Month: April 2016

Through this privilege as a client’s trusted business advisor, we can help our clients grow their business, we can help with their cashflow or sometimes, we just give them some good old fashion advice about any area that we see that can be improved upon.

We make no judgements. If they happen to frequent Gucci a few times a month, fabulous!!! It is great to see our clients reward themselves for a hard few months. Or if they happen to overspend at Hobby Co – that’s ok – so long as you are having some down time in order to keep sane during the busy period. After all, we are here on this earth to enjoy ourselves, and not just to work ourselves to the ground right?

What upsets us most is not this. What upsets us is when we see a client spend their hard earned money on so-called “experts”. Now, do not misinterpret this. We are not here to undermine any person’s credentials or personal/business achievements.  This is not a direct target at any “experts” in any way. This is targeted towards those people, like some of our clients, who just fall into the trap of engaging half a dozen experts, spend thousands, in the hope that they will achieve whatever it is that they are hoping to achieve (and sometimes, believe it or not, even the client themselves do not know their own goals).

They buy into the great sell of the promised land, the abundance of money, the freedom to do whatever you like, the ability to retire by the time you are 20 and so on. But really – is this what you want, and secondly, does this suit your life and third – is it achievable for you?

About 2 years ago, we met a person who eventually became a client, but who really opened our eyes to this world of experts and leaders and chiefs.

She had spent anywhere between $100,000 to $150,000 on industry experts, to become liberated from the 9 to 5 job, so that she could spend more time with her children. In her case, she did know what she wanted. But in her case, that $150,000 could have been better spent elsewhere. This client was able to spend the time she wanted with her children, but she didn’t need to spend the $150,000 to get there. What she ended up achieving, she did so without any help or advice, from the $150,000 worth of industry experts.

We believe in experts. They do exist. There are genuine people that are qualified experts, in their field, occupation or skill set, and have achieved that status through hard work and through their accomplishments.

What we don’t believe in, is people who have given themselves the title of “expert”, engage in hype and hysteria, and top it off with some fantastic marketing tools – then charge people like our poor client, thousands and thousands, because they believe. All because these people dream, believe and trust. Call it naivety. Call it stupidity. Call it whatever you like. At the end of the day, it just doesn’t seem fair or right.

Two thoughts about the markings of an expert –

1) In this day and age, with online publications and newsletters, anyone can publish. Whether it is an article or a book, it can be done with greater ease than it ever was possible in the past. But does this make you an expert? Or is it more of who you know? Touchy subject to be addressing, but it is here for you to think about.

Almost everyone we meet is trying to publish or be in the media. Yes, it gives you publicity, but does it really make you an expert?

2) Has your expert achieved what they are preaching? This is the quickest way to catch them out. We have seen cashflow coaches who are on struggle street themselves. How on earth are they teaching their disciples to generate cashflow? If you have not tasted a lemon, how can you describe to someone else what it tastes like? Equally, if the expert cannot show their achievements in their own personal life, how can they be teaching the same strategies?

Success can rarely be hidden from the discerning eye – so keep an on it.

Through this privilege as a client’s trusted business advisor, we can help our clients grow their business, we can help with their cashflow or sometimes, we just give them some good old fashion advice about any area that we see that can be improved upon.

We make no judgements. If they happen to frequent Gucci a few times a month, fabulous!!! It is great to see our clients reward themselves for a hard few months. Or if they happen to overspend at Hobby Co – that’s ok – so long as you are having some down time in order to keep sane during the busy period. After all, we are here on this earth to enjoy ourselves, and not just to work ourselves to the ground right?

What upsets us most is not this. What upsets us is when we see a client spend their hard earned money on so-called “experts”. Now, do not misinterpret this. We are not here to undermine any person’s credentials or personal/business achievements.  This is not a direct target at any “experts” in any way. This is targeted towards those people, like some of our clients, who just fall into the trap of engaging half a dozen experts, spend thousands, in the hope that they will achieve whatever it is that they are hoping to achieve (and sometimes, believe it or not, even the client themselves do not know their own goals).

They buy into the great sell of the promised land, the abundance of money, the freedom to do whatever you like, the ability to retire by the time you are 20 and so on. But really – is this what you want, and secondly, does this suit your life and third – is it achievable for you?

About 2 years ago, we met a person who eventually became a client, but who really opened our eyes to this world of experts and leaders and chiefs.

She had spent anywhere between $100,000 to $150,000 on industry experts, to become liberated from the 9 to 5 job, so that she could spend more time with her children. In her case, she did know what she wanted. But in her case, that $150,000 could have been better spent elsewhere. This client was able to spend the time she wanted with her children, but she didn’t need to spend the $150,000 to get there. What she ended up achieving, she did so without any help or advice, from the $150,000 worth of industry experts.

We believe in experts. They do exist. There are genuine people that are qualified experts, in their field, occupation or skill set, and have achieved that status through hard work and through their accomplishments.

What we don’t believe in, is people who have given themselves the title of “expert”, engage in hype and hysteria, and top it off with some fantastic marketing tools – then charge people like our poor client, thousands and thousands, because they believe. All because these people dream, believe and trust. Call it naivety. Call it stupidity. Call it whatever you like. At the end of the day, it just doesn’t seem fair or right.

Two thoughts about the markings of an expert –

1) In this day and age, with online publications and newsletters, anyone can publish. Whether it is an article or a book, it can be done with greater ease than it ever was possible in the past. But does this make you an expert? Or is it more of who you know? Touchy subject to be addressing, but it is here for you to think about.

Almost everyone we meet is trying to publish or be in the media. Yes, it gives you publicity, but does it really make you an expert?

2) Has your expert achieved what they are preaching? This is the quickest way to catch them out. We have seen cashflow coaches who are on struggle street themselves. How on earth are they teaching their disciples to generate cashflow? If you have not tasted a lemon, how can you describe to someone else what it tastes like? Equally, if the expert cannot show their achievements in their own personal life, how can they be teaching the same strategies?

Success can rarely be hidden from the discerning eye – so keep an on it.

Through this privilege as a client’s trusted business advisor, we can help our clients grow their business, we can help with their cashflow or sometimes, we just give them some good old fashion advice about any area that we see that can be improved upon.

We make no judgements. If they happen to frequent Gucci a few times a month, fabulous!!! It is great to see our clients reward themselves for a hard few months. Or if they happen to overspend at Hobby Co – that’s ok – so long as you are having some down time in order to keep sane during the busy period. After all, we are here on this earth to enjoy ourselves, and not just to work ourselves to the ground right?

What upsets us most is not this. What upsets us is when we see a client spend their hard earned money on so-called “experts”. Now, do not misinterpret this. We are not here to undermine any person’s credentials or personal/business achievements.  This is not a direct target at any “experts” in any way. This is targeted towards those people, like some of our clients, who just fall into the trap of engaging half a dozen experts, spend thousands, in the hope that they will achieve whatever it is that they are hoping to achieve (and sometimes, believe it or not, even the client themselves do not know their own goals).

They buy into the great sell of the promised land, the abundance of money, the freedom to do whatever you like, the ability to retire by the time you are 20 and so on. But really – is this what you want, and secondly, does this suit your life and third – is it achievable for you?

About 2 years ago, we met a person who eventually became a client, but who really opened our eyes to this world of experts and leaders and chiefs.

She had spent anywhere between $100,000 to $150,000 on industry experts, to become liberated from the 9 to 5 job, so that she could spend more time with her children. In her case, she did know what she wanted. But in her case, that $150,000 could have been better spent elsewhere. This client was able to spend the time she wanted with her children, but she didn’t need to spend the $150,000 to get there. What she ended up achieving, she did so without any help or advice, from the $150,000 worth of industry experts.

We believe in experts. They do exist. There are genuine people that are qualified experts, in their field, occupation or skill set, and have achieved that status through hard work and through their accomplishments.

What we don’t believe in, is people who have given themselves the title of “expert”, engage in hype and hysteria, and top it off with some fantastic marketing tools – then charge people like our poor client, thousands and thousands, because they believe. All because these people dream, believe and trust. Call it naivety. Call it stupidity. Call it whatever you like. At the end of the day, it just doesn’t seem fair or right.

Two thoughts about the markings of an expert –

1) In this day and age, with online publications and newsletters, anyone can publish. Whether it is an article or a book, it can be done with greater ease than it ever was possible in the past. But does this make you an expert? Or is it more of who you know? Touchy subject to be addressing, but it is here for you to think about.

Almost everyone we meet is trying to publish or be in the media. Yes, it gives you publicity, but does it really make you an expert?

2) Has your expert achieved what they are preaching? This is the quickest way to catch them out. We have seen cashflow coaches who are on struggle street themselves. How on earth are they teaching their disciples to generate cashflow? If you have not tasted a lemon, how can you describe to someone else what it tastes like? Equally, if the expert cannot show their achievements in their own personal life, how can they be teaching the same strategies?

Success can rarely be hidden from the discerning eye – so keep an on it.

Through this privilege as a client’s trusted business advisor, we can help our clients grow their business, we can help with their cashflow or sometimes, we just give them some good old fashion advice about any area that we see that can be improved upon.

We make no judgements. If they happen to frequent Gucci a few times a month, fabulous!!! It is great to see our clients reward themselves for a hard few months. Or if they happen to overspend at Hobby Co – that’s ok – so long as you are having some down time in order to keep sane during the busy period. After all, we are here on this earth to enjoy ourselves, and not just to work ourselves to the ground right?

What upsets us most is not this. What upsets us is when we see a client spend their hard earned money on so-called “experts”. Now, do not misinterpret this. We are not here to undermine any person’s credentials or personal/business achievements.  This is not a direct target at any “experts” in any way. This is targeted towards those people, like some of our clients, who just fall into the trap of engaging half a dozen experts, spend thousands, in the hope that they will achieve whatever it is that they are hoping to achieve (and sometimes, believe it or not, even the client themselves do not know their own goals).

They buy into the great sell of the promised land, the abundance of money, the freedom to do whatever you like, the ability to retire by the time you are 20 and so on. But really – is this what you want, and secondly, does this suit your life and third – is it achievable for you?

About 2 years ago, we met a person who eventually became a client, but who really opened our eyes to this world of experts and leaders and chiefs.

She had spent anywhere between $100,000 to $150,000 on industry experts, to become liberated from the 9 to 5 job, so that she could spend more time with her children. In her case, she did know what she wanted. But in her case, that $150,000 could have been better spent elsewhere. This client was able to spend the time she wanted with her children, but she didn’t need to spend the $150,000 to get there. What she ended up achieving, she did so without any help or advice, from the $150,000 worth of industry experts.

We believe in experts. They do exist. There are genuine people that are qualified experts, in their field, occupation or skill set, and have achieved that status through hard work and through their accomplishments.

What we don’t believe in, is people who have given themselves the title of “expert”, engage in hype and hysteria, and top it off with some fantastic marketing tools – then charge people like our poor client, thousands and thousands, because they believe. All because these people dream, believe and trust. Call it naivety. Call it stupidity. Call it whatever you like. At the end of the day, it just doesn’t seem fair or right.

Two thoughts about the markings of an expert –

1) In this day and age, with online publications and newsletters, anyone can publish. Whether it is an article or a book, it can be done with greater ease than it ever was possible in the past. But does this make you an expert? Or is it more of who you know? Touchy subject to be addressing, but it is here for you to think about.

Almost everyone we meet is trying to publish or be in the media. Yes, it gives you publicity, but does it really make you an expert?

2) Has your expert achieved what they are preaching? This is the quickest way to catch them out. We have seen cashflow coaches who are on struggle street themselves. How on earth are they teaching their disciples to generate cashflow? If you have not tasted a lemon, how can you describe to someone else what it tastes like? Equally, if the expert cannot show their achievements in their own personal life, how can they be teaching the same strategies?

Success can rarely be hidden from the discerning eye – so keep an on it.

We have seen a huge influx of Uber drivers, that are being given incorrect advice, partly because they are relying on friends and others in the industry, which is partly also due to their accountant not giving them the support that they need.

We have developed the following 8 steps, to being Uber good:

1) Get an ABN – this is a must if you are running a business (which is effectively what Uber is meant to be!);

2) At the same time as getting an ABN, register for GST – this is also a must with current issues going on between Uber and the ATO. The ATO believe that Uber drivers should be treated the same as taxi drivers, and ALL taxi drivers must register for GST, regardless of how much money they make. Better to be safe than sorry!

3) Open a bank account, that is specifically for Uber income. You can also pay for Uber expenses from there too. This will keep your paper trail neat and tidy, and your accountant will LOVE you for it!

4) Set up a bookkeeping/record keeping system. If you are computer savvy, and love the cloud, you can sign up to software providers such as Xero or MYOB. If you prefer to keep costs low, just a plain old Excel spreadsheet will do.

5) Make sure you are keeping track of all your expenses, relating to your Uber business. So all fuel, services, tolls, car registration, insurances etc – make sure you are recording this and keep it ready for your accountant.

6) Get a logbook for your car – yes it is painful, but it must be done. It only needs to cover 12 weeks (3 months), and you can keep using it for 5 years. Make sure you pick a period that is a true reflection of your usual travel.

7) Be diligent and put funds aside for GST and tax – 10% for tax, and 10-30% for tax is what we recommend. You do not want a big nasty tax bill, so be prepared for it. Don’t spend it – putting a bit every time you get paid away, and you will thank your younger self in the future.

8) Engage a good accountant, that is up to date with the changing times! Some accountants do not even know about Uber, AirBNB and Airtasker. Work with professionals that know about the new business opportunities and have clients that are currently working in these realms. It pays in the long run, because you are claiming what you are entitled to claim.

We have seen a huge influx of Uber drivers, that are being given incorrect advice, partly because they are relying on friends and others in the industry, which is partly also due to their accountant not giving them the support that they need.

We have developed the following 8 steps, to being Uber good:

1) Get an ABN – this is a must if you are running a business (which is effectively what Uber is meant to be!);

2) At the same time as getting an ABN, register for GST – this is also a must with current issues going on between Uber and the ATO. The ATO believe that Uber drivers should be treated the same as taxi drivers, and ALL taxi drivers must register for GST, regardless of how much money they make. Better to be safe than sorry!

3) Open a bank account, that is specifically for Uber income. You can also pay for Uber expenses from there too. This will keep your paper trail neat and tidy, and your accountant will LOVE you for it!

4) Set up a bookkeeping/record keeping system. If you are computer savvy, and love the cloud, you can sign up to software providers such as Xero or MYOB. If you prefer to keep costs low, just a plain old Excel spreadsheet will do.

5) Make sure you are keeping track of all your expenses, relating to your Uber business. So all fuel, services, tolls, car registration, insurances etc – make sure you are recording this and keep it ready for your accountant.

6) Get a logbook for your car – yes it is painful, but it must be done. It only needs to cover 12 weeks (3 months), and you can keep using it for 5 years. Make sure you pick a period that is a true reflection of your usual travel.

7) Be diligent and put funds aside for GST and tax – 10% for tax, and 10-30% for tax is what we recommend. You do not want a big nasty tax bill, so be prepared for it. Don’t spend it – putting a bit every time you get paid away, and you will thank your younger self in the future.

8) Engage a good accountant, that is up to date with the changing times! Some accountants do not even know about Uber, AirBNB and Airtasker. Work with professionals that know about the new business opportunities and have clients that are currently working in these realms. It pays in the long run, because you are claiming what you are entitled to claim.

We have seen a huge influx of Uber drivers, that are being given incorrect advice, partly because they are relying on friends and others in the industry, which is partly also due to their accountant not giving them the support that they need.

We have developed the following 8 steps, to being Uber good:

1) Get an ABN – this is a must if you are running a business (which is effectively what Uber is meant to be!);

2) At the same time as getting an ABN, register for GST – this is also a must with current issues going on between Uber and the ATO. The ATO believe that Uber drivers should be treated the same as taxi drivers, and ALL taxi drivers must register for GST, regardless of how much money they make. Better to be safe than sorry!

3) Open a bank account, that is specifically for Uber income. You can also pay for Uber expenses from there too. This will keep your paper trail neat and tidy, and your accountant will LOVE you for it!

4) Set up a bookkeeping/record keeping system. If you are computer savvy, and love the cloud, you can sign up to software providers such as Xero or MYOB. If you prefer to keep costs low, just a plain old Excel spreadsheet will do.

5) Make sure you are keeping track of all your expenses, relating to your Uber business. So all fuel, services, tolls, car registration, insurances etc – make sure you are recording this and keep it ready for your accountant.

6) Get a logbook for your car – yes it is painful, but it must be done. It only needs to cover 12 weeks (3 months), and you can keep using it for 5 years. Make sure you pick a period that is a true reflection of your usual travel.

7) Be diligent and put funds aside for GST and tax – 10% for tax, and 10-30% for tax is what we recommend. You do not want a big nasty tax bill, so be prepared for it. Don’t spend it – putting a bit every time you get paid away, and you will thank your younger self in the future.

8) Engage a good accountant, that is up to date with the changing times! Some accountants do not even know about Uber, AirBNB and Airtasker. Work with professionals that know about the new business opportunities and have clients that are currently working in these realms. It pays in the long run, because you are claiming what you are entitled to claim.

We have seen a huge influx of Uber drivers, that are being given incorrect advice, partly because they are relying on friends and others in the industry, which is partly also due to their accountant not giving them the support that they need.

We have developed the following 8 steps, to being Uber good:

1) Get an ABN – this is a must if you are running a business (which is effectively what Uber is meant to be!);

2) At the same time as getting an ABN, register for GST – this is also a must with current issues going on between Uber and the ATO. The ATO believe that Uber drivers should be treated the same as taxi drivers, and ALL taxi drivers must register for GST, regardless of how much money they make. Better to be safe than sorry!

3) Open a bank account, that is specifically for Uber income. You can also pay for Uber expenses from there too. This will keep your paper trail neat and tidy, and your accountant will LOVE you for it!

4) Set up a bookkeeping/record keeping system. If you are computer savvy, and love the cloud, you can sign up to software providers such as Xero or MYOB. If you prefer to keep costs low, just a plain old Excel spreadsheet will do.

5) Make sure you are keeping track of all your expenses, relating to your Uber business. So all fuel, services, tolls, car registration, insurances etc – make sure you are recording this and keep it ready for your accountant.

6) Get a logbook for your car – yes it is painful, but it must be done. It only needs to cover 12 weeks (3 months), and you can keep using it for 5 years. Make sure you pick a period that is a true reflection of your usual travel.

7) Be diligent and put funds aside for GST and tax – 10% for tax, and 10-30% for tax is what we recommend. You do not want a big nasty tax bill, so be prepared for it. Don’t spend it – putting a bit every time you get paid away, and you will thank your younger self in the future.

8) Engage a good accountant, that is up to date with the changing times! Some accountants do not even know about Uber, AirBNB and Airtasker. Work with professionals that know about the new business opportunities and have clients that are currently working in these realms. It pays in the long run, because you are claiming what you are entitled to claim.

We have seen a huge influx of Uber drivers, that are being given incorrect advice, partly because they are relying on friends and others in the industry, which is partly also due to their accountant not giving them the support that they need.

We have developed the following 8 steps, to being Uber good:

1) Get an ABN – this is a must if you are running a business (which is effectively what Uber is meant to be!);

2) At the same time as getting an ABN, register for GST – this is also a must with current issues going on between Uber and the ATO. The ATO believe that Uber drivers should be treated the same as taxi drivers, and ALL taxi drivers must register for GST, regardless of how much money they make. Better to be safe than sorry!

3) Open a bank account, that is specifically for Uber income. You can also pay for Uber expenses from there too. This will keep your paper trail neat and tidy, and your accountant will LOVE you for it!

4) Set up a bookkeeping/record keeping system. If you are computer savvy, and love the cloud, you can sign up to software providers such as Xero or MYOB. If you prefer to keep costs low, just a plain old Excel spreadsheet will do.

5) Make sure you are keeping track of all your expenses, relating to your Uber business. So all fuel, services, tolls, car registration, insurances etc – make sure you are recording this and keep it ready for your accountant.

6) Get a logbook for your car – yes it is painful, but it must be done. It only needs to cover 12 weeks (3 months), and you can keep using it for 5 years. Make sure you pick a period that is a true reflection of your usual travel.

7) Be diligent and put funds aside for GST and tax – 10% for tax, and 10-30% for tax is what we recommend. You do not want a big nasty tax bill, so be prepared for it. Don’t spend it – putting a bit every time you get paid away, and you will thank your younger self in the future.

8) Engage a good accountant, that is up to date with the changing times! Some accountants do not even know about Uber, AirBNB and Airtasker. Work with professionals that know about the new business opportunities and have clients that are currently working in these realms. It pays in the long run, because you are claiming what you are entitled to claim.

One thing is for certain though – it takes one tough, resilient and strong lady to run a business and raise children!

1 – You thought giving birth was hard? Try working out your Centrelink entitlements!

 So you are running a business – then you gave birth to your new bundle of joy. What next? Parental Leave Pay should get you through the next few weeks right?

 Parental Leave Pay (aka as Paid Parental Leave) is the financial support available to new mums, for up to 18 weeks, so that they can take time off work to care for their newborn.

 To be eligible for Parental Leave Pay, you must :

–          Be the primary carer of a newborn (hmm…. I wonder who else would put their hand up and volunteer?)

–          Meet the work test

–          Meet the income test

–          Be on leave or not working from the time you become your child’s primary carer, until the end of your Paid Parental Leave period (Working would be the last thing on your mind I would imagine!)

You would not be eligible if your taxable income was $150,000 or more in the year before claim. Other than that, this applies for full time, part time, casuals, contractors and those running their own business. Win!!! And there are also other benefits, such as Family Tax Benefit Part A and B.

2 - Your husband is your only partner? Think again!

If your business is an income generating business, chances are, you are going to need a partner, or someone to step up and give you a helping hand. The other option is for the business to be put on hold, whilst you get back on your feet, or if you are brave enough, for you to keep running it on your own and live on 2 hours sleep per week.

Whilst this can be daunting for many, it is a good option for others that have long term staff that are willing to step up to the new role.

3 - Life will never be the same again. 

For the experienced mothers, this is something that they already know. These women form part of the elders in the tribe called The Wise Mums.

For the mums that became a mum after the business was established – welcome to the world of no sleep, crinkled paper, unanswered emails, cranky clients and unopened mail. This is of course if you haven’t already outsourced this to your staff.

Having a baby whilst trying to operate a business, is like having twins, or so we are told anyway!! 

4 - You may lose interest in your other baby (the business that is!!)

This has happened, where new mothers with well established businesses, have simply just lose interest in what they were so obsessed about, pre-baby.

If it is an established, well run and profitable business, you may be able to sell it.

Always ask your accountant, before you let it run itself into the ground, as there may be potential for you to capitalise on some of your hard work. 

5 - A thing of the past. Ladies Who Lunch.

Unless you are willing to bring your newborn to these lunches, this is going to be a thing of the past, or less frequent than it used to be.

Of course, getting a nanny or an au pair, or having the parents around can give you this freedom, but once you are in the cycle, it is hard to get a moment to yourself, let alone with anyone else.