Diana Todd is a registered tax agent and the founder of Balance Tax Accountants based in Perth WA.

Balance Tax Accountants is a cloud-based tax accounting firm working with small business owners in the creative space.

Diana’s goal with Balance Tax Accountants has always been to take the stress out of tax for her clients.

Since growing the business to serve over 1,000 clients since 2015 – Diana has built a name for herself as the most fun and approachable, yet hardworking tax accountant you’ll ever meet.

In this join TCCS and DMC session, Diana will answer your finance and tax questions, such as:

  • How to prepare for tax time
  • What is a tax deduction, and what does it mean in terms of your bottom-line, i.e. tax deduction doesn’t mean the government reimburses you for the cost of the product/service, but reduces the income amount you’re taxed on
  • When is it time for me to switch to a company business structure
  • Money habits of wealthy business owners

 

Chat transcript:

11:04:15 From Kate Toon : #QUESTOIN what is the deadline in Australia
11:04:30 From Kate Toon : #QUESTION, how do we manage tax for over seas clients, any difference?
11:04:43 From Kate Toon : #question what is the GST boundary
11:05:01 From Lynda Coulson : #QUESTION Registering for GST. Do I register at the start of the financial year, or just when I get close to the $75K mark.
11:05:20 From Kate Toon : #TFN any one can get one?
11:05:28 From Kate Toon : #QUESTION do I need an ABN?
11:05:56 From Tanya : #question – I’ve let things slide a lot over the last 12 months with tracking and profit first – what’s the best way to get back on track and get back into the good finance habits?
11:06:15 From Hannah : #question – I have an Australian company and got a bit of a shock last year at the bill to do my tax. Can you give me a ballpark of what I should expect to pay?
11:06:30 From Layla Roberts : #question What if the customer is overseas, but the recipient is in Australia? Do we still charge gst?
11:08:02 From Jodie : #question Is an investment property only considered under income tax and not related to GST threshold for your business?
11:09:03 From Cathy Camera : Profit First or some version of it is great. I just received my annual GST bill and there’s no stress because it’s sitting there in an account, having put it aside throughout the year.
11:09:57 From Nicole Sergi : #question – not really a tax question but I just jumped out of Xero before I got on this call and had a moment when I realised my expenses were 30% of my revenue last fin year. In your experience doing tax in this industry, is this outrageous or pretty standard?!
11:14:28 From Layla Roberts : #question Diana, what do you charge for sole traders’ tax returns?
11:15:33 From Lynda Coulson : #QUESTION my accountant has been my accountant forever. Before I was even in business. Should I be looking for an accountant who specialises in freelancers or service based businesses?
11:17:00 From Cathy Camera : #question do I include quarterly GST payments in my expenses? This past year I just kept them separate and informed my accountant.
11:17:08 From Hannah : That’s great. Thank you. I think I might need a new accountant 🙂
11:20:03 From Jodie : I will ask my Accountant
11:23:45 From Elise Doyle : #question I paid my GST bill to the ATO, without realising they would take it out of my personal income tax return. So now I have a credit with the ATO. Should I just leave the money there, or should I request they refund it. If I leave it there do they pay interest?
11:34:45 From Cathy Camera : Thank you – that clarifies it
11:35:45 From ronellerichards : #question first time paying a subby (instead of being one!), what’s the best way to put this in xero, should I create a new account just for subbys?
11:38:02 From Janine : I do
11:38:03 From Lynda Coulson : Am considering it
11:38:04 From Janine : I do
11:38:05 From Tanya : Loosely – I did for a few years but need to get back to it!
11:38:08 From Nick G : profit first for sure
11:38:12 From Janine : I do
11:38:34 From Nick G : sketchy salary. pays randomly
11:38:35 From Elise Doyle : I LOVE Profit First!
11:38:36 From Layla Roberts : I pay a % into an account, but I borrow from it all the time
11:38:39 From Janine : yes
11:40:21 From ronellerichards : 80% of women currently retire without adequate super. It’s scary.
11:41:03 From Nick G : #question
i’ve been taxing myself at around %30 over the last year as I have a HECS debt.i didn’t make enough this year so I have to start making payments on this. should I be tucking some of this somewhere with the goal of paying it later or invest it back into business things. I’m an I.T/ cabling guy (I still need some tools)
11:41:08 From Nick G : I hope that makes sense
11:42:51 From Nicole Sergi : I think I do a weird newbie version of profit first so feeling very motivated to dig into it deeper.
11:43:16 From Lynda Coulson : #Question If you want to start researching profit first – where is the best place to look. Start with Your blog post Kate?
11:43:17 From Nick G : Grab the book Nicole, it’ll blow your mind. its great
11:43:40 From Nicole Sergi : Thanks Nick!
11:44:10 From Nick G : https://www.amazon.com.au/Profit-First-Mike-Michalowicz/dp/073521414X/ref=sr_1_4?crid=2DW3UCI1YZT9O&keywords=profit+first&qid=1658367840&sprefix=profit+firs%2Caps%2C331&sr=8-4
11:45:41 From Lynda Coulson : Thanks Nick.
11:46:21 From ronellerichards : #question how soon is ‘too soon’ to switch to a company? Have only been in biz 12 months but my lovely accountant has flagged it and ATO has already put me on PAYG quarterly instalments
11:46:46 From Elise Doyle : I use the Profit First spreadsheet all the time!
11:48:40 From Robyn Smart : #question – I have a team of full time contractors which work on client work, but occasionally they are doing work on my company website and design visuals. I’m already tracking their time as an expense but should I be keeping a specific record of the $ I’m spending on my own company investment and is that a tax deduction? Eg 90% of their work is client work but 10 % as a guide would be work on my business?
11:53:59 From Nick G : *buys folder for receipts* eep
11:56:06 From Cathy Camera : Thanks Diana – you’re great at explaining all this crazy numbers stuff!
11:57:05 From Lynda Coulson : Bloody amazing!! Thanks Diana and Kate!
11:57:16 From Nick G : Thanks Diana 🙂
11:57:17 From Hannah : So helpful. Thank you
11:57:17 From Nicole Sergi : This was amazing – thank you SO much!

Category: Money

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