How to Overcome Tax Time Anxiety with Mandy Stonard 

Tax time can be a source of anxiety and fear for many business owners due to the complexity and uncertainty surrounding tax obligations. The pressure to accurately file taxes, the fear of audits, and the possibility of unexpected financial liabilities can all contribute to this unease. However, there are effective ways to overcome tax time anxiety. Firstly, staying organised throughout the year by maintaining well-organised records and financial documents can significantly reduce last-minute stress. If you want more of these golden tips, join this conversation with Mandy Stonard and learn more. 

Mandy Stonard from H&R Block will help us squash that signature tax time anxiety. Whether it's getting a MyGov inbox message or stressing over getting audited (seriously, why is this my nightmare?), tax time can be a big worry for many businesses. Mandy explains what needs to happen at tax time, how to ensure you're compliant, and what happens if you do get flagged by the ATO.

Episode Highlights:

• [00:01] Episode intro and what’s in for you today with Mandy Stonard
• [03:00] A quick snapshot of who Mandy is and what she does 
• [04:38] Why business owners have anxiety and fear during tax time
• [06:27] The unnecessary stress on tax and what we can do
• [09:32] How concrete record keeping can keep you in control over tax-time anxiety
• [10:08] How long should you be keeping your business records 
• [11:25] Good record-keeping best practices in this digital era
• [14:56] Commercial break
• [17:07] What happens if you get flagged by ATO for non-compliance
• [20:48] Why self-education is not always factored in as a business expense
• [24:55] What you should be doing to avoid the tax bill shock
• [32:20] Reserving tax if you are doing a side hustle besides your main business
• [33:52] ATO tax payment plans you should know
• [40:00] Wrap up and end of the show

Standout Quotes:

• “A concrete record keeping in your business is not only a way of helping you control your anxiety during tax time. It is the only solution.”- Mandy [09:33]
• “ATO has a certain expectation of income vs. expenses of any business level. If your expenses are a lot higher than your income, the ATO will be drawn to find out why."- Mandy [17:14]
• “Self-education is still one of the grey areas in tax. Sometimes you may incur an expense from your business to further education that is related to your business, but the tax auditor declines to accept that deduction.” - Mandy [20:48]
• “Though ATO provides flexible tax payment plans, they will overcharge you. On the brighter side, you will have the extra flow of money for your business just in case you meet investment opportunities. ”- Mandy [34:42]

Mentioned in this episode:
H&R Block tax course: https://www.hrblock.com.au/income-tax-course/

Thanks to our Season Sponsor, H&R Block.

As Australia’s leading tax experts, the team is here to help, offering ongoing support for individuals and small businesses and FREE BAS services for all newcomers. Get more, for sure, with H&R Block.

Visit hrblock.com.au to book an appointment.

See omnystudio.com/listener for privacy information.

The Art of Being Brave in Business with Iolanthe Gabrie

Being brave in business is all about embracing courage and taking bold steps. It means having the audacity to pursue innovative ideas, face challenges head-on, and make tough decisions without fear. Playing it safe often leads to stagnation and missed opportunities, so pushing boundaries, thinking outside the box, and embracing calculated risks is the way to go for any successful business. Additionally, bravery fosters a culture of resilience, encouraging teams to take the initiative and explore other territories. Join this conversation with Iolanthe Gabrie, and let’s chat more about that.

Iolanthe Gabrie is a sought-after digital marketing authority, business mentor, and author. She builds exceptional online voices and develops productive, engaged communities across social media platforms for individuals, businesses, and organsations. In this episode, Lolathe talks about the importance of bravery and gumption in business.

Tune in!

Episode Highlights:

• [00:01] Episode intro and a quick bio of the guest; Iolanthe Gabrie
• [02:17] Iolanthe’s backstory and the value she brings to the business space
• [03:14] Importance of bravery in business and why Iolanthe wrote about it
• [05:36] Why Iolanthe’s book, 100 Days of Brave, is so valuable
• [08:07] What you can do to become a confident business owner
• [10:36] Some things that separate a business that succeeds and one that does not
• [18:32] Commercial Break
• [20:28] The role of bootstrapping in the long-term success of a business
• [34:24] Facts about when you become a new business owner
• [35:30] Who Iolanthe describe herself as in business?
• [42:06] Call to action and ending the show

Standout Quotes:

•  “When you make a decision to become self employed, you have to be brave because you are turning to what you generationally used to call a way of securing a a life of freedom. You are choosing to be totally self-reliant in taking full responsibility for your financial well-being.”- Iolanthe [03:47]
• “Dreaming it does not automatically guarantee you to earn it. You need more than that. You need grit, a support network, and a sound mental health. Self employment is not something to take lightly.”-Iolanthe [05:46]
• “One of the differences between a business that succeeds and one that fails is relentlessness.”-Iolanthe [10:37]
• “Bootstrapping only serves a business when it is at its most tight cashflow stage, mostly at its first year of business.” - Iolanthe [20:29]

Resources Mentioned

1. 100 DAYS OF BRAVE by Iolanthe Gabrie: https://www.100daysofbrave.com/shop/p/100-days-of-brave

Stay ConnectedIolanthe Gabrie

Personal Website: https://iolanthegabrie.com/

Company’s Website: https://www.100daysofbrave.com/

Facebook: https://facebook.com/rubyassembly

Instagram: https://www.instagram.com/100daysofbrave/

Emma Edwards

Website: https://thebrokegeneration.com/?v=518f4a738816

LinkedIn: https://instagram.com/the.brokegeneration

Instagram: https://instagram.com/the.brokegeneration

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Thanks to our Season Sponsor H&R Block.

As Australia’s leading tax experts, the team are here to help, offering on-going support for individuals and small businesses, and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. 

Visit hrblock.com.au to book an appointment.

See omnystudio.com/listener for privacy information.

3 things business owners need to know this EOFY

During this time of the year, when we're immersed in thoughts and preparations for tax and the upcoming financial year, it's crucial for you as a business owner to address this less glamorous topic, “tax deductions.”  While it may not be the most thrilling topic for business owners to contemplate, understanding tax deductions can be incredibly empowering. Taking charge of your taxes not only alleviates stress but also allows you to feel confident about your business's financial success. Staying informed about changes and updates related to tax claims will be a crucial part of this process, ensuring a smoother and less stressful experience. With a proactive approach to taxes, you can focus more on growing your business and feeling positive about its profitability.

In this episode, we are joined by Mandy Stonard from our season sponsor, H&R Block, to talk about three MEGA things business owners need to know for this EOFY and the financial year ahead. Listen and get insights on the changes in how we deduct assets in the business, entertainment expenses, when food and drink are claimable, and changes to work from expenses.

Episode Highlights:

• [00:01] Intro and a bit about our guest today, Mandy Stonard
• [02:15] A bit about Mandy's background and what she does in the tax space
• [03:26] Important changes to the way we deduct asset expenses in our businesses
• [07:17] Common mistakes Mandy sees business owners making in asset depreciation 
• [11:56] The biggest mistake business owners keep making when it comes to entertainment expenses
• [13:17] Why the ATO tightened its allowances and rules around entertainment expenses
• [15:28] Avenues to claim tax deductions when it comes to food and drinks 
• [17:35] Commercial Break
• [19:11] The change in how the deductions appear in the tax returns 
• [21:29] Changes to the way we substantiate work-from-home claims 
• [27:36] Changes to the shortcut method for work-from-home cents-per-hour claims 
• [28:56] How the proof of expenses has changed record keeping for working-at-home 
• [33:01] Wrap up on the three things you need to know about tax deduction 
• [35:54] Ending the show

Standout Quotes:

• “ATO tightened its allowances and rules around entertainment expenses to make sure it’s clear for everybody, and we’re doing the right thing.”-  Mandy Stonard [13:52]
• “There are no specific self-employed deduction; it is a general based because the rules are the same, whether you are employed or in business."- Mandy Stonard [21:30]

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Thanks to our Season Sponsor H&R Block.

As Australia’s leading tax experts, the team are here to help, offering on-going support for individuals and small businesses, and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. 

Visit hrblock.com.au to book an appointment.

See omnystudio.com/listener for privacy information.