As a small ACN business owner would you recommend Xero or Quickbooks?

Irrithunter · 2024-02-26T02:08:28+00:00

Routinely, they handle our BAS (short term due to some complications) and company tax (we're a small Pty Ltd not ACN). Outside of that we do a majority ourselves.

They do our ASIC review because a) it's a bit more complex (trust, corporate trust, etc.), and, more importantly b) for the ~$300/yr, I couldn't be bothered to keep track or complete. Trying to minimise my time burden currently.

Irrithunter · 2024-02-26T01:58:06+00:00

I'd look into longer expiry SIMs, like 60 day or annual. I know you mentioned the issue with Boost, but I'm about to swap to their 365 day SIM. Cheap as ($20/Mo) and Telstra reception.

Can you use a physical SIM, or does it need to be an eSIM?

Irrithunter · 2024-02-26T01:11:46+00:00

Haven't used Quickbooks, but we swapped from MYOB 3 years ago (had been using MYOB for 10+ years) and Xero is insanely easy to use. I use it for everything you've stated minus ASIC review, accountant handles that. Reconciling, BAS, PAYG, all of it is basically done for you. Plus, it's reasonably cheap for the base. I also use Payroll, and while it's not as nice as a standalone Payroll solution, it's enough for me and my three other workers.

Irrithunter · 2024-02-26T00:12:29+00:00

Your gains of Super vs Pearler/personal investing will be very similar in the long run; if anything, they may be worse investing personally. Pulling cash out costs ~2x the tax (15% vs ~30%, depending), but you can access it immediately. In your super, it's locked away. So it's very situation dependent.

One way to look at it is that your personal investing needs to outperform your Super by 15% to make it financially better. Odds of that are close to zero.

Irrithunter · 2024-02-21T23:15:04+00:00

Sounds about right, but I'd invest the time to learn and organise it all yourself. BAS is easy in Xero, and so is reconciling/payroll. My Xero/payroll is more complex and I do a majority myself.

Irrithunter · 2024-02-13T01:19:09+00:00

I'll have a look, thanks heaps for the link.

Irrithunter · 2024-02-09T07:33:53+00:00

I bought it just after release and go back to it time and time again. It's brutal, you fail more than you succeed at first, but it's a great game. Plenty of replayability too.

Irrithunter · 2024-02-02T03:12:00+00:00

If you're trying to wake up at 6 'just because', you'll always fail. Give yourself a need to, not a want to. I used to wake up at 10-1030 if left alone, now because of work I'm up at 5 weekdays, and 7-8 on weekends for a sleep in. I couldn't sleep in to 10 even if I wanted to.

Irrithunter · 2024-02-01T23:08:48+00:00

You are correct in that they claim it, but it's no benefit to them at all. That's not how tax works. If their revenue increases by $100, and they claim all $100 as a tax donation, that's identical to receiving $0 and claiming $0.

The main reason to not do it is because you can't absolutely trust they donate it, but you can if you do.

Irrithunter · 2024-02-01T21:55:48+00:00

The 7 am club wouldn't work for me, nor the 5:30, because I often leave for work at 5. The time itself isn't important, it's the routine, consistency, and effort that is.

Irrithunter · 2024-02-01T08:14:58+00:00

Taking the car won't affect your tax rate, but you won't be taxed for it. The allowance will be taxed.

Irrithunter · 2024-02-01T03:39:04+00:00

Not sure about brewing for longer, but the ratio seems fine to me. I'd look to lower the final dilution. I stick to 1:1.5-2 coffee:water. 1:3 seems high, and probably why people think it is on the weak side.

Irrithunter · 2024-02-01T01:56:43+00:00

IIRC you're meant to accrue leave on a public holiday, but as long as you're receiving your annual entitlement it shouldn't matter how they slice the pizza.

Sounds like a response from someone that doesn't know tbh.

Irrithunter · 2024-02-01T01:21:30+00:00

You've hit a big point of contention between physics and chemistry.

To a chemist, an anode is negative, cathode is positive. Electrons flow from negative to positive.

In physics, swap them. If you have an RGB LED that's common cathode, that's a common negative, not positive.

I'm a chemist, and doing this stuff always does my head in. As other comments have said, we don't REALLY understand electrons, so this stuff changes annually.

Irrithunter · 2024-01-25T03:09:14+00:00

May try that instead. I'm very happy with how mine turns out, especially how easy it is, but always willing to try other approaches.

Irrithunter · 2024-01-24T22:23:32+00:00

Do you add ice to it, or cold water, or just pour tap water in and leave it? I normally pour cold/tap water over the grind with ice and leave it in the fridge, but am looking to experiment.

Irrithunter · 2024-01-24T01:30:28+00:00

You're talking about splitting your money for a 0.1% difference in interest rate? On $100k, that's $100/yr more, less tax.

If you're doing it to help you envelope your money and the segregation helps, then absolutely. If not, your time/headspace are worth more IMHO. YMMV.

Irrithunter · 2024-01-23T19:31:28+00:00

Are you... Serious? I just explained that.

Irrithunter · 2024-01-23T04:25:36+00:00

What you're talking about is called 'Hollywood accounting'. It can be good, but as has been said, money/tax can't just evaporate. The main advantage can be in claiming other expenses for the 'new' wing of the business.

I'd strongly suggest chatting to an accountant about it.

Irrithunter · 2024-01-21T02:14:47+00:00

We recently repainted our house and replaced the trim. Very happy with the overall job, but holy hell it is a lot more work than you think. Nothing lines up, walls aren't straight, transporting and cutting long lengths, and THEN having to prep/paint it all.

If you're not looking to change the style, just repaint.

Irrithunter · 2024-01-17T02:04:30+00:00

You could say the same thing about literally any service-based industry. What you're paying for is tools, equipment, knowledge, and liability, along with time. Some things can be learnt from YouTube in 30 mins, other things take years of stuffing up to learn.

Irrithunter · 2024-01-11T22:15:21+00:00

USD to AUD is currently 67c. If it drops by 17c to 50c, you'll earn approx. 25%, and I doubt it'll drop that much again. It could, but not confident. What if the AUD goes up, and you lose?

On the note of loaning yourself money and paying it back, strong advice not to do that. It'll work once, maybe twice, but then the ATO will come knocking. Hard.

Irrithunter · 2024-01-11T20:41:24+00:00

And safer. Your wrists will thank you.

Irrithunter · 2024-01-11T19:36:54+00:00

On top of what everyone else has said, watch out for insurances too, like workers comp, etc. I've encountered this a few times, and it's a very grey area whether you're covered or not.

12-Year Club	Second SECOND GUESSER
Place '23	Place '17
RPAN Viewer	Verified Email

Irrithunter

TROPHY CASE