Business By Design

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This week, Mena and Stuart discuss: 

• Common strategy recommended by a lot of accountants, but it does it provide much tax savings?
• Stringent log book record keeping 
• Exception for utility vehicles 
• When to put a motor vehicle in your business name
• Borrowing capacity considerations and funding considerations 

If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'. 

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

This week, Mena and Stuart discuss how to tell whether your accountant is doing a good job or not. We discuss:  

• The fact that fees tend to be either end of the spectrum I.e., too cheap or too expensive.  
• Some signs to look out for are: 
  • Shares/units owned personally or operate as a sole trader  
  • No distribution strategy i.e., large retained profits in business. 
  • No discussion about exist strategy – if you are close to selling/retirement  
• What to do if you think your accountant isn’t doing a great job.  

If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'. 

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

This week, Mena and Stuart discuss: 

• What is blackhole expenditure
• Types of expenses included under blackhole expenses
• How to treat these types of expenses in your tax accounts.

If you would like us to cover a particular topic, please email us at 'advice at prosolution dot come dot au'. 

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

This week, Mena and Stuart discuss how to build a consulting/professional services businesses, including 

• Rule of One Third
• Expense management strategies 
• You can’t build a great business without a great team
• There's a 40% discretionary element – how to you motivate people to provide that effort.

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

This 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 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

This 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 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

This 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 the funds – there must be a strategy. 

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

This 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 effectively
• Consider tax outcomes when determining ownership of future investments 
• And much more… 

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

This 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.

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

This 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 projects
• HubDoc/Dext - paperless payables
• Payment 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 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.