Hello, and welcome to this episode of The Money Puzzle. I'm your host James Gerard's standing in again for James Kirby, who will be back next week. In our last episode, we had property developer Deichi Samahara, who gave us an insider's view on the world of property development. And today we're going to continue with the theme of looking under the hood, but this time all things tax an accounting. To help me do this, we have a superstar of the accounting world, and to give our listeners an idea
of the stardom our guest has. When he's spotted at accounting conventions, fellow accountants drop their pencils and calculators in all and when our guest goes to his local shopping center, he's treated like a celebrity, mobbed by adoring fans who are holding their twenty twenty three tax returns, wanting to grab our guest attention and garnish his autograph. So, without further delay, let me introduce to today's guest. He's an accountant and he's actually my accountant. I've known him for over
twenty years. A big money Puzzle. Welcome to Central Coast accountant Timothy Ricardo. Welcome Tim, And how about that for an intro?
Hey, well thanks, James. I give it an embarrassing factor of ten, so it's right up there.
Fantastic. All right, Well let's get straight into it. We're gonna have a chat about end of financial year tax planning because it's upon us this time of year again, but maybe not directly related to that to start up with, but to electric vehicles, the prices are dropping, and so I wanted to ask, is it worthwhile considering one from a tax perspective under an ovated lease?
Well, this is one of your favorite topics. I think, James, you just want to talk about your own electric car.
I think I do you actually caught me? I want to ask you some questions and not have you charge me.
For a time. Yeah, fair enough. Well, look, the short answer is yes, you know, you should definitely consider it, especially if you want to get an ev car anyway, because they can be a it can be a real tax savor getting it through a novated lease, and you know, one hundred per tax exempt sounds too good to be true, but that seems to be the case at the moment. So yeah, definitely worth considering if you're interested in a EV.
Car excellent, So it sounds like a very attractive way to fund a vehicle, and so never at least it's pretty tax effective anyway, but under the electric vehicle discount scheme that came in a little while ago, it makes it even more attractive. So moving on to Stage three tax cuts, they start from one July. They were introduced
by the Coalition and amended recently by the Labor government. So, Timothy, is there anything that people need to do given that tax rates are higher this financial year for most and they'll be slightly lowered next financial year for most.
Yeah, definitely, I think knowing that the brackets are coming down, we want to generally bring forward deductions into this financial year, which is a pretty common thing you do anyway for tax planning because it sort of gets the benefit sooner, but you may also get that benefit it at a higher tax rate, which means that you're saving more money as if you're compared to deferring it to next year. And secondly, obviously on the other side is deferring your
income to next year. So if you're a small business owner and you're wanting to try to manage your tax planning, trying to push your income or dividends into next year if you can make use of the lower tax rates. Yeah, that's definitely something to look at. Yeah, and for low income earners, I think you mentioned recently in the Breakfast Show the other day, James, about the new pay rise from the low income earners. What are they getting?
That's right, Well, I'll just recap that so that the Fair Work Commission they do an annual wage review of the minimum wage, and they introduced a three point seventy five percent increase this year, which is in line with your inflation, the broader inflation rates three point six percent.
Yes, So I thought that was interesting to bring up because in line with the tax cuts as well. I looked up the low income earners. They're going to be getting another sixteen dollars in the hand per week on top of their twenty three dollars from that, So you're almost almost at forty dollars a week extra for those lower income earners with the two of these combined. So yeah, that's pretty good. But across the board, everyone seems to
be benefiting, and some more than others. But yeah, so something else to look forward to with these tax cuts coming in.
And what about people who are retired who drawed down a pension from their super account, particularly those people that were taking the reduced minimums which went on for was it like four or five financial years? Is there anything that they should be considering this financial year?
Definitely, Okay, so this is a good thirtieth of June sort of tax planning issue to bring up with all those retirees, the ones who have self managed supers, or even the ones that have pensions with their funds that want to make sure that they're complying. And it's I think the pension reduction it was half the rate of
what it normally is. So definitely for this financial gear, double check your minimum withdrawal so that your pension can stay compliant because otherwise there's a whole lot of messy admin work that needs to be done and yeah, you might lose some tax benefits there. So yeah, at the end of each year, we usually give a letter to all of our when we finish their tax to all of our self made super clients, and they've got in black and white they're what they need to draw down on.
So you should always double check your end of year paperwork and make sure that you've got those that amount drawn down before thirtieth of June, which I think for a sixty five year old, just to give an example, two and a half percent was what it used to be and that's now been brought under the harving and now it's been brought back up to five percent, So it's a pretty significant change absolutely.
I guess the fortunate thing is that people who are in retail or industry super funds the trustee of those funds. So if you're an industry fund with like Australian Super if you're a retail fund with say BT, the trustee will say, hey, you need to increase your pension payments and make sure you take out that the minimum you were taking two and a half percent, but this financial
un you need to take out five. But it's probably the people in the self managed super funds who are the ones that are potentially going to be caught out because they're the trustee themselves and they're the one responsible for making sure that they meet the minimum requirements.
Is that right, Tim? That's right?
Yeah, good well, moving on to family trusts. I read about this recently in the Australia and it was quite interesting that there's some things that people need to do before the end of the financial year if they run their own family trust, generally in conn junction with their advisor being a tax accountant on the true US. Did you want to run through what that is?
Yeah, certainly. So. The main one is to make sure you get your resolutions in place for your income distribution. ATO has done a lot of work in this space in the last few years in sort of making sure that people are making their resolutions and if not, you can be caught out being paid paying the highest marginal rate of tax inside the trust if it's left undistributed.
So you've got to make sure you do a resolution, make sure that resolution is compliant with your with your deed, and yeah, I guess also making sure that you've paid through that amount to your beneficiary, which you've got a little bit of time to do that, but you need to make sure that you're doing what you're saying you're going to do in that resolution. It's very important.
And for individuals, does this apply the instant tax? Right off? I believe there's an amount and you can run through the details of how many thousands of dollars people can buy things for and then write them off straight away. Was that more a business thing?
Yeah, that's definitely a business thing, James. The businesses can I think they've passed it in the last budget. It's twenty thousand dollars. Now, this is a massive change from last year where we had temporary full expensing the under the sort of COVID honeymoon rates there, where they were letting everyone write off everything they bought, so people would go and buy a new piece of equipment could be one hundred thousand, five hundred thousand, they'd claim the whole
thing and write it off. But they've reduced that back down to a meager twenty thousand dollars as soon as the all the budget provisions passed the parliament. But yeah, that's only four businesses and individuals. They're sort of stuck with the usual three hundred dollars threshold, which is very old and dates back to the eighties or whenever it was that was put as a what is an asset and over that amount need to depreciate. So if you're going to go buy that computer for one thousand dollars
in your personal tax, you need to depreciate it. But but yes, it's three hundred dollars. Anything less than that you can ride it straight off.
So yeah, good and June is a very popular trading time for the share market. There's a lot of volume that goes through, and that's partially attributed to people selling things in June for for tax reasons.
Running through at a.
High level what people can and can't do with regards to selling shares for a loss. Can they just buy the exact same chairs back in July. I know that the ATO have a thing called wash sales, which they don't really like, so yeah, maybe if you can run through all that.
Yeah, so you've said it. They're basically acting doing things for the sake of tax. Now, the ATO have tax avoidance rules, which are basically, if you're making a decision just for the sake of saving tax, then you've got a bit of a problem there. Now, it's obviously everybody does things that are tax effective. They try to do
things that are tax effective. But if you're specifically coming up to the end of financial gear and you're trying to save some money on tax, and you go, oh, I've got these shares sitting there at a twenty thousand dollars loss, so I'll sell those shares and lock in that loss so that I can offset that against my other gains, and then maybe I just buy back exactly the same parcel of shares the next day or even
the same day. It's not going to fly with the ATO because they basically they call that a wash sale, So it's purely done that tax for the tax advantage of it, and they don't see it as a decision that's been made for any other reason other than that, and that's when you can fall a foul of the ATO. But essentially, you know, you've got to be considering if you're doing it for a financial decision, which is more
in your camp there, James. So if you've got clients, they've got a good reason to sell things, and obviously it works for them to be doing that towards the end of financial year, and there's also tax advantages to
do that, then that shouldn't be a problem. And then later on if they want to change their mind on that, and there's another financial reason behind that, and that's a different issue, but it's more if you're just making that decision, you know, just for the sake of tax avoidance, that's crystal clear.
End of financial year. We've been talking about this now for ten minutes. What I want to ask in the final part of this part of out our chat is around who should be having a tax planning meeting with their accountant, because we hear that term thrown around tax planning the end of financial year? Is it people that
run businesses? Should an individual who's a page you go with one investment property, should they be contacting their account and what sort of relevant circumstances should people have to be warranting a tax planning meeting?
Right? Okay, well, I think I do often get asked by people can we talk about my tax? And they might just be an individual, you know, with just a wage that's coming through, and you know they've already spent what they've spent on things they're not going to buy anymore or do anything different. There's not a lot of point to them getting you know, a tax having a tax planning meeting, paying hundreds of dollars to an accountant or even thousands for them to run through things with
them if they can't do much. But obviously the benefit comes more when you've got complex tax structures and think like trusts and companies. And also if you maybe you have a lot of capital gains and different assets that you own. Maybe you have a family trust with other investments that are bought and sold. Well, maybe you have even property and you just want to see where you
could be sitting. Like with property owners. Quite often people might in their tax planning meeting might consider maybe pre paying a few things which might bring forward a few deductions if that's going to benefit them in this financial gear. So look at it's all about scale, and it's all about what you can do. Your accountant should be able to give you a good idea just you know quickly
whether or not one would benefit you. But yeah, it is quite common for me to say, oh, look it's probably not going to be worth your while once you consider the cost. But yeah, those with businesses, yeah, pretty well it could benefit them. It's just whether or not they you know how much it's going to benefit and really yep, and.
That makes sense. So pauses for courses. Common sense applies. The more complex year situation is, the more likely it is it shouldn't you should have a tax planning meeting. But it sounds like anyone can have a tax planning meeting. Fair accountant, they're just going to be charged for it, and the benefit might not be exceeding what the cost is. Yeah, all right, well, I'm very excited to get onto our next segment. It's around I heard a friend say this
at a barbecue. Can I do this as well? But before we jump into that, let's take a short break. Hello and welcome back to the Money Puzzle. I'm James Gerard right to, a contributor to the Wealth section of The Australian and also founder a financial advisor dot com dot au, and this week on the show, I have
Timothy Ricardo, certified practicing accountant from Central Coast of Sydney. Now, before we get started on this particular part of the episode, I just want to remind all of our listeners that everything that we discussed is general information and should not be taken as personal tax or personal financial advice, So
please seek out a qualified advisor before making any decisions. Now, Timothy, I've compiled a list of questions that I've heard over the years in regards to to tax and most of these have come about from someone saying I was at a barbecue and my friend told me that they're doing this, Why can't I do this? Or I was at a party and someone told me they're doing this. Or I was in a taxi and a taxi driver said that he's doing this. So I've got a good dozen or
so of these questions. Are you ready to confirm or dispel these tax myths?
Yeah, this sounds like it's going to be quite a painful one here, James. I think this is probably why I don't attend many barbecues, apart apart from the obvious of you always too busy to do so, I don't know.
All right, Well, here we go the first one. If I have a family trust, can I distribute four hundred and sixteen dollars, which is the tax free threshold for a minor, to each of my fifty nieces and nephews as a tax free distribution? So that would be an extra twenty thousand dollars per year tax free. Somebody distributed four hundred and sixteen dollars to fifty people under the age of eighteen who are family members. So what do you reckon about that one?
Tim, Wow, that's a lot of nieces and nephews there, James, I think I've got is it sixteen nieces and nephews? So I thought I was doing pretty well, but fifty, yeah, that's a good number. Look, I think it wouldn't be recommended as an initial comment, mainly because of the ato's focus on distributions and making sure you're following through on those distributions and issues surrounding just paper distributions and then
taking the money yourself. But it's also a risky practice anyway, distributing to a whole lot of people, because perhaps your deed doesn't allow you to distribute to them, or maybe you have a family trust election in place which doesn't allow you to distribute to nephews and nieces, so you can talk you're accountant about that one. But it's certainly not a case of twenty grand tax free in your pocket if you decide to distribute to your fifty nieces
and nephews. Do you know all their names, James? I do. My beautiful wife, Kiara.
She's Vietnamese and she her parents, both of them have large families, so her mother is like one of twelve and her dad's about one of about the same, and so almost everybody is family one way or another. So picture the scene Timothy family barbecue happens to be a bank nearby with an ATM and there's a line with fifty little kids there, and someone's standing there pulling out four hundred and twenty dollars at a time and distributing it to each of the fifty nieces and nephews. And
the trustee says that that can be done. How are we feeling about that now?
Look, I'm feeling terrible about it, James. But that's okay. I think we're going to keep moving. Keep moving. Give you the next one, all right?
I have a contractor. Can I operate through a p Toy limited structure to reduce my tax bill by having multiple shareholders to pay income to? So just to elaborate on that a little bit more, a contractor rather than they contract and invoice themselves and pay up to forty seven percent tax. The question here is, can we just use a company structure and invoice and I can split my income to multiple people through that company structure so I don't have to pay forty seven percent tax?
Okay? So I think there's a lot could be said about this one. I've had this question recently. It's it's a pretty common thing people wanting to try to use structures as a bit of a sham business, you know, to try to distribute income. The bottom line is you just need to watch out for what's called personal income. The Personal services Income provisions and the ATO don't really allow you to split PSI what's called PSI income, so they what they're looking at doing there would probably be
contrary to the rules. You just need to look at how the business is running, whether it satisfies other conditions eighty twenty rule results tests to see if maybe it's a personal services business. But generally the question surrounding these is to try to make people, like I said, set up businesses that are not really businesses and they're charating as such. So yeah, watch out.
Okay, So it sort of sounds like the tax office just look at intentions. If something looks like you're doing something to try and get around paying tax illegitimately, that they're probably going to rule it that way.
In short, well, they've probably already got rules in place to close those loopholes. But yeah, certainly, if that's your taxi cab driver giving you that advice, James, I'd be very wary.
All right, zero from two. Let's see if we can get a yes on something. Can I become a taxed resident of a tax free country such as Vanowatu and then register a business there, start invoicing through that and pano tax.
It sounds pretty good, doesn't it. It sounds amazing for all of our except that I'd be out of a job if I moved over there. That's the only problem, James, not having any tax to pay. But for all of our Vanua to listeners, potentially they could, they could be over there and operating. But for any of you who want to actually live and reside or have a home or work in Australia, then most of the time the
answer is going to be nut James. So I don't think that that's that's really a viable option if you're if you're in Australia and operating in Australia, and yeah, there's there's lots of complex rules here. You need to talk to your advisors about this one, particularly if you maybe looking at a dual sort of citizenship or residency. There's all sorts of tax residents issues to consider there.
So okay, So sounds like if you live in Australia work in Australia, there's no way it's unlikely to be able to be classified as a hard to in taxism and pay no tax. Well let's try again. Can we buy an investment property or investment properties all around the country and travel to them and claim the travel costs as a tax deduction because I'm going to inspect my investment property and coincidentally it lines up with a school holiday.
I mean, they just might take a bit of extra time staying in that location as well.
Okay, so this one's been a no as well, James. You should have mixed these up a bit more and put some yes ones in there. But I feel like a bit of a wet blanket. But no travel has not been allowed with rental properties since twenty seventeen something like that, so it's been a number of years now that travel can't be claimed. But also with holiday homes, you've got to be careful because you've got to reduce
your claims when you're using them personally as well. So there's also a bit of another trap to be to be watching out for when you're when you're looking at holiday investment properties.
Okay, well, I'm determined to get a yes out of you. Let's try this one. Assume I have a dog and I work from home as well. Can I claim my dog food and pet bills as a expense because my dog, well that was the Chihawa, doubles as a guard dog.
Once again, like I said, I don't attend many barbecues. If these are the type of questions, I don't think I'll go to any anytime soon. But generally no. Well, pretty well, it's that's going to be a no, especially if it's chihuahua. They're James. But some businesses that require legitimate guard dogs, you know, then you know, they can sort of claim that those sort of expenses for those for looking after their guard dogs and that sort of thing.
But for the general, run of the mill sort of home office worker, that's going to be a definite no.
Okay, I feel like there's a yes coming on this one. Who can claim gym membership as a tax deduction? So someone asserts that I need to be physically fit for my work, and so part of me staying fit for my work is going to the gym, I want to claim that as a tax deduction. Is this possible under any circumstances?
Absolutely? There we go, we go. Yeah. So look as far as someone who's got an elite level of fitness. Someone that's emergency services workers that are at that higher level, you know, and we've got your personal trainers, are the professional athletes, anyone that sort of ticks those boxes of requiring an elite level of fitness, then yes they can claim that for your I mean, you've got your Simpson's
picture of what police officers look like. I'm not saying that that's what they all look like, but obviously the general police officer or the you know, your sort of general worker that doesn't require that higher level of fitness. It's it's going to be you know, but but yeah, there's certainly options there when ability to claim when you've got that higher level of fitness required.
Look like, what, what's an elite sort of level of things we talk like a laborer who works on in the building industry.
No, it is. It is going to be few and far between, to be honest, it is. Yeah, I wouldn't have many of these that I've I've I've had I had a few professional sort of sports people and they all are able to claim their their gym membership. You've also got I had an actual specific rescue worker that you know required a higher level. Certainly you know, like your sas your army, people that require that higher level as well of fitness. Yeah, they are few and far between.
And you know, out of every thousand tax returns you might have maybe maybe half a dozen or so, there's not going to be many James. So it's not nothing to really write home about. But yes it is, it is a possibility.
All right. What about if I'm a professional dog walker and I'm walking five dogs at a time, five times a day. I need my cardio fitness? Tim, Can I claim you just want me.
To say no again, don't you? All right?
I think everyone knows the as to that, and I think Tim thinks that the ATM is listening to this. We'll move on to the next word. Now continue on the home office team. I work in a home office. I just bought a new TV and speakers for my home office. Can I claim that as a tax reduction?
Okay, So this would be a capital asset anyway, because we spoke before about the three hundred dollars threshold. But that aside, it depends on whether you're using it for business or not, so it would need to be depreciated Number one, and which means basically you have to claim it over a number of years. So you can't just claim ten thousand dollars off your tax for that. But yes, you certainly would need to have a legitimate claim there as far as it's not being used privately, and any
private use would have to be apportioned out of that. Now, how you did that? The problem you're going to come up with is substantiation, So trying to prove that you use it for work. Certainly, if you're in the audio visual space and you have lots of meetings and it's set up on in your home office that you've got specifically set up for work, and it's being used one hundred percent for work, then yes, that would be a
potential to claim. But trying to prove that is often the challenge people have the substantiation requirements, which the onus is sort of on the taxpayer there to be able to prove that.
So yeah, good, all right, Well, before we go through more of my friend told me that they're doing this. Can I do this? Let's take another short break. Hello, and welcome back to today's episode of The Money Puzzle. I'm James Gerry, this week's host, and I have Timothy Ricardo certified practicing accountant from the Central Coast of Sydney. Now, Timothy is the next. One's a little bit risky and any listeners with children maybe just pause. This will skip
a minute forward, so you've been warned. Now the question is, if I worked in the adult industry, can I claim silicon implants as a tax deduction being tools of trade?
Well, James, I would have left the barbecue at this point, so I don't. I don't know that I'm that keen on these questions.
But you're not going to dodge this one. I want an answer out of you for this time.
You just want me to it's a no again, which I'm going to say it is a no from me. Certainly, cosmetic medical has been ruled out for a long time, and cosmetic sort of you know, cosmetic medical procedures have been sort of excluded from you know, being able to be claimed. Certainly not as the tools of trade either, So I think, yeah, I'm going to I couldn't say that I've had experience with this one, but I wouldn't. I wouldn't be jumping to allow that one.
All right, moving right along and listen as you can bring your children back in the room. Can I claim my ildren's school fees as a tax deduction as an education expense because I plan to employ my children in the future in my business.
No, unfortunately, they's That's another one that people used to distribute actually through their trusts because a lot of education you know, the facilities, they're all charities under education charities. So people used to distribute to this city, you know, twenty odd years ago. I remember it happening quite a lot. But then they decided that that was an actual benefit to the beneficiary rather than to the charity itself. So yeah, this hasn't been allowed for some time in any sort
of way, shape or form. So that's another no, James.
All right, feel free to say, yes, we indemnified ourselves. We said that this is just general information, so no one's going to go and do anything. No one's going to go get any implants or anything like that, so
it's all okay. Next one is, can I register them as a motor vehicle dealer buy luxury cars not pay the luxury car tax, which I think that doesn't happen when you're a motor vehicle dealer, But anyone you can answer this, drive the car and then sell it for profit a year or two later because you didn't sell
the luxury car tax. So something along the lines of you spend two hundred thousand dollars in the car, and I don't know what the luxury car tax is, at least to say it's like thirty thousand, So it cost you one seventy, You drive it for a year, you sell it for one seventy or thereabouts, and then you've got a free car, and you just keep doing that over and over.
Sounds great, it sounds really great. They're probably you're going to fall into there is fringe benefit tax, and that is if you're using the car personally anyway, it's going to be caught up. And fringe benefit tax is something you pay on the full value of the car. So if you're talking about your two hundred thousand dollars Ferrari aspirations there, James, and you're using that car personally, you know obviously the ATO wants you to pay some tax
on that. So what that means is fringe benefit tax applies on the full value of the car, and yeah, that would all need to be factored in. Yeah, as far as any scheming here, James, I certainly would not want to support anything there that's, you know, just to try to fund your your two hundred thousand dollars Ferrari, So I would as your accountant, I would advise against this as well.
All right, last one, then, on social media platforms I see all the time there's ads for self help business incubator type things. Go out there and make a squillion dollars. We can help you to do it. Come join our program and it's good as done. Can you claim the cost of those things as a tax reduction in the education area?
Okay, so education is something that they've actually released a ruling on this just recently. The ATO have to give a bit more already surrounding education claims. There were two things that that you know, sort of limbs of being able to claim education expenses. One of them being that it was going to increase your income in your current income earning activity, and the other one is that it's going to improve the skills in your current income earning activity.
So there's there's got to be the connection to what you're doing, and the problem that people usually have with education self education is that it doesn't link up with what they're currently earning their income on. So if I'm I'm an accountant, and I think that we'll find on financial planning is pretty easy, and look, most of us do think really, so you know, we think we might become financial planners as well, like you, James, because you know, you're someone that we all look up to as as
a successful individual. So if I start doing some financial planning courses and what I claim them, my current income earning does relate to that, now I would have a hard time trying to link up and you know that would seem quite related to accounting, but you'd have a hard time linking that up to your income earning. Now, there may be some crossover there and you might get some increase in skills relating to your your accounting, but it's a real they're really cracking down on this one
as well. So specifically for your question, I wouldn't say they'd be earning any money from that particular venture initially, certainly initially, so getting those self education claims upfront is probably not going to occur either.
Sure thing, all right, Well, I'm out of questions. Hopefully our listeners learnt a lot bit from that. Yeah, If anything, they probably learned don't invite anything to their barbecue, and don't ask if any tax questions because you can't say no to everything, but we want or two yeses and a few maybes in there. So I think that was somewhat us.
This was orchestrated. That's trying to make me look bad, jameson.
No, it shows that there's tax laws in place and everything's black and white, and it's there for a reason.
I'm going to throw one more.
Curve ball question actually before we wrap up for today. It's a really big question, but try and pick your brain and get some concise answers here.
Now.
Over the years, people constantly ask me for recommendations to accountants, and my observations are that the best accountants, such as Timothy Ricardo here, have lots of clients, but they also focus somewhat their time on the clients that have structures so run businesses, have family trusts, run self managed super funds, and I'm sure Timothy would love to be able to help absolutely everybody, but there's only a certain amount of time that these elite accountants have, so they need to
focus their time with the right clients. So my question is, how can an every day mum and dad for a relatively simple tax situation, two income, maybe an investment property, maybe a share portfolio. How do they make sure that they're getting the best tax advice and tax service when they do their tax returns every year if they want to use a professional because generally the best accountants busy with the bigger fisher I guess you.
Could say, yeah, well, look, that's a really good question individuals. Yeah, it is a difficult one because accountants are often looking at those sort of touch point required you know, touch points required with a client, and how much you're having
to spend with each client. But essentially, if you can find an accountant that obviously ticks the boxes as far as their registrations are concerned, and they're either CPAs or c as, they've got the qualification being able to have that conversation with them either before or after your tax return, feel free to ask any of your questions and if you can do it at the same time, you know, rather than the ad hoc little questions throughout the year, it's easier if you can you can sort of you know,
try to build that I suppose structure surrounding that annual meeting you have with them to get the use out of that. And certainly it might cost you a little bit more seeing a qualified professional that's willing to give you the time face to face, but but yeah, certainly
it can pay dividends. So I suppose from that point of view, James, try to find someone that you can you can actually access and and have and and you know, sort of drawer on their experience and and also one that's going to provide them updates and you know, like yourself, sending out newsletters and making sure that key issues are being addressed so that they don't get they don't miss anything.
Yeah, I agree, And from personal experience, I'd add that you have to actually like your accountant. So whichever accountant you use, you have to feel comfortable to be able to communicate with them, email them, pick up the phone and get back to them when they're asking you things as well.
Do you agree to him? Yeah? Absolutely, there we go.
Well, that's a wrap for today's episode. Timothy Ricardo, certified practicing accountant from Sydney Central Coast, thank you for your contribution today. It was very informative and we went through lots of different tax and accounting topics. Very good thank you for having me my pleasure, and to our listeners, thank you for tuning in to today's episode of The Money Puzzle. The show will return to its regular format next week when James Kirby returns, but in the meantime,
send us your questions. I'm sure James would love to see a full inbox to dig his teeth into. Next time. You can tweets your questions and thoughts. Just use the hashtag the Money Puzzle or one word, or email us at The Money Puzzle at the Australian dot Com. Today you until next time, I'm James Gerard. Talk to you soon at