Episode 26: Getting Your Tax DONE!

Tax

In this episode Brett talks about getting your taxes in order to avoid the tax man knocking at your door.

DISCLAIMER: Brett is not a tax accountant and nor would he ever want to be one. He does love counting money, but only if it is his 🙂

 

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(Below is a transcription of this show)

Hello Brett Campbell Speaking welcome to the professional podcast today is going to be short episode. However, it is going to be very, very important for you if you are actively involved in the fitness industry, and you are generating income. Okay, so this is a must persist session. First of all, by saying that the information I’m about to share with you I do recommend you seek professional advice in this area and we’re talking about accounting and taxes and so forth.

Now, as this podcast timely this now is recording the 2nd of July so it’s a brand new start for a new financial year so if you don’t know, yes the financial year doesn’t end on December 31st. Does and on June the 30th what that means is it the time of the year were you need to get your taxes inline and there’s a few things that I just want to give you bit of a, from my experience on how you can handle that and really eliminate the stress that can come with sorting out your taxes and so forth. Now, in no particular order I am really just going to be briefing about this particular subject so, it may go a little bit from here to there, but at the end of these shows, we’ll make sure that this is a take on message. First of all I do want to say that there has been of a gap in these particular episodes and the reasons for the gap are that I’ve had some personal issues pop up. I’ve had a very close friends passed away in the last month it was really taking my time to focus to them and family, so forth as well so I have been left behind.

I’m moving forward from here we’re going to make sure to get regular episodes coming on and what I would also say, if you have a particular topic or subject that you would like to discuss or you’d like some information on, send us thru , let us know ifiitprofessional.com.au simply leave us a comment on any of the episodes. If you’d like anything a library further let us know, because I really want to make this show dedicated for you. So let’s get stuck back into the boring and then also because a lot of people and hundreds of person trying to set up coach mentor over the years to definitely say this spectacular topic is boring. However, I would actually say this probably one of the exciting components of business because this is we’re talking about the dollars. This is we’re you’re talking about the income that you have produced, and of course on the flip side of that, the money you have spent. Now I hope that the money you have spent has been wisely spent and spent in fashioned that is currently build your business and I’ll give you bit of an overview on how we operate without business and how we manage out taxes and finance, this is and so forth. Now, first of all a few just a single operator and you’re needed to do 101 personal training sessions, then you could basically keep excel spreadsheet of your income and of course your expenses that you do utilize. However, if someone and you got multiple streams of income like me we’ve got 16 different income strengths from different areas.

Become a little bit harder to manage in Excel’s spreadsheet. So I really recommend you getting accounting software. I highly recommend “zero so it’s xazero.com.au I believe. Now at this accounting software is super awesome it does allows you to track and consult all of your accounts, and what I mean about consult it allows you to see your bank fades straight into the software, you can login, it’s a very user-friendly piece of software and the end of an each week and the each month depending on how you locked to it, you go in and you can consult all of your expenses and income and the good thing is that you can put them on a certain categories. So for example we have a sheet of category for all the individual information products. So for example, we know that you’re last financial year, we made a xyzed on the bikini body shape up. We know that we made xyzed on the circle protocol system, and so forth. We know we made xyzed on our barely locations. So we have different setup in all categories and that allows you the power in this as well. It allows you to keep track on how each individual process and of your business on exactly how it’s operating. So definitely recommend zero. If you don’t have a good account, get a good account and if you stuck with the good account, send me an email and I’ll be more than happy to pass you unto my accounts and if he’s available of course, he’s barely busy, but were more than happy to help you out there. So let’s get back to basic fundamentals, now you need to make sure that you’re tracking all of your expenses. Now the majority of people don’t track expenses because they don’t really want to know what they’re actually spending. So for example, for someone like me we’ve got multiple subscriptions to different software’s and so forth. It’s extremely vital that we know what our predicted expenses are for the month because then of course on the flip side of the thing we need to know that we need to generate it a certain amount of income to be able to pay for that.

It allows you to go thru and talked about in the positive certainty on the end of the file extra page, it allows you to identify certain areas in your business that you maybe ham merging money so there maybe things that you’re subscribe to or you’re actually paying that I am giving you the return that you really want, and those could be certain software’s out there that you just like because they really quote, “trust me” and being there and done that and sign up for subscription of signed up for membership sites and haven’t you lost membership site or you’re just really signing up just to be a part of it within the same prices, it really was just a waste of time, energy and money because I wasn’t doing anything about it. So here’s the task I really want you to do or start thinking about this now because now is the time to make sure you can get your finances in order. You need to create a list of every single expense that you have; and when I say expense. Let’s categorize from business expense to personal expense. As fitness personal and again I must say this, you need to talk to your accountant about this but things such as few for your car, these certain trips that you can take, that you could certainly utilize business expense. But again, I don’t mind because I don’t want any accounting bodies out there, trying to say,” I’ll break your free advice that’s incorrect”. Check it with your accountant. But if you’re not sure of it just write it down anyway and then you can get the core of your accountant discuss it. So write down all of your business expenses on one column and create the title.

Also on the other side, make sure you create your personal expenses as well, so that could be few have signed up to the gym, you’ve got a gym membership post top of the things, and personal expenses. If you get a massaging joy like me, that’s a personal expense. Now, what I want to mention now is something that I see a lot of people get wrong, okay, it’s because most people program to work in on a weekly by weekly basis. Now a lot of subscriptions you’ll find are a monthly subscription. So, let’s say for example, you’re paying $2,000 for a month for a service or you’re paying $2,000 a month for particular service. That doesn’t mean its $500 dollars a week because this is how you can really throw out your numbers. So what you do, is you got $2,000 a month x 12 months actually, it goes $24, 000, divided by 52 weeks and you’ve actually got $461 per week. So you’re weekly pay if you choose to work that out weekly is $461, it’s not 500. So you’ve got an extra $40 there per week that couldn’t go towards something.

Another thing that you really want to do as well and why I am a big fan of working at your expenses each month because you might be able to count some of them. However you might also be able to increase some of them and what I mean by that is advertising expenses. So for every dollar we spent on Facebook, that is marketing dollars and advertising dollar. Every dollar we spent on Google is and advertising dollar. But this is an expense that is generating a return on investment. Now the $700 that we spend a month on email software now that is not specifically creating a return on investment walls the tools that we utilize is fantastic.

They do generate income per se, but they’re not direct co-relation. So when you every dollar that we spent on Facebook or advertising in any area, were going to get a return of xyzed on that. So for us it’s really important that we’re able to free up as much as expenses we can so that we can put expenses into another area. Really in essence of freeing up some expenses so that we can create small, but the difference is, categorizing each of those expenses as a return or not. So you will be able to go through to your business expenses and get, and ask yourself this question, “Do I have to have this expense?” Like thousands of business made this expense to operate and if it’s yes or no, just put a yes or no next to it. Then what you’ll find once you gone thru the categories of all of your expenses, with your gym trainer, whether you’re paying rent that is an expense that you currently have to have.

However, once you go thru that and you do your yes or no’s, you soon will be able to find that actually maybe 50 or 60% of my expenses are don’t actually have to have, but they are just a choice, but then you’re also need to understand with that actually sitting in regards to order important for your business. Moving forward so, that’s just me referring on some expenses and some accounting process that are really highly recommend, better give you a kick after butt to get your taxes in order and also to find a great accountant and look what you don’t have an accounting software, I highly recommend the zero. Now you may get all the years and have to complete blank there. So zero is far more superior than other website. It’s much more user- friendly for people like me, that’s for sure.

So have a fantastic day, evening, morning, whenever were your listening to this. But be sure to make sure that you get your taxes onboard and if you want to hear any more of this top of episodes, please be sure to comment and let us know what you want to hear.

 

Have a Good Day

 

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