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Business By Design
Business by Design is the podcast for owners who want to start, scale or exit a business. Each week, Stuart Wemyss and Mena Abraham unpack the four things every business must get right: value, engine, reach and team. Using the VERT flywheel, they show how these fit together to build a business that runs without you, and how the choices you make inside the business flow through to your personal wealth, lifestyle and exit options. Every episode is short and to the point, with no fluff and no sales pitches. Go to https://www.vertflywheel.com
Business By Design
Ep 121: Beware! The ATO is on the Audit Warpath
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Audit activity is ramping up fast. In this crucial episode, Stuart and Mena reveal the sharp rise in ATO audits they've seen in the past few months, with more cases than in their combined careers to date. If you're a business owner, investor, or employee with deductions, this is a must-listen.
They break down the key audit hotspots the ATO is zeroing in on right now:
• Rental Properties – especially repairs vs. capital improvements and incorrectly claimed interest on mixed-use loans
• Work-Related Expenses – With the updated fixed-rate method for working from home now in full effect, comprehensive records are no longer optional
• Property & Construction – audits are targeting GST misreporting, incorrect CGT treatment, and unreported sales tied to real estate transactions
Stuart and Mena offer practical guidance on how to stay compliant, choose the best deduction methods, and avoid common traps. They also stress the importance of a proactive, holistic accountant and highlight the benefits of audit insurance.
If you want to stay off the ATO’s radar and keep your finances audit-proof, don’t miss this timely episode.
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Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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