Creating the right foundations for anything requires knowledge and experience.
You want to be building your business on a bed of honesty and integrity, that goes without saying. You want to know the truth about financial matters and the tax system that we currently operate in. You want to be able to express yourself, through your business without putting you, your family or your family assets at risk while you do it.
We want you to awaken and pay attention to what foundations you put into place consciously, so that you don’t build your business on a house of cards, that just falls over in the slightest breeze of a problem.
How many people do you know, who have lost their house? How many people do you know who have gone bankrupt?
Finding the right land/soil to grow and flourish, then adding fertilizer, then the seeds, then water and of course sunlight to nurture your own growth.
We want you to build wealth, not just income. We want you to build assets around you and be in the know like other people. We want you to know how to protect yourself, your family, your assets and make great decisions for yourself now so you can benefit in the future.
A practitioner needs to be certified and run their sole trader business to do their job then they need the right knowledge and instruments for the different jobs they need to do. As a practitioner, you know what is required and what needs to be done and how and why and where to do it, to achieve your results with your clients.
What we find with practitioners, are they are not aware of all the opportunities or benefits or risks involved in being in business. They are often technical geniuses in their field of excellence and not necessarily accountants or lawyers and don’t know about various structures.
Are you currently a sole trader?
Are you already a company?
Do you understand which one might be best for you?
At Becoming the Expert, we have our specialist look at your circumstances and educate you about what is the best business structure for you from the point of view of Tax Efficiency and Asset Protection.
As part of The Becoming the Expert Program we have partnered with Graham our in-house Financial Intelligence Specialist who offers a Business Strategy Meeting, valued at $495. It is a one hour review whereby he will look at your Structure, Tax Efficiency, Asset Protection and answer all your questions you might have.
TOP 3 TAX TIPS
If you're not registered for GST, tax time is the perfect time to check your business turnover to see if you need to register. You'll need to register for GST when you have an annual turnover (gross income minus GST) of $75,000 or more.
If your home is your main place of business, you may be able to claim the business portion of some expenses. You may be able to calculate your home-based business running expenses using a fixed rate of 52 cents an hour for each hour you operate your business from home. This covers heating, cooling, lighting, cleaning and the depreciation of furniture and furnishings. You will need to separately calculate phone and internet expenses, consumables and certain depreciation expenses.
You need to keep records to substantiate your claims for all of your home-based business expenses. This includes written evidence, tax invoices or receipts for purchase and repairs of furniture and equipment used for your business, utility bills and cleaning expenses, mortgage interest, rent, insurance and council rates (if you claim occupancy expenses), rental contract between homeowner and business (if you claim occupancy expenses), how you separate your business and private use (for example, a diary over a representative four-week period or records of how you calculated the percentage of your floor plan dedicated to your business).
Here is the Financial Snapshot you do as your homework. You might like to do this later and put it aside for when you and Graham meet up.
The Becoming the Expert Program does not provide financial advice. The information collected above is for education and discussion purposes only with you and Graham or your preferred financial advisor and only if you choose to do so.
What we find with most practitioners are they don’t know how to structure themselves for the future.
This program isn’t about sorting that out now, but it does get you thinking about it and simply makes you aware of your financial position currently because we want to help you improve your results moving forward. So, let’s keep going.