Business By Design

Send us Fan Mail

This week, Mena and I discuss rules in relation to the main residence CGT exemption. There aren’t many things that are tax free, so you should make the most of this exemption. 

• Difference between residing in the property when first purchased or renting after you initial purchase the property 
• Converting your property to a rental property – how can you still protect your main residence exemption?
• What proof do you need that a property is your main residence?

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 I discuss how to choose a bookkeeper, including: 

• When you should be doing your own bookkeeping?
• If your business as some complexity, look for experience in your industry
• Functions they should perform include bank reconciliations, payroll, BAS (if a BAS agent). 
• Knowledge of your accounting software (shouldn’t be using anything that isn’t cloud based).
• Ask your accountant for a referral to a good bookkeeper or Xero has a register of certified bookkeepers.

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 I discuss whether becoming self-employed helps you reduce the amount of income tax you pay. We discuss:  

• The Personal Services Income (PSI) rules and how they apply. 
• Flexibility to distribute business income to multiple people. 
• Minimising any eventual capital gain if/when you sell the property.  

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 I discuss how franking credits (aka imputation credits) work and how integral they are when it comes to tax planning including: 

·      Their aim is to avoids double taxation. 

·      Provides you with a tax offset so it’s important to keep track of your Company’s franking account.

·      Sometimes paying tax sooner, so you can pay a franked dividend can reduce your overall tax. 

·      Distribution/dividend strategy - streaming franking credits to beneficiaries or shareholders with low taxable income and to receive a tax refund. 

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

Mena and I discuss how to: 

·      Maximise your interest tax deductions and ensure your loans are structured in a way that ensures the ATO cannot successfully challenge this deduction. 

·      Maximising general deductions. 

·      Is it important to deal with an investment property specialist?  

To learn more, refer to this blog. 

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 Stuart & Mena discuss how to buy a business including:  

• How to find a good business to buy
• Negotiating a fair price 
• How to finance the acquisition 
• Completing due diligence (also refer to episode 6 in season 2) 
• Legal documentation and settlement. 

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 Stuart & Mena discuss due diligence. Due diligence includes the process to assess the assets, cash flows and risks associated with a business which is usually undertaken before you buy a business 

• What information you accountant will review. 
• Due diligence can consider financial matters, legal matters, and any industry specific matters. 
• Who does it and how do you find the right advisor that can help you.  

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 Stuart & Mena discuss what super balance you need to have to justify setting up a SMSF. This discussing includes:   

• Be clear on reasons why and consider if there are more cost-effective alternatives. If it’s because you want more control, often there are simpler and more cost effective alternatives. 
• If it’s to invest in direct property, then there’s no min balance per se, it will probably be guided by how much you can borrow (inside super). 
• Other reasons could include intergenerational wealth (e.g., pooling family’s super monies), estate planning, investing in unlisted investments, 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

This week Stuart & Mena discuss what is a dump company – also referred to as a corporate beneficiary or non-trading investment company. This discussing includes:  

• What is a corporate beneficiary and how is it used? 
• Advantages of a corporate beneficiary? 
• Disadvantages of corporate beneficiary? 

Yet again, this topic demonstrates that any tax management strategies must align with your investment strategy as saving tax alone will not help you become financially independent. 

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 Stuart & Mena discuss the key factors that people must consider when contemplating investing their super in direct residential or commercial property. Including: 

• Why you need a SMSF to do that  
• Borrowing capacity is based on the requirement of 30% deposit plus costs and history of super contributions 
• You must consider the Fund’s liquidity i.e., ability to fund a pension without selling the property
• Generally, we prefer to invest in property outside super because you have more flexibility with what you do with the property, higher gearing, better negative gearing benefits and so on.

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.