Business By Design

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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, 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 of the journey!

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Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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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 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.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us Fan Mail

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 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 part of the journey!

Click here to subscribe to our weekly email.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us Fan Mail

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 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 discounts
• Lending money to a related corporate entity to invest is not subject to Div 7A
• Dividends – when should you ideally pay dividends
• Employing family members and or super contributions

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.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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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. What is your hourly rate? 
• Setting, communicating and upholding high standards is absolutely key. Few businesses can produce great results with average staff. 
• Blame the system, not the person. 

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.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us Fan Mail

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 unlisted securities/investments
• Property development 

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.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us Fan Mail

In this episode, Mena and Stuart discuss how we typically advise our clients to use their business to build personal wealth, including: 

• Making sure you have a distribution strategy 
• Super: don’t ignore it. 
• Accumulate wealth in an non-trading company 
• If business premises (commercial property) is a good investment then owning can be a good idea. 
• Have a regular savings plan 

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.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us Fan Mail

In this episode, Mena and Stuart discuss several financial ratios that you can use to monitor the health of your business, including: 

There’s no point having a good accounting system if it doesn’t give you useful and actionable information to help you improve your business. Ratios allow you to quickly assess what areas need your attention. 

• Profitability: gross margin, net (EBIT) margin (inc. salary for you), revenue per employee, earnings & revenue growth, return on assets 
• Cash flow: Average creditor/debtor days (debtor days should be < creditor days), Cash Conversion Cycle, cash interest coverage ratio
• Assets: working capital ratio, stock turnover ratio, ROI 
• Industry/business specific: whatever is your key success factor e.g., profitability ratios by service line and/or product category, etc. 

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.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us Fan Mail

In this episode, Stuart and Mena discuss alternative methods of raising funds considering increased interest rates, including:

• Convertible notes
• Fixed price equity 
• Equity and loan 
• How to choose the right option for your business

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.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us Fan Mail

In this episode, Mena and Stuart discuss whether staff will be deemed contractors or employees, including: 

• What is Div. 293 tax and when does it apply
• Is it still worthwhile making additional contributions? 
• Can you avoid Div. 293? 
• Should you pay the tax from super or personal funds? 
• What happens if you breach the concessional cap? Should you take the money as cash salary?   

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.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn.  Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.