66,000 annual tax savingSend us 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 $...2024-11-0514 minThe Holistic AccountantThe Future of Work: How AI and Automation Are Reshaping the Modern Business LandscapeSend us 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 wh...2024-10-2908 minThe Holistic AccountantIdentifying what business failure looks likeSend us 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 culture2024-10-2214 minThe Holistic AccountantThe key to business success is fanatical disciplineSend us 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...2024-10-1513 minThe Holistic AccountantUsing the flywheel concept to grow your businessSend us 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 ov...2024-10-0812 minThe Holistic AccountantHow to improve your business’ productivitySend us 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 wor...2024-10-0112 minThe Holistic AccountantFiring bullets and then firing cannonballsSend us 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...2024-09-2408 minThe Holistic AccountantInterest rates have a wide-reaching impact on businessSend us 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...2024-09-1706 minThe Holistic AccountantWhy self-employed people favour investing in propertySend us 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...2024-09-0314 minThe Holistic AccountantHow to maximise your borrowing capacity from your businessSend us 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...2024-08-2011 minThe Holistic AccountantHow to structure your property developmentSend us 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 a...2024-08-1309 minThe Holistic AccountantHow to best protect your interests in the event of a relationship breakdownSend us 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...2024-08-0615 minThe Holistic AccountantProtecting your business from cybersecurity threatsSend us 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...2024-07-3006 minThe Holistic AccountantWhat insurance should you have for your business?Send us 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...2024-07-2308 minThe Holistic AccountantAsset protection for business ownersSend us 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...2024-07-1613 minThe Holistic AccountantCreate a financial crystal ball for your businessSend us 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 a...2024-07-0907 minThe Holistic AccountantBusiness planning for a new yearSend us 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...2024-07-0210 minThe Holistic AccountantHow to fire a bad customerSend us 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 ma...2024-06-2507 minThe Holistic AccountantTop 5 reasons why businesses failSend us 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...2024-06-1807 minThe Holistic AccountantOur top 10 hiring mistakes and learningsSend us 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...2024-06-1110 minThe Holistic AccountantCustomer feedback surveys: everything business owners must knowSend us 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...2024-06-0412 minThe Holistic AccountantTax planning for End of Financial YearSend us 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 AccountantShould I merge my business?Send us 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...2024-05-2108 minThe Holistic AccountantWhat to do if you are reliant on one customer?Send us 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...2024-05-0707 minThe Holistic AccountantWhy you should outsource your bookkeeping functionSend us 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...2024-04-3006 minThe Holistic AccountantConsidering financing an asset in your business? Here’s a few considerationsSend us 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...2024-04-2307 minThe Holistic AccountantDebunking common tax minimisation mythsSend us 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...2024-04-1506 minThe Holistic AccountantWho’s going to look after your business when you die?Send us 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 do...2024-04-0907 minThe Holistic AccountantUnder what circumstances can businesses borrow?Send us 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...2024-04-0208 minThe Holistic AccountantPowerful business insights – introduction to cost accountingSend us 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...2024-03-2607 minThe Holistic AccountantMaking the most of the 1 July tax cutsSend us a textIn this insightful episode, Stuart and Mena delve into strategic approaches for maximising the benefits of the 1 July Stage 3 tax cuts. They highlight the advantageous shift in the average tax rate, emphasising that in the financial year 2024, a $165k income corresponds to a 30% average rate, increasing to $200k in the next financial year (2025). Post-1 July, individuals can potentially take an extra $35k in their name.The hosts explore the implications of the concessional cap increasing to $30k, enabling a post-1 July annual intake of $230k. They deliberate on the wisdom of...2024-03-1906 minThe Holistic AccountantHow to minimise land taxSend us 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...2024-03-1206 minThe Holistic AccountantShould you own a car through your business?Send us a textIn this episode, Stuart and Mena dive into a critical question: Should you own a car through your business? Building on a previous discussion from March 2023 (S03-E09), they dissect the pros and cons of business ownership versus personal purchase. The episode delves into pivotal considerations like whether to register the car under your business name, exploring complexities such as GST implications and the potential for losses or gains upon sale. Additionally, they unravel the intricacies of Fringe Benefits Tax (FBT) and weigh the merits of different vehicle types, from utes to...2024-03-0506 minThe Holistic AccountantOffering customers discounts – should you, when, how and why?Send us 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...2024-02-2709 minThe Holistic AccountantUnderstanding & improving your business modelSend us 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...2024-02-1915 minThe Holistic AccountantBusiness exit strategy - personal considerationsSend us 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...2024-02-1309 minThe Holistic AccountantDo you have too many products and/or services?Send us a textIn this episode, join Stuart and Mena as they unravel the key strategies for optimising business profitability by streamlining your product suite. The duo delves into the crucial importance of focusing on your customer, emphasising that trying to cater to everyone results in catering to no one. They advocate for identifying a clear target customer to enhance product resonance. The episode further explores the art of maximising profitability and return on investment by strategically concentrating efforts on the most lucrative products or services. Listeners will gain insights into leveraging data for decision-making, including...2024-02-0608 minThe Holistic AccountantSub-dividing land – tips and trapsSend us a textIn this episode, Stuart and Mena discuss strategies to sub-divide land and common traps that people fall into, including:Revenue v. capital account – you need to establish what your intention is from the onset.Double duty – ensure planning is started after a nomination to avoid double dutyPartition agreements – if you’re going into partnership/JV, ensure the title is set up correctly to allow each respective party to take their agreed-upon share without incurring duty.Use of the margin scheme – what is the margin scheme and how it operates? If this episod...2023-12-1206 minThe Holistic AccountantGetting your business ready for saleSend us a textIn this episode, Stuart and Mena discuss strategies that can optimise your sale proceeds and the marketability of your business, including:Financials – this is the first component that any prospective purchaser assesses. Operations – businesses that are reliant on the current owner or their respective reputation are less desirable to purchase than those who have the Goodwill associated with the brand. Get rid of dead weight – stock and staffCustomers – purchasers are weary if your customer base is heavily weighted to a small groupStructuring – Michael Tselepis's exampleCGT concessionsIf this episode resonated with you, pl...2023-12-0507 minThe Holistic AccountantTax-effective home repayment case studiesSend us a textIn this episode, Stuart and Mena discuss strategies that optimise your ability to repay your home loan, including:Everyone's situation is different. If you earn business income and you encounter an unexpected tax liability. Borrow to invest in shares. Div 7A loan from the corporate beneficiary. Distribution to family members and they deposit cash in your offset account.Business restructure. 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 th...2023-11-2807 minThe Holistic AccountantHow to receive and leave an inheritance and minimise taxSend us a textIn this episode, Stuart and Mena discuss tax-related matters that apply to inheritance, includingAustralia doesn’t have an inheritance tax like other countries.Main residence exemption. Pre-CGT assets. Super benefits. Benefits of using a testamentary trust. Restructure business prior to death.Jointly held property doesn’t hit the estate. Entities won’t create tax consequences. 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! 2023-11-2109 minThe Holistic AccountantShould you go into business with family or friends? If so, how?Send us a textIn this episode, Stuart and Mena discuss matters to consider if you plan to employ or go into partnership with family or friends, including Don’t mix business with pleasure.Statistics show that 70% of partnerships fail.Start with the end in mind. Keep arrangements business-like. Communicate fast and directly. 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 subscr...2023-11-1407 minThe Holistic AccountantHow to unlock the most value from your accountantSend us a textIn this episode, Stuart and Mena discuss how to proactively manage your accountant to get the most value. Timely and clear lines of communication. Make sure they understand your business goals and financial priorities.Set clear expectations regarding the scope of work and when that work is to be completed. Depending on your requirements, consider conducting regular meetings and a reporting framework. Ask questions and review financial reports – it is your business and it’s important that you understand its performance. Create a financial budget and conduct tax planning at the beginning and end...2023-11-0708 minThe Holistic AccountantHow to read a set of financial statementsSend us a textIn this episode, Stuart and Mena share tips on how to read a set of financial statements. Familiarise yourself with the 2 to 3 main statements being a profit and loss, balance sheet, trading statements. Profit and loss will give you an insight into the cost structure and profitability of the business. The balance sheet tells you about the health of the business. Cash flow consideration – focus on operating cash flow. Calculate key financial ratios and compare periods and look for warning signs such as declining revenue, increasing debt levels, or inconsistent cash flow. Conside...2023-10-3107 minThe Holistic AccountantPayroll management: what system to use?Send us a textIn this episode, Stuart and Mena discuss how to manage your payroll to ensure you comply with employment laws. Key factors that you must consider Options: use a basic system or get a dedicated systemHuman Resource Information System (HRIS) such as Employment Hero includes recruitment, onboarding, management (staff reviews), timesheets/timecards, etc. Ongoing management by your bookkeeper – you just approve the payments. 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...2023-10-2405 minThe Holistic AccountantBest practice BAS lodgement – who should do what and whenSend us a textIn this episode, Stuart and Mena discuss what is involved in preparing and lodging BAS and common mistakes and pitfalls. What should your bookkeeper doWhat does your accountant do Common mistakes and pitfalls The importance of annual reconciliations 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. SPEC...2023-10-1705 minThe Holistic AccountantHow does the PAYG instalment system work?Send us a textIn this episode, Stuart and Mena discuss how the PAYG instalment system works for all taxpayers including business owners. What is the PAYG instalment system. How does the ATO work out instalments?Are there any downsides to not paying instalments (catch up tax, imputation credits).How can you vary instalments? What to do if you have overpaid your tax. 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 pa...2023-10-1006 minThe Holistic AccountantGetting money out of a bucket companySend us a textIn this episode, Stuart and Mena discuss what to do with your trapped funds in your corporate beneficiary:Look at your structure of the corporate beneficiary – are your shares individually owned? Is your corporate beneficiary also your Trustee?Why is retaining funds in the corporate beneficiary an issue? No strategy can lead to not only compliance issues in Division 7A problems, but also an opportunity cost – i.e. can you use those funds to invest. Company can invest directly in shares and property. Talk about franking differences and CGT discountsLending money to a rel...2023-10-0309 minThe Holistic AccountantCapital raising for your businessSend us a textIn this episode, Stuart and Mena discuss alternative methods of raising funds considering increased interest rates, including:Convertible notesFixed price equity Equity and loan How to choose the right option for your businessIf 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 bo...2023-08-2908 minThe Holistic AccountantThe pros and cons of holding investments in a family trustSend us a textIn this episode, Mena and Stuart discuss the pros and cons of using a family trust to own your investments, including: What is a trust? The main pros and cons The downsides for holding direct property in a trust Why trusts suit share market investments Here’s a link to the webinar that Stuart referred to in the podcast: https://www.prosolution.com.au/family-trusts-webinar/If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Th...2023-07-2509 minThe Holistic AccountantSimple things you can do that produce big resultsSend us 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 a...2023-07-1109 minThe Holistic AccountantHow businesses can navigate high inflationary environmentsSend us 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 reso...2023-07-0408 minThe Holistic AccountantHow to own investment properties – trust, company, personal name, etc.?Send us 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, ple...2023-06-2708 minThe Holistic AccountantWhat to consider when buying into a businessSend us 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...2023-06-2006 minThe Holistic AccountantWhen should you start employing staff?Send us 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.prosolu...2023-06-1306 minThe Holistic AccountantIs it worthwhile engaging a business coach?Send us 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 Accountant2023 tax planning ideas and tipsSend us 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 pl...2023-05-3005 minThe Holistic AccountantWhat tax deduction am I entitled to as an investor?Send us 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 help...2023-05-2306 minThe Holistic AccountantWhat is a service entity and when should I use one?Send us 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...2023-05-1606 minThe Holistic AccountantWhat costs are deductible when you buy an investment propertySend us a textThis 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 platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to...2023-02-2805 minThe Holistic AccountantHow to manage your stock on hand to maximise profitSend us a textThis 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 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 jour...2023-02-2107 minThe Holistic AccountantWhat you must know about trust distributionsSend us a textThis 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 other than to your spouse or children under 18. When distributing to a corporate beneficiary, be careful about Div. 7A loans and discuss what you can potentially do with t...2023-02-1406 minThe Holistic AccountantIntersection of investment and taxation advice (case study)Send us a textThis 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 attributes in entities which still allowing us to invest money effectivelyConsider tax outcomes when determining ownership of future investments And much more… If this episode r...2023-02-0706 minThe Holistic AccountantShould you pay yourself a salary?Send us a textThis 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 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. SPEC...2023-01-3107 minThe Holistic AccountantGreat Xero apps that will streamline your businessSend us a textThis 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 projectsHubDoc/Dext - paperless payablesPayment 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 platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey! Click here to subscribe to...2022-12-1306 minThe Holistic AccountantHow do you buy a business?Send us 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...2022-11-0106 min