Jacob Fenech

So all of this stuff that we talked about just now, Jacob, Kate and I on the show talk so much about getting your income higher, investing, getting a pay rise, you know, investing in yourself.

I know you're a big fan of that too.

But then there's this missing component that Kate and I don't really talk about, which is deductions.

So the only thing that's certain in life is death and taxes.

And we want to bring down the amount of tax that we pay while also maximizing what's left in our pocket.

And one of the key ingredients to that in our formula is a tax deduction.

So I'm just going to hand it over to you.

This is a softball, mate.

First one for the day.

What is a tax deduction?

That's a good one.

You don't have to necessarily just keep that piece of paper.

You can just show proof of purchase.

How about if I'm a tradie, we'll just continue with that example, and I claim Netflix and I get audited.

Is that like a really bad thing for me to get audited?

I feel like that's like the ATO going, haha, that's not right.

I think it really does, mate.

And I think it's an important discussion that we start with that and then lead into what we're about to talk about because...

So many people – and I'm like this.

I'm super scared.