Victoria's $199 billion in debt, and if you're running a small business in this state, you're the one wearing it. Taxes keep climbing, businesses are going under at record rates, and the COVID levy that was sold as temporary isn't going anywhere. Jase has done the numbers on where the money went and what it means for Victorian business owners heading into end of financial year.

On this episode, we discuss:

(00:00) Intro
(00:43) Victoria's $199 Billion State Debt
(02:40) $1 Million a Day for 55 Years to Reach $199 Billion
(03:53) What $199 Billion Could Have Built for Victoria
(06:25) $43 Billion in Tax and Most of It Goes to Interest
(07:23) How the Debt Hits Small Business Through Extra Taxes
(09:09) Is Government Debt Really Good Debt
(10:56) Real Margins at $1M, $5M and $10M Turnover
(14:35) Victorian Insolvencies Up 48% and Projected to Rise 63%
(15:31) Public Sector Staff Up 60% on 29% Population Growth
(17:40) 18% CBD Vacancy and 16,000 People Leaving Victoria
(19:21) How to Work Out What You'll Owe Victoria This Year
(21:24) Review Your Business Structure Before 30 June
(22:50) Director Penalty Notices and When to Get Help

Check out the free resources from Inovayt here.

Send us an email: hello@thenumbersgamepodcast.com.au

The Numbers Game is brought to you by Future Advisory & Inovayt.

Hosts:
Nick Reilly
Jason Robinson

This podcast is produced by VIDPOD.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The bank of mum and dad is now Australia's fifth largest lender, with $35 billion a year flowing from parents to kids trying to get into property. Most of it completely undocumented and with no plan for how it comes back. Nick's seen it go wrong firsthand, and this is what both sides need to hear before any money changes hands.

On this episode, we discuss:

(00:00) Intro
(00:42) Australia's 5th Largest Lender Is the Bank of Mum and Dad
(04:29) $35 Billion a Year and 60% of First Homeowners Need Family Help
(05:58) Why Borrowing From Parents Has Zero Regulation
(07:34) What Can Go Wrong When Family Money Is Involved
(09:27) Why You Need a Loan Agreement Before Money Changes Hands
(10:41) Do Your Parents Need This Money to Retire?
(11:41) How Guarantor Loans Work and Why Parents Can't Sell
(14:26) How Going Guarantor Could Cost Your Parents $200,000 in Super
(17:44) A Real Divorce Case Where $100,000 Had No Paperwork
(18:33) Parents Should Ask the Same Questions a Bank Would
(21:58) How Gifts and Loans Can Impact Your Parents' Pension
(24:33) When Reverse Mortgages Make Sense and When They Don't
(26:44) Would You Do It? Nick's Answer as a Dad

Check out the free resources from Inovayt here.

Send us an email: hello@thenumbersgamepodcast.com.au

The Numbers Game is brought to you by Future Advisory & Inovayt.

Hosts:
Nick Reilly
Jason Robinson

This podcast is produced by VIDPOD.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The ATO is rolling out an automatic $1,000 tax deduction for millions of Australians, and it sounds like free money until you understand how deductions actually work. Jase has run the maths on what that $1,000 really puts back in your pocket at every tax bracket. Is this just another nice sell from the government, or is the box actually worth ticking?

On this episode, we discuss:

(00:00) Intro
(00:21) The $1,000 Auto Tax Deduction Explained
(00:57) Why a Tax Deduction Isn't a Tax Refund
(04:09) What You Actually Get Back at Each Tax Bracket
(05:29) The 70c Per Hour Work From Home Claim
(07:25) Why the Average Aussie Claims $3,500
(08:31) Should the Deduction Be a Sliding Scale?
(11:34) Easy Ways to Track Receipts and Kilometres
(14:27) Why UK Workers Don't Lodge Tax Returns
(16:08) When the $1,000 Deduction Starts
(17:03) Super Contribution Cap Rising to $32.5K
(19:51) Will the $20K Instant Asset Write-Off Stay?
(20:54) Book Your Accountant Before 30 June

Check out the free resources from Inovayt here.

Send us an email: hello@thenumbersgamepodcast.com.au

The Numbers Game is brought to you by Future Advisory & Inovayt.

Hosts:
Nick Reilly
Jason Robinson

This podcast is produced by VIDPOD.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.