Speak to us now:
1300 728 875
Darcy Bookkeeping & Business Services' very own tax accountant Brad Reynolds recently appeared on the Your Number Man podcast. He shared his expertise with guiding small businesses with their tax structures and tax accounting best practices.
In this episode, learn about business structures (like sole traders, partnerships and incorporated companies), GST, maximising tax structures and common tax pitfalls.
Johan Czanik: Welcome to Your Number Man, where we share financial strategies, business insights and inspiring stories to help you navigate a successful business.
I am your host, Johan Czanik, and my goal is to help you achieve a bigger life in business. Today, we've got a very, very nice guy, a very dear friend of mine. His name is Brad Reynolds. We've known each other since 2016/17. He’s a tax accountant specialising in business structuring, taxing and GST, and all the nitty gritty that is so essential for every business. He’s a CPA, and he started his career in public accounting practices in 1987.
Ten years later, he started his own practice called Morgan Reynolds. Now, his firm became a very key advisor in the business to business program for the Regional Development Australia here in the Barossa. Their part in the program was to provide business advice to existing and startup businesses.
In 2022, Morgan Reynolds was sold to Darcy [Bookkeeping & Business Services]. Brad is still with them today as a senior accountant and specialises in tax planning, business structuring and financial consulting.
So, without any further ado: Brad, welcome, mate! Welcome on the other side. We’re on Zoom. Brad is down in Strathalbyn, and I'm here in Gawler.
Brad, welcome to the show, mate.
Brad Reynolds: G’day, Johan. Thank you. It's an absolute pleasure to be here. I'm looking forward to it.
JC: I don't think today is gonna be a problem for you, because you are quite an expert on the mic and on the radio. You've been part of the Barossa Community Radio for a few years, and you had a very nice business show on there as well. Can you tell us a little bit more about that?
BR: Indeed, I did. In fact, BBBfm is the local community radio station there, and they started back in 1997. When they went from just playing on weekends to playing during the week as well, I actually had a show there, which I ran for a couple of years, until GST took over my life. Then, I took a bit of a break. Then, back in the mid-2010s, I can't remember exactly when, partner, Nicki, and I started up another show and we ran that for a couple of years called “For Buck’s Sake!”.
We had an absolute ball, it was good fun. Once again, we focused on businesses. We had lawyers and we had politicians on, and always kept a bit of a business focus on the whole thing. We just ran out of time. We just didn't have time to do that sort of thing.
JC: I remember, that was at the time when I met you. I knocked on your door, back in 2016 or 2017, and I was looking for an office space in Tanunda, and you and Nicki were quite busy with the radio show. It took a lot of time. Your program was a couple of hours but it was a lot of planning.
BR: It's generally considered that for every hour that you have on air, you do another hour of planning. So, if you have a two-hour show, there’s four hours. But we used to spend quite a bit of time. She used to like to get the music to match the guest, so she tried fairly hard.
JC: I remember quite well. I came on the show one morning, and you said “This is for our new tenant, Johan, who is also a money man,” and you played my favourite song from Dire Straits, “Money for Nothing”. That was great.
So, let's get into business. So, Brad, you're obviously known for your expertise in advising business owners on the right business structures. Now, there are a few. For the sake of my listeners, who are small to medium-sized businesses, in your view, what are the most popular and what are the most secure and efficient kinds of business structures that you can actually start your business [with]?
BR: There are really four main types of business structure. The obvious one, and the easiest, quickest, simplest one, is the oldest: sole trader. You’ve just got a single person and they run their business. It's easy to set up and people understand it. And, it's easier to close down should the time come to close it down.
The risk of that is that it means that everything's on the line. So, you're putting your house on the line and everything else that you own when you run that business, because you have unlimited liability. So, that can be a bit of a risk, and there are options available, which will get to in a moment. But that's the first one, quick and easy, everyone can do it.
The second type is a partnership, which is essentially a whole lot of sole traders coming together and forming a single business and going off into business together. Like the sole trader, you have the issue of unlimited liability, but you also have the issue that you, as a partner, are what they call “joint and severally” liable for the debts.
Let's say you've got two people and they're in business together. Then that might be a 50% partnership. You might go, “I only owe half of this debt,” but, in fact, you actually owe all of it. So, you can be jointly held for it, so, say 50% of it, but also severally, which means that someone can go for you for the entire amount. The risk there is that the other partner could get you into substantial debt and if the other partner doesn't have as many assets as you have, then you could be forced to cough up the entirety of the debt, or the balance of the debt, as the case may be.
JC: So what is the advantage? Let's say you and me are starting a shoe business together, Brad, and we decide to be 50/50 in a partnership, and you decide you're gonna fly the coop. You’re gonna start a banana farm back in the Gold Coast and just leave everything. So it means I'm gonna be stuck with all that debt?
BR: That's potentially true, however, what I also suggest is, as you and I are not related to each other, that we would probably have a partnership agreement. And that partnership agreement would set out how we are going to operate the partnership. And, if for any reason we separate, whether that's because one of us has died, or whether because we've decided that it's no good anymore, or one of us is incapacitated and not able to speak for ourselves, then the agreement actually comes into play. So, then the agreement says that one person's going to pay out the other, or we're gonna wind it up, and here’s how we're going to value everything. So it's a bit of a prenup, I suppose, because really a partnership, in many ways, is a business marriage.
JC: But the advantage is it's simple, it's easy to run.
BR: Absolutely, and each state has a partnership act. And that act does cover you for some things, but doesn't cover you for everything. There's also a whole lot of case law that covers partnership law. But, ultimately, I always say to people, “Look, if you're gonna go into business with someone who's not your matrimonial partner or your defacto partner, then get some sort of agreement in place.” If you go into business with your matrimonial partner and you break up, then, in fact, family law usurps the partnership law, and the reason for that is that family law is a national law, whereas partnership law is a state law.
JC: Ah, okay, well that's interesting. And then the one that's most popular and the best way probably for small business owners, if you wanna attract shareholders at a later stage, what would that be?
BR: Well that's the next stage, is to incorporate and become a company. A sole trader can become a company. Some have suggested that it doesn't give you the protection that maybe you'd like. I’d liken it to a bit like a bulletproof vest, where if you're wearing a bulletproof vest and you get shot and you get knocked to the ground and it really hurts but you get up and you can keep going. But, if you do something really stupid while still wearing a bulletproof vest, you can still die. And so it is with a company, if you do something really dumb and you've got a company, you can still go broke. So you just need to make sure that you work within the rules of a company. But the beauty of a company is that it provides more asset protection. And so rather than you having that unlimited liability, you now have limited liability, which is what the “limited” in “proprietary limited” means.
JC: Pty Limited, yeah.
BR: So then you're only limited by the value of the shares that you hold. However, the company is limited to the assets that it holds. So, if the company has a million bucks in the bank, then that can potentially be lost. If you have more than one person involved, then you can have a company with multiple shareholders and multiple directors, so then you become essentially a partner in a company.
Once again, I would still recommend that you have some sort of agreement in place before you start.
JC: Of course, that makes sense. So, it's all about security, and you've got a good structure through Pty Limited. But it's also costing you a little bit more because every year you’ve got to register.
BR: Correct. That's it. A company is a separate legal entity and so, yes, you do have to pay to get it set up. You can be paying $1,500-2,000 to set a company up, depending on how you want to get it going. And then you have the responsibility of a separate tax return for that company and the annual fee, as you were just alluding to – the Australian Security and Investments Commission – which, I think it's about $350 or $330 at the moment. So, that's an annual fee that you have to pay just for the privilege of holding that company. Even if you don't do anything with it, you still have to pay the annual fee.
And just going back to partnerships as well, a partnership has to do its own tax return, and so you need to be aware that there's an extra cost there in running that partnership.
JC: So, a partnership has to do a tax return for the partnership itself? So it's not like a sole owner, where you only do your tax as part of your personal income?
BR: That's right. And let's just cover that quickly. So, if you're a sole trader, then whatever profit you make on that business, you have to include that in your tax return. It doesn't matter whether you decide that you're not going to draw any money out of that business. It's your business. You must include the profit in your tax return. At the same time, if it makes a loss, then that loss gets included in your tax return as well. So, if you have other income from other sources, it all gets mashed together into that one tax return.
If you have a partnership, then the partnership does its own tax return, and there's a share of profit and each of the partners then includes that share of profit in their personal tax return. It's important to remember that, even if you don't take any money out of that partnership, if the partnership’s made profit, you still get your share of that profit, and you still have to include it in your tax return. So you might go, “Look, this made a million bucks. I'll get half a million dollars out of it. But I decided not to take any cash out – or only took enough to live on, you know, 50 grand.” The Tax Office says “Too bad, you still have to pay tax on the whole half million, that's your share of the profit.”
Similarly, if you took a million dollars out, but you've only made a half-million-dollar profit, you only pay tax on that half million. So, it's what the profit says that you have to pay tax on.
The company is a separate legal entity. It makes a profit, profit belongs to the company. So, the company pays its own tax at 25 cents a dollar (for most companies), and it belongs to the company. If you want to get that money out of the company, then there's really only two options: Either you take a wage (and you pay tax that wage, as you would with any wage) or the company makes profit and declares a dividend out of that profit to the shareholders.
JC: And that dividend will be checked as part of your income.
BR: And there is one final entity, and that's a trust. Trusts are quite complicated. There are a lot more rules and regulations and things that you need to be aware of with trusts. So, I won't go into that here, other than to say that if a trust makes a profit, that profit must be distributed to somebody. It can't be held in the trust, so it has to be distributed to the beneficiaries of that trust.
The other thing to remember too: If something happens – if you die, and you've got your business in a trust, that trust is not part of your estate because you're only a beneficiary. I have seen it cause problems in deceased estates. Because they’ve said, you know, “I want to leave all this to these people.” But you can't, because you don't actually own it. The trust owns it. So it gets really complicated really quickly. Speak to a financial adviser about that or to a tax account before you get too involved in those.
In fact, maybe we should say now, that this is all general advice and you need to speak to a proper professional.
JC: Right, and that's why and I can understand that it takes a little bit of time to get your head around. Because a lot of people come to me thinking “I'll just put my business in a trust name, and then I don't have to pay any tax.” But it's not as simple as that. There's a lot of permutations to a trust.
BR: And it's also the same with a company. People think that they can just leave it in the company and just pay 25 cents’ tax. And we’d say, “Yep, fine. That's absolutely correct. But you need to live, you're making all this money, you wanna be able to enjoy it. How are you going to enjoy it? You have to get it out of the company. And once you get it out of the company, it becomes income in your hands. And then you pay tax on it at your rate.”
JC: That makes perfect sense. I mean, it also takes a bit of time to get your head around it as a sole owner as well. But, I guess, like you said, if people start their own business, then they will have to go and perhaps to speak to an accountant and perhaps help structure the business out for them as well,
BR: Absolutely, because, look, the other thing that can happen is that you have some combination of those four [business structures]. You can have companies in partnership or you can have a company with a trust. Some people hold expensive assets in a trust, so for example, real estate.
And we should probably just throw in there superannuation funds, as well. Superannuation funds are a form of trust. You wouldn't normally (in fact, it's very much advisable not to) operate a business through a superannuation fund. But you could hold some assets in a super fund.
JC: Let's, let's not go there today. Let's talk a little bit about GST, Brad, because you’ve got a lot of extensive experience with it. One of your contracts you had was with the government to go and train people about GST in the new roll-out. You’re pretty much a GST whisperer, if I could put it that way. Because you were involved with specifically farmers, wasn't it?
BR: Yes. The Farmers’ Federation had a contract with the government, and then I worked with the Farmers’ Federation. And that was good fun. We travelled the state running seminars for farmers on how it was going to impact them.
In fact, I even had an invitation from the Federal Treasurer to meet him in Melbourne. But unfortunately, I was so stupidly busy with the whole GST starting up that I just simply didn't have the time to go. I was certainly honoured to be asked, but I didn't get the chance.
The big thing is registration. So if your turnover – your sales, not your profit – if your sales are $75,000 or more, then you must be registered for GST. If you're a taxi driver or a ride share (like Uber or something), then you actually have to do it from the first dollar. So, if you're a taxi driver, you must be registered for GST, no matter what your turnover is. If you're a not-for-profit, then that is actually $150,000.
And the $75,000 is calculated from any 12-month period; going backwards and also going forwards. So, some people go, “We’re in July now. It looks like my business is going to be turning over $75,000 in the next twelve months. So, I have to register, even though I've only just started now and I haven't turned over $75,000 yet, I’m pretty certain that, by the end of the next 12 months, I'm going to be hitting the $75,000 mark. So, therefore, I have to be registered.” You can't keep looking back and going “I haven't got to 75 yet.” You’ve got to look forward as well.
JC: And one of the other pitfalls is that people aren’t always sure, what can I claim on GST and what can't I claim on GST. You probably need to go and see an account as well, just to make sure that you’ve got your setup correct.
BR: Well, absolutely, because not everything has GST on it.
JC: Yeah, you’ve got to be very careful with GST.
But let's talk about taxing specifically. Now, the way I explain it to people is that I'm an accountant – a management accountant and costing accountant – my job is to work on your efficiencies, work on your costing, do a bit of forecasting. It sounds a little bit weird, but I'm actually here to help people pay more tax. Whereas a person like you, on the other side, it's your job to make sure you're maximising the tax cuts in a legal way.
BR: Yeah. Look, my philosophy is that income tax, or any sort of tax is an expense. And therefore, like any expense in your business, you minimise that expense. But ultimately you go, “Hey, look, you're going to have to pay some tax. You'll always have the expense, so by all means let’s minimise it. Let's try and maximise the amount of money that you have at the end of the day.”
JC: And what are the most common pitfalls?
BR: Actually, a couple of the ones that are coming up is the asset purchase, where people talk about the $20,000 tax write-off. It's actually not a $20,000 tax write-off. It's a $19,999.99 tax write-off. If you buy something for $20,000, you have to depreciate it so it's less than $20,000. So, what happens there is that you might buy an asset that you're going to use. If it's a less-than-$20,000 van, then so long as it's less than $20,000, then you can claim it.
If you're registered for GST, it actually becomes $21,999. And then you take the GST off, and that brings you down below the $20,000 mark, and then you can write it off.
JC: So I can write off that van in one shot at this stage?
BR: Yes, if it's less than $20,000. Now, the important thing to remember too, is that it's the gross price of that van. So, if you bought a $35,000 van but you traded in your old van for $15,001 so that the changeover price is $19,999, you can't do that. You have to depreciate that $35,000 van. There’s two transactions: There’s the purchase of the new van for $35,000, and there's the sale of the old van for $15,000. So, those two are separate things. And that's often a trap that people fall into. They go, “Oh, look, I only paid [$19,999]” and they go, “No, you didn't actually paid more than $20, so therefore you can't claim, you can't write it off.”
The other thing to keep in mind, just talking about that trade in, is that that's a sale. If you're registered for GST, then you have to charge GST on that sale. So if you've been given $15,001, like I used as the example, then one eleventh of that is actually GST if you're registered for GST. So, you need to remember that. And you need to include that in your BAS when you go to do your BAS end-of-quarter report on your GST sales.
Another trap is motor vehicles and private use. A couple of quick stories about the Tax Office and auditors. What they've been doing is they've been going to football games. So, you get an AFL match down at the Adelaide Oval. The Tax Office will send their auditors, and they will take photographs of every single car registration in that car park. And then they'll go back and they'll plug it into the database. They’ll see whether any of those vehicles are registered as business vehicles, and particularly if they registered in the name of a company. Then I can go, “We saw your vehicle at the AFL footy match on Saturday. That's private use, and you're claiming this vehicle 100% business use. So, we think that there's a fringe benefit here, and you're not entitled to claim 100% of the vehicle, and you need to prove otherwise.”
The other thing that they've been doing – they went to the ferry at Fraser Island in Queensland. Fraser Island, for those that don't know, is a bit of a Mecca for 4WD enthusiasts. Often, on the weekend, the ferry would have a whole lot of 4WDs heading off to Fraser Island for the weekend. The Tax Office was there with their auditors taking photos of all the vehicles. All the tradies have got their 4WDs, and they’re towing their van, and they've got the fishing rods on top, and they've got ABC Plumbing written across the side, or something like that. And then the Tax Office has come along on Monday morning and contacted these people and said, “We think that you're using this for private use.” That's the extent that the Tax Office will go to, so just be careful.
The other thing is the police have car registration recognition cameras and they're working in cahoots with the Tax Office. The Tax Office is getting that information, and they're going “Oh, your vehicle was used on Saturday night …”
JC: Well that's interesting. I actually never knew. I’ve heard about, let's call it “ATO spies”. But that they actually go so far as to go to the footy or on the ferry …
BR: They are actual things that have actually happened, so just be aware of that.
JC: Okay, well, you’ve got to be careful, and you’ve got to make sure that you claim the right thing. That's important.
You know, there’s great stuff on the market today, if I want to start a business or if I’ve already got a business, and I want to get a good system. You know, we're talking about bookkeeping software, like Xero, Reckon, MYOB, Intuit [QuickBooks] – and I know your business is quite specialised in Xero, isn't it?
BR: Yes it is, that's my preferred one. Like all of them, it has its good and bad points. It's not very good at stock control. So, if you have a lot of stock, then the beauty of Xero is that you can plug in other apps and other programs to it. So, it's hopeless at stock control – don't even waste your time trying to do stock with Xero. It just won't handle it. But you can plug in programs to it. And, in fact, often some suppliers – I've got a plumber, for example – and they normally get supplied through I think it's Reece but I'm not sure. They've got a stock control program that plugs straight into Xero. So, then, they just buy all their products through there, and it automatically updates everything in Xero.
MYOB is much better at stock control, but I've had problems with MYOB. I’ve had problems with all of them, to be honest. Once again what's going to work for you … And just be prepared that you might have to buy other little apps that plug in to whatever it is you buy in order to actually get things to work more efficiently for you.
If you have staff, you're going to have to have some sort of electronic reporting of wages, because that's how the Tax Office works now. There's no way around that.
JC: Yes, if you got staff, yes.
BR: It’s called single-touch payroll. You need to have single-touch payroll, there's no way around that. But also, if you're registered for GST, it's so much easier to do it through the program. Just don't waste your time. Spend the money and just consider it a cost of business that you're going to have to have some sort of accounting package.
JC: Yeah. Somehow it makes your life a little bit easier because you're not going to have to deal with all the nitty and gritty of your clients.
BR: Every time you enter a transaction into the accounting package, it updates what it is that you owe to the Tax Office. And then, at the end of the quarter, you do a report. You just check it. It’s fairly straightforward.
Which is why I recommend – look, by all means do it yourself – but get it set up by someone that knows what they're doing. Pay somebody to get it sorted first. Then, once you're comfortable with it, then tick along with it. I've got clients that do their own, and if they have an unusual transaction they'll give me a call.
Need someone to set up your bookkeeping software? Get in touch and we can get you started with the accounting software of your dreams.
JC: That's right, now, that's the easiest. Like I say, perhaps it might take a little bit of work away from us as accountants or bookkeepers, but it frees up our time to spend more time on analysing and doing better tax planning and better strategical work as well.
BR: Yeah, exactly.
JC: Now, Brad, we've gone through a few things. I did mention in the beginning, you've done so much in your life, but one of the things was, you built up a very successful accounting practice in the Barossa, Morgan Reynolds, and then you sold it last year or two years ago to Darcy [Bookkeeping]. I guess that was quite a big thumbs-up moment for you in your life, wasn't it. But how did you navigate it all? A lot of people say, “What if I can sell my business in two or three years’ time?” I say, that's great, because you’ve got to start your business with an end in sight. But it is quite daunting. Do you mind telling us a little bit about your experience of selling a business? How hard is it or how easy can it be?
BR: Look, getting into business is a bit like … never get into something without knowing how you're going to get out. Always have an exit strategy before you start. And that's what I had as well. My plan was always to build it up to a point and then see if we can offer it. But of course, the climate changes, the whole accounting industry changed over time.
But, look, I was lucky in that I was able to find someone that got on really well, and we still get on really well. And I just said, “Look, rather than me working for you part-time and working for me part-time, what if I just work for you full-time and you buy my business?” So that's what he did.
And I was able to take advantage of seeing a small business capital gains concession. Because I'd owned the business for more than 15 years, the sale was free of capital gains tax.
So, there are four different capital gains concessions that small businesses are entitled to have a look at. The first one is the 15-year exemption. If you've owned your business for more than 15 years and you meet the conditions of being a small business, then you're in. You don't have to pay tax on the gain, no matter what the size of that gain is, so long as, once again, you meet the small business conditions.
If you haven't held up 15 years, then you go to the next step, which is, when you have a capital gain, you only pay tax on half the gain. But, if it's a business asset, then you actually get an extra 50% discount. So then it becomes only a 25% gain that you pay tax on. And it's the gain, so you only pay tax on a quarter of the gain instead of half of it. That's the second option.
And then the third option, or the third step, because you can actually add these together, the third step then is that there's a retirement exemption of half a million dollars over your lifetime. And if you think about it, if that's on a quarter, so in fact you can actually make a gain of $2 million over your life on the sale of business assets and the business and not pay any tax on it.
JC: That's not bad, yeah.
BR: And that's the gain. It's not the sale price. That's the gain. So, that in itself – you know, it's pretty unlikely that a small business is going to make those sorts of profits.
The fourth option is the small business rollover. So, you can get your gain. You might have a shop and you sell that shop and you make a gain on that shop. But, you go, “But I still want to be in business. I still want to keep going.” So, then you can go, “Alright, I'm going to go buy a shop somewhere else.” So, then, you can roll over the gain that you've made in that first shop, not pay tax on it now, so long as you apply that gain to the second shop, to the new shop, or the new business that you buy.
I’d even go, “I've got business A. I sell business A and I'm going to go off and do a brand-new business.” So, I buy a brand-new business that has nothing to do with the old one. And so you can roll over the gain that you made in business A and apply it to the cost of business B.
JC: Ah, I get it.
BR: And then, look, if you're under 55, then that gain would have to be rolled over into a superannuation. If, at the end of it, there's still something left, if you're under 55, then you actually have to put that into a superannuation fund. Otherwise you’ll pay tax on it.
JC: Okay, so that's great. So, what we’ve got to remember is, you know, capital gains is not this monster as everybody thinks. I mean, I've heard a lot of people who bought property and sold property and then had to pay a lot of capital gains. But there are ways that you could minimise it.
BR: Yes, as long as those assets that you're selling are business assets. They have to be able to meet the condition of business assets – and, once again, that can get tricky, but that's something to ask your accountant.
JC: Yeah - another disclaimer, people: Make sure you ask your accountant. You know, Brad is the guru of all this stuff, but don't just take his advice. Just double-check it with your personal accountant as well.
So, Brad, you're an accountant, you work very hard, you sold a business, you’ve still got a nice little property down south, which you manage on the side. But you've also got a deep interest in aviation, you've got military history, you're a volunteer firefighter, you’re still with the CFS, you've been involved with community organisation, and then also, you know, a very big shout-out to Justin Stein and his team at Balloon Adventures in the Barossa, where you've had quite a big involvement over the last few years. How did you manage all this stuff, and also, is there a bit of a cheat sheet that you can give to our audience here? Like, what can you do to manage your time better to make sure you can have a successful business, but also do what you want to do?
BR: Learn how to say no.
JC: Ah, good!
BR: It's as easy as that. Look, as a volunteer firefighter, we get a pager message (actually, these days it’s on the phone), and I'll look at it and I'll go, “That's probably gonna be an hour, I can afford an hour at the moment.” Or else, you might look at it and go, “Oh, actually, that's a big job that's going to take you know, half the night, or whatever it might be, and you just sort of have to go, “I can't go, I can't do that one.”
The same with business. On Wednesday, after we finish, I might get a message from someone saying, “Can you have this done by Friday?” And I'll just look at my commitments and go, “No.” But plenty of people will go, “Yeah, yeah, I can do that, I can do that.” And then nothing happens. They just get crushed. So, yeah, learn how to say no. And, look, Barossa Balloon Adventures, I absolutely adored that job. It was the most fun job I've ever had in my entire life. But, even then, there were times when I would just have to say, “Look, Justin, I can't work this weekend because I've got commitments with something else.” And you just have to be able to say no.
JC: That's great. Great advice, Brad.
Thanks for putting your time aside on the great Fleurieu Peninsula. You’re out in beautiful Strathalbyn, close to Strathalbyn, anyway.
Thanks for your insights, great conversations. And I know sometimes it's a little bit of a boring subject, talking about numbers and tax specific, but I think we've made it quite interesting with all your little stories.
Thanks for your time, I really appreciate it.
BR: Thanks Johan, it's been an absolute pleasure. I certainly appreciate the opportunity, and I'll look forward to hearing the final result in the due course.
JC: Yes, definitely, definitely. We might even get you back at some stage. Talk a bit more about the daunting capital gains stuff.
BR: Yes, we've left some doors open there, haven’t we.
JC: Definitely. Alright people. Well, that's a wrap. Two big take-aways today are: Make sure you’ve got your tax in order. Go and see a professional if you're not sure, and learn to say no. Cheers, Brad.
BR: Bye, thanks.
JC: Well, thanks for listening to the show. I really hope you got some great take-aways from it. If you found this episode helpful, please subscribe to the show. It would be great if you could share it!
Learn more at www.yournumberman.com.au
Need tax advice and want to talk to Brad (or one of our other experienced tax accountants)? Fill out our contact form or give us a call at 1300 728 875.
Are you just starting off in business and want to make sure you plan properly? Start off on the right foot with our guide to business for beginners.
