Generate Newsletter \\ Feb 2022

Good morning Generators,

It's a new year and as we spoke about last month you're hopefully working away at your new years resolutions, but if you're like the average person it's possible that you've given up already. The gym gear unused in your drawer, those books getting dusty under the bed, that meditation app neglected on your phone, the business plans you drew up over the summer break languishing on your desktop.

A reason that I hear given for not following through with well-intentioned plans is that people are 'too busy'. They are caught up with modern life. As I mentioned last month, this explanation doesn't hold much water with me and seeing the results of some screen time research carried out by reviews.org last year confirms my suspicions.

They found the average Australian spends 5.5 hours a day on their phone. This is ridiculous enough, but when you look at people under 55 years of age the number is over 6 hours and if you're in my age bracket (40 and under) the time jumps up to 6.7 hours a day.?Yes, I know phones are very useful devices. Ordering a ride, contacting friends and family, looking at cat memes. But, really, over a third of your waking life?

Think this doesn't apply to you? Check your usage in your phone settings ('Screen Time' on iPhone and 'Digital Wellbeing' on Android).

It's for work, you say? If you're someone who habitually checks email on your phone and find that is the prime culprit behind the screen time I'd ask you whether this is productive or just busy work. I took work email off my phone years ago after realising that I was mindlessly checking it then getting worked up about what was in there, but not actually replying/resolving issues until I was back at my desk.?Maybe you're better at it than I was, but for me it was a waste of time and mental energy.

So, if you have things you want to accomplish - a better you, a better business, better relationships, better health, better balance - put the phone down and get at it. Chances are, the time is there.

Cheers,

Ben.

THE ATO IS OVER COVID AND WANT THEIR MONEY

The last two years have been relatively quiet for debt recovery from the ATO, with the preferred approach being 'softly, softly' given the huge number of businesses and individuals struggling as a result of government imposed restrictions.

Nice guys, no more.

In recent months the ATO has started aggressively pursuing debts which, as at 30 June 2021, totalled a whopping $55 billion. Overdue tax returns for companies and their directors are a big priority for the ATO as is the timely payment of superannuation contributions by employers.

If you've got outstanding lodgements or debts it might be time to get in touch with your accountant to get it sorted

?GETTING THE MOST OUT OF XERO?

We are unashamed of our zealotry for Xero. It's a fantastic platform for managing the accounting, invoicing and payroll needs for any small-medium business. It's crazy to think just a few short years ago we were using desktop software that required frequent updates and would email around files with the words "CURRENT CURRENT CURRENT VERSION" appended to them.

A little while ago our very own Lauren Hillier ran a online session on how to get the most out of Xero. The feedback was very positive, thumbs up all around. If you missed this session you can find it?here.

ROBOTS WANT YOUR LAND TAX

Did you know that government agencies such as the ATO and Service NSW use data-matching across a range of data sources to ensure that people are paying the correct amount of tax?

If you own a property and it's not your principal place of residence then it's highly likely you need to be registered for and paying land tax each year. The ATO is providing data on who is declaring rental income in their tax returns to Service NSW so they can ensure the right people are registered and paying their land tax.?

You can find out more?here.

TAX ESSENTIALS: MOTOR VEHICLES

In this post we're going to look at one of the most common questions asked of accountants by their business-owner clients - how do I go about buying a new car in the business?

Keep reading?here.

PODCAST RECOMMENDATIONS

So many podcasts out there, so much to sift through, you can thank me later for taking care of the sifting for you. These two are really good.

It's Raining Mentors

Independent musicians Elana Stone and Josh Pyke have teamed up for this short and sweet series behind the scenes of the Australian music industry. The first episode was particularly brilliant and not just because it features an interview with the one-and-only Stephen Wade, long time Generate client. Find out more?here.

Who Is Daniel Johns?

This series on Spotify offers unfiltered and deeply personal insight into one of Australia's biggest musical talents, Daniel Johns (formerly of Silverchair). Production values are great, the story is well told, access is all time. Definitely worth a listen. Check it out?here.

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