Send us a text

Thinking of making the transition from an employed medical practitioner to running your own private practice? In this insightful episode, Stuart and Mena break down everything you need to know about structuring your business, protecting your assets, and optimising your tax position as a self-employed medical specialist.

The duo dives into the ongoing debate around sole trader vs. corporate or trust structures, shedding light on the real impact on asset protection and tax minimisation. They discuss how professional indemnity insurance plays a crucial role in shielding your assets and explore strategic financial moves—like using a partner’s name for property ownership or leveraging company and trust structures for investments.

On the tax front, they tackle personal services income (PSI) rules and how medical professionals can legally maximise deductions—whether through employing a spouse for admin work, utilising property equity for tax-efficient expenses, or making strategic superannuation contributions.

Wealth planning is also on the agenda, from the benefits of owning your practice premises via an SMSF to leveraging banks’ favourable lending terms for medical professionals. Whether you're considering private practice or looking to refine your financial strategy, this episode is packed with practical insights to help you secure your financial future.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

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.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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.

Send us a text

In this episode, Stuart and Mena explore the limitations of popular payroll solutions like Xero, QuickBooks, and MYOB, and why they might not be the right fit for every business. While these platforms work well for small to medium-sized enterprises, they come with restrictions that can create payroll compliance risks and inefficiencies—especially for larger organizations with more complex needs.

The discussion highlights key drawbacks, including limited scalability, missing advanced features, restricted pay templates, and weak integration with HR systems. Business owners relying on these off-the-shelf payroll solutions may find themselves manually handling tax and superannuation complexities, which can lead to costly errors.

Stuart and Mena also introduce an alternative comprehensive payroll platform like Employment Hero, which offers award interpretation, advanced rostering, time and attendance tracking, and cost centre management. If you’re looking for a payroll solution that grows with your business and minimises compliance risks, this episode is a must-listen. Tune in to learn how choosing the right payroll system can improve efficiency, ensure compliance, and support your business as it scales.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

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.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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.

Send us a text

In this thought-provoking episode, Stuart and Mena dive into the future of accounting and how it’s set to transform by 2040. Gone are the days of paper-driven processes and purely compliance-focused roles. Over the past two decades, the industry has undergone a radical shift, with automation, AI, and prefilled data revolutionising how businesses manage their finances. But what’s next?

Looking ahead, accountants will no longer just be number crunchers; they’ll become strategic financial advisors, helping businesses navigate complex financial landscapes. Stuart and Mena discuss how AI and automation will redefine the profession, pushing accountants to focus on value-driven insights, financial planning, and business growth strategies.

What does this mean for business owners? The duo highlights the importance of embracing technology and working with firms that prioritise proactive advice over basic compliance. If you’re a business owner, accountant, or simply curious about the future of finance, this episode is a must-listen! Tune in to discover how you can stay ahead of the curve and leverage these changes to your advantage.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

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.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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.

Send us a text

In this episode, Stuart and Mena kick off Season 5 of the HA podcast by highlighting the importance of business goal-setting at the start of the year. While personal New Year’s resolutions often take the spotlight, many business owners neglect to set clear targets—something Stuart and Mena argue can significantly impact success.

They discuss key areas to focus on, starting with a review of 2024’s financial performance. From managing expenses and improving margins to assessing inventory and fixed assets, they break down how to optimise operations. They also stress the importance of reviewing FY25 goals, adjusting tax planning, and refining investment strategies.

Marketing takes centre stage as Mena emphasises the need for a well-structured plan, setting clear objectives, and allocating budgets to maximise returns. Stuart rounds off the conversation by revisiting long-term business goals (BHAGs), ensuring business owners are actively working on the business, not just in it. They also explore the power of setting quarterly themes to keep teams aligned and motivated throughout the year.

If you’re looking to set a strong foundation for 2025 and drive your business forward, this episode is packed with valuable insights and practical takeaways.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

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.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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.

Send us a text

Outsourcing your finance function might sound risky, but as Stuart and Mena explain, it can be a strategic game-changer for businesses at the right stage. This episode outlines scenarios where outsourcing makes sense—like scaling, cost efficiency, accessing advanced tools, or meeting compliance demands. The duo explores how outsourcing can free up resources, enabling you to focus on core business priorities. They discuss its benefits, such as expert advice, timely financial insights, and better risk management, while addressing common concerns like control and alignment with business goals. From handling seasonal workloads to leveraging cutting-edge financial technology, Mena and Stuart highlight the flexibility and strategic advantages of outsourcing. If you're contemplating ways to streamline financial operations and improve efficiency, this episode is packed with actionable insights to guide your decision.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

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.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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.

Send us a text

In this episode, Stuart and Mena delve into the ins and outs of Employee Share Schemes (ESS) for small and medium businesses. They discuss how ESS can attract and retain top talent, particularly when capital is limited. By offering employees an ownership stake, businesses can foster loyalty, align employee interests with company goals, and create a motivated, long-term workforce. The episode highlights the flexibility of ESS in tailoring schemes to meet business needs, while also addressing challenges such as administrative complexity, ownership dilution, and tax implications. Mena and Stuart explore the risks of unclear or ineffective schemes and share tips for successful implementation, including the importance of legal advice and clear communication with employees. Whether you’re a start-up or a growing business, this episode provides a balanced view of the opportunities and pitfalls of ESS, helping you decide if it’s the right move for your company.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

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.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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.

Send us a text

Stuart and Mena break down payroll tax, a significant revenue source for state governments, explaining how it’s calculated and why it’s often a point of concern for growing businesses. They review current payroll tax thresholds and rates across states, detailing what counts toward the threshold, from salaries and bonuses to fringe benefits and termination payments. Importantly, they address exemptions, such as those for apprentices and not-for-profits, and discuss the rules for grouping related entities. With insights on planning, like structuring business ownership and timing payments, Stuart and Mena provide listeners with actionable steps to manage payroll tax obligations effectively. This episode offers a clear guide for business owners close to threshold limits, helping them navigate payroll tax to avoid unnecessary costs.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

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.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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.

Send us a text

In this episode, Stuart and Mena compare MYOB and Xero, two leading accounting software options in Australia. While both offer core features like payroll, bookkeeping, and inventory management, they have unique strengths suited to different business needs. Xero, designed as a fully cloud-based solution, stands out for its intuitive dashboard, extensive integrations, and customisable reporting, making it ideal for businesses needing in-depth financial insights. MYOB, though less user-friendly, provides robust inventory tools and tiered pricing, which may appeal to smaller enterprises. The discussion spans usability, pricing, features, integrations, and customer support, ultimately highlighting Xero as the preferred choice for dynamic, remote-friendly operations. Tune in to learn which software aligns best with your business goals and how each can streamline financial management.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

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.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

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.