The Holistic Accountant

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 driving factor in choosing an accountant. Additionally, they address the mis...

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 successors, Stuart and Mena guide listeners through the crucial deci...

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 property or General Security Agreements, they provide clarity on tailoring these to suit ...

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 offering.

Key topics covered include identifying and tracking all direct cost...

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). Post-1 July, individuals can potentially take an extra $35k in their name.

Th...

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 significance of proactive examination.

The discussion delves into the financial...

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 name, exploring complexities such as GST implications and the potential for losses...

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 crafting a compelling value proposition to navigating distribution channels and reven...

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 value. From defining the value proposition and identifying target customer segments ...

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 options: 

• retaining the business as a passive income stream
• selling it in full...

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 to enhance product resonance. The episode further explores the art of maximising prof...

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/JV, ensure the title is set up correctly to allow each respective party to take their...

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 those who have the Goodwill associated with the brand. 
• Get rid of dead weight – s...

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 in your offset account.
• Business restructure. 

If this episode resonated w...

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. 
• Entities won’t create tax consequences. 

If this episode resonated with you, please lea...

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, please leave a rating on your favourite podcast platform. It helps us reach mo...

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 conducting regular meetings and a reporting framework. 
• Ask questions and review f...

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 the business. 
• Cash flow consideration – focus on operating cash flow. 
• Calculate ...

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, etc. 
• Ongoing management by your bookkeeper – you just approve the payments. 

If...