THE BUSINESS BIBLE: Setting Up Your Small Business Books

Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr

Let's get into it.

She's on the Money, She's on the Money.

Hello, and welcome back to the Business Bible. I am Victoria Devine, the owner of several successful businesses.

It's not gonna get less weird saying that, is it?

Jess and I am joined by one of the hardest working side hustlers I know, Miss jessic ricci Ah.

How kind, very exciting, nice lady. You are a very nice lady, pumped it into episode two of the Business Bible.

I am also very excited because today is arguably one of these sexiest topics. Jessica, we could talk about we're going to set up your small business books.

Jessica, I feel like you're using the term sexy very loosely. Oh no, no, I think it's really sexy.

Today we are talking tax we're talking avns and bank accounts.

Was that sexy talk? Don'ty to me? Tell me more.

In all seriousness, though, Jesse, this is the one thing that I hop on and on and on to people saying I'm going to start a small business or I've

Where you might go, it's not worth it. No, it is worth it.

And the second you say it's not worth it, you're not believing in your business. And so having set up books is going to be the stable foundation of making sure that your business is successful, which Jessica is very sexy.

That does sound very sexy to me. I think it's probably confusing to a lot of people, which is why they don't often do it properly. But as someone who has kind of been through it, I think there is nothing worse than getting to tax time and being like, oh my god, everything's everywhere. So if you set it up now, you're saving yourself all of that stress in six or twelve months time. And you too will agree that it is very sexy. Promised, I promise.

And it can be super complicated, right, so we'll try and make it as easy and clean as possible today, starting with getting an ABN. Jessica, you have one, I do a big dog. And ABN is what is called an Australian business number, which is a unique number that identifies your business to the government and also to your consumers. It's absolutely necessary for tax purposes, for invoicing and at times for your banking.

Okay, I have an ABM because I got one as a kid, because I modeled for Target. Once I modeled for Target one. Yeah, I was in a big post to my mum. Tried to take it home. They wouldn't let it. So I actually would let it. I mean, just who is this crazy woman? Please get act you get out of the kid section. That's very fair. But I had one set up and I think I just had to renew it. I didn't actually start from scratch. So tell me a little bit more, Okay.

So it is really important because when we actually talk about an ABN, it's not as simple as just like trotting down the road and picking up your ABN. I mean, it is that simple online you just apply for it, but there are actually several different options when signing up for an ABN. Yeah, and I feel like lots of people get analysis paralysis. So let's go through the three main types today. So the first is not having an

You're just like, oh, I did some.

Gardening, and you know, one year, I just was like trying to smash down debts, and so I offered my gardening services for you know, the period over Christmas, and I'll never do it again. But I did accept business income, and obviously I wanted to make sure that that was all clean and I paid tax on it and stuff.

So that could be a good example.

You might also be, as I said before, a mini influencer doing a few brand deals here or there, or maybe you're like side hustling as much as Jess does, and you're renting your clothes out on the side, So you might have like a few dresses listed on the vault or something that is not a hobby that is actually something that you need to pay tax on it.

And I think there are a lot of people who are quite flexible about tax.

I'm not one of those people because I'm kind of like, do it right, do it once, don't get in trouble, full stop, end of story. Whereas I have heard historically people go, oh, well, it could fall under being a hobby if you're earning less than five thousand dollars a year from it. And I look at that and I just go, yeah, but like, you're trying to generate additional income.

Yeah. Interesting addendum. If you're providing a service to somebody, and I only know this because it happens to me once, if you do not have an ADM, often the company or the person paying you will withhold the highest tax rate. Like typically you would be taxed at your marginal tax rates. So for example, if you were being taxed, it is it twenty three twenty four? What's the thirty two and a half percent?

Oh?

Really tax rate? I would like to swap it to twenty three. You've just like flipped. It's just not wrong, just a little on the wrong side of the tracks. Yeah, I like to do that. Yeah, we could drop it, im me up to that. If you were earning under the threshold, your business income would be taxed if you were trading at like that same tax, right, But if you're supplying to somebody else, they will often withhold the top rate of tax, so it might be high, so you end up paying more tax than you would.

It come a little bit complicated, but also good to know keeping tip bit on the side because not having an ABN, obviously you kind of go, oh, well, I'm never gonna make more than ten grand from this.

Little side hustle.

However, it also leaves you open legally to a lot of like impact, if that makes sense. So you know, if something happens, just your butt's on the line. Yeah, like it's you personally, and I just go oh, like, if I'm starting to provide a product or a service, like I want some level of protection. And also I

To make things easy for you.

So don't think that you're going to get out of me giving you a sexy banking structure just because you go.

No ABN, no worries.

Yes, no ABN, more worries, more worries, more worries.

Tell me about the next category, which is actually the one that I fall into. Okay, So this is sole trader.

So this is for a business of one person or someone likely to pay for contractors or freelancers. So look at the future of your business. Do you see it just being you? Are you just always going to freelance? This option is free, sexy, and can be done through the ATO website and only through the ATO website, And it can be done really quickly and easily. When you're googling set up ABN. Please do not clip any of the links that.

Are like this proversion will help you. No, don't do it. It's really easy.

It's really easy, and it's free to do. Don't pay some plub who's trying to scare you. Really literally take advantage of you. Also on that every year, Yes, I get multiple of these letters in the mail from people going your ABN's up for renewble or something of the like. Reader, Is it from the ATO. If not, it's a random marketing company who has searched your ABN on the ABN website. My address is on there, like my business address, like so that people can contact me. That's how business works.

But they send a.

Little marketing email that looks like an invoice, ah, and they go just you know, scam this QR code and pay us and we'll get it all sorted out for you.

That's awful. Yes, it is a trap. It is a scam. Oh my god.

So we only talk one on one with the ATO. There will never be a third party unless it is your nominated third representative, which will probably be your accountant. So if it is not coming directly from the ATO, and it is, you know, from another company, run yeah, run because they're scary.

But just you're a soul trader.

Why did you pick sole trader for your personal circumstances and not just having no abn oh.

I think think it was kind of I was invoicing companies. They were kind of going, where's your abien, and I was like, I don't have one for you to put into your system, and so you have a look and a lot of the times companies do need them to set up like purchase orders and things on their end, and that was when I was like, oh, I need to renew the one. And thankfully I had one that was existing.

And that's just as easy to renew as it is to set up. Honestly, you just need some identification. Yeah, let the government know what the purpose of the business is and hits abmit, like it's so easy.

It was so easy, And I think it also made me feel a little bit legitimate too.

Like she's got an ABN on her invoice.

Yeah, Like I felt like a proper person that was actually trading goods and services, you know. I felt like it just made me a little bit more legit, which might be silly.

But no, no, no, no, I think it's really important to feel legit when you're doing your business as well. I know it can be you know, a little bit fluffy because people will go, well, you know, if one person ends ten thousand dollars with no ABN, and you're saying that having an ABN, I'm still just going to earn the same amount doing the same thing, you might go, well, what's the point. Yeah, the point can sometimes honestly be legitimacy. As somebody who who hires a lot of freelancers and

So I think that it's important.

To just set it up to make it as easy as possible for your consumers and your clients as well, because the less friction during that process, promise, the more money will come in your door.

Yeah, one hundred. There is a third There is a third option, and that's what I have.

I have a company set up, So a company is a legal entity in its own right, unlike a soul trader, So there's a bit of protection for you and your personal assets, obviously having a business in between them, which to me sexy because I didn't work this hard to you know, have something happen in the future. Obviously, like open and honest about it. It's not like I'm worried

Yeah, so I just want that protected. The buffer.

I'm sure Jess, you feel a lot more protected knowing that there's a business structure there, there's something legit set up. The only way to employ full time, part time or casual stuff is to have a registered company. So you

Like I'm going to take this really legit.

One day, my personal income is going to outweigh the amount of income that I make in my full time job, and I'm going to quit. Yeah that's exciting. What happens when you quit, Jess, you might need to hire a personal assistant, you know, legit. If you've taken this full time, you might want to expand and have that support, So you need to think about this could be the same.

But you go viral, everyone's placing candle orders. You've only got two hands. You've only got two hands. How do you pour all the candles? Exactly? It just gets very stressful, Jessica.

So we need to think about what could happen in the future. But it is an investment, so it does cost between four hundred and seventy four and five hundred and seventy six dollars depending on the business that you are registering, And it does come with a bit more responsibility in that you need to do a bit more reporting. So you're likely going to have to submit quarterly documentation to the ATO about what's going on with your business, how much you've earnt, how much tax you are anticipating

And my tax time, like.

Come June thirty, I look at it and I go, okay, well, I'm not going to owe thousands and thousands of dollars. You know, there's a bit of cleanup going there. So like BAS, it's a business activity statement if I didn't say that before, but BAS is kind of like predicting based on your past performance what your future tax will be, so that I don't end up in a sticky situation where I have a heap of tax owing all at one time.

Yeah, and that's way all you can ask for, is that? Okay? So question, Yes, if I'm currently a sult trader, and I've picked soul trader because I think that's going to work for me, I am just working by myself, doing my thing, doing what you're doing now, exactly right. What happens if I do get to the point, like you said, in a couple of years where maybe I do leave my full time job and I do need somebody to come on and help. Can I change?

Of course you can, although it does get a little bit difficult changing. So that's why I always recommend people you know you go.

It could be four hundred and fifty.

Bucks like to set up the entity to begin with, why bother. Yeah, sometimes it's worth spending the money on the structure to begin with if that could even be a possibility, and if it doesn't become a possibility, you just have more projections.

That's not the end of the world. Please don't get me wrong.

I totally understand that it's a privilege to be able to afford literally everything. As somebody who started their business by making although their graphic design of Microsoft Office and screenshotting it go, I get it. But it can be really difficult to change from a sole trader ABN to a company ABN down the track, So I'd really suggest just get it right the first time. But it's not

As I said, did you even have one property at the time?

No?

Hype dream, hype dream.

But we want to make sure that we're setting ourselves up for success. And that's one way to additionally protect yourself. That you really should have the conversation with an account and go, well, what does that mean for me? Like, you know, jess you might be hiring your first assistant or content creator or whatever you're doing.

But what next?

Where does the ball roll? Yeah, so I think it's important to understand one.

Hundred percent to switch gears. Ever so slightly, I just want to go back a few steps because earlier we were chatting about the seventy five thousand dollar threshold, and so if you're earning less than seventy five thousand dollars, you're all gucci. But what happens when you're earning more? Because that's what we all want, right like we want to be earning heat.

We're going to become so rich, we're going to be rich af So as soon as your gross income hits seventy five thousand dollars, gross income is total earnings prior to tax or deductions. So when you look at that number, I think it's gross because that's what you could have taken home but you had to pay tax, so fun so and then net is what you captured in the net. That's really big holes, Jessica. So you're not going to forget that now, but you need to register and pay

It's compulsory. Yeah.

Before seventy five thousand dollars, they're like, you don't need to do this, you could if you wanted to. Me earning ten thousand dollars, I'm like, I want to because do you know why?

It's kind of like left pocket, right pocket.

I'm charging you just ten percent GST gets added to your invoice. I put that ten percent to the side, and I just pay it to the government. So I'm not losing money by charging GST. But I knew that by sending out an invoice that charged GST, people would immediately go, oh, she's done this before. Yeah, she's just been earning a fair bit.

It's that professionalism thing again, a little bit sneaky. Should you do it?

I don't know you do, you Booth, But I did and it made me feel powerful.

Af I love that for you.

So GST is essentially an added ten percent of the product or service that you are selling, which has to be paid to the tax office. It's not your money,

Yeah, which is.

Why we want clean banking systems, Jessica. But it has to be paid, and you can't just be having no ABN. You must have an ABN at this stage. So the second you get over seventy five thousand dollars, if you had no ABN, favorite's time to get an ABN.

Like, it's non.

Negotiable at that point because the ATO looks at it and goes, this is pretty legit, Like, seventy five thousand dollars is a lot of money that we've let you earn. So once you hit seventy five thousand dollars, your job in business now has two rules. First running the business and second collecting tax for the tax office.

Our tax man's sounding pretty happy about that. He's a nice guy. I promise. What does happen if we are maybe not keeping a close enough eye on our bank accounts, maybe we haven't structured it in the best way. Definitely not speaking for experience, but what happens if you miss the seventy five thousand dollars milestone and you are late to register for GST, You're probably gonna have a meltdown? Yep.

First, probably gonna just be a bit anxious, a little bit stressy.

We're not gonna let that be an option.

I would register for GST when setting up my ABN, just being real clean from the very start, to be honest for a few good reasons. So obviously, as I said before, once you start charging GST, that's going to be an extra ten percent for your clients or customers to pay. And if you start prices including that ten percent, you don't have to re talk to your clients, Jess.

True.

So like you get this seventy five thousand dollars, you're partying. You've probably gone out with your part or your friends have some champagne.

Like, look at my business, I'm killing it. Yeah, Now you have to.

Go to your clients and be like, by the way prices are increasing ten percent, you don't get more. Actually, I just have to start collecting money for the ATO.

I didn't think of.

Your client's not gonna love that, yeah, not because they're not happy for you, but like, no one wants to pay more money. Yes, so if you just did it from the start, there aren't any price hikes once you suddenly become qualified to pay for that.

Yeah. And I like that, yeah, because I like.

Being paid for what you're worth. I mean, if we're asking for a ten percent pay rise, it's gonna be for Jess, not for the ATO.

Right.

The second thing is again makes your business look more legit when you charge for GST, and when you don't, it's very clear that you're making less than seventy five thousand dollars.

I mean maybe not everyone looks at it the same way I do. But I definitely you're extra nosy.

And if you're working for any other big businesses. I don't mean to be rude here, but like, let's say your freelancer, let's say you're just Greci, right, you are Jessica, and you make content, beautiful content, and that for other brands, they see all of the influences in voices. So if one's coming through with GST and one's not coming through with GST, if you're new in PR, you might go, oh, we just.

Got her invoice for jess she didn't charge GST. What's that mean.

They're gonna ask, They're gonna know, everyone's going to know. And I'm not saying that that's shameful. No, Like it's not a bad thing at all, but you need to understand if that's something you want considered or not. And then three, it's done well ahead of time, so you don't actually have to worry about accidents are missing it, or are paying in arrears or you know, upsetting the tax office, which is my favorite thing not to do.

Yeah, I hard agree from me there. I think set it up early. I think that's the premise of this whole episode. Really isn't it like, let's get your ducks in a row now so that nobody's having a meltdown. Exactly, we don't have meltdowns.

And getting your ducks in a row is not just smart when it comes to I guess business and getting the structure right. It's also so essential from my perspective, because it means that you believe in your business. So if you're just like, oh no, just do it through my personal account, it's.

Not worth it.

It's not going to grow be like sorry, that's not the mentality that we have when we're starting our own small business. We don't need to take over the world with our small businesses. Like our small businesses could just be that extra ten k year so you get a bougie family holiday once a year, and like that's why

Yeah, for sure, all right, We've given you a lot to think about talking about GST and ABNS and all of those different options. So we know that marinate in your brain for a little marinates, marinate away, and then we're going to head to a quick break and when we come back, we're going to talk about claiming and tax in small business. I love these episodes so much.

Yeah, so it's a good question, and they are actually very different to one another, which might help you decide whether to register as a sole trader or as a business.

So sit down, I've written a list. Are you ready. I'm ready.

As a sole trader, your profits will be included on your individual tax return, so you will be paying tax at your personal marginal tax rate.

Ye, which so we're talking about.

Before yet so obviously that thirty two and a half percent is just standard, but it goes up much higher, and maybe you're in a situation where you're like, oh, well, actually another you know, ten grand actually pushes me over a threshold. We need to think about that. It's an extension of you and your personal financial affairs, and it actually makes tax time really easy. So like back on the flip side, me trying to do a jump scare. Most like, it's really easy to do your tax when

And you have all these costs the deduction that are deductions, and then at the end of that is your profit and that's what you pay tax on. Okay, that's pretty good.

So look it's pretty good. But as we said, big business pays thirty percent. You go, that's pretty sexy, Jess because obviously the average marginal tax rate is thirty two and a half cents.

It's two and a half percent better off. It's pretty good to make.

Just doing some basic maths, not advice again, small business tax jess reduced twenty five percent.

Okay, so we're getting closer to that mistage you made. It's much closer. That's pretty good, much more palatable throughout the year.

You're obviously, as I said at the first half of this episode, you're going to be required to complete what's called a business activity statement or a MASS as you call it in the industry, which is quarterly. And I've written down it can help it tax time, it doesn't. It definitely does help it tax time, not can it does? It makes me feel so on top of it. I don't like having to talk about tax quarterly, but I promise everything is easier when it's.

Broken down into smaller chunks.

Yeah, So it kind of becomes a little bit sexier when you start talking about the cash rate, right, Jessica, because you know small business is taxed at a reduced rate of twenty five percent. You go, hold on, so

Yeah, totally plausible. Totally plausible.

Like we're not talking about pipe dreams, and oh my gosh, I wonder like one hundred and eighty thousand dollars for a PAYG job. You go, wow, that's a lot of money. Yeah, but if you're doing two jobs at one time, you kind of go, all right, well, I might earn you one hundred and ten hundred and twenty in my normal job, and then I might, you know, earn another seventy.

Well, now you're at the highest marginal tax rate forty five thousand we need, Yeah, forty five percent.

You're not on tax, you're on practical advice. I'll be on the math side of things like this, So to keep it that way, but I think it's really important to I guess look at that because twenty five five percent bit sexier than forty five percent.

Yeah. There's also obviously going to be things about distributing that income. So we'll talk about that later. But they are very different. Okay, before the break, I gave the example of someone who's looking at the sole trader model, but they could maybe decide to go the other way and go for a business instead. Are there any advantages around tax time to eat the model that may help people decide which category would be the best option for them. So the answer is yes.

First thing first, As a sole trader, tax is just easier and faster to do. It's the same way you've been doing tax always. It's just another line item, pop it in and it.

Spits it out. It's very straightforward.

The ATO now has their E tax system super super easy. Especially as a business owner, I feel like once you start running a business, you get like a little bit overwhelmed. You're like, oh my gosh, what's tax time going to be. It's going to be crazy. If you've got all your receipts, if you've been keeping track of your income, it's a cinch,

Yeah, that's interesting thinking about claiming something back under tax because I feel like, even if you're not a business owner, at tax time, everyone's always saying what can I claim, Like, how can I maximize the money that I've earned because no one likes paying cap.

No one likes paying tax. But I also this is such a spicy opinion. I'm always like, why are we here justifying purchases for things that your business might not need, just so you can kind of get a discount on them. Like, yes, you're getting a tax benefit, but it doesn't make the item free. You don't need a new car or a new laptop just because tax time is coming. And yeah, like if you genuinely need your new laptop, jests.

Good time to do It's good time to do it. Do you know what?

There's usually sales on Like office works is always like, oh, look at our laptops coming up to the end of financial year. Sexy, very nice if you already need one, because the claiming process happens really quickly. So right, like let's say you're like.

Oh, actually do need a laptop. It's June.

You buy it on the fifteenth of June. You can claim that ye at the thirty June tax time. But like if you bought it in December last year, still claimable, jests Yeah, I'm just trying to like stuff it in that year. And I just go, this is so silly. You are making purchases that you didn't need to make.

So what can we claim then, is my question?

Oh my gosh, there are so many things that you could claim, and I could go on and on and on about it because it totally depends on what industry you're in. You in the adult industry, Jess, you could climb loop there go. Are you in gardening and farming?

Great?

Do you know you can claim your dog and garden notmees? Oh like wild? So let's give you some more practical advice because I don't think either of those things really help you.

No, but please don't guess what you can claim.

Don't just go, oh, I assume I'd be able to claim that, because you don't want to do this incorrectly, because if the taxman audits you and it's incorrect, not only are they going to ask you for the money, Jess, they're gone find you.

That's not good as someone who's been audited as well, Like they dot their eyes and they cross their t's.

Yeah, and it's kind of like not innocent until proven guilty. With the ATO, they're like, you're guilty until you prove that you're innocent.

And with you when you.

Got ordered to have your receipts, you would have had your receipts nextfully, but like in that if you were me, yeah, stressful. Thankfully I have Jess now, so we're okay. But historically I'm like, I don't have that receipt But I would advise getting an accountant who specializes in the field that your business is in, who's actually going to know what you can and can't claim. Now, Jess used to do your tax yourself, and I bullied you because I am the world's biggest bully, and I.

Said, you have to go to an accountant. Yes, was that a good decision? Life changing decision? Why? I think at first I was always like, oh, I can do my own tax myself. Why would I pace when I was do it, like you said, two d fifty bucks, you know, a decent amount of money, Like, if I can, it's a matter of money, Yeah, why do it? But for me, the amount of things that I just didn't know that I could claim you as a sole trader, and.

I obviously sent you to someone who knew what they were doing in your space. And remember you walking away being like, oh, she said I could claim this, And I was like, well, yeah, of course you can, because you aren't the tax person. And like, I'm a money person, so I kind of knew some of those things. Yeah, like invest the money one year and you know, if it doesn't work out, you get to claim it or next year's tax. It's a win and then you don't

Yeah, and if you need a recommendation, we're happy to pass you along to someone. So oh yeah at your website. Well, yeah, there's a page on our website. Hit up that and we can match you up with somebody.

I mean, we'll match you up with someone real good. But I hate to tell you this justs accountants not taking on new clients.

Un lucky. Sorry.

Also another hot tip, Jess is have a look on the ATIO website. I know you probably don't frequent it. You're probably not like waking up.

In the morning meal. I'm just gonna have a little cover of Joe and I'm gonna sit down on my laptop and look at the ADO website.

That's what I do, though, be more like VD I like it, But look at the Atio website because they have a whole section around what you can claim and what you can't claim, and it changes depending on the business that you run. And they also post lots of articles of like, I mean, they don't market it this way. I'm just trying to be sexy marketing for the ATO, but like they have some horror stories on there too, of like this person tried to claim this and they got in trouble in this way.

Yeah, I just love a pervy story me too, so kind of helpful. They have a really great forum too, where it's manned by a tier stuff and you can actually head in there and post your question or be like, oh, theoretically if I did this and did that hypothetically, yeah, like they can't provide you personal advice, but you can kind of ask generalized questions and it's coming straight from

I also think it's really important to check the Atier website because each year in the lead up to tax time, the ATO put out like a big statement, and the

Yeah, so don't guess tax claims. We don't want to be dancing with the devil or in this case, the tax man. Excellent advice.

Oh hold on one more thing. Obviously I was saying to you earlier, like, oh, yeah, I registered for GST earlier. One of the additional benefits of registering for GST is that you're able to claim it back. So if you're not registered for GST JS, you're not able to claim back the GST on any of your expenses or materials that you purchased to sell. Okay, interesting, just good to know because you might go, oh, I claim that back at tax time because you've heard that gest is claimable.

That makes total sense. Is there anything you want to leave us with about bank accounts? Are you going to let me talk about bank accounts in this episode too? Your favorite topic? Oh, this is my favorite episode.

We don't even need the Sheese on the Money Podcast as a whole anymore. We just need Victoria talking about banking systems. So yes, obviously, always open a new bank account for your business, whether it is big or whether it is small, because it's going to help you keep track of all of that money that is coming in and going out. And I promise you are going to

I pay tax from that.

My business accountant goes through everything at tax time and then lets me know at the end of the financial year what my true profit is. And I like it that way, and it's honestly, I would say a privilege to act that way, because I'm technically putting aside a full thirty percent irrespective of what my costs are, because, as you guys know, I have staff to pay, I have rent to pay, I have overheads, like do you know how many subscriptions I pay for?

Like photoshop, and like podcasting.

Apps, I cannot it's expensive, website management fees.

Like we'll go through.

All of these hidden costs of business at some point, but like, I do not realize how expensive it is. Side note Jessica, to have an edm ah, so to have an email marketing platform, you go, oh, just sign up for Mailchimp. And that's what I did when I started cheese on the money, just went straight to mail Chimp. I was like, Slate, it's free, do we love that? And you get to a certain amount of subscribers and they're like, hah, it's paid to play, and you're like, oh, okay, no,

Anyway, back to.

The point separate accounts because one, I like clarity, but two, putting aside that money means that I sleep really well at night. Yeah, knowing that there's money in an account to pay tax, there's money in my other account to pay for my staff and my team, and then at the end of the day, we get to talk about profit once tax time comes and goes.

Yeah.

So I think it's really important to be structured properly, and it might seem like a lot for now because you're like the I have literally just started my business. I earn like four dollars. You've got rocks in your head, like, I cannot believe it. I just went to sign up for this new business banking account. It's going to cost me ten bucks, Like are you joking? Ten bucks? And

Yeah, and on a smaller scale, having that separate account, if you're doing all of your spending from that account as well, it makes me really handy at tax time if you're someone who maybe does lose their receipts or forgets what they have and what they could claim. It's almost like an itemized list of everything that you purchase. So it's super duper handy, so easy.

Your accountant and your bookkeeper at some point when you have both of those are going to love that. You're going to love that more because you're not filtering through Oh no, that was zoobreets.

Oh that was me.

Oh that was you know me and sports girl. Oh, actually that's a business expense. Start that one. Yeah, Like that's not helpful. That is not an effective use of your time. And as a small business owner, you only have so much time. We need to make the most of it. And having a clean banking system is going

Know that it's stored somewhere. That helps me a lot.

I mean the ATO app actually enables you to upload it directly, but like I don't know if I want to upload it right now, Like my accountant might go, oh vi that you know, work lunch only some of it's claim. I just I like having it separately so I can provide it all to my accountant.

Yeah, separate.

But then also you can actually upload your receipts directly to the ATO portal throughout the year to keep track of them here. That's also free.

There you go. I feel like we've covered a lot too. I feel like we've covered too much. It was a big episode.

I am really sorry to all of the people at the start of this episode that I might have got hyped up when I said this is a really sexy topic, because it wasn't aware like. But I also think being empowered in business, being on top of your numbers, that is arguably very sexy.

I completely agree. And now you know how to set yourselves up for tax time without getting fined, without getting in legal trouble, and hopefully without getting a headache, and so your business goes exactly right.

We love that, all right, Well, have a really good week, guys. We'll see you next month for a business Bible episode. But as always, the conversation is going to continue over on our Facebook group business Buiable, not She's on the Money. We're going to keep that one separate because.

Not everyone cares about business. That's okay, and that's all right. But we've found our niche and we love them hard. Yes, we do your our people. See you next time, guys.

Hi.

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