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A holistic accountant goes beyond tax returns, aiming to offer proactive advice to maximise clients' wealth after all taxes. Stuart Wemyss and Mena Abraham explore multifaceted considerations weekly, highlighting the need for a holistic approach. Each episode is succinct and to the point with no fluff or sales pitches. For further details, check out www.prosolution.com.au.
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E!'s Justin Sylvester sits down each week with some of your favorite celebrities for candid conversations that are sure to shock and excite. If you like your tea hot, you'll love "Just The Sip."
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Considering financing an asset in your business? Here’s a few considerations
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In 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…
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In 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 …
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Who’s going to look after your business when you die?
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In 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 su…
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Under what circumstances can businesses borrow?
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In 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 prop…
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Powerful business insights – introduction to cost accounting
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In 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 offeri…
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In 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). P…
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In 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 sig…
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In 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 na…
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Offering customers discounts – should you, when, how and why?
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Embark 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 …
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Understanding & improving your business model
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Dive 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…
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Business exit strategy - personal considerations
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Join 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 optio…
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Do you have too many products and/or services?
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In 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 …
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In 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 duty Partition agreements – if you’re going into partnership/J…
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In 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…
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In 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 …
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How to receive and leave an inheritance and minimise tax
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In this episode, Stuart and Mena discuss tax-related matters that apply to inheritance, including Australia 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. Entitie…
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Should you go into business with family or friends? If so, how?
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In 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, p…
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How to unlock the most value from your accountant
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In 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 …
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In 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…
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In 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 system Human Resource Information System (HRIS) such as Employment Hero includes recruitment, onboarding, management (staff reviews), timesheets/timecards, e…
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Best practice BAS lodgement – who should do what and when
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In this episode, Stuart and Mena discuss what is involved in preparing and lodging BAS and common mistakes and pitfalls. What should your bookkeeper do What 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 he…
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In 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…
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In 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 complianc…
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Mastering the art of delegating so you can grow your business
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In this episode, Mena and Stuart discuss how and when to start delegating roles in your business so that its less dependent on you, including: Roles in a business; the technician, the manager and the entrepreneur Some businesses aren’t businesses, they are jobs – be realistic about that. Delegating options. Work out how much your time is worth. Wha…
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In this episode, Mena and Stuart discuss what you can and can’t invest in a Self-Managed Superannuation Fund. Standard investments include direct property, listed shares, ETFs, managed funds, etc. Consider the sole purpose test when contemplating an investment Update your fund's investment strategy Considerations/restrictions when investing in unli…
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