AccouNting Video series
Minimising Tax
In this video Cos Schuh will take you through the key strategies to ensure that you can effectively minimise your tax payments and ensure that you always have yourself and your business in the best position come June 30. He will also explain why “People never go broke paying tax, but they go broke trying to avoid paying tax”
The video will cover key topics including:
Why planning pre June is a must!
Which is better: decreasing income or increasing expenditure?
Why dollar wastage doesn’t equal wealth creation
The importance of coming back to your planning for 3 years and 5 years
Borrowing Basics
Borrowing can be a great strategy and it can be a hinderance depending on the reason that you are borrowing. Learn the power of borrowing and when it is a good idea.
Key topics include:
Understanding your long-term plan and why you are borrowing?
The importance of understanding your rate of return on the investment being acquired, and
How things add up — the term of the loan vs life of the asset
Paying Yourself – the how & why for business owners
Oftentimes business owners may be conflicted about how much to pay themselves or whether to pay themselves at all. Understanding the balance between investing in the business, looking after your team and ensuring that you and your family are getting a return too is a fragile thing. In the video you will learn how to navigate the world of paying yourself as a business owner so that it adds to your business, not subtracts from it.
In this video you will learn:
How to decide on your reward for effort i.e. how much is your job worth?
The importance of having a personal budget–how much do you need
Why consistency and regularity or drawing is key
The difference in mediums of withdrawal–salary / drawings / dividend
How and when to use a personal loan from companies and trusts.
Cashflow and Balance Sheets
Cashflow is king in any business and in this video we will share what you need to focus on for success in your business. Giving you a clear overview of the ins and outs of cash and balance sheets you will learn how to read your company financials and ensure you have the right constraints in place to stay moving forward.
In this video you will learn about key topics including:
Liquidity ratio
Equity
Taxation obligations
Profit disbursement / tax / bank / living / investment
Lazy balance sheet
Business and Financial Structures
Just like different shoe sizes work for different people, different structures work for different businesses, families and individuals. Depending on the purpose of your business, its size and other family investments, understanding how to structure yourself is not a simple out-of-the-box exercise. In this video you will learn what different structures are available and for whom they work best as well as the risks and benefits associated with each.
In this video you will learn:
Risk / Litigation What is the risk of exposure in each structure
Tax rates that apply
How your structure affects and informs your estate planning
Where and how stamp duty & capital gains tax fit into the mix
Bookkeeping 101
Bookkeeping is an often-overlooked component of any small business, but it can sometimes be the difference between success and failure. Bookkeeping refers to the keeping of records of the financial affairs of a business, but it is also a legal requirement for businesses to have records that are up to date. In this video you will learn to ensure that you have the best bookkeeping practices in place for success.
You will learn:
Who should do the bookkeeping and the skillset they need?
What outcomes you are looking for including payroll, debtors, creditors etc.
How to produce meaningful reports
Why having a monthly review/checklist is imperative