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In this practical and info-packed episode, Stuart and Mena demystify Business Activity Statements (BAS) for business owners, sole traders, and anyone new to GST and tax reporting. They begin by explaining what a BAS is, who needs to lodge one, and how often, depending on business turnover. You’ll learn when you’re legally required to register for GST (hint: it’s not just at EOFY), how to register correctly, and the difference between cash and accrual reporting, an essential distinction that affects how and when GST is declared.

Stuart and Mena also break down the mechanics of GST: how to collect it on sales, claim credits on expenses, and determine what you owe or get refunded. They explore other BAS components like PAYG Withholding and Instalments, and highlight common mistakes businesses make, such as claiming GST on personal expenses or mixing accounting methods.

The duo stresses the importance of annual GST reconciliation and outlines key compliance obligations, including invoice requirements and record-keeping rules. Finally, they discuss why engaging an accountant or bookkeeper early can help avoid ATO scrutiny, and how tools like Xero and MYOB support accurate lodgements. Whether you're just starting out or want to tighten your BAS processes, this episode is a must-listen.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

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SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this episode, Stuart and Mena explore one of the most common and misunderstood questions business owners face: how to tax-effectively get money into and out of a company. Whether you’re starting a business, investing in one, or managing retained profits, understanding the right structure from the outset can save you from costly mistakes later on.

They walk through the key ways to fund a company, either by loaning money in or contributing share capital, and explain when each method is most appropriate. If there are multiple owners involved, Stuart and Mena highlight the importance of setting clear expectations upfront to avoid confusion between lenders and shareholders.

They also cover how to extract profits tax-effectively, including dividend strategies, managing franking credits, and how using a discretionary trust as the shareholder can create valuable flexibility. Division 7A traps are explained in simple terms, with guidance on how to avoid triggering unintended tax liabilities when accessing company funds.

Finally, they compare company structures with trusts, and outline why companies may be ideal for trading businesses, despite their added complexity. This episode is packed with strategic tips and practical insights to help you set up and manage your company the smart way, right from day one.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this episode, Stuart and Mena take a deep dive into one of the biggest and often most misunderstood taxes investors face, Capital Gains Tax (CGT). Whether you're dealing with property, shares, or business assets, they explain why the smartest CGT strategies begin not at the point of sale, but before you even buy the asset.

They start by breaking down how CGT works, who gets the 50% discount, and why holding structures, like companies, individuals, or discretionary trusts, make a huge difference in the final tax bill. Mena explores how to maximise your cost base by tracking all deductible expenses, while Stuart walks through the power of discretionary trusts to stream gains and reduce tax across beneficiaries.

Listeners will also learn about the generous small business CGT concessions, how to use financial year timing to their advantage, and when it may make sense to hold assets in a company structure. The duo highlights real-world examples, including property strategies that stagger gains over multiple years, and tactical planning tips for EOFY.

This episode is a must-listen for anyone wanting to reduce or eliminate CGT and understand why strategic ownership from the start is the real secret to long-term tax efficiency.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.