The government have recently released the draft laws for the minimum tax on discretionary trusts and there were some surprises and changes! This week we review these draft laws and discuss how it will affect you. 

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This week we put our knowledge up against AI and apply a real life scenario about what entity a commercial property should be purchased in. We go through the options we see and compare against what 3 different AI solutions. 

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Tax-ember takes on an issue for every tradie out there.....FBT on your ute! Thats right we talk all things fringe benefits tax and your motor vehicles and how to ensure you avoid any nasty surprises! Having utes (and other vehicles) in your business could cost you tax...if you do it wrong. 

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Continuing with Tax-ember we are discussing the new CGT rules and what you need to know for your investments! 

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This week we tackle the ATOs changing stance on how and what you can claim for rental properties that are also used as holiday homes! 

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One more week until we are back from our mid year break and thought we would run another book nugget from the past.

This week we do our first review of a popular business related book Profit First by Mike Micholwicz. We discuss what we think is good about the book and extract those golden nuggets of wisdom. 

This week we do a book nuggets on Deep Work by Cal Newport! We gleaned a lot out of this book so have a listen and see how you can drain the shallows from your life!

Dan's back from his honeymoon, and Tim's straight into one of the biggest things that catches people out at tax time – proving your deductions.

This episode is all about substantiation. It might not be the sexiest topic, but it's the difference between keeping your tax deduction and having the ATO knock it back.

The boys cover everything from working from home, motor vehicle claims, and phone and internet expenses, through to laptops, office furniture, donations, super contributions, and the little traps that can wipe out a perfectly good deduction.

They also chat about the latest ATO expectations around working-from-home claims, what records you actually need to keep, and why "I reckon I used it about half the time for work" just doesn't cut it anymore.

You'll learn:

Whether you're doing your own tax return, looking after clients, or just want to make sure your deductions stack up if the ATO comes knocking, this episode is packed with practical advice you can actually use.

The takeaway? The ATO expects proper records, not rough guesses. A little bit of record keeping now can save you a lot of pain later.

If you're an accountant, it's also a great refresher before busy season kicks into full swing.

Today, we have Sam Petrusma from Made by Beings filling in for Dan. Sam and Tim explore the practical applications of AI in business, addressing common misconceptions, current capabilities, and future potential. They share insights from Sam's innovative AI projects and discuss how small businesses can leverage AI for efficiency and growth.

Between holiday destinations, Dan has dropped by the studio to record with Tim, tune in for a delightfully unhinged episode.