Jacob Fenech

All those bits and pieces are super relevant at tax time and it's something as an accountant we kind of promote to people but it is as an individual or a small business where, I mean, cash is everything to you.

Cash flow is super important and if all those things you are at the end of the year getting some sort of tax benefit from,

it makes it far easier to kind of stomach the quick five-second process it does to actually save them.

So, yeah, although at the end of the year it seems like a bit of a headache to go back and trace those, if you're effectively what I always kind of go back to people to say, all right, it might take you three hours.

It might even take you five hours to go back even if you haven't done it during the year.

But if that ends up saving you a grand via your tax return, you're earning $200 an hour by doing that, which is a pretty cool way and a hefty kind of tax saving for people.

So invest the time either during the year or come year end to actually go back and properly reconcile what you've earned and what you've paid.

So, I mean, it definitely comes down to what you're doing.

If it's a coffee, uh, it's potentially, I mean, if it's just entertainment, you necessarily can't claim it, but for, I would say for all expenses, one, either for ATO records, if they're major expenses or for yourself in tracking them, um,

Easiest way is to have a corporate credit card.

So then they're all in a statement and you don't even need to be printing and saving them or keeping receipts necessarily if they're minor expenses.

But I would still say I still grab receipts.

Maybe it's just the accountant minding me that helps me track at the end of the year.

Thank you for having me on.

It's awesome.

And, yeah, thanks to your listeners.

As I said, try and invest a couple of, whether it's an hour or whatever it is, during the year to upskill yourself because you could save definitely at the end of the year.

But, yeah, pleasure chatting with you.

For sure.

Property investors often talk about using debt to build wealth.