Small Business All Figured Out

Welcome to Small Business All Figured Out - The Tax Bite Edition. 

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we're talking about how to use the Log Book Method to claim your car as a tax deduction.

In this episode, we cover:

• What the definition of a car is, as per the ATO
• What trips qualify as work-related travel
• How the logbook method actually works and the details you need to record for work-related travel
• The receipt evidence that must be kept when using this method
• How long a logbook lasts and when you need to start a new one.

You can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

Welcome to Small Business All Figured Out.

In this episode, Sheryl and Corinne discuss the importance of bookkeeping and how it gives your business a competitive advantage. 

We talk about:

1. What bookkeeping is
2. An outline of some of the benefits of a professional managing your bookkeeping
3. What accounting software is and the benefits of using software
4. How all of this translates into a competitive advantage for your business.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

Welcome to Small Business All Figured Out - The Tax Bite Edition. 

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we’re talking about Negative Gearing. We will help you to understand what it is and how it works.

In this Tax Bite, we talk about:

• What the term ‘Gearing’ means and the 3 types of Gearing - Negative, Positive and Neutral
• Explain how Negative Gearing of a rental property works and how it saves you tax
• Is it better to Negatively Gear or Positively Gear an investment property;
• What Depreciation is and how it’s calculated
• How you can access the cash flow benefits of negative gearing during the year instead of waiting until tax time

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

If you would like a Rental Property Checklist to help you get ready for tax time, you can download a copy at https://www.platinumaccounting.com.au/forms/ 

Welcome to Small Business All Figured Out.

Before you invest considerable time, effort and money on a business idea, you first need to find a way to evaluate yourself and your proposed business idea. 

In this episode, we help you determine if you’re ready to start a business and how to test the viability of your business idea. We talk you through how to undertake this analysis using the Small Business All Figured Out Pre-Business Plan Framework.

In this episode, we cover off on:

The personal considerations of starting a business; to help you work out if starting a business will be the right decision for you which includes:

1. Be clear about your ‘why’
2. Comparing your character traits to those required of a small business owner
3. Understanding if you have what it takes to endure the running a business - from a  physical, emotional and financial perspective; and 
4. Business skills - do you have the necessary skills to run a business or are you prepared to learn them?

The feasibility of your business idea using the 4 Step Evaluation Tool, to  determine if your business idea has a genuine chance at success, which includes:

1. Evaluation of the business idea
2. The market
3. Your competition
4. The environment in which you’ll operate your business

This analysis will really help you to identify whether you and your business idea have the potential to succeed.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

Welcome to Small Business All Figured Out - The Tax Bite Edition. 

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we’re talking about all the things that you just can’t claim as a tax deduction in your tax return. There are a lot of misconceptions and misinformation out there as to what is -  and what is not - tax-deductible. 

In this Tax Bite, we talk about:

• The 3 Golden Rules for claiming a tax deduction;
• 17 of the most common tax deduction myths and misunderstandings that are actually not allowable tax deductions at all, except in very special cases;
• The documentation you must have to survive an ATO audit;

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:
platinumaccounting.com.au

In this episode, you'll find out whether or not you're working with a professional Accountant or Bookkeeper.

This should matter to you as both a business owner and an individual taxpayer - because the risks of working with a non-professional could end up costing you and your business significant time and money, not to mention stress!

We talk about:

• What a profession actually is
• The professional bodies to which your accountant or bookkeeper should belong
• The difference between a Tax Agent and a BAS Agent 
• What a BAS Agent is licensed to do
• What a Tax Agent is licensed to do
• What is required of a professional to become a registered tax practitioner
• The 3 Key Questions you should ask your accountant or bookkeeper 
• The risks of not working with a registered tax practitioner 

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at
platinumaccounting.com.au

In this episode, you'll meet Corinne Cole, co-host of Small Business All Figured Out. Corinne talks about her business Platinum Accounting & Taxation, her professional credentials and how she and her business can help your small business.

"...I started my business from ground zero. In doing that, I've truly experienced what it's like to start a business from nothing and to build it into a valuable asset. I've been in the trenches, which means I've personally experienced all facets of starting, running and growing a business."

"Business advisory and coaching is 'strategising for the growth and success of a small business by digging deeper into all facets of a client's business... It isn't always just about the numbers, believe it or not."

You can learn more about Platinum Accounting & Taxation and access FREE resources to help your small business at platinumaccounting.com.au

In this episode, you'll meet Sheryl Cole, co-host of Small Business All Figured Out.
Sheryl talks about her business The Number Ninjas Bookkeeping, her professional credentials and how she and her business can help your small business.

"The ultimate goal of The Number Ninjas Bookkeeping is to help Australian small businesses think bigger"

"There really is no substitute to collaborating with a professional - someone who you can trust - to guide you through the process [of running a small business] - and show you how all the pieces fit together"

Welcome to Small Business All Figured Out, a podcast for Australian small business owners. Join us, Corinne Cole and Sheryl Cole, the co-founders of Platinum Accounting & Taxation, as we share actionable strategies, expert tips, and practical tools to help you achieve success in your small business.

In this episode, we give you a brief snapshot of what Small Business All Figured Out is about, who's behind it, and what you will get out of it as a small business owner in Australia.

You can learn more about us, here:

https://www.platinumaccounting.com.au/