Podcasts about wise accounting

Tyler Wise, founder and director of Wise Accounting, was first exposed to the brutality of cyber attacks when his firm experienced a malicious phishing attack. He now uses that experience to help other accountants better protect themselves, their firm, and their clients. In this episode of Accountants Daily Insider, Tyler previews his upcoming session at CPA Australia's Public Practice Virtual Conference by looking at why accountants are more exposed than ever to cyber-security risks in a remote working environment, and the financial and reputational consequences that come with breaches. Tyler also looks to dispel the myth around cyber-security costs that could be holding practices back from taking action, and gives his top tips on how practices can protect themselves today. Find out more about Tyler's in-depth session, other industry changes and technical updates at CPA Australia's Public Practice Virtual Conference on 19 August.

Being an accountant and business adviser, I am an extremely lucky person. Not only do I get to help clients achieve their business goals, but I get learn from their successes, and mistakes. With a new year, and a new decade, I wanted to share the 10 biggest lessons I have learned from the past 10 years, drawing on my professional experiences over that time. These are not in any order, and I’d argue all are as important as each other. I have seen many people improve their professional and personal well being by improving on only one or two of these lessons, but if you can apply all 10 then you will well and truly be on the upward trajectory. The top ten lessons of the last 10 years are:  Priority not Priorities – It is important to have only one priority. If you have more than one then it is a source of confusion, and your ultimate driving purpose changes, depending on what your priority is each day. Have only one and be laser focused on it. It doesn’t matter what your priority is, as every person is different, but make sure it is true to you, and you are true to it.  Do not do a job you hate. Plain and simple. It will impact everything, and impact everything negatively. Both myself and my wife quit jobs we hated, without having anything else to turn to…but we backed ourselves, and it all worked out (It was how Wise Accounting was born!). Being happy is an important life decision, and being happy at work has a direct correlation to achieving that.  Do not work silly hours. I know people talk about ‘grinding’ and ‘hustling’, but people also lose sight of what that means. Working hard is not the same as working lots. As always, you need to be effective, and working 12 to 14 hours a day is a recipe for disaster. What it may deliver you in one hand, it will take just as much out of the other. Every action has an equal and opposite reaction.  Do not be connected all the time. Being on all the time, much like above just leads to burnout, and you need a time when no one can reach you, so you can replenish mentally. You have no chance of solving some of your larger problems if you are constantly being barraged with requests, regardless the medium.  Your business must have formal direction, or else you will be at the mercy of the economy and customers and other factors that will impact your business. If you have a business plan, and refer to it regularly, you maintain control. Do not be at the mercy of external factors, it is your business, it is your life. It’s needs to under control, and you need to be accountable to yourself.  Surround yourself with good people be that professionally and personally. I always try to be the ‘dumbest person in the room’ at any networking or social event, so I can always improve. On that matter, do not forget that you are the average of the 5 people you surround yourself with most, so ensure these people are raising your average!  Have a mentor. Have more than one. Even if you have a brilliant business mind you need someone to bounce ideas off of. I am fortunate enough to have an old boss as my mentor and I listen to their advice intently. You need to make sure your mentor has your best interests at heart, and is not just enjoying the sound of their own voice. My mentor is one of the brightest business brains I have ever met…actually, he is just one of the smartest people in any field, full stop. However, you must remember having a mentor is a two way street and you need to give as much to the relationship as you take.  Have a life. I know I kind of mentioned it earlier with the ‘silly hours’ reference but this whole permanent hustle state or “I’ll sleep when I’m dead” mantra thing is stupid. I’ve been there, thinking busy was the best place to be. It’s not. It sux. I went 6 years without a holiday and that is stupid too. I have since worked very hard to have a better balance and every aspect of my life is better, including my professional one. Make sure you have downtime…you just never know when an idea will strike you. More often than not it will be when you are not at work!!  Focus on others, not yourself. Focus outwards and not inwards. If you are thinking of others, and what they need rather than what you want, good things will happen. We are arguably more selfish than ever, and trying to profit at every opportunity. I have seen it time and time again, when someone looks away from themselves, to solve another’s problem the impacts are always good. Personally, I have found this mindset to be of greatest benefit during tough times, busy times, when focussing on others seems hardest of all, however, the net impact is certainly a positive one.  Be grateful. It is so easy to be all the opposite feelings, frustrated, envious, angry – basically any negative feeling. But if you can start and end the day thinking about the good things in your life and day it will help you succeed. I have tools to help me achieve this, as it can be hard after a rough day hard, but certainly helps re-centre you first thing in the morning and at the end of the night. To help, keep a journal, you will be amazed at the positive impact something like this can have. These are the 10 lessons I have learned over the last 10 years. I have attempted to apply as many of these to my own personal and professional life as I can, and hopefully you will too! A balance is important, but of even more importance is a plan. Have a plan about how you will tackle each decade, each year, each day, do that, follow the lessons above and hopefully the next 10 years are the best of your personal and professional life.  

On this episode of the Ecommerce Braintrust podcast, we are covering a very informative topic as a response to the multitude of questions we’ve received about the tax consequences of launching in Australia. As a native Aussie herself, Kiri observed a different e-commerce landscape in Australia compared to the US. eBay is the first choice marketplace, as Amazon Australia just launched about a year ago. Australians are consumers with high disposable incomes, and the country has become an attractive place for US companies. So, what do you need to know if you foresee an Australian launch in your company’s future? Our guest today is Tyler Wise, Director of Wise Accounting and a professional that focuses on commercial accounting and business analysis. If you’re looking to become a seller in the Australian marketplace, then Tyler can help you understand the ins and outs of launching there to determine if this is a strategic opportunity for you. Tax laws and compliance are not the same in Australia as in the US, so if you’d like to learn more about this topic, tune in today!

Not to rehash podcasts 32 episodes in but in this episode I discuss the ATO benchmarks. While these have not been met with the warmest regards, it is about finding how to put them to work for you. The benchmarking process is a staple of the Wise Accounting service, and you can utilise them in the same way we do. We employ them for 3 reasons: To determine if a business is operating outside of the industry benchmarks and if they are an audit risk. To track how a taxpayer is performing in relation to their industry peers. Test assumptions on new business ventures and forecasted results to see if they pass the "sense test" and are in line with these known percentages. The benchmarks can provide you an insight in to your business that you may not be able to get otherwise. Competitors are not going to share this information with you, and this is the next best thing. The benchmarking data will provide you a handful of key performance indicators to evaluate the performance of your business at any time. Familiarise yourself with these ATO benchmarks and evaluate your business against industry peers: https://www.ato.gov.au/business/small-business-benchmarks/

Welcome back to the Wise Accounting Podcast! Jeff White, the CEO of White Echo, a social media management company, joins us to discuss social media. Where your efforts should be focussed, what the future holds for this medium. If you want to survive in the modern market place you must have a social media presence. It can be daunting understanding the ever changing social media environment, but Jeff shares his pearls of wisdom on how to maximise your online social media presence.

Continuing on with our revised format of discussing the latest developments in the Australian Tax and Accounting system, Tyler this week discusses: The latest efforts to maintain integrity and honesty amongst tax agents, and what can cause a tax agent to lose their registration. A taxpayer who was successful in arguing that their contractors were in fact just that, and not employees. Why the fuss? Superannuation Guarantee contributions liabilities if nothing else. If you would like to know if you, or those you use are contractors or employees click here. Qantas unsuccessful in their appeal against the Commissioner regarding the provision of parking benefits to employees. How might this Fringe Benefit impact other industries?

June 30. It seems so far away, but believe me, now is the time to start thinking about this date. Plan for June 30, forecast your business results and get your tax planning underway. In this podcast Tyler discusses the ways in which you can quickly analyse your financial statements to find out where your cash-flow has gone, where your business is leaking and what you can do to arrest it; or hopefully help you undertake some tax planing scenarios to lower your potential tax liability.

Who wants to experience a tax audit? What? No one. Exactly! They are not fun, and everyone knows this. However, there are things you can do to make the process as smooth and painless as possible, or even avoid them altogether. Listen in to this weeks podcast as Tyler share's some tips and experiences to surviving an audit, or as they are called now, an investigation.

Welcome back to the Wise Accounting Podcast! This week we interview our first (of many) guests, Paul Sokol, the "mad scientist" of Infusionsoft campaigns.

They say they are the only two things in life that are certain - death and taxes. I hate to talk about such a grim topic, but it is certainly a topic that I get asked a lot about. Is my inheritance taxable? What happens if I sell my inheritance asset? Listen in to this weeks podcast as Tyler will elaborate on what is taxable, what isn't and the taxation responsibilities of the executor.

What was originally set to be a quiet week on the tax front, quickly changed.There have been several developments over the past week.We'll cover off some of the significant ones in this weeks podcast. The ATO general interest rate and shortfall interest charges have been announced for the September 2014 quarter. The success of Project Wickenby and shutting down the "success" of overseas tax havens.We are talking billions! Discuss how a taxpayer was successful in being classed a non-resident for tax purposes, despite continuing to own a property in Australia. From 1 July consumers and taxpayers will be further protected when obtaining tax advice from financial advisors.Find out what is required. SMSF's still in the spotlight,with penalties set to be the responsibility of the trustee,and from their own funds,not the super funds. Why obtaining a valid tax invoice and documenting acquisitions is extremely important, from a GST and tax deduction perspective.

Only two weeks to go until the end of the financial year? Are you ready? You should be! If not, do not worry, Tyler Wise discusses what Wise Accounting is currently undertaking for clients, of which will likely apply to you. Also discussed this week: Debt levy passes both houses of parliament MyTax is introduced! (spoiler: lodge tax returns on your tablet)  

It is the start of the new financial year, and we have a new podcast ready for your listening pleasure. There have been several developments, both in the tax world and at Wise Accounting. This week Tyler discusses them all: Tax Bills receiving assent that will impact the medicare exemption thresholds; and the formerly popular "dividend washing" schemes Discussion of the ATO's Project DO IT, and why it is important to disclose your foreign bank accounts and movements The launch of our very own tools and calculators

One week in, and not much is happening! Well not entirely true, over one hundred and twenty one thousand tax returns have been lodged. Thankfully though, not too many legislative changes! Still, we'll discuss the ones that have occurred: ATO Data Matching increases even further, with senior health card holders in the spotlight this time. The supervisory levy, which affects any of you self managed superannuation fund trustees out there, is set to increase again And, don't forget, you don't have long to get your payment summaries out to employees...and the ATO!

When you lodge your activity statements and income tax returns you are not just reporting your GST and income tax details, you are giving the ATO important statistical information. If you run a small business you may have already heard of the ATO Small Business Benchmarks - and that is this is the result of your lodgement data. They have compiled it determine how you are expected to perform in your industry (based on particular assumptions). This has two impacts, it can be a means for additional tax, or it can provide you the efficiencies to grow your business. Listen in to find out more about the double-edged sword that is the ATO Small Business Benchmarks. To access your industry benchmark data simply follow the link: http://bit.ly/atobenchmarking

There is no denying it, new taxes are rare, and when they are introduced they are often met with considerable resistance, and just as much media fanfare. So why has the new tax, otherwise known as Division 293 had a relatively silent upbringing? Well, because it affects the vast minority, in fact for it to impact you your income, including superannuation must be over $300,000. If you earn over this then this podcast is for you.

Goods and Services Tax. It's been around for a long time now, but there still exists much confusion around the subject. When is GST not applicable, how often am I required to lodge a Business Activity Statement, and the all important, "what if I make a mistake". In this podcast, Tyler will discuss all of this and more!

This week saw the Coalition release their first Federal Budget. It was in depth and far reaching. If you would like to know how it may affect you, listen in to this weeks podcast as Tyler will elaborate on the tax implications of the budget. In particular: The Temporary Budget Repair Levy (aka the debt levy) which will be imposed on taxpayers who have taxable income greater than $180,000. 2% of earnings over and above this amount are set to be taxed. Also discussed is how this levy may affect salary packaging arrangements you may have. Removal of the Dependent Spouse Tax Offset and the Mature Age Workers Tax Offset. Removal of the First Home Savers Account scheme and the ceasing of the National Rental Affordability Scheme. Tweaking of the compulsory superannuation guarantee rate to 12%. Income tests for the proposed age pension increase to 70.  

Everyone has to live somewhere. Why not get a tax benefit from it. Well beware the pitfalls that exist if you are thinking you are going to own your home through your business or work. You might not even come out in front. Even more so, it might not be even an allowable situation. Listen in to get the inside track on why you simply may be better to keep it simple when it comes your home.  

If you want to claim your home as a tax deduction beware of the hidden capital gain tax consequences. In this episode Tyler discusses how you can claim your own home, and what to consider to ensure the long term benefits upon disposal remain. Before you run a business or work from home, you should have a sound understanding of what you can claim, what you need to do to ensure your claims are accurate and allowable; and certainly consider the long term issues that may arise.

Claiming company losses is not an easy matter, certainly when compared with individual revenue and capital losses. This week Tyler answers a listener question who wants to know, how a new director can affect losses being claimed, what if the business diversifies their operations, and how long can the losses be available for. Some great, albeit complex questions presented. This is a very relevant podcast if you run your business through a company or you intend to. Learn and understand how you can access your losses.  

Acquiring an investment property is often an exciting time. Like anything, tax and accountants can ruin fun times. It is very important you understand the benefits and consequences of owning and acquiring investment properties in the different entities. In this podcast Tyler discusses what you need to know about owning an investment property as: An Individual Through a Trust In a Company The information covered off in Podcast 4 is also relevant, and you may wish to listen to this one too, if you have not already.

If you are starting a business, or even currently run a business, it is very important you understand the different tax entity types and structures that are available to you. More importantly, you should have an understanding of the benefits of each type of entity available, and also the potential problems and issues of each entity. In this podcast Tyler discusses the four most common entities used to operate a business: Sole Trader Partnership Trusts Companies (Pty Ltd's) And the pros and cons of each type.

In episode 3 I discuss the capital gains taxation implications on various property investments. Whether it has always been an investment property, or you formerly lived there, or whether you currently live there, or intend to live in the investment property. Each instance has different taxation consequences and through this podcast I discuss the different circumstances that apply, to give you an understanding of your potential taxation liability...if one exists at all.

Episode two is all about the non commercial loss provisions, which are important if you operate a business.  Understanding when, and how to claim any business losses you have can have significant tax implications. Listen to understand when your losses can be claimed against any other source of income, and the tests to be passed.