Preparing for EOFY + Are Your Working From Home Days Over?

EP 024: Winter is here… and I don't just mean the season.

I’ll cover this topic in-depth in another episode, but it appears Australia is about to go through an energy crisis.

As the cold front has hit us and we have all reached out to turn on the heater, it has meant demand for energy has soared at a time of global shortages.

This, along with other global factors will continue to put pressure on the rising cost of doing business.

I am by no means a doom and gloom type of guy but, I will say this…

How you run your business and wealth in the good times, will also show in the harder times.

Now is the time to be diligent.

In this week’s episode:
○ Elon is forcing everyone back to the office
○ End of the financial year is fast approaching - start preparing!

Prefer to listen or watch?

You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/businessandinvestingcom

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WHAT HAPPENED

Bringing workers back to the office

In summary:

Tesla, Apple and Google have all indicated to workers it's time to come back to the office.
And… it isn’t optional.

Now that pandemic restrictions have ended in the USA, employers can require workers to come back to the office.

And I get it…

If I had just spent a billion dollars on a company HQ I would be pretty keen to get workers back also.

Not to mention many companies that rely on team collaboration will see a huge productivity increase in getting people back.

I'm actually thrilled that companies that make innovative products bring people back as innovation drives productivity.

And raising productivity is great for the world economy overall.

But, do I think this is the end of work from home?

Absolutely not.
That Genie is out of the bottle.

My belief is that we are going through a normalisation period.

Some people will go back to offices fulltime
Others will do a couple of days a week
Some never again.

This is now how it’s done.

Why is this important to Australian business owners?

I mentioned in a previous episode that I believe offering work from home could be a strategic advantage for recruiting talent.

As many would prefer never to go back to an office.

This is the beginning of this opportunity.

I’ll bet a reasonable amount of Tesla, Apple and Google employees decide to look for other job opportunities as they don't want to sit in traffic every day.
(Or have to get out of their PJs.)

Anyhow,

A few people have suggested to me that as major employers pull people back to the office and capital cities it could be the end of the regional boom in Australia.

As the population follows the jobs.

I’m not convinced.

Technology advancements enabling people to work from home + government spending in regional areas + housing affordability + cost of living + lifestyle

= a much stronger force pushing people into the regions than into the city.

Over the next 5 years I think with immigration and the push in the regions we will see our capital cities and major regional areas do well.

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WHAT HAPPENED

Preparing for the end of financial year

In summary:

The end of the financial year is fast approaching.

I am seeing ads everywhere promoting that I better buy any business-related things now before the financial year ends!

I’m yet to meet anyone who got wealthy by trying to make the most tax deductions at the end of the financial year.

But, there is still positive action we need to take.

Why is this important to Australian business owners?

I had a very painful experience with my first accountant.

Every year in July I would come into his office to sign off on the accounts for the previous financial year.

He was great at maximising the deductions and making sure we were compliant.

Everything was always above board.

However, the thing he did that would drive me up the wall.

He would make comments and recommendations on things we could do better in the current financial year -VS- what we missed in the year that just passed.

He was trying to be helpful.

Though if he had told me these things at the start of June rather than after EOFY we could have done them in ‘THAT’ financial year!

I learnt some important and expensive lessons here.

1) Be proactive with your accountant.
Don't rely on them to come to you.

Take responsibility for driving communication and asking high-quality questions.

2) Review the financial year with your accountant in !2.
NOT after the financial year has ended.

This gives you the opportunity to be strategic and make far better decisions around tax strategy.

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UPCOMING

Be on the lookout…

Later this week we have a QNA episode of the podcast dropping.

Specifically this week, we cover:
“Why do most business owners fail at wealth creation?”

It's a discussion worth listening to as just avoiding the things that keep business owners broke can be a big advantage.

Also…

If you want to have a question answered just hit reply on this email and send across your question.

And, if you want to hear us unpack these topics before anybody else does…

Then make sure you are subscribed to the podcast: https://linktr.ee/businessandinvestingcom


Episode Highlights:
00:00 Introduction
00:58 Elon is forcing everyone back to the office
09:24 Is it time for CBD offices to build regional satellites?
15:01 Weighing options: In-office versus remote work
19:07 Preparing for the end of the financial year
32:20 Important keys to help you stay on top of your finances

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