R U OK Day and More
R U OK day
Today is R U OK day, It’s a day to reach out and ask how those you know are really going.
We are in a privileged position to see what goes on behind the scenes in our clients businesses and often in their personal lives. You may think that accountants only work with numbers but in reality much of our time is spent in discussions with clients regarding their goals and why they are motivated to achieve these goals.
R U OK provide a number of resources on their site (https://www.ruok.org.au/how-to-ask) and suggest the following simple action plan if you are aware of someone having a rough time:
3. Encourage action
4. Check in
Squeeze your lender
We know of a mortgage broker, Gary Young from TFC Financial, who is as excited about home loans as we are of business planning and tax. Gary offers a “Squeeze your lender” service where he negotiates on your behalf to reduce your interest rates. His fee for the service is calculated as a percentage of your interest saved in the first year so essentially its a win-win situation. Well, not quite a win-win for the bank but sympathy is low for the banks at the moment!
If you have a loan then I suggest you contact Gary to deny the bank the maximum interest they would like to charge.
Gary Young Dip FMBM, C.dec
Audit Insurance (AI)
We’ve changed audit insurance providers to allow greater flexibility for our clients. We will no longer send audit insurance quotes to each client but rather offer quotes to those that are interested in this service.
Please note that audit insurance isn’t a form of protection against an accountant making a mistake, AI is used to cover to costs (legal, accounting, etc) to defend yourself if the ATO suggests that you have undeclared income for example.
I can’t recall a situation with our clients where the ATO were correct in their assumption that a client was hiding income but the clients were still out of pocket for the costs to defend against the ATO action. AI covers yourself and your business for these costs.
Please contact us if you are interested in AI cover.
Below is a list of the articles in this months newsletter:
- Hiring for cultural fit
- Should I enter a partnership?
- Agile wokplaces
- Conflicts of interest
- Avoiding misleading or false claims