Latest / Making Cents / What Accountants Wish You Knew About the IRD

Transcript

What Accountants Wish You Knew About the IRD · Making Cents

• 0:00
  Tax
• 0:00
  is
• 0:00
  one
• 0:01
  where
• 0:01
  it's
• 0:01
  easy
• 0:01
  to
• 0:01
  get
• 0:02
  real
• 0:02
  grumpy
• 0:03
  real
• 0:03
  fast.
• 0:04
  We
• 0:04
  don't
• 0:04
  like
• 0:05
  handing
• 0:05
  the
• 0:05
  money
• 0:05
  over
• 0:06
  and
• 0:06
  we
• 0:06
  suspect
• 0:06
  we're
• 0:07
  paying
• 0:07
  more
• 0:07
  than
• 0:08
  we
• 0:08
  should
• 0:08
  be,
• 0:09
  but
• 0:09
  it's
• 0:09
  confusing.
• 0:10
  So
• 0:10
  what
• 0:10
  can
• 0:10
  you
• 0:11
  do?
• 0:11
  According
• 0:11
  to
• 0:11
  Bekeer
• 0:12
  Hussain,
• 0:12
  well,
• 0:13
  plenty.
• 0:14
  Bakir
• 0:14
  is
• 0:14
  a
• 0:14
  chartered
• 0:15
  certified
• 0:15
  accountant
• 0:16
  with
• 0:16
  yonks
• 0:16
  of
• 0:17
  experience,
• 0:17
  the
• 0:18
  founder
• 0:18
  of
• 0:18
  Finance
• 0:19
  Accounting,
• 0:19
  and
• 0:19
  has
• 0:20
  both
• 0:20
  a
• 0:20
  book
• 0:20
  and
• 0:21
  a
• 0:21
  newsletter
• 0:22
  dedicated
• 0:22
  to
• 0:23
  making
• 0:23
  this
• 0:23
  stuff
• 0:24
  simple
• 0:24
  for
• 0:24
  us.
• 0:25
  And
• 0:25
  thank
• 0:25
  you
• 0:26
  because
• 0:26
  we
• 0:27
  need
• 0:27
  it.
• 0:28
  That's
• 0:28
  one
• 0:28
  of
• 0:28
  the
• 0:28
  big
• 0:28
  misconceptions
• 0:29
  that,
• 0:30
  oh,
• 0:31
  I'll
• 0:31
  get
• 0:31
  taxed
• 0:31
  on
• 0:32
  the
• 0:32
  whole
• 0:33
  income
• 0:33
  at
• 0:33
  30
• 0:34
  or
• 0:34
  33%
• 0:35
  and
• 0:35
  that's
• 0:35
  not
• 0:35
  the
• 0:36
  case.
• 0:36
  It
• 0:36
  turns
• 0:37
  out
• 0:37
  the
• 0:37
  gap
• 0:37
  between
• 0:38
  what
• 0:38
  most
• 0:38
  of
• 0:38
  us
• 0:39
  think
• 0:39
  we
• 0:39
  can
• 0:39
  get
• 0:39
  back
• 0:39
  from
• 0:40
  the
• 0:40
  tax
• 0:40
  system
• 0:41
  and
• 0:41
  what
• 0:41
  we
• 0:41
  actually
• 0:42
  could
• 0:42
  get,
• 0:43
  well,
• 0:43
  it's
• 0:44
  a
• 0:44
  big
• 0:44
  gap
• 0:44
  and
• 0:44
  it's
• 0:45
  costing
• 0:45
  us
• 0:45
  money.
• 0:46
  I
• 0:46
  got
• 0:46
  him
• 0:46
  back
• 0:46
  dated
• 0:47
  around
• 0:47
  15,000.
• 0:48
  That's
• 0:49
  huge.
• 0:49
  He
• 0:49
  had
• 0:49
  three
• 0:49
  kids
• 0:50
  and
• 0:50
  had
• 0:50
  never
• 0:50
  came
• 0:51
  for
• 0:51
  it.
• 0:51
  He
• 0:52
  had
• 0:52
  no
• 0:52
  idea.
• 0:53
  And
• 0:53
  after
• 0:53
  today,
• 0:54
  we
• 0:54
  want
• 0:54
  to
• 0:54
  make
• 0:55
  sure
• 0:55
  you
• 0:55
  stop
• 0:55
  feeling
• 0:56
  confused
• 0:57
  as
• 0:57
  well
• 0:57
  as
• 0:57
  avoid
• 0:58
  nasty
• 0:58
  surprises
• 0:59
  and
• 0:59
  also
• 0:59
  stop.
• 1:00
  Leaving
• 1:00
  money
• 1:00
  on
• 1:01
  the
• 1:01
  table.
• 1:02
  Suddenly
• 1:03
  quarter
• 1:03
  of
• 1:03
  million
• 1:04
  of
• 1:04
  debt
• 1:05
  to
• 1:05
  the
• 1:05
  IRD
• 1:06
  that
• 1:06
  needs
• 1:06
  to
• 1:06
  be
• 1:06
  paid.
• 1:07
  But
• 1:07
  the
• 1:07
  fact
• 1:07
  is,
• 1:08
  it's
• 1:08
  not
• 1:08
  sudden.
• 1:09
  They've
• 1:09
  been
• 1:10
  trying
• 1:10
  to
• 1:10
  reach
• 1:10
  them
• 1:10
  for
• 1:10
  two
• 1:10
  years,
• 1:11
  so.
• 1:12
  Welcome
• 1:12
  to
• 1:12
  Making
• 1:12
  Sense.
• 1:13
  It's
• 1:13
  the
• 1:13
  podcast
• 1:14
  people
• 1:14
  who
• 1:14
  want
• 1:14
  financial
• 1:15
  freedom
• 1:15
  without
• 1:16
  giving
• 1:16
  up
• 1:16
  their
• 1:16
  coffee.
• 1:17
  I'm
• 1:17
  Frances
• 1:18
  Cook,
• 1:18
  financial
• 1:18
  journalist
• 1:19
  and
• 1:19
  fellow
• 1:19
  financial
• 1:20
  freedom
• 1:20
  seeker
• 1:21
  who
• 1:21
  makes
• 1:21
  money
• 1:21
  simple
• 1:22
  for
• 1:22
  you
• 1:23
  today.
• 1:23
  It's
• 1:24
  what
• 1:24
  we're
• 1:24
  getting
• 1:25
  wrong
• 1:25
  about
• 1:25
  tax.
• 1:26
  And
• 1:27
  how
• 1:27
  to
• 1:27
  make
• 1:27
  the
• 1:28
  system
• 1:28
  actually
• 1:29
  start
• 1:29
  working
• 1:30
  in
• 1:30
  your
• 1:30
  favor.
• 1:31
  This
• 1:32
  episode
• 1:32
  of
• 1:32
  Making
• 1:33
  Sense
• 1:33
  is
• 1:33
  brought
• 1:33
  to
• 1:34
  you
• 1:34
  in
• 1:34
  partnership
• 1:34
  with
• 1:34
  Odoo,
• 1:35
  the
• 1:35
  all
• 1:36
  in
• 1:36
  one
• 1:36
  business
• 1:36
  management
• 1:37
  platform
• 1:37
  that
• 1:38
  brings
• 1:38
  everything
• 1:38
  you
• 1:39
  need
• 1:39
  to
• 1:39
  run
• 1:39
  your
• 1:40
  business
• 1:40
  into
• 1:40
  one
• 1:41
  place,
• 1:42
  fully
• 1:42
  integrated
• 1:43
  and
• 1:43
  actually
• 1:43
  affordable.
• 1:44
  Go
• 1:45
  to
• 1:45
  odoo.com
• 1:46
  and
• 1:46
  that's
• 1:46
  o-o.com
• 1:48
  for
• 1:48
  more.
• 1:49
  I
• 1:49
  want
• 1:49
  to
• 1:50
  help
• 1:50
  as
• 1:50
  many
• 1:50
  people
• 1:51
  as
• 1:51
  possible
• 1:51
  reach
• 1:52
  financial
• 1:52
  freedom
• 1:53
  by
• 1:53
  taking
• 1:53
  control
• 1:54
  of
• 1:54
  their
• 1:54
  money.
• 1:55
  You
• 1:55
  can
• 1:55
  help
• 1:55
  me
• 1:55
  in
• 1:56
  that
• 1:56
  mission
• 1:56
  two
• 1:57
  really
• 1:57
  easy
• 1:58
  ways.
• 1:58
  First,
• 1:59
  hit
• 1:59
  subscribe
• 2:00
  wherever
• 2:00
  you
• 2:00
  like
• 2:01
  to
• 2:01
  listen.
• 2:01
  YouTube,
• 2:02
  Spotify,
• 2:02
  Apple,
• 2:03
  podcasts
• 2:03
  or
• 2:04
  any
• 2:04
  other
• 2:04
  podcast
• 2:05
  player.
• 2:05
  Then
• 2:06
  send
• 2:06
  this
• 2:06
  episode
• 2:07
  to
• 2:07
  a
• 2:07
  friend
• 2:07
  so
• 2:08
  we
• 2:08
  can
• 2:08
  all
• 2:08
  level
• 2:09
  up
• 2:09
  together.
• 2:10
  Then
• 2:10
  the
• 2:10
  show
• 2:10
  grows
• 2:11
  and
• 2:11
  I
• 2:11
  can
• 2:11
  keep
• 2:11
  giving
• 2:12
  you
• 2:12
  the
• 2:12
  money
• 2:12
  info
• 2:13
  that
• 2:13
  that
• 2:13
  makes
• 2:13
  a
• 2:14
  difference
• 2:14
  for
• 2:14
  your
• 2:14
  life.
• 2:15
  Okay,
• 2:16
  back
• 2:16
  to
• 2:16
  it.
• 2:17
  Welcome
• 2:17
  in
• 2:18
  Vikir.
• 2:18
  Let's
• 2:19
  talk
• 2:19
  text
• 2:20
  because
• 2:20
  this
• 2:20
  is
• 2:20
  really,
• 2:21
  it's
• 2:21
  a
• 2:21
  big
• 2:22
  one
• 2:22
  for
• 2:22
  people.
• 2:22
  I
• 2:22
  feel
• 2:22
  like
• 2:23
  people
• 2:23
  get
• 2:23
  really
• 2:24
  stressed
• 2:25
  about
• 2:25
  this.
• 2:26
  The
• 2:26
  cost
• 2:26
  of
• 2:26
  living,
• 2:27
  we
• 2:27
  all
• 2:27
  know,
• 2:27
  is
• 2:28
  through
• 2:28
  the
• 2:28
  roof.
• 2:28
  And
• 2:28
  I
• 2:29
  really
• 2:29
  feel
• 2:29
  like
• 2:29
  at
• 2:29
  moments
• 2:30
  like
• 2:30
  this,
• 2:30
  optimizing
• 2:31
  these
• 2:31
  little
• 2:31
  base
• 2:31
  layers
• 2:32
  can
• 2:33
  make
• 2:33
  such
• 2:33
  a
• 2:33
  huge
• 2:33
  difference.
• 2:34
  Do
• 2:34
  you
• 2:34
  have
• 2:35
  any
• 2:35
  examples
• 2:35
  of
• 2:36
  anonymized.
• 2:36
  Obviously.
• 2:37
  But
• 2:37
  clients
• 2:38
  who
• 2:38
  you've
• 2:38
  worked
• 2:38
  with,
• 2:39
  where
• 2:39
  this
• 2:39
  is,
• 2:40
  they've
• 2:40
  made
• 2:40
  some
• 2:40
  changes
• 2:41
  and
• 2:41
  it's
• 2:41
  made
• 2:41
  a
• 2:41
  difference.
• 2:42
  Yes.
• 2:42
  When
• 2:42
  it
• 2:42
  comes
• 2:43
  to
• 2:43
  families,
• 2:43
  a
• 2:44
  big
• 2:44
  one
• 2:44
  is
• 2:44
  working
• 2:45
  for
• 2:45
  families.
• 2:45
  Because
• 2:46
  unless
• 2:46
  you're
• 2:47
  registered
• 2:48
  with
• 2:48
  the
• 2:48
  IRD
• 2:49
  for
• 2:49
  the
• 2:49
  Working
• 2:49
  for
• 2:49
  families
• 2:50
  account,
• 2:51
  you
• 2:51
  can
• 2:52
  not
• 2:52
  get
• 2:52
  that.
• 2:53
  There
• 2:53
  was
• 2:54
  someone
• 2:54
  in
• 2:54
  the
• 2:55
  community
• 2:56
  that
• 2:56
  had
• 2:57
  come
• 2:57
  to
• 2:57
  me
• 2:58
  a
• 2:58
  couple
• 2:58
  of
• 2:58
  years
• 2:58
  ago.
• 2:59
  I
• 2:59
  got
• 2:59
  him
• 3:00
  backdated
• 3:00
  around
• 3:00
  15,000
• 3:02
  worth
• 3:02
  of
• 3:03
  working
• 3:04
  for
• 3:04
  families.
• 3:05
  And
• 3:05
  there
• 3:06
  was
• 3:06
  a
• 3:06
  good
• 3:06
  nice
• 3:07
  bonus
• 3:07
  for
• 3:07
  him
• 3:08
  because
• 3:08
  he
• 3:08
  had
• 3:09
  three
• 3:09
  kids
• 3:09
  and
• 3:09
  had
• 3:10
  never
• 3:10
  came
• 3:10
  for
• 3:10
  it.
• 3:11
  He
• 3:11
  had
• 3:11
  no
• 3:11
  idea
• 3:13
  what
• 3:14
  this
• 3:14
  was
• 3:14
  and
• 3:15
  how
• 3:15
  it
• 3:15
  works.
• 3:16
  Because
• 3:16
  most
• 3:16
  people
• 3:17
  are
• 3:17
  just
• 3:17
  too
• 3:17
  scared
• 3:18
  of
• 3:18
  the
• 3:18
  IRD
• 3:19
  and
• 3:19
  tax,
• 3:20
  that's
• 3:20
  a
• 3:20
  big
• 3:20
  win.
• 3:21
  So
• 3:21
  when
• 3:21
  it
• 3:21
  comes
• 3:22
  to
• 3:22
  individuals,
• 3:23
  donations
• 3:24
  is
• 3:24
  a
• 3:24
  big
• 3:25
  one.
• 3:25
  And
• 3:25
  I
• 3:25
  think
• 3:25
  that
• 3:25
  comes
• 3:26
  down
• 3:26
  to
• 3:27
  awareness.
• 3:28
  And
• 3:29
  when
• 3:29
  it
• 3:29
  comes
• 3:29
  to
• 3:29
  businesses,
• 3:30
  it's
• 3:31
  all
• 3:31
  about
• 3:32
  knowing
• 3:32
  what
• 3:33
  expenses
• 3:34
  or
• 3:34
  deductions
• 3:35
  you
• 3:35
  can
• 3:35
  claim.
• 3:36
  And
• 3:36
  so
• 3:36
  we've
• 3:37
  had
• 3:37
  cases
• 3:37
  where
• 3:37
  people
• 3:38
  have
• 3:38
  increased
• 3:39
  their
• 3:40
  income
• 3:41
  and
• 3:42
  showed
• 3:42
  an
• 3:42
  additional,
• 3:43
  say,
• 3:43
  10,000,
• 3:44
  20,000
• 3:45
  just
• 3:45
  to
• 3:45
  say,
• 3:46
  oh,
• 3:46
  this
• 3:46
  looks
• 3:47
  right
• 3:47
  where
• 3:48
  I
• 3:48
  don't
• 3:48
  want.
• 3:48
  I'm
• 3:49
  so
• 3:49
  scared
• 3:49
  of
• 3:49
  the
• 3:49
  IRD
• 3:50
  that
• 3:50
  I'm
• 3:51
  happy
• 3:51
  to
• 3:51
  declare
• 3:52
  additional
• 3:52
  income
• 3:53
  and
• 3:54
  then
• 3:54
  pay
• 3:54
  tax
• 3:54
  on
• 3:55
  it
• 3:55
  selling
• 3:56
  them.
• 3:56
  No,
• 3:56
  that's
• 3:56
  not
• 3:56
  the
• 3:56
  right
• 3:56
  way.
• 3:57
  You
• 3:57
  claim
• 3:57
  what
• 3:58
  is
• 3:58
  actual.
• 3:59
  And
• 3:59
  it's
• 4:00
  all
• 4:00
  about
• 4:00
  knowing
• 4:00
  what
• 4:00
  expenses
• 4:01
  you
• 4:01
  can
• 4:02
  claim.
• 4:02
  Because
• 4:03
  some
• 4:03
  people
• 4:03
  may
• 4:03
  claim
• 4:04
  everything
• 4:04
  under
• 4:04
  the
• 4:05
  sun
• 4:05
  or
• 4:05
  try
• 4:06
  to,
• 4:06
  but
• 4:06
  some
• 4:07
  people
• 4:07
  will
• 4:07
  say,
• 4:07
  no,
• 4:07
  we
• 4:08
  don't
• 4:08
  want
• 4:08
  to
• 4:08
  claim
• 4:09
  anything.
• 4:09
  And
• 4:10
  both
• 4:10
  of
• 4:10
  them
• 4:11
  are
• 4:11
  wrong
• 4:11
  in
• 4:12
  a
• 4:12
  way
• 4:12
  that
• 4:12
  you
• 4:12
  want
• 4:13
  to
• 4:13
  get
• 4:13
  the
• 4:13
  right
• 4:14
  balance
• 4:14
  and
• 4:14
  follow
• 4:15
  what
• 4:15
  the
• 4:15
  rules
• 4:15
  are.
• 4:16
  I've
• 4:16
  got
• 4:16
  two
• 4:17
  thoughts
• 4:17
  from
• 4:17
  that.
• 4:18
  The
• 4:18
  first
• 4:18
  one
• 4:18
  is
• 4:19
  that
• 4:19
  amazing
• 4:20
  $15,000
• 4:21
  that
• 4:21
  you
• 4:22
  got
• 4:22
  back
• 4:22
  for
• 4:22
  one
• 4:22
  client.
• 4:23
  How
• 4:23
  good.
• 4:24
  I
• 4:24
  didn't
• 4:25
  realize
• 4:25
  you
• 4:25
  could
• 4:25
  go
• 4:25
  back
• 4:26
  to
• 4:26
  claim
• 4:26
  on
• 4:27
  working
• 4:27
  for
• 4:27
  families.
• 4:27
  How
• 4:27
  far
• 4:28
  can
• 4:28
  you
• 4:28
  go
• 4:28
  back?
• 4:29
  Generally
• 4:30
  four
• 4:30
  years.
• 4:31
  So
• 4:31
  it's
• 4:31
  really
• 4:32
  worth
• 4:32
  talking
• 4:32
  to
• 4:32
  someone.
• 4:33
  If
• 4:33
  you
• 4:33
  think
• 4:33
  it's
• 4:33
  not
• 4:33
  right,
• 4:33
  you
• 4:34
  can
• 4:34
  go
• 4:34
  back
• 4:34
  in
• 4:34
  time
• 4:34
  and
• 4:35
  actually.
• 4:35
  Claim
• 4:36
  and
• 4:37
  credit
• 4:38
  where
• 4:38
  it's
• 4:38
  due.
• 4:38
  The
• 4:38
  IRD
• 4:39
  is
• 4:39
  pretty
• 4:39
  good
• 4:39
  at
• 4:39
  doing
• 4:40
  that.
• 4:40
  As
• 4:40
  long
• 4:40
  as
• 4:40
  you're
• 4:40
  able
• 4:41
  to
• 4:41
  prove
• 4:42
  that,
• 4:43
  you
• 4:43
  prove
• 4:44
  that
• 4:44
  you're
• 4:44
  eligible
• 4:45
  for
• 4:45
  it
• 4:45
  and
• 4:45
  you
• 4:45
  register
• 4:46
  for
• 4:46
  it.
• 4:46
  And
• 4:47
  sometimes
• 4:47
  it's
• 4:48
  even
• 4:48
  as
• 4:49
  simple
• 4:49
  as
• 4:50
  just
• 4:50
  calling
• 4:50
  the
• 4:50
  IRD
• 4:51
  and
• 4:51
  explaining
• 4:52
  this
• 4:52
  to
• 4:52
  them.
• 4:52
  You
• 4:52
  don't
• 4:53
  need
• 4:53
  an
• 4:53
  accountant.
• 4:53
  You
• 4:54
  don't
• 4:54
  need
• 4:54
  to
• 4:54
  be
• 4:54
  technically
• 4:55
  aware
• 4:56
  of
• 4:56
  how
• 4:56
  the
• 4:56
  tax
• 4:57
  rules
• 4:57
  work.
• 4:57
  It's
• 4:57
  just
• 4:58
  about
• 4:58
  sometimes
• 4:59
  taking
• 4:59
  up
• 5:00
  the
• 5:00
  phone
• 5:00
  and
• 5:01
  calling
• 5:01
  the
• 5:01
  ird.
• 5:02
  And
• 5:02
  sometimes
• 5:03
  people
• 5:03
  are
• 5:03
  just
• 5:03
  too
• 5:03
  scared
• 5:04
  to
• 5:04
  even
• 5:04
  do
• 5:04
  that.
• 5:05
  They're
• 5:05
  like,
• 5:05
  no,
• 5:06
  I
• 5:06
  don't
• 5:06
  want
• 5:07
  anything
• 5:07
  to
• 5:07
  do
• 5:07
  with
• 5:07
  the
• 5:07
  irt.
• 5:08
  I'm
• 5:08
  just
• 5:09
  too
• 5:09
  scared
• 5:09
  to
• 5:10
  even
• 5:10
  talk
• 5:10
  to
• 5:10
  them.
• 5:11
  Which
• 5:11
  is
• 5:12
  unfortunate
• 5:12
  because
• 5:13
  you
• 5:13
  can
• 5:13
  miss
• 5:14
  out.
• 5:14
  I
• 5:14
  think
• 5:14
  the
• 5:15
  taxman
• 5:15
  is
• 5:15
  almost
• 5:15
  a
• 5:15
  little
• 5:16
  bit
• 5:16
  of
• 5:16
  a
• 5:16
  bogeyman
• 5:16
  sometimes
• 5:18
  of
• 5:18
  the
• 5:18
  money
• 5:18
  world,
• 5:18
  that
• 5:19
  we
• 5:19
  are
• 5:19
  scared
• 5:20
  of
• 5:20
  them
• 5:20
  and
• 5:20
  we
• 5:20
  are
• 5:20
  worried
• 5:20
  it's
• 5:21
  going
• 5:21
  to
• 5:21
  go
• 5:21
  wrong.
• 5:21
  And
• 5:21
  they
• 5:21
  seem
• 5:22
  like
• 5:22
  very
• 5:22
  fancy
• 5:22
  people,
• 5:23
  very
• 5:23
  numbersy
• 5:23
  people.
• 5:24
  Most
• 5:25
  of
• 5:25
  us
• 5:25
  don't
• 5:25
  consider
• 5:26
  ourselves
• 5:26
  numbers
• 5:27
  people.
• 5:27
  So
• 5:27
  that's
• 5:27
  a
• 5:27
  whole
• 5:27
  thing.
• 5:28
  And
• 5:28
  then
• 5:28
  you're
• 5:28
  worried
• 5:28
  you're
• 5:29
  gonna
• 5:29
  get
• 5:29
  in
• 5:29
  trouble.
• 5:29
  It's
• 5:30
  almost
• 5:30
  like
• 5:30
  a
• 5:30
  mix
• 5:30
  of
• 5:30
  a
• 5:30
  numbers
• 5:31
  person
• 5:31
  and
• 5:32
  a
• 5:32
  policeman,
• 5:32
  you
• 5:33
  know,
• 5:33
  so
• 5:34
  not,
• 5:34
  you
• 5:34
  know,
• 5:34
  two
• 5:35
  people
• 5:35
  that
• 5:35
  we
• 5:35
  feel
• 5:35
  too
• 5:35
  comfortable
• 5:36
  with
• 5:36
  and
• 5:36
  yet
• 5:37
  that
• 5:37
  can
• 5:37
  have
• 5:37
  a
• 5:37
  huge
• 5:38
  impact
• 5:38
  on
• 5:38
  people's
• 5:39
  finances.
• 5:39
  Right.
• 5:39
  Even
• 5:40
  being
• 5:40
  too
• 5:40
  scared
• 5:40
  to
• 5:41
  engage
• 5:41
  with
• 5:41
  them
• 5:41
  at
• 5:41
  all.
• 5:42
  You're
• 5:42
  absolutely
• 5:43
  right.
• 5:43
  And
• 5:44
  look,
• 5:44
  the,
• 5:44
  the
• 5:44
  IRT
• 5:45
  has
• 5:45
  more
• 5:46
  powers
• 5:46
  than
• 5:46
  the
• 5:46
  police
• 5:47
  when
• 5:47
  it
• 5:47
  comes
• 5:48
  to
• 5:48
  legislative
• 5:49
  power.
• 5:50
  So
• 5:50
  look,
• 5:51
  the
• 5:51
  primary
• 5:52
  objective
• 5:52
  of
• 5:52
  the
• 5:53
  IRD
• 5:53
  in
• 5:53
  terms
• 5:53
  of
• 5:54
  its
• 5:54
  core
• 5:54
  function
• 5:55
  is
• 5:56
  to
• 5:56
  collect
• 5:57
  as
• 5:57
  much
• 5:57
  revenue
• 5:58
  as
• 5:58
  practically
• 5:59
  possible
• 5:59
  over
• 6:00
  a
• 6:00
  period
• 6:00
  of
• 6:00
  time.
• 6:00
  It
• 6:01
  also
• 6:01
  needs
• 6:01
  to
• 6:01
  be
• 6:01
  understood
• 6:02
  that
• 6:02
  ultimately
• 6:03
  it's
• 6:04
  the
• 6:04
  taxes
• 6:04
  that
• 6:04
  pay
• 6:05
  for
• 6:05
  our
• 6:05
  schools
• 6:05
  and
• 6:06
  hospitals,
• 6:06
  the
• 6:07
  social
• 6:07
  welfare
• 6:07
  system,
• 6:08
  roads.
• 6:09
  Right.
• 6:09
  So
• 6:10
  there's
• 6:10
  always
• 6:11
  two
• 6:11
  sides
• 6:11
  to
• 6:12
  this.
• 6:12
  My
• 6:12
  experience
• 6:12
  with
• 6:13
  the
• 6:13
  IRD
• 6:13
  is
• 6:13
  that
• 6:14
  they're
• 6:14
  definitely
• 6:14
  not
• 6:15
  monsters.
• 6:16
  They're.
• 6:16
  They
• 6:16
  want
• 6:17
  to
• 6:17
  help.
• 6:17
  I
• 6:18
  think
• 6:18
  they're
• 6:18
  definitely
• 6:18
  much
• 6:19
  better
• 6:19
  than
• 6:19
  the
• 6:20
  ATU
• 6:20
  in
• 6:20
  Australia
• 6:21
  or
• 6:21
  the
• 6:21
  IRS
• 6:22
  in
• 6:22
  the
• 6:22
  US
• 6:24
  where
• 6:25
  they're
• 6:26
  fair.
• 6:26
  The
• 6:27
  other
• 6:27
  thing
• 6:27
  is,
• 6:28
  when
• 6:28
  it
• 6:28
  comes
• 6:28
  to
• 6:28
  people,
• 6:29
  it's
• 6:29
  a
• 6:30
  psychological
• 6:31
  thing
• 6:31
  as
• 6:32
  well.
• 6:32
  And
• 6:32
  what
• 6:32
  I
• 6:32
  mean
• 6:32
  by
• 6:33
  that
• 6:33
  is
• 6:33
  sometimes
• 6:34
  people
• 6:34
  are
• 6:34
  just
• 6:34
  too
• 6:34
  scared
• 6:35
  to
• 6:35
  even
• 6:36
  open
• 6:36
  a
• 6:36
  letter
• 6:37
  from
• 6:37
  the
• 6:37
  ird.
• 6:38
  So
• 6:38
  we've
• 6:38
  seen
• 6:39
  plenty
• 6:39
  of
• 6:39
  cases
• 6:39
  where
• 6:39
  a
• 6:40
  lot
• 6:40
  of
• 6:40
  problems
• 6:40
  would
• 6:41
  have
• 6:41
  been
• 6:42
  solve
• 6:42
  if
• 6:42
  they
• 6:43
  had
• 6:43
  just
• 6:43
  opened
• 6:44
  the
• 6:44
  letter
• 6:44
  or
• 6:44
  the
• 6:45
  notification
• 6:45
  from
• 6:46
  the
• 6:46
  IRD
• 6:47
  and
• 6:47
  addressed
• 6:48
  that
• 6:48
  by
• 6:49
  calling
• 6:49
  them
• 6:50
  or
• 6:50
  talking
• 6:51
  to
• 6:51
  someone
• 6:52
  or
• 6:52
  getting
• 6:52
  advice
• 6:53
  upfront.
• 6:54
  So
• 6:54
  it's
• 6:54
  the
• 6:55
  avoidance,
• 6:56
  it's
• 6:57
  the
• 6:57
  anxiety
• 6:58
  around
• 6:58
  when
• 6:59
  it
• 6:59
  comes
• 6:59
  to
• 6:59
  just
• 6:59
  the
• 7:00
  word
• 7:00
  IRT
• 7:01
  or
• 7:01
  the
• 7:01
  word
• 7:02
  taxes,
• 7:03
  which
• 7:03
  can
• 7:04
  sometimes
• 7:04
  lead
• 7:04
  to
• 7:06
  you
• 7:06
  just
• 7:06
  trying
• 7:07
  to
• 7:07
  ignore
• 7:08
  things.
• 7:09
  But
• 7:09
  most
• 7:09
  often
• 7:10
  than
• 7:10
  not,
• 7:10
  when
• 7:10
  you
• 7:11
  ignore
• 7:11
  something,
• 7:11
  it
• 7:11
  only
• 7:12
  escalates
• 7:12
  and
• 7:13
  becomes
• 7:13
  worse.
• 7:13
  Like
• 7:14
  any
• 7:14
  problem
• 7:14
  in
• 7:15
  life,
• 7:16
  communication,
• 7:17
  I
• 7:17
  think
• 7:17
  is
• 7:18
  really
• 7:18
  important.
• 7:19
  Ignoring
• 7:20
  the
• 7:20
  IIT
• 7:20
  is
• 7:21
  the
• 7:21
  worst
• 7:21
  thing
• 7:22
  you
• 7:22
  could
• 7:22
  do.
• 7:22
  Would
• 7:23
  you
• 7:23
  put
• 7:23
  that
• 7:23
  as
• 7:23
  like
• 7:24
  a
• 7:24
  top
• 7:24
  five
• 7:25
  mistake
• 7:25
  or
• 7:25
  even
• 7:25
  number
• 7:25
  one?
• 7:26
  Number
• 7:26
  one,
• 7:27
  absolutely.
• 7:28
  The
• 7:28
  worst
• 7:29
  thing
• 7:29
  you
• 7:29
  can
• 7:29
  do
• 7:29
  is
• 7:30
  completely
• 7:31
  ignoring
• 7:31
  them.
• 7:31
  From
• 7:32
  experience,
• 7:32
  around
• 7:32
  70
• 7:33
  to
• 7:33
  80%
• 7:34
  of
• 7:34
  all
• 7:34
  problems
• 7:35
  that
• 7:35
  we
• 7:35
  see
• 7:35
  is
• 7:36
  because
• 7:36
  they
• 7:36
  just
• 7:37
  ignored
• 7:37
  IRD
• 7:38
  letters
• 7:38
  or
• 7:38
  they've
• 7:39
  not
• 7:39
  gotten
• 7:39
  proactive
• 7:40
  advice
• 7:41
  on
• 7:42
  something
• 7:42
  that
• 7:43
  they've
• 7:43
  worked
• 7:43
  on,
• 7:44
  say
• 7:44
  started
• 7:44
  a
• 7:44
  business
• 7:45
  or
• 7:45
  changed
• 7:46
  jobs
• 7:47
  or
• 7:47
  moved
• 7:48
  countries,
• 7:49
  whether
• 7:49
  coming
• 7:50
  in
• 7:50
  into
• 7:50
  New
• 7:50
  Zealand,
• 7:51
  whether
• 7:51
  even
• 7:52
  moving
• 7:52
  to
• 7:53
  Australia.
• 7:54
  I
• 7:54
  was
• 7:54
  talking
• 7:54
  to
• 7:55
  someone
• 7:55
  two
• 7:56
  days
• 7:56
  ago
• 7:56
  who
• 7:57
  is
• 7:57
  a
• 7:57
  business
• 7:57
  owner
• 7:57
  who's
• 7:58
  moved
• 7:58
  from
• 7:58
  New
• 7:58
  Zealand
• 7:59
  to
• 7:59
  Australia
• 8:00
  and
• 8:00
  he
• 8:00
  has
• 8:01
  suddenly
• 8:02
  quarter
• 8:02
  of
• 8:03
  million
• 8:03
  of
• 8:04
  debt
• 8:04
  to
• 8:04
  the
• 8:05
  IRD
• 8:05
  that
• 8:05
  needs
• 8:05
  to
• 8:06
  be
• 8:06
  paid.
• 8:06
  But
• 8:07
  the
• 8:07
  fact
• 8:07
  is
• 8:07
  it's
• 8:07
  not
• 8:08
  sudden.
• 8:09
  They've
• 8:09
  been
• 8:09
  trying
• 8:09
  to
• 8:09
  reach
• 8:09
  him
• 8:10
  for
• 8:10
  two
• 8:10
  years.
• 8:12
  That's
• 8:12
  a
• 8:12
  lot
• 8:12
  of
• 8:12
  money.
• 8:13
  I
• 8:13
  can
• 8:13
  see
• 8:13
  why
• 8:13
  people
• 8:14
  panic.
• 8:14
  And
• 8:14
  for
• 8:15
  someone
• 8:15
  like
• 8:15
  that,
• 8:15
  are
• 8:16
  we
• 8:16
  talking
• 8:16
  a
• 8:17
  payment
• 8:17
  plan
• 8:17
  or
• 8:17
  something
• 8:18
  like
• 8:18
  that?
• 8:18
  250,000
• 8:19
  is
• 8:19
  a
• 8:19
  lot.
• 8:20
  Yes.
• 8:20
  So
• 8:20
  that's,
• 8:21
  it's
• 8:21
  one
• 8:21
  of
• 8:22
  the
• 8:22
  extreme
• 8:23
  examples.
• 8:23
  But
• 8:24
  I
• 8:24
  think
• 8:25
  half
• 8:25
  of
• 8:25
  it
• 8:25
  is
• 8:25
  just
• 8:26
  interest
• 8:26
  in
• 8:26
  penalties
• 8:27
  that
• 8:27
  has
• 8:27
  been.
• 8:27
  Applied
• 8:28
  from
• 8:28
  ignoring
• 8:28
  it.
• 8:29
  From
• 8:29
  ignoring
• 8:29
  it.
• 8:30
  And
• 8:31
  so
• 8:31
  that's.
• 8:32
  And
• 8:32
  then
• 8:32
  once
• 8:32
  you
• 8:32
  get
• 8:32
  charged
• 8:33
  interest
• 8:33
  and
• 8:33
  penalties,
• 8:34
  interest
• 8:35
  is
• 8:35
  very
• 8:35
  hard
• 8:36
  to
• 8:36
  get
• 8:37
  waived
• 8:37
  off
• 8:37
  or
• 8:38
  remitted
• 8:39
  penalties.
• 8:39
  Sometimes
• 8:40
  you
• 8:40
  have
• 8:40
  a
• 8:40
  50,
• 8:40
  50
• 8:41
  chance
• 8:41
  based
• 8:41
  on
• 8:42
  what
• 8:42
  the
• 8:42
  reason
• 8:43
  for
• 8:44
  the
• 8:44
  late
• 8:44
  filing
• 8:45
  was.
• 8:45
  For
• 8:45
  example,
• 8:46
  if
• 8:46
  it's
• 8:46
  outside
• 8:48
  your
• 8:48
  control,
• 8:49
  if
• 8:49
  someone's
• 8:50
  not
• 8:50
  been
• 8:50
  well
• 8:50
  or
• 8:51
  other
• 8:51
  reasons,
• 8:52
  but
• 8:52
  that's
• 8:53
  still
• 8:54
  a
• 8:54
  huge
• 8:55
  amount.
• 8:55
  If
• 8:55
  once
• 8:56
  filed
• 8:57
  taxes
• 8:57
  for
• 8:57
  someone
• 8:58
  for
• 8:58
  the
• 8:58
  last
• 8:59
  13
• 9:00
  years
• 9:01
  and
• 9:01
  someone
• 9:02
  who's
• 9:02
  come
• 9:02
  in
• 9:02
  and
• 9:02
  who
• 9:03
  hasn't
• 9:03
  filed
• 9:03
  the
• 9:03
  tax
• 9:03
  for
• 9:04
  the
• 9:04
  last
• 9:04
  year
• 9:04
  or
• 9:05
  two,
• 9:05
  they're
• 9:06
  stressed
• 9:06
  out
• 9:06
  and
• 9:06
  I
• 9:06
  tell
• 9:06
  them
• 9:07
  look,
• 9:08
  you're
• 9:08
  still
• 9:08
  not
• 9:08
  the
• 9:08
  worst
• 9:08
  case
• 9:09
  scenario,
• 9:09
  right?
• 9:10
  In
• 9:10
  terms
• 9:10
  of
• 9:10
  I've
• 9:11
  seen
• 9:11
  way
• 9:11
  worse
• 9:11
  messes.
• 9:12
  It's
• 9:13
  all
• 9:13
  perspective,
• 9:13
  right?
• 9:14
  It's
• 9:14
  all
• 9:15
  right
• 9:16
  not
• 9:16
  saying
• 9:16
  that's
• 9:17
  the
• 9:17
  right
• 9:17
  thing
• 9:17
  to
• 9:17
  do
• 9:18
  and
• 9:18
  you
• 9:19
  should
• 9:19
  always
• 9:19
  of
• 9:20
  course
• 9:20
  file
• 9:20
  on
• 9:20
  time,
• 9:21
  but
• 9:21
  it's
• 9:21
  perspective,
• 9:22
  right?
• 9:22
  You
• 9:23
  might
• 9:23
  think
• 9:23
  I
• 9:23
  can't
• 9:23
  get
• 9:24
  out
• 9:24
  of
• 9:24
  this,
• 9:25
  but
• 9:25
  you
• 9:25
  can.
• 9:25
  Once
• 9:25
  you
• 9:26
  sit
• 9:26
  down
• 9:26
  and
• 9:27
  actually
• 9:28
  address
• 9:29
  the
• 9:29
  issue,
• 9:30
  more
• 9:30
  often
• 9:30
  than
• 9:31
  not,
• 9:31
  you
• 9:31
  can
• 9:32
  solve
• 9:32
  the
• 9:33
  problem.
• 9:33
  This
• 9:33
  is
• 9:34
  another
• 9:34
  one
• 9:34
  that
• 9:34
  freaks
• 9:34
  people
• 9:35
  out
• 9:35
  a
• 9:35
  bit
• 9:35
  is
• 9:35
  the
• 9:36
  idea
• 9:36
  of
• 9:36
  the
• 9:36
  surprise
• 9:37
  tax
• 9:37
  bill.
• 9:38
  How
• 9:38
  do
• 9:38
  those
• 9:39
  end
• 9:40
  up
• 9:40
  happening
• 9:40
  and
• 9:41
  how
• 9:41
  common
• 9:42
  is
• 9:42
  that?
• 9:43
  Surprise
• 9:43
  tax
• 9:44
  bill
• 9:44
  is
• 9:44
  literally
• 9:45
  one
• 9:45
  of
• 9:45
  the
• 9:45
  worst
• 9:45
  things
• 9:46
  you
• 9:46
  can
• 9:46
  get.
• 9:46
  Based
• 9:47
  on
• 9:47
  my
• 9:47
  analysis,
• 9:48
  there
• 9:48
  are
• 9:49
  seven
• 9:49
  key
• 9:50
  reasons
• 9:51
  for
• 9:51
  getting
• 9:51
  the
• 9:52
  surprise
• 9:52
  tax
• 9:52
  bill.
• 9:53
  When
• 9:53
  it
• 9:53
  comes
• 9:53
  specifically
• 9:54
  to
• 9:54
  a
• 9:55
  salary
• 9:55
  earner,
• 9:56
  then
• 9:57
  the
• 9:58
  most
• 9:58
  common
• 9:58
  reasons
• 9:59
  are
• 9:59
  if
• 10:00
  you
• 10:00
  have
• 10:00
  multiple
• 10:01
  sources
• 10:01
  of
• 10:01
  income.
• 10:02
  Because
• 10:02
  remember
• 10:03
  the
• 10:03
  IRD
• 10:04
  only
• 10:05
  knows
• 10:06
  and
• 10:06
  auto
• 10:07
  processes
• 10:07
  your
• 10:08
  paye
• 10:09
  salary,
• 10:09
  your
• 10:09
  paye
• 10:10
  taxes,
• 10:10
  which
• 10:11
  is
• 10:11
  from
• 10:11
  your
• 10:11
  salary.
• 10:12
  And
• 10:12
  so
• 10:12
  if
• 10:12
  you
• 10:12
  have
• 10:13
  income
• 10:13
  from
• 10:13
  other
• 10:14
  sources
• 10:15
  until
• 10:15
  you
• 10:16
  tell
• 10:16
  the
• 10:16
  IRD
• 10:17
  about
• 10:17
  it,
• 10:19
  then
• 10:19
  they
• 10:19
  wouldn't
• 10:19
  know.
• 10:20
  And
• 10:21
  once
• 10:21
  you
• 10:21
  do
• 10:21
  File
• 10:22
  those
• 10:23
  taxes,
• 10:23
  maybe
• 10:23
  you
• 10:23
  have
• 10:24
  a
• 10:24
  side
• 10:24
  hustle,
• 10:25
  maybe
• 10:26
  you
• 10:26
  have
• 10:26
  some
• 10:26
  other
• 10:27
  non
• 10:27
  employment
• 10:28
  income.
• 10:28
  Once
• 10:29
  the
• 10:29
  IRD
• 10:29
  finds
• 10:30
  out,
• 10:30
  it's
• 10:30
  then
• 10:31
  when
• 10:31
  you
• 10:31
  get
• 10:31
  a
• 10:31
  surprise
• 10:32
  tax
• 10:32
  bill.
• 10:32
  So
• 10:32
  that's
• 10:33
  one
• 10:33
  of
• 10:33
  the
• 10:34
  reasons
• 10:34
  when
• 10:35
  you
• 10:35
  have
• 10:35
  multiple
• 10:36
  sources
• 10:36
  of
• 10:36
  income.
• 10:37
  The
• 10:37
  other
• 10:38
  reason
• 10:38
  is
• 10:39
  if
• 10:39
  you're
• 10:39
  on
• 10:39
  the
• 10:39
  wrong
• 10:40
  tax
• 10:40
  code.
• 10:41
  When
• 10:41
  it
• 10:41
  comes
• 10:41
  to
• 10:41
  salary
• 10:42
  earners,
• 10:42
  tax
• 10:43
  codes
• 10:43
  exist
• 10:43
  for
• 10:44
  a
• 10:44
  reason.
• 10:45
  For
• 10:45
  most
• 10:45
  people
• 10:45
  it's
• 10:46
  the
• 10:46
  M
• 10:46
  tax
• 10:47
  code.
• 10:47
  But
• 10:47
  again,
• 10:48
  if
• 10:48
  you
• 10:48
  have
• 10:48
  a
• 10:48
  side
• 10:48
  hustle
• 10:49
  or
• 10:49
  if
• 10:49
  you're
• 10:50
  in
• 10:50
  the
• 10:50
  wrong
• 10:50
  tax
• 10:50
  code,
• 10:51
  then
• 10:52
  what
• 10:52
  can
• 10:52
  happen
• 10:53
  is
• 10:53
  the
• 10:53
  employer
• 10:54
  is
• 10:55
  underpaying
• 10:55
  the
• 10:56
  IRD
• 10:56
  and
• 10:57
  maybe
• 10:57
  overpaying
• 10:57
  you
• 10:58
  as
• 10:58
  an
• 10:58
  individual.
• 10:59
  And
• 11:00
  so
• 11:00
  what
• 11:00
  that
• 11:01
  means
• 11:01
  at
• 11:01
  the
• 11:01
  end
• 11:01
  of
• 11:01
  the
• 11:01
  year
• 11:02
  when
• 11:02
  the
• 11:02
  IRD
• 11:02
  squares
• 11:03
  up,
• 11:04
  adding
• 11:04
  up
• 11:04
  all
• 11:05
  the
• 11:05
  taxes
• 11:06
  that
• 11:06
  should
• 11:07
  have
• 11:07
  been
• 11:07
  paid
• 11:08
  versus
• 11:09
  actual
• 11:09
  payment,
• 11:10
  you
• 11:10
  can
• 11:10
  end
• 11:11
  up
• 11:11
  with
• 11:11
  a
• 11:11
  tax
• 11:11
  bill.
• 11:12
  When
• 11:12
  it
• 11:12
  comes
• 11:13
  to
• 11:13
  families,
• 11:14
  a
• 11:15
  big
• 11:15
  reason
• 11:15
  for
• 11:16
  getting
• 11:16
  a
• 11:17
  tax
• 11:17
  bill
• 11:17
  is
• 11:17
  because
• 11:18
  of
• 11:18
  the
• 11:18
  way
• 11:19
  the
• 11:19
  working
• 11:20
  for
• 11:20
  families
• 11:20
  tax
• 11:21
  system
• 11:21
  works.
• 11:22
  What
• 11:22
  I
• 11:22
  mean
• 11:22
  by
• 11:23
  that
• 11:23
  is
• 11:23
  there
• 11:23
  are
• 11:24
  usually
• 11:24
  two
• 11:24
  methods
• 11:25
  to
• 11:26
  get
• 11:27
  the
• 11:27
  working
• 11:27
  for
• 11:27
  families
• 11:28
  tax
• 11:28
  payments.
• 11:29
  You
• 11:29
  could
• 11:29
  go
• 11:30
  with
• 11:30
  a
• 11:30
  lump
• 11:30
  sum
• 11:31
  payment
• 11:31
  at
• 11:31
  the
• 11:31
  end
• 11:31
  of
• 11:32
  the
• 11:32
  year
• 11:32
  based
• 11:32
  on
• 11:32
  whatever
• 11:33
  your
• 11:33
  entitlement
• 11:33
  is
• 11:34
  versus
• 11:35
  you
• 11:35
  could
• 11:35
  choose
• 11:36
  to
• 11:36
  get
• 11:36
  regular
• 11:37
  payments,
• 11:38
  whether
• 11:38
  that's
• 11:38
  weekly
• 11:39
  fortnightly
• 11:40
  payments.
• 11:41
  Usually
• 11:41
  the
• 11:42
  tax
• 11:42
  bill
• 11:42
  arises
• 11:43
  when
• 11:43
  you're
• 11:44
  on
• 11:44
  regular
• 11:44
  payments
• 11:45
  because
• 11:46
  the
• 11:46
  amount
• 11:47
  that
• 11:47
  the
• 11:47
  IRD
• 11:48
  gives
• 11:48
  you
• 11:48
  is
• 11:49
  based
• 11:49
  on
• 11:49
  an
• 11:50
  estimated
• 11:51
  annual
• 11:52
  family
• 11:52
  or
• 11:53
  household
• 11:53
  income
• 11:54
  that
• 11:54
  you
• 11:54
  have.
• 11:55
  And
• 11:55
  so
• 11:55
  if
• 11:55
  the
• 11:56
  actual
• 11:56
  income
• 11:57
  at
• 11:57
  the
• 11:57
  end
• 11:57
  of
• 11:57
  the
• 11:57
  year
• 11:58
  is
• 11:58
  different
• 11:58
  from
• 11:58
  that,
• 11:59
  if
• 11:59
  it's
• 11:59
  higher
• 12:00
  that
• 12:00
  the
• 12:01
  IRD
• 12:01
  has
• 12:01
  already
• 12:01
  paid
• 12:02
  you
• 12:02
  some
• 12:02
  regular
• 12:02
  payments,
• 12:03
  then
• 12:03
  that's
• 12:03
  when
• 12:03
  you
• 12:04
  end
• 12:04
  up
• 12:04
  with
• 12:04
  the
• 12:04
  tax
• 12:04
  bill.
• 12:05
  Because
• 12:05
  they
• 12:05
  say,
• 12:06
  oh,
• 12:06
  we've
• 12:07
  overpaid
• 12:07
  you
• 12:08
  because
• 12:08
  your
• 12:08
  actual
• 12:08
  entitlement
• 12:09
  is
• 12:10
  maybe
• 12:11
  $100
• 12:11
  and
• 12:12
  we've
• 12:12
  already
• 12:12
  paid
• 12:12
  you
• 12:13
  $200.
• 12:14
  And
• 12:14
  so
• 12:14
  my
• 12:15
  suggestion
• 12:15
  to
• 12:15
  most
• 12:15
  people
• 12:16
  is
• 12:16
  if
• 12:17
  you
• 12:17
  can
• 12:17
  afford
• 12:17
  it
• 12:18
  and
• 12:18
  if
• 12:18
  you
• 12:18
  can
• 12:18
  manage
• 12:19
  the
• 12:19
  cash
• 12:20
  flow
• 12:20
  side
• 12:20
  of
• 12:20
  things,
• 12:21
  then
• 12:21
  always
• 12:22
  go
• 12:22
  with
• 12:22
  the
• 12:22
  lump
• 12:22
  sum
• 12:23
  option.
• 12:23
  It's
• 12:24
  just
• 12:24
  that
• 12:24
  you
• 12:24
  get
• 12:24
  at
• 12:24
  the
• 12:25
  end
• 12:25
  of
• 12:25
  the
• 12:25
  year.
• 12:25
  But
• 12:26
  think
• 12:26
  of
• 12:26
  it
• 12:26
  as
• 12:26
  a
• 12:26
  bonus.
• 12:27
  Look
• 12:27
  at
• 12:28
  it
• 12:28
  as
• 12:28
  a
• 12:29
  forced
• 12:29
  saving
• 12:30
  of
• 12:30
  sorts
• 12:30
  versus
• 12:31
  even
• 12:32
  if
• 12:32
  it's
• 12:32
  a
• 12:32
  dollar
• 12:32
  to
• 12:33
  pay,
• 12:33
  no
• 12:33
  one
• 12:33
  likes
• 12:34
  to
• 12:34
  get
• 12:34
  a
• 12:34
  tax
• 12:35
  bill
• 12:35
  at
• 12:35
  the
• 12:35
  end
• 12:36
  of
• 12:36
  the
• 12:36
  year.
• 12:37
  So
• 12:37
  true,
• 12:38
  so
• 12:38
  true.
• 12:39
  Well
• 12:39
  on
• 12:39
  that
• 12:39
  as
• 12:40
  well,
• 12:40
  because
• 12:40
  I
• 12:40
  know
• 12:40
  people
• 12:41
  are,
• 12:41
  they
• 12:41
  love
• 12:41
  the
• 12:42
  idea
• 12:42
  of
• 12:42
  a
• 12:42
  tax
• 12:42
  refund.
• 12:44
  So
• 12:44
  tax
• 12:45
  refunds,
• 12:46
  how
• 12:47
  do
• 12:47
  they
• 12:47
  work?
• 12:47
  What's
• 12:48
  the
• 12:48
  most
• 12:48
  common
• 12:48
  ways
• 12:48
  to
• 12:49
  get
• 12:49
  one?
• 12:49
  I
• 12:49
  think
• 12:49
  there's
• 12:50
  a
• 12:50
  big
• 12:50
  misconception
• 12:51
  there.
• 12:51
  Firstly,
• 12:53
  a
• 12:53
  tax
• 12:53
  refund
• 12:54
  is
• 12:55
  in
• 12:55
  essence
• 12:56
  technically
• 12:57
  not
• 12:58
  free
• 12:58
  money.
• 12:59
  A
• 12:59
  tax
• 12:59
  Refund
• 13:00
  is
• 13:00
  your
• 13:01
  own
• 13:01
  money
• 13:01
  you're
• 13:02
  getting
• 13:02
  back
• 13:03
  from
• 13:04
  the
• 13:04
  ird.
• 13:05
  So
• 13:05
  what
• 13:05
  has
• 13:05
  happened
• 13:06
  is
• 13:06
  you've
• 13:06
  overpaid
• 13:07
  your
• 13:08
  taxes.
• 13:09
  And
• 13:09
  so
• 13:09
  one
• 13:09
  example
• 13:10
  of
• 13:10
  that
• 13:10
  is
• 13:10
  if
• 13:11
  you're
• 13:11
  a
• 13:11
  salary
• 13:11
  earner
• 13:12
  and
• 13:12
  if
• 13:13
  you're
• 13:13
  doing
• 13:13
  a
• 13:14
  regular
• 13:14
  job,
• 13:15
  then
• 13:16
  you
• 13:16
  can
• 13:16
  get
• 13:17
  a
• 13:17
  tax
• 13:17
  refund
• 13:17
  if
• 13:18
  your
• 13:18
  employer
• 13:19
  has
• 13:19
  overpaid
• 13:20
  your
• 13:20
  taxes.
• 13:21
  And
• 13:21
  that
• 13:22
  can
• 13:22
  normally
• 13:23
  happen.
• 13:23
  A
• 13:24
  common
• 13:24
  example
• 13:24
  of
• 13:25
  that
• 13:25
  is
• 13:25
  if
• 13:25
  you
• 13:26
  have
• 13:26
  changed
• 13:27
  jobs
• 13:27
  during
• 13:27
  the
• 13:28
  year,
• 13:29
  if
• 13:29
  you've
• 13:29
  only
• 13:29
  worked,
• 13:30
  say,
• 13:30
  part
• 13:31
  year
• 13:31
  during
• 13:32
  the
• 13:32
  year.
• 13:32
  Because
• 13:33
  what
• 13:33
  the
• 13:33
  employer
• 13:34
  does
• 13:34
  is
• 13:34
  they
• 13:34
  calculate
• 13:35
  your
• 13:35
  taxes
• 13:35
  on
• 13:36
  an
• 13:36
  annualized
• 13:36
  basis
• 13:37
  and
• 13:38
  so
• 13:38
  they
• 13:38
  assume
• 13:38
  you're
• 13:39
  working
• 13:39
  at
• 13:40
  that
• 13:40
  salary
• 13:40
  or
• 13:41
  at
• 13:41
  that
• 13:41
  amount
• 13:41
  for
• 13:41
  the
• 13:42
  year.
• 13:42
  And
• 13:42
  if
• 13:42
  you
• 13:43
  only
• 13:43
  worked
• 13:43
  for
• 13:43
  part
• 13:44
  of
• 13:44
  the
• 13:44
  year,
• 13:44
  you
• 13:45
  tend
• 13:45
  to
• 13:45
  overpaid
• 13:46
  your
• 13:46
  taxes
• 13:46
  or
• 13:46
  your
• 13:47
  employer
• 13:47
  has
• 13:47
  overpaid
• 13:48
  your
• 13:48
  taxes
• 13:49
  and
• 13:49
  so
• 13:49
  you
• 13:49
  get
• 13:49
  a
• 13:49
  refund
• 13:50
  back
• 13:50
  at
• 13:50
  the
• 13:50
  end
• 13:50
  of
• 13:51
  the
• 13:51
  year.
• 13:53
  It's
• 13:53
  funny,
• 13:53
  isn't
• 13:53
  it?
• 13:54
  I
• 13:54
  was
• 13:54
  talking
• 13:55
  to
• 13:55
  an
• 13:55
  accountant
• 13:56
  quite
• 13:56
  a
• 13:56
  while
• 13:56
  ago
• 13:56
  and
• 13:56
  he
• 13:56
  said
• 13:56
  everyone
• 13:57
  always
• 13:57
  wants
• 13:58
  a
• 13:58
  tax
• 13:58
  refund.
• 13:59
  You
• 13:59
  should
• 13:59
  be
• 13:59
  really
• 13:59
  bummed
• 14:00
  out.
• 14:00
  If
• 14:00
  you
• 14:00
  get
• 14:00
  a
• 14:01
  tax
• 14:01
  refund
• 14:02
  because
• 14:02
  it's
• 14:02
  your
• 14:02
  money,
• 14:02
  it
• 14:03
  means
• 14:03
  that
• 14:03
  you
• 14:03
  gave
• 14:04
  it
• 14:04
  away
• 14:04
  and
• 14:04
  you
• 14:04
  could
• 14:04
  have
• 14:04
  invested
• 14:05
  it
• 14:05
  or
• 14:05
  something
• 14:05
  or
• 14:05
  made
• 14:05
  money
• 14:06
  back.
• 14:06
  And
• 14:06
  I
• 14:06
  was
• 14:07
  sort
• 14:07
  of
• 14:07
  like,
• 14:07
  that's
• 14:07
  probably
• 14:08
  a
• 14:08
  very
• 14:09
  true
• 14:10
  statement.
• 14:11
  And
• 14:11
  yet
• 14:11
  still,
• 14:12
  if
• 14:12
  you
• 14:12
  get
• 14:12
  a
• 14:12
  tax
• 14:12
  refund
• 14:13
  back,
• 14:13
  you're
• 14:13
  always
• 14:13
  like,
• 14:13
  yay,
• 14:13
  free
• 14:14
  money.
• 14:15
  Exactly.
• 14:15
  Look,
• 14:15
  I
• 14:16
  personally,
• 14:16
  I
• 14:17
  would
• 14:17
  always
• 14:17
  prefer
• 14:17
  to
• 14:18
  get
• 14:18
  a
• 14:18
  tax
• 14:18
  refund
• 14:19
  than
• 14:20
  a
• 14:20
  tax
• 14:20
  bill.
• 14:21
  And
• 14:21
  it's
• 14:21
  about
• 14:21
  balance.
• 14:22
  Yes,
• 14:23
  I've
• 14:23
  been
• 14:23
  overpaid
• 14:23
  during
• 14:23
  the
• 14:24
  year
• 14:24
  and
• 14:24
  the
• 14:24
  IRD
• 14:25
  is
• 14:25
  underpaid.
• 14:26
  And
• 14:26
  yes,
• 14:26
  there's
• 14:27
  a
• 14:27
  time
• 14:27
  value
• 14:28
  of
• 14:28
  money
• 14:28
  component
• 14:29
  to
• 14:29
  that
• 14:29
  because
• 14:30
  I've
• 14:30
  got
• 14:30
  an
• 14:30
  interest
• 14:31
  free
• 14:32
  loan
• 14:33
  of
• 14:33
  sorts,
• 14:34
  technically
• 14:34
  speaking,
• 14:36
  but
• 14:36
  it's
• 14:36
  still
• 14:36
  a
• 14:36
  tax
• 14:37
  bill
• 14:37
  at
• 14:37
  the
• 14:37
  end
• 14:37
  of
• 14:37
  the
• 14:37
  year.
• 14:38
  And
• 14:38
  so
• 14:38
  it's
• 14:38
  psychological.
• 14:39
  And
• 14:39
  I
• 14:39
  completely
• 14:40
  agree
• 14:40
  with
• 14:40
  you
• 14:41
  that
• 14:41
  I
• 14:41
  would
• 14:41
  not
• 14:42
  want
• 14:42
  to
• 14:42
  be
• 14:43
  in
• 14:43
  that
• 14:43
  category.
• 14:44
  This
• 14:45
  episode
• 14:45
  of
• 14:45
  Making
• 14:45
  Sense
• 14:46
  is
• 14:46
  supported
• 14:46
  by
• 14:47
  Odoo.
• 14:47
  And
• 14:48
  honestly,
• 14:48
  if
• 14:48
  you're
• 14:49
  running
• 14:49
  a
• 14:49
  small
• 14:49
  business
• 14:50
  or
• 14:50
  a
• 14:50
  side
• 14:50
  hustle,
• 14:51
  this
• 14:51
  one's
• 14:52
  worth
• 14:52
  paying
• 14:52
  attention
• 14:53
  to.
• 14:53
  Odoo
• 14:54
  is
• 14:54
  an
• 14:54
  all
• 14:54
  in
• 14:55
  one
• 14:55
  business
• 14:55
  management
• 14:56
  platform.
• 14:57
  We're
• 14:57
  talking
• 14:58
  70
• 14:58
  apps
• 14:59
  covering
• 14:59
  everything
• 15:00
  from
• 15:00
  accounting,
• 15:01
  invoicing
• 15:01
  and
• 15:02
  sales
• 15:02
  to
• 15:03
  inventory,
• 15:03
  hr,
• 15:04
  project
• 15:04
  management
• 15:05
  and
• 15:05
  even
• 15:06
  your
• 15:06
  website.
• 15:07
  All
• 15:07
  of
• 15:07
  it
• 15:08
  in
• 15:08
  one
• 15:08
  place.
• 15:09
  Here's
• 15:10
  what
• 15:10
  makes
• 15:10
  it
• 15:10
  different
• 15:10
  from
• 15:11
  the
• 15:11
  usual
• 15:11
  software
• 15:12
  juggle.
• 15:13
  Those
• 15:13
  apps
• 15:14
  are
• 15:14
  fully
• 15:14
  integrated
• 15:15
  with
• 15:15
  each
• 15:15
  other,
• 15:16
  so
• 15:16
  your
• 15:16
  sales
• 15:17
  are
• 15:17
  automatically
• 15:17
  talking
• 15:18
  to
• 15:18
  your
• 15:18
  accounting.
• 15:18
  Your
• 15:19
  inventory
• 15:19
  updates
• 15:20
  in
• 15:20
  real
• 15:20
  time.
• 15:21
  Your
• 15:21
  data
• 15:22
  isn't
• 15:22
  scattered
• 15:22
  across
• 15:23
  five
• 15:23
  different
• 15:23
  tools.
• 15:24
  It
• 15:25
  works
• 15:25
  together
• 15:26
  so
• 15:26
  you
• 15:27
  don't
• 15:27
  have
• 15:27
  to
• 15:27
  stress
• 15:27
  about
• 15:28
  making
• 15:28
  it
• 15:28
  fit.
• 15:29
  The
• 15:29
  first
• 15:29
  app
• 15:30
  is
• 15:30
  free
• 15:30
  and
• 15:31
  if
• 15:31
  you
• 15:31
  want
• 15:31
  access
• 15:31
  to
• 15:31
  everything,
• 15:32
  it
• 15:32
  starts
• 15:32
  from
• 15:33
  just
• 15:33
  $34.40
• 15:34
  Aussie
• 15:34
  dollars
• 15:35
  per
• 15:35
  month.
• 15:36
  One
• 15:36
  subscription.
• 15:37
  No
• 15:38
  death
• 15:38
  by
• 15:38
  a
• 15:38
  thousand
• 15:39
  cuts.
• 15:40
  It's
• 15:40
  all
• 15:40
  in
• 15:40
  one,
• 15:41
  it's
• 15:41
  fully
• 15:41
  integrated
• 15:42
  and
• 15:42
  it's
• 15:42
  genuinely
• 15:43
  affordable.
• 15:44
  Go
• 15:44
  to
• 15:44
  odoo.com
• 15:45
  that's
• 15:45
  o
• 15:46
  d
• 15:46
  o
• 15:46
  o.com
• 15:47
  to
• 15:47
  try
• 15:47
  it.
• 15:48
  Free
• 15:48
  for
• 15:48
  15
• 15:49
  days.
• 15:50
  Quick
• 15:50
  interruption
• 15:50
  to
• 15:51
  say
• 15:51
  if
• 15:51
  you're
• 15:51
  enjoying.
• 15:52
  This
• 15:52
  episode,
• 15:52
  you'll
• 15:53
  love
• 15:53
  the
• 15:53
  Market
• 15:54
  Memo,.
• 15:54
  My
• 15:55
  weekly
• 15:55
  newsletter
• 15:56
  where
• 15:56
  I
• 15:56
  teach
• 15:56
  you.
• 15:56
  How
• 15:56
  to
• 15:57
  actually
• 15:57
  invest.
• 15:58
  No
• 15:58
  jargon,
• 15:59
  no
• 15:59
  spreadsheets,
• 16:00
  just
• 16:00
  real
• 16:01
  talk
• 16:01
  about
• 16:01
  shares
• 16:02
  and
• 16:02
  how
• 16:02
  to
• 16:03
  make
• 16:03
  your.
• 16:03
  Money
• 16:03
  work
• 16:03
  for
• 16:04
  you.
• 16:04
  It's
• 16:04
  the
• 16:04
  thing
• 16:05
  I
• 16:05
  wish
• 16:05
  I'd
• 16:05
  had
• 16:05
  when
• 16:06
  I
• 16:06
  was
• 16:06
  starting
• 16:06
  out.
• 16:07
  You
• 16:07
  can
• 16:07
  sign
• 16:08
  up
• 16:08
  for
• 16:08
  free
• 16:08
  at
• 16:09
  franciscook
• 16:10
  Co
• 16:10
  NZ
• 16:11
  Invest.
• 16:12
  That's
• 16:12
  Francisco
• 16:13
  Co
• 16:14
  NZ
• 16:14
  Invest.
• 16:15
  But
• 16:15
  don't
• 16:16
  worry,
• 16:16
  I'll
• 16:16
  put
• 16:16
  the
• 16:17
  link.
• 16:17
  In
• 16:17
  the
• 16:17
  show
• 16:17
  notes
• 16:18
  and
• 16:18
  the
• 16:18
  description
• 16:19
  of
• 16:19
  this
• 16:19
  podcast.
• 16:20
  All
• 16:20
  right,
• 16:21
  back
• 16:21
  to
• 16:21
  it.
• 16:22
  Tax
• 16:22
  can
• 16:23
  be
• 16:23
  confusing
• 16:25
  and
• 16:25
  a
• 16:25
  lot
• 16:25
  of
• 16:26
  stuff
• 16:26
  out
• 16:26
  there
• 16:26
  on
• 16:27
  the
• 16:27
  media,
• 16:28
  especially
• 16:29
  social
• 16:29
  media,
• 16:30
  can
• 16:30
  be
• 16:31
  confusing
• 16:32
  because
• 16:32
  it's
• 16:33
  designed
• 16:33
  to
• 16:33
  be
• 16:34
  catchy
• 16:35
  and
• 16:36
  punchy.
• 16:37
  But
• 16:38
  I
• 16:38
  think
• 16:38
  primarily
• 16:39
  the
• 16:40
  confusion
• 16:40
  for
• 16:41
  most
• 16:41
  people
• 16:41
  comes
• 16:42
  from
• 16:42
  the
• 16:42
  fact
• 16:42
  that
• 16:43
  there
• 16:43
  are
• 16:43
  two
• 16:44
  sets
• 16:44
  of
• 16:44
  tax
• 16:45
  rules,
• 16:46
  one
• 16:46
  for
• 16:46
  individuals
• 16:47
  and
• 16:47
  one
• 16:48
  for
• 16:48
  businesses.
• 16:49
  And
• 16:50
  so
• 16:50
  once
• 16:50
  you
• 16:50
  get
• 16:51
  that
• 16:51
  distinction
• 16:52
  and
• 16:53
  clarity
• 16:53
  and
• 16:54
  understand
• 16:54
  that,
• 16:54
  things
• 16:55
  become
• 16:56
  much
• 16:56
  easier.
• 16:57
  Interesting.
• 16:58
  Okay,
• 16:59
  so
• 16:59
  run
• 16:59
  me
• 16:59
  through
• 16:59
  that.
• 17:00
  How
• 17:00
  does
• 17:00
  that
• 17:00
  change
• 17:00
  the
• 17:01
  way
• 17:01
  we
• 17:01
  should
• 17:01
  be
• 17:01
  thinking
• 17:02
  about
• 17:02
  tax?
• 17:03
  So
• 17:03
  for
• 17:03
  example,
• 17:04
  if
• 17:04
  you're
• 17:04
  in
• 17:04
  full
• 17:04
  time
• 17:05
  employment,
• 17:05
  then
• 17:06
  there's
• 17:07
  a
• 17:07
  certain
• 17:07
  set
• 17:07
  of
• 17:08
  tax
• 17:08
  rules
• 17:08
  that
• 17:08
  would
• 17:08
  apply
• 17:09
  and
• 17:10
  pretty
• 17:10
  much
• 17:10
  which
• 17:10
  is
• 17:11
  the
• 17:11
  PAYE
• 17:12
  model
• 17:13
  and
• 17:13
  you'd
• 17:14
  get
• 17:14
  in
• 17:14
  your
• 17:15
  bank
• 17:15
  an
• 17:16
  after
• 17:16
  tax
• 17:16
  salary
• 17:17
  and
• 17:17
  pretty
• 17:18
  much
• 17:18
  everything's
• 17:18
  automated
• 17:20
  for
• 17:20
  you
• 17:20
  as
• 17:20
  an
• 17:21
  individual
• 17:22
  from
• 17:22
  there
• 17:23
  on.
• 17:23
  Even
• 17:23
  the
• 17:24
  end
• 17:24
  of
• 17:24
  year
• 17:24
  tax
• 17:25
  process,
• 17:25
  the
• 17:25
  IRD
• 17:26
  automates
• 17:26
  it
• 17:27
  versus
• 17:28
  when
• 17:28
  you're
• 17:28
  a
• 17:28
  business
• 17:29
  owner
• 17:30
  or
• 17:30
  if
• 17:30
  you're
• 17:31
  self
• 17:31
  employed
• 17:31
  or
• 17:32
  if
• 17:32
  you're
• 17:32
  a
• 17:32
  contractor,
• 17:33
  then
• 17:34
  firstly
• 17:34
  different
• 17:34
  tax
• 17:35
  rules
• 17:35
  apply,
• 17:35
  which
• 17:35
  is
• 17:36
  the
• 17:36
  business
• 17:36
  tax
• 17:36
  rules
• 17:37
  and
• 17:37
  then
• 17:37
  it's
• 17:38
  a
• 17:38
  self
• 17:39
  assessment
• 17:39
  model
• 17:40
  where
• 17:41
  the
• 17:41
  IRD
• 17:41
  expects
• 17:42
  you
• 17:42
  to
• 17:42
  file
• 17:42
  your
• 17:43
  own
• 17:43
  taxes.
• 17:44
  And
• 17:45
  there's
• 17:45
  also
• 17:46
  a
• 17:46
  lot
• 17:46
  of
• 17:46
  additional
• 17:47
  compliance
• 17:47
  that
• 17:47
  needs
• 17:48
  to
• 17:48
  be
• 17:48
  met
• 17:48
  along
• 17:48
  the
• 17:48
  way
• 17:49
  for
• 17:50
  businesses.
• 17:51
  And
• 17:51
  I
• 17:51
  think
• 17:51
  what
• 17:51
  you
• 17:51
  said
• 17:52
  as
• 17:52
  well
• 17:52
  before
• 17:52
  about
• 17:53
  the
• 17:53
  social
• 17:53
  media
• 17:54
  confusion,
• 17:55
  because
• 17:56
  there's
• 17:56
  a
• 17:56
  mix
• 17:56
  of
• 17:57
  how
• 17:57
  we
• 17:57
  can
• 17:57
  get
• 17:57
  this
• 17:57
  misinformation
• 17:58
  right.
• 17:58
  I
• 17:59
  mean
• 17:59
  some
• 17:59
  of
• 17:59
  it
• 17:59
  is
• 17:59
  really
• 18:00
  well
• 18:00
  intended,
• 18:00
  but
• 18:00
  maybe
• 18:01
  they've
• 18:01
  got
• 18:01
  the
• 18:01
  wrong
• 18:01
  end
• 18:01
  of
• 18:01
  the
• 18:01
  stick.
• 18:02
  Some
• 18:02
  of
• 18:02
  it
• 18:02
  is
• 18:03
  just
• 18:03
  straight
• 18:03
  out
• 18:03
  grifters
• 18:04
  and
• 18:04
  then
• 18:04
  some
• 18:04
  you
• 18:05
  get
• 18:05
  a
• 18:05
  lot
• 18:05
  of
• 18:05
  stuff
• 18:05
  that's
• 18:06
  from
• 18:06
  overseas
• 18:06
  and
• 18:06
  it's
• 18:07
  just
• 18:07
  totally
• 18:08
  different.
• 18:08
  Right.
• 18:08
  I
• 18:09
  mean
• 18:09
  do
• 18:09
  you
• 18:09
  have
• 18:10
  people
• 18:10
  walking
• 18:10
  into
• 18:10
  your
• 18:11
  office
• 18:11
  with
• 18:11
  misconceptions
• 18:12
  from
• 18:12
  social
• 18:13
  media
• 18:13
  as
• 18:13
  well?
• 18:13
  Oh
• 18:14
  yes,
• 18:15
  absolutely.
• 18:15
  And
• 18:16
  the
• 18:17
  most
• 18:17
  common
• 18:17
  examples
• 18:18
  being
• 18:18
  TikTok
• 18:19
  advice
• 18:20
  about
• 18:21
  this
• 18:21
  expense
• 18:22
  or
• 18:22
  that
• 18:22
  expense
• 18:22
  you
• 18:22
  can
• 18:22
  claim,
• 18:23
  but
• 18:23
  that's
• 18:23
  maybe
• 18:24
  catered
• 18:24
  to
• 18:24
  the
• 18:24
  US
• 18:25
  market
• 18:25
  or
• 18:26
  even
• 18:26
  the
• 18:26
  Australian
• 18:28
  market
• 18:28
  and
• 18:28
  then
• 18:29
  the
• 18:29
  applicability
• 18:30
  of
• 18:31
  that
• 18:31
  to
• 18:31
  New
• 18:31
  Zealand
• 18:32
  is
• 18:32
  of
• 18:32
  course
• 18:33
  different
• 18:33
  and
• 18:34
  part
• 18:34
  of
• 18:34
  the
• 18:35
  confusion
• 18:35
  arises
• 18:36
  from
• 18:36
  there.
• 18:37
  Yeah,
• 18:37
  it's
• 18:37
  so
• 18:38
  tricky.
• 18:38
  Right.
• 18:38
  What
• 18:39
  is
• 18:39
  the
• 18:39
  biggest
• 18:40
  misconception
• 18:41
  that
• 18:41
  you
• 18:41
  have
• 18:41
  people
• 18:41
  walk
• 18:42
  into
• 18:42
  your
• 18:42
  office
• 18:42
  with?
• 18:43
  So
• 18:43
  I
• 18:43
  generally
• 18:44
  categorize
• 18:44
  that
• 18:44
  into
• 18:45
  three
• 18:45
  types
• 18:46
  of
• 18:46
  people.
• 18:46
  So
• 18:47
  you
• 18:47
  have
• 18:47
  the
• 18:47
  regular
• 18:48
  salaried
• 18:49
  people,
• 18:50
  you
• 18:50
  then
• 18:50
  have
• 18:51
  families
• 18:52
  and
• 18:52
  then
• 18:53
  you
• 18:53
  have
• 18:54
  people
• 18:54
  who
• 18:54
  own
• 18:55
  or
• 18:55
  operate
• 18:55
  businesses,
• 18:56
  which
• 18:56
  includes
• 18:57
  self
• 18:57
  employed
• 18:58
  contractors
• 18:59
  and
• 19:00
  general
• 19:00
  business
• 19:01
  owners.
• 19:01
  For
• 19:02
  salary
• 19:02
  owners,
• 19:03
  the
• 19:03
  biggest
• 19:03
  misconception
• 19:04
  is
• 19:04
  that
• 19:05
  where
• 19:05
  they
• 19:05
  think
• 19:05
  that
• 19:05
  oh,
• 19:06
  I'm
• 19:06
  now
• 19:06
  going
• 19:07
  to
• 19:07
  pay
• 19:07
  30%
• 19:08
  tax
• 19:09
  on
• 19:09
  my
• 19:10
  whole
• 19:10
  income
• 19:11
  and
• 19:11
  my
• 19:11
  total
• 19:11
  salary
• 19:12
  say
• 19:12
  if
• 19:13
  we
• 19:13
  cross
• 19:13
  the
• 19:13
  50
• 19:14
  or
• 19:14
  53,000
• 19:15
  threshold.
• 19:16
  Whereas
• 19:17
  that's
• 19:18
  not
• 19:18
  the
• 19:18
  case
• 19:18
  because
• 19:19
  New
• 19:19
  Zealand
• 19:19
  operates
• 19:20
  in
• 19:20
  a
• 19:20
  progressive,
• 19:21
  as
• 19:21
  a
• 19:21
  progressive
• 19:21
  tax
• 19:22
  system
• 19:22
  and
• 19:23
  so
• 19:23
  it's
• 19:23
  only
• 19:23
  the
• 19:23
  additional
• 19:24
  income
• 19:25
  that
• 19:25
  gets
• 19:25
  taxed.
• 19:26
  So
• 19:26
  that
• 19:27
  even
• 19:27
  sometimes
• 19:28
  keeps
• 19:28
  you
• 19:28
  behind
• 19:29
  in
• 19:29
  terms
• 19:29
  of
• 19:29
  your
• 19:30
  career
• 19:30
  because
• 19:31
  you're
• 19:31
  saying
• 19:31
  oh
• 19:31
  I
• 19:31
  don't
• 19:32
  want
• 19:32
  to
• 19:32
  be
• 19:32
  taxed
• 19:32
  30%
• 19:33
  or
• 19:33
  33%
• 19:34
  once
• 19:34
  you
• 19:35
  cross
• 19:35
  the
• 19:35
  78,000
• 19:36
  threshold.
• 19:37
  So
• 19:37
  that's
• 19:37
  one
• 19:38
  of
• 19:38
  the
• 19:38
  big
• 19:38
  confusions
• 19:39
  or
• 19:40
  misconceptions
• 19:40
  that
• 19:41
  oh
• 19:41
  I,
• 19:42
  I'll
• 19:42
  get
• 19:42
  taxed
• 19:42
  on
• 19:43
  the
• 19:43
  whole
• 19:44
  income
• 19:44
  at
• 19:44
  30
• 19:45
  or
• 19:45
  33%
• 19:46
  and
• 19:46
  that's
• 19:46
  not
• 19:46
  the
• 19:47
  case.
• 19:47
  Yeah,
• 19:48
  the
• 19:48
  way
• 19:48
  I've
• 19:48
  often
• 19:48
  described
• 19:49
  to
• 19:49
  people
• 19:49
  is
• 19:49
  it's
• 19:50
  almost
• 19:50
  like
• 19:50
  we're
• 19:50
  like
• 19:51
  got
• 19:51
  the
• 19:51
  stepped
• 19:52
  system
• 19:52
  right.
• 19:53
  Anything
• 19:53
  you
• 19:53
  earn
• 19:54
  over
• 19:54
  that
• 19:55
  will
• 19:55
  then
• 19:55
  get
• 19:56
  taxed
• 19:56
  more
• 19:57
  but
• 19:57
  you're
• 19:57
  not
• 19:58
  losing
• 19:58
  what
• 19:59
  you
• 19:59
  already
• 19:59
  had.
• 20:01
  And
• 20:01
  so
• 20:01
  yeah,
• 20:02
  when
• 20:02
  people
• 20:02
  say
• 20:02
  to
• 20:02
  you
• 20:03
  things
• 20:03
  like
• 20:04
  oh,
• 20:05
  I
• 20:05
  can't
• 20:05
  go
• 20:05
  for
• 20:05
  that
• 20:05
  pay
• 20:06
  rise
• 20:06
  of
• 20:06
  promotion
• 20:06
  because
• 20:07
  I'll
• 20:07
  be
• 20:07
  paying
• 20:07
  more
• 20:07
  tax
• 20:07
  and
• 20:08
  I
• 20:08
  actually
• 20:08
  end
• 20:08
  up
• 20:08
  behind,
• 20:09
  you
• 20:09
  would
• 20:09
  say
• 20:09
  to
• 20:09
  them
• 20:10
  no,
• 20:10
  don't
• 20:10
  do
• 20:11
  that.
• 20:11
  Exactly.
• 20:12
  Spot
• 20:13
  on.
• 20:13
  Yes.
• 20:13
  And
• 20:14
  I
• 20:14
  think
• 20:14
  we
• 20:14
  hear
• 20:15
  you
• 20:15
  sort
• 20:15
  of
• 20:15
  mentioned
• 20:15
  about,
• 20:16
  you
• 20:16
  know,
• 20:16
  the
• 20:16
  difference
• 20:16
  between
• 20:17
  the
• 20:17
  business
• 20:17
  owners
• 20:18
  and
• 20:18
  the
• 20:18
  salary
• 20:19
  earners
• 20:20
  and
• 20:21
  how
• 20:22
  you
• 20:22
  can
• 20:23
  change
• 20:23
  with,
• 20:23
  with
• 20:24
  your
• 20:24
  tax
• 20:24
  approach
• 20:24
  that
• 20:25
  I
• 20:25
  think
• 20:25
  that's
• 20:25
  a
• 20:25
  really
• 20:25
  good
• 20:26
  point
• 20:26
  because
• 20:26
  you
• 20:26
  do
• 20:27
  hear
• 20:27
  a
• 20:27
  lot
• 20:27
  about
• 20:28
  things
• 20:28
  people
• 20:29
  can
• 20:29
  claim
• 20:29
  back
• 20:30
  through
• 20:30
  tax
• 20:31
  when
• 20:31
  you're
• 20:31
  running
• 20:32
  a
• 20:32
  business
• 20:32
  or
• 20:32
  you're
• 20:33
  self
• 20:33
  employed
• 20:33
  or
• 20:34
  even,
• 20:34
  you
• 20:34
  know,
• 20:34
  things
• 20:34
  like
• 20:34
  property
• 20:35
  investors.
• 20:36
  And
• 20:36
  it's
• 20:37
  different.
• 20:38
  Right.
• 20:38
  For
• 20:39
  people
• 20:39
  who
• 20:39
  are
• 20:39
  on
• 20:39
  a
• 20:40
  salary,
• 20:40
  is
• 20:40
  there
• 20:41
  anything
• 20:41
  they
• 20:41
  can
• 20:41
  do
• 20:42
  to
• 20:42
  be
• 20:42
  claiming
• 20:42
  back
• 20:42
  on
• 20:42
  tax
• 20:43
  or
• 20:43
  making
• 20:43
  the
• 20:43
  tax
• 20:44
  system
• 20:44
  work
• 20:44
  better
• 20:45
  for
• 20:45
  them
• 20:45
  if
• 20:45
  they
• 20:45
  are
• 20:46
  sort
• 20:46
  of
• 20:46
  a
• 20:46
  regular
• 20:46
  person,
• 20:46
  regular
• 20:47
  job,
• 20:47
  earning
• 20:47
  a
• 20:48
  salary.
• 20:48
  Yes,
• 20:49
  absolutely.
• 20:49
  So
• 20:50
  there
• 20:50
  are
• 20:50
  expenses
• 20:52
  and
• 20:52
  ways
• 20:52
  to
• 20:52
  claim
• 20:53
  back
• 20:53
  tax.
• 20:53
  If
• 20:53
  you're
• 20:54
  a
• 20:54
  salary
• 20:54
  earner,
• 20:55
  there
• 20:55
  are
• 20:56
  three,
• 20:56
  three
• 20:56
  common
• 20:57
  expenses
• 20:58
  that
• 20:58
  you
• 20:58
  can
• 20:58
  claim.
• 20:59
  The
• 21:00
  first
• 21:00
  one
• 21:00
  being
• 21:01
  premiums
• 21:02
  for
• 21:02
  income
• 21:03
  protection.
• 21:03
  Like
• 21:04
  insurance?
• 21:04
  Yes,
• 21:05
  insurance.
• 21:06
  And
• 21:06
  the
• 21:06
  reason
• 21:06
  for
• 21:07
  that
• 21:07
  is
• 21:07
  because
• 21:07
  any
• 21:08
  income
• 21:08
  that
• 21:08
  you
• 21:09
  earn
• 21:10
  is
• 21:10
  taxable.
• 21:11
  And
• 21:11
  so
• 21:12
  if
• 21:12
  you're
• 21:12
  getting
• 21:12
  income
• 21:13
  protection
• 21:13
  insurance
• 21:14
  or
• 21:14
  premiums
• 21:14
  that
• 21:15
  you
• 21:15
  pay
• 21:15
  for
• 21:16
  income
• 21:16
  protection,
• 21:17
  that's
• 21:17
  claimable
• 21:18
  and
• 21:18
  deductible
• 21:19
  as
• 21:19
  an
• 21:19
  expense.
• 21:20
  That's
• 21:20
  good
• 21:20
  because
• 21:21
  that's
• 21:21
  expensive.
• 21:22
  Yes.
• 21:23
  The
• 21:23
  other
• 21:23
  one
• 21:24
  is
• 21:24
  any
• 21:25
  interest
• 21:25
  that
• 21:25
  you
• 21:26
  pay
• 21:26
  to
• 21:26
  the
• 21:26
  ird.
• 21:27
  So
• 21:27
  sometimes
• 21:28
  for
• 21:28
  whatever
• 21:28
  reason,
• 21:29
  if
• 21:29
  you
• 21:29
  have
• 21:30
  tax
• 21:30
  debt
• 21:32
  payable
• 21:32
  to
• 21:32
  the
• 21:32
  IRD
• 21:33
  and
• 21:33
  if
• 21:33
  you've
• 21:33
  not
• 21:34
  paid
• 21:34
  it
• 21:35
  on
• 21:35
  time
• 21:35
  and
• 21:36
  there's
• 21:36
  interest
• 21:38
  applied
• 21:38
  to
• 21:39
  that
• 21:39
  debt,
• 21:40
  what
• 21:40
  IRD
• 21:41
  calls
• 21:41
  as
• 21:41
  use
• 21:41
  of
• 21:42
  money,
• 21:42
  interest,
• 21:43
  that's
• 21:43
  also
• 21:43
  claimable
• 21:44
  as
• 21:44
  an
• 21:44
  expense.
• 21:45
  That's
• 21:46
  such
• 21:46
  a
• 21:46
  funny
• 21:46
  little
• 21:46
  loop,
• 21:48
  claiming
• 21:49
  back
• 21:49
  from
• 21:49
  money
• 21:50
  that
• 21:50
  you're
• 21:50
  giving
• 21:50
  to
• 21:50
  the
• 21:50
  ird.
• 21:51
  But
• 21:51
  sure,
• 21:52
  yes.
• 21:52
  And
• 21:52
  it's
• 21:53
  unfortunately
• 21:53
  quite
• 21:54
  hard
• 21:54
  high
• 21:54
  the
• 21:55
  interest
• 21:55
  rate
• 21:55
  and
• 21:55
  it's
• 21:56
  applied
• 21:56
  on
• 21:56
  a
• 21:57
  daily
• 21:57
  basis.
• 21:58
  The
• 21:58
  third
• 21:58
  one
• 21:59
  is
• 22:00
  if
• 22:00
  you're
• 22:00
  engaging
• 22:01
  a
• 22:01
  tax
• 22:01
  agent
• 22:02
  to
• 22:02
  file
• 22:03
  or
• 22:03
  prepare
• 22:04
  your
• 22:04
  tax
• 22:04
  return.
• 22:05
  So
• 22:05
  those
• 22:06
  are
• 22:06
  the
• 22:06
  three
• 22:06
  common
• 22:07
  ones
• 22:07
  under
• 22:08
  expenses.
• 22:09
  You
• 22:09
  then
• 22:10
  have
• 22:10
  a
• 22:11
  lot
• 22:11
  of
• 22:11
  credits
• 22:12
  or
• 22:12
  rebates,
• 22:13
  which
• 22:13
  are
• 22:14
  technically
• 22:14
  not
• 22:15
  expenses,
• 22:15
  but
• 22:16
  the
• 22:16
  effect
• 22:17
  is
• 22:17
  that
• 22:17
  your
• 22:18
  taxable
• 22:18
  income
• 22:19
  is
• 22:19
  reduced
• 22:19
  or
• 22:20
  you
• 22:20
  get
• 22:20
  some
• 22:21
  something
• 22:21
  back
• 22:21
  from
• 22:22
  the
• 22:22
  ird.
• 22:23
  The
• 22:23
  most
• 22:23
  common
• 22:24
  one
• 22:24
  there
• 22:24
  is
• 22:24
  donations.
• 22:25
  A
• 22:25
  lot
• 22:26
  of
• 22:26
  people
• 22:26
  donate
• 22:27
  to
• 22:27
  their
• 22:27
  school,
• 22:28
  to
• 22:28
  registered
• 22:29
  charities,
• 22:30
  to
• 22:31
  their
• 22:32
  mosque,
• 22:33
  church,
• 22:33
  synagogue,
• 22:34
  temple,
• 22:35
  any
• 22:35
  entity
• 22:36
  that
• 22:36
  has
• 22:36
  a
• 22:37
  charitable
• 22:38
  status
• 22:39
  or
• 22:39
  registered
• 22:40
  with
• 22:40
  charity
• 22:40
  services,
• 22:41
  they
• 22:41
  get
• 22:41
  what
• 22:42
  is
• 22:42
  known
• 22:42
  as
• 22:42
  dhoni
• 22:43
  status.
• 22:43
  And
• 22:44
  so
• 22:44
  what
• 22:44
  that
• 22:44
  means
• 22:44
  is
• 22:45
  firstly,
• 22:46
  there's
• 22:47
  no
• 22:47
  income
• 22:47
  tax
• 22:47
  that
• 22:48
  applies
• 22:48
  to
• 22:48
  the
• 22:48
  charities.
• 22:49
  And
• 22:49
  if
• 22:49
  you
• 22:50
  or
• 22:50
  me
• 22:51
  as
• 22:51
  a
• 22:51
  taxpayer
• 22:52
  is
• 22:52
  paying
• 22:54
  from
• 22:54
  the
• 22:54
  after
• 22:55
  tax
• 22:55
  income
• 22:56
  that
• 22:56
  we
• 22:56
  get
• 22:56
  to
• 22:57
  the
• 22:57
  charity,
• 22:58
  what
• 22:58
  the
• 22:58
  IRD
• 22:59
  does
• 22:59
  is
• 22:59
  it
• 22:59
  allows
• 22:59
  you
• 22:59
  to
• 23:00
  claim
• 23:00
  back
• 23:01
  a
• 23:01
  third
• 23:02
  of
• 23:03
  the
• 23:03
  donated
• 23:04
  amount
• 23:04
  that
• 23:05
  you've
• 23:05
  given
• 23:06
  to
• 23:06
  that
• 23:06
  charity.
• 23:07
  So
• 23:07
  that's
• 23:07
  a
• 23:07
  common
• 23:08
  one
• 23:08
  that's
• 23:08
  actually
• 23:08
  missed
• 23:09
  out.
• 23:10
  And
• 23:10
  it's
• 23:11
  not
• 23:11
  even
• 23:12
  people
• 23:12
  missing
• 23:12
  out,
• 23:13
  it's
• 23:13
  also
• 23:13
  not
• 23:14
  going
• 23:14
  back
• 23:14
  and
• 23:14
  claiming
• 23:15
  the
• 23:15
  last
• 23:16
  four
• 23:16
  years.
• 23:16
  The
• 23:17
  other
• 23:17
  credits
• 23:18
  is
• 23:19
  what
• 23:19
  is
• 23:19
  known
• 23:19
  as
• 23:19
  an
• 23:20
  independent
• 23:20
  earner
• 23:21
  tax
• 23:21
  credit.
• 23:22
  If
• 23:22
  you're
• 23:22
  earning
• 23:23
  between
• 23:23
  a
• 23:24
  certain
• 23:24
  threshold,
• 23:25
  then
• 23:26
  you
• 23:26
  get
• 23:26
  a
• 23:27
  certain
• 23:27
  credit
• 23:27
  from
• 23:28
  the
• 23:28
  IRD
• 23:28
  on
• 23:29
  tax
• 23:29
  that
• 23:30
  you've
• 23:30
  paid,
• 23:30
  you
• 23:30
  get
• 23:30
  that
• 23:31
  back.
• 23:31
  Another
• 23:31
  common
• 23:32
  one,
• 23:32
  working
• 23:33
  for
• 23:33
  families
• 23:33
  tax
• 23:34
  credits.
• 23:35
  And
• 23:36
  one
• 23:36
  of
• 23:36
  the
• 23:36
  recent
• 23:36
  announcements
• 23:37
  from
• 23:37
  the
• 23:38
  government,
• 23:38
  for
• 23:38
  example,
• 23:38
  is
• 23:39
  one
• 23:39
  component
• 23:40
  of
• 23:40
  that
• 23:40
  which
• 23:40
  is
• 23:40
  the
• 23:41
  in
• 23:41
  work
• 23:41
  tax
• 23:41
  credit
• 23:42
  that's
• 23:42
  gone
• 23:43
  up
• 23:43
  by
• 23:43
  roughly
• 23:44
  $50
• 23:44
  a
• 23:45
  week
• 23:45
  because
• 23:45
  of
• 23:45
  the
• 23:46
  recent
• 23:46
  fuel
• 23:47
  crisis
• 23:48
  that
• 23:48
  we're
• 23:49
  in.
• 23:49
  And,
• 23:49
  and
• 23:50
  then
• 23:50
  there's
• 23:50
  the
• 23:50
  third
• 23:50
  category
• 23:51
  is
• 23:51
  what
• 23:51
  we
• 23:52
  call
• 23:52
  deductions.
• 23:54
  And
• 23:54
  so
• 23:54
  as
• 23:54
  an
• 23:54
  individual
• 23:55
  if
• 23:56
  you
• 23:56
  are
• 23:57
  investing
• 23:57
  in
• 23:57
  shares,
• 23:58
  because
• 23:58
  I
• 23:58
  know
• 23:58
  you
• 23:59
  talk
• 23:59
  a
• 23:59
  lot
• 24:00
  there,
• 24:00
  we
• 24:00
  love
• 24:00
  shares.
• 24:01
  Yes.
• 24:01
  And
• 24:01
  if
• 24:02
  you're
• 24:02
  borrowing
• 24:02
  money
• 24:03
  to
• 24:03
  invest
• 24:04
  then
• 24:04
  the
• 24:05
  interest
• 24:06
  on
• 24:06
  that
• 24:07
  is
• 24:07
  claimable
• 24:08
  as
• 24:08
  an
• 24:08
  expense.
• 24:09
  The
• 24:09
  assumption
• 24:10
  is
• 24:10
  that
• 24:11
  the
• 24:11
  income
• 24:11
  you
• 24:12
  earn
• 24:12
  from
• 24:12
  that
• 24:13
  investing
• 24:14
  is
• 24:14
  taxable.
• 24:15
  And
• 24:16
  again
• 24:16
  if
• 24:16
  you
• 24:16
  are
• 24:17
  investment
• 24:18
  doing
• 24:18
  investments
• 24:19
  into
• 24:20
  anything
• 24:20
  else
• 24:20
  as
• 24:21
  an
• 24:21
  individual
• 24:21
  and
• 24:22
  sometimes
• 24:22
  you
• 24:23
  get
• 24:23
  charged
• 24:23
  commissions
• 24:24
  or
• 24:24
  broker
• 24:25
  fees,
• 24:26
  that's
• 24:26
  also
• 24:27
  claimable
• 24:27
  as
• 24:27
  an
• 24:27
  expense.
• 24:28
  Is
• 24:28
  there
• 24:29
  a
• 24:29
  type
• 24:29
  of
• 24:29
  person
• 24:30
  that
• 24:31
  is
• 24:31
  probably
• 24:32
  leaving
• 24:32
  money
• 24:32
  on
• 24:33
  the
• 24:33
  table
• 24:33
  and
• 24:34
  not
• 24:34
  knowing
• 24:34
  about
• 24:34
  it?
• 24:35
  Yes.
• 24:35
  When
• 24:35
  it
• 24:36
  comes
• 24:36
  to
• 24:36
  the
• 24:37
  salary
• 24:38
  earner
• 24:38
  and
• 24:39
  most
• 24:39
  people
• 24:39
  in
• 24:40
  New
• 24:40
  Zealand
• 24:41
  from
• 24:41
  experience
• 24:41
  I've
• 24:42
  seen
• 24:42
  them
• 24:42
  not
• 24:43
  claim
• 24:43
  as
• 24:43
  many
• 24:43
  donations
• 24:44
  as
• 24:44
  I'd
• 24:44
  like
• 24:45
  to
• 24:45
  see.
• 24:45
  Some
• 24:46
  of
• 24:46
  the
• 24:46
  reasons
• 24:47
  to
• 24:47
  that
• 24:48
  that
• 24:48
  I'm
• 24:48
  told
• 24:49
  is
• 24:49
  oh
• 24:49
  we've
• 24:50
  donated
• 24:50
  it,
• 24:50
  we
• 24:51
  don't
• 24:51
  want
• 24:51
  to
• 24:51
  even
• 24:52
  claim
• 24:52
  it
• 24:52
  back.
• 24:52
  What's
• 24:53
  gone
• 24:53
  is
• 24:53
  gone.
• 24:54
  And
• 24:54
  what
• 24:54
  I
• 24:54
  tell
• 24:55
  them
• 24:55
  is
• 24:55
  not
• 24:56
  only
• 24:56
  should
• 24:56
  you
• 24:56
  claim
• 24:57
  it
• 24:57
  back
• 24:57
  but
• 24:58
  you
• 24:58
  should
• 24:58
  also
• 24:58
  then
• 24:59
  give
• 24:59
  it
• 24:59
  back
• 24:59
  to
• 25:00
  the
• 25:00
  charity
• 25:01
  that
• 25:01
  you
• 25:01
  want,
• 25:01
  you.
• 25:02
  Should
• 25:02
  claim
• 25:02
  and
• 25:02
  donate
• 25:02
  again.
• 25:03
  Exactly.
• 25:03
  You're
• 25:03
  increasing
• 25:04
  your
• 25:04
  giving
• 25:05
  capacity
• 25:06
  there.
• 25:06
  If
• 25:06
  you
• 25:06
  don't
• 25:07
  want
• 25:07
  to
• 25:07
  keep
• 25:07
  it,
• 25:07
  don't
• 25:08
  keep
• 25:08
  it,
• 25:09
  but
• 25:09
  please
• 25:10
  claim
• 25:10
  it
• 25:10
  because
• 25:11
  you're
• 25:11
  paying
• 25:11
  from
• 25:11
  your
• 25:12
  after
• 25:12
  tax
• 25:12
  income.
• 25:13
  So
• 25:13
  I
• 25:13
  still
• 25:13
  see
• 25:13
  that
• 25:14
  happening
• 25:15
  again
• 25:15
  for
• 25:15
  individuals,
• 25:16
  number
• 25:16
  two,
• 25:16
  which
• 25:16
  is
• 25:16
  more
• 25:17
  catered
• 25:17
  towards
• 25:18
  families
• 25:18
  is
• 25:19
  the
• 25:19
  working
• 25:19
  for
• 25:20
  families.
• 25:20
  They're
• 25:20
  either
• 25:20
  not
• 25:21
  registered
• 25:21
  or
• 25:22
  they
• 25:22
  don't
• 25:22
  know
• 25:22
  about
• 25:23
  it.
• 25:24
  When
• 25:24
  it
• 25:24
  comes
• 25:24
  to
• 25:25
  business
• 25:26
  owners
• 25:26
  a
• 25:27
  lot
• 25:27
  of
• 25:27
  that
• 25:27
  relates
• 25:28
  to
• 25:29
  not
• 25:29
  claiming
• 25:30
  expenses
• 25:31
  that
• 25:31
  they
• 25:32
  should
• 25:32
  be
• 25:33
  things
• 25:33
  like
• 25:33
  home
• 25:33
  office
• 25:34
  expenses.
• 25:35
  A
• 25:35
  lot
• 25:35
  of
• 25:35
  small
• 25:35
  businesses,
• 25:37
  startups,
• 25:38
  self
• 25:38
  employed
• 25:39
  people,
• 25:39
  contractors,
• 25:40
  they
• 25:40
  have
• 25:40
  a
• 25:41
  work
• 25:41
  from
• 25:41
  home
• 25:41
  setup
• 25:42
  and
• 25:42
  they're
• 25:42
  still
• 25:42
  not
• 25:42
  correctly
• 25:43
  VC
• 25:44
  claiming
• 25:44
  a
• 25:45
  lot
• 25:45
  of
• 25:45
  those
• 25:45
  expenses.
• 25:46
  So
• 25:47
  in
• 25:47
  essence
• 25:48
  you're
• 25:48
  leaving
• 25:48
  money
• 25:49
  on
• 25:49
  the
• 25:49
  table.
• 25:50
  Yeah,
• 25:50
  and
• 25:50
  it's
• 25:51
  so
• 25:51
  important.
• 25:52
  So
• 25:52
  many
• 25:52
  people
• 25:53
  now
• 25:53
  do
• 25:54
  at
• 25:54
  least
• 25:54
  a
• 25:55
  little
• 25:55
  bit
• 25:55
  of
• 25:55
  work
• 25:56
  from
• 25:56
  home.
• 25:56
  And
• 25:57
  why
• 25:57
  wouldn't
• 25:57
  you
• 25:57
  get
• 25:57
  these
• 25:57
  things?
• 25:58
  I
• 25:58
  mean
• 25:58
  I'm,
• 25:59
  I'm
• 25:59
  very
• 25:59
  much,
• 26:00
  I
• 26:01
  don't
• 26:01
  agree
• 26:01
  with
• 26:02
  either
• 26:02
  the
• 26:02
  taxes
• 26:02
  love
• 26:02
  or
• 26:03
  taxes
• 26:03
  theft
• 26:03
  sort
• 26:04
  of
• 26:04
  point
• 26:04
  of
• 26:04
  view.
• 26:04
  I
• 26:04
  mean
• 26:05
  people
• 26:05
  love
• 26:05
  to
• 26:05
  take
• 26:05
  these
• 26:06
  very
• 26:06
  strong
• 26:06
  opinions
• 26:07
  on
• 26:07
  things.
• 26:07
  But
• 26:07
  I
• 26:08
  do,
• 26:08
  you
• 26:08
  know,
• 26:09
  I
• 26:09
  look
• 26:09
  at
• 26:09
  it
• 26:09
  and
• 26:09
  I
• 26:09
  say
• 26:10
  I
• 26:10
  like
• 26:10
  driving
• 26:10
  on
• 26:10
  well
• 26:11
  maintained
• 26:11
  roads,
• 26:12
  I
• 26:12
  like
• 26:12
  having
• 26:12
  a
• 26:12
  healthcare
• 26:13
  system
• 26:13
  that
• 26:14
  functions,
• 26:15
  ours
• 26:15
  could
• 26:15
  get
• 26:16
  better.
• 26:16
  But
• 26:16
  you
• 26:16
  know,
• 26:17
  still
• 26:17
  these
• 26:17
  things
• 26:18
  are
• 26:18
  all
• 26:18
  really
• 26:18
  important
• 26:18
  uses
• 26:19
  of
• 26:19
  our
• 26:19
  tax
• 26:19
  dollars.
• 26:19
  I
• 26:20
  don't
• 26:20
  necessarily
• 26:20
  mind
• 26:21
  paying
• 26:21
  tax,
• 26:22
  but
• 26:22
  I
• 26:22
  do
• 26:22
  think
• 26:23
  there
• 26:23
  are
• 26:23
  deliberately
• 26:24
  these
• 26:25
  perks
• 26:26
  and
• 26:26
  there
• 26:26
  are
• 26:26
  these
• 26:27
  systems,
• 26:27
  and
• 26:27
  they
• 26:28
  are
• 26:28
  there
• 26:28
  for
• 26:28
  a
• 26:28
  reason.
• 26:29
  They
• 26:30
  are
• 26:30
  there
• 26:30
  to
• 26:30
  encourage
• 26:31
  certain
• 26:31
  behaviors
• 26:32
  like
• 26:33
  the
• 26:33
  charitable
• 26:33
  donations.
• 26:34
  It
• 26:34
  can
• 26:34
  help
• 26:34
  you
• 26:35
  supercharge
• 26:36
  your
• 26:36
  donations
• 26:36
  and
• 26:36
  donate
• 26:37
  even
• 26:37
  more
• 26:38
  to
• 26:38
  the
• 26:38
  causes
• 26:39
  that
• 26:39
  you
• 26:39
  care
• 26:39
  about.
• 26:39
  And
• 26:39
  so
• 26:39
  I
• 26:39
  think
• 26:40
  it
• 26:40
  is
• 26:40
  actually
• 26:41
  so
• 26:41
  important
• 26:42
  to
• 26:42
  understand
• 26:42
  the
• 26:43
  system,
• 26:43
  understand
• 26:44
  the
• 26:44
  ways
• 26:44
  that
• 26:44
  they
• 26:44
  are
• 26:45
  trying
• 26:45
  to
• 26:45
  encourage
• 26:45
  you
• 26:46
  to,
• 26:46
  you
• 26:47
  know,
• 26:47
  all
• 26:47
  take
• 26:47
  a
• 26:48
  bit
• 26:48
  more
• 26:50
  responsibility
• 26:51
  for
• 26:51
  our
• 26:52
  society.
• 26:53
  And
• 26:53
  so
• 26:53
  I
• 26:53
  think
• 26:54
  it's
• 26:54
  there
• 26:54
  for
• 26:54
  a
• 26:54
  reason.
• 26:54
  Use
• 26:55
  it
• 26:55
  right.
• 26:56
  You
• 26:56
  are
• 26:56
  well
• 26:57
  within
• 26:57
  your
• 26:57
  right
• 26:57
  and
• 26:58
  you
• 26:58
  should
• 26:59
  claim
• 26:59
  what
• 27:00
  you're
• 27:00
  entitled
• 27:00
  to,
• 27:01
  whether
• 27:01
  you're
• 27:02
  an
• 27:02
  individual,
• 27:02
  whether
• 27:03
  you're
• 27:03
  in
• 27:03
  a
• 27:03
  family
• 27:04
  situation,
• 27:05
  whether
• 27:05
  you're
• 27:05
  a
• 27:05
  business
• 27:05
  owner.
• 27:06
  Because
• 27:07
  right
• 27:07
  now
• 27:07
  there
• 27:08
  is
• 27:08
  this,
• 27:08
  unfortunately
• 27:09
  debate
• 27:09
  of
• 27:10
  how
• 27:10
  efficiently
• 27:11
  your
• 27:11
  tax
• 27:11
  money
• 27:12
  as
• 27:12
  a
• 27:12
  taxpayer
• 27:13
  is
• 27:13
  being
• 27:14
  spent.
• 27:14
  And
• 27:14
  one
• 27:15
  of
• 27:15
  the
• 27:15
  things
• 27:15
  which
• 27:15
  I
• 27:15
  personally
• 27:16
  feel
• 27:16
  which
• 27:17
  is
• 27:17
  unfair
• 27:17
  to
• 27:18
  salary
• 27:18
  earners
• 27:19
  is
• 27:19
  what
• 27:20
  we
• 27:20
  call
• 27:20
  as
• 27:20
  the
• 27:20
  tax
• 27:20
  creep
• 27:21
  or
• 27:21
  the
• 27:21
  tax
• 27:21
  threshold
• 27:22
  creep.
• 27:22
  What
• 27:23
  that
• 27:23
  is
• 27:23
  is
• 27:24
  due
• 27:25
  to
• 27:25
  inflation.
• 27:26
  Due
• 27:26
  to
• 27:27
  general
• 27:27
  wage
• 27:28
  growth
• 27:28
  over
• 27:28
  the
• 27:29
  years,
• 27:30
  the
• 27:30
  average
• 27:31
  salary
• 27:31
  earner
• 27:32
  is
• 27:32
  paying
• 27:32
  more
• 27:33
  taxes
• 27:34
  than
• 27:35
  they
• 27:35
  should
• 27:36
  be
• 27:36
  inflation
• 27:37
  adjusted.
• 27:37
  What
• 27:38
  I
• 27:38
  mean
• 27:38
  by
• 27:39
  that
• 27:39
  is
• 27:39
  the
• 27:39
  last
• 27:40
  time
• 27:41
  that
• 27:41
  the
• 27:41
  tax
• 27:41
  thresholds
• 27:42
  were
• 27:42
  changed
• 27:43
  by
• 27:43
  the
• 27:43
  government
• 27:43
  was
• 27:44
  in
• 27:44
  2024,
• 27:45
  and
• 27:46
  that
• 27:46
  was
• 27:46
  done
• 27:47
  14
• 27:48
  years
• 27:48
  ago.
• 27:49
  Before
• 27:49
  that,
• 27:50
  for
• 27:50
  example,
• 27:51
  if
• 27:51
  the
• 27:51
  33%
• 27:52
  tax
• 27:52
  rate
• 27:53
  is
• 27:53
  right
• 27:53
  now
• 27:53
  applicable
• 27:54
  at
• 27:55
  78,000,
• 27:56
  and
• 27:56
  this
• 27:56
  was
• 27:56
  at
• 27:57
  70,000
• 27:57
  before
• 27:58
  that,
• 27:59
  that
• 27:59
  wasn't
• 27:59
  adjusted
• 28:00
  until
• 28:01
  it
• 28:01
  took
• 28:02
  14
• 28:02
  years
• 28:02
  to
• 28:02
  adjust
• 28:03
  that.
• 28:04
  And
• 28:04
  after
• 28:04
  that
• 28:05
  it
• 28:05
  still
• 28:05
  hasn't
• 28:06
  changed.
• 28:07
  What
• 28:07
  I
• 28:07
  personally
• 28:08
  think
• 28:08
  is
• 28:08
  that
• 28:08
  if
• 28:09
  benefits
• 28:10
  are
• 28:10
  indexed
• 28:12
  to
• 28:12
  inflation,
• 28:13
  income
• 28:14
  tax
• 28:15
  thresholds
• 28:15
  should
• 28:16
  also
• 28:16
  be
• 28:16
  indexed
• 28:17
  to
• 28:17
  inflation,
• 28:18
  because
• 28:18
  otherwise,
• 28:19
  in
• 28:20
  real
• 28:20
  terms,
• 28:20
  you're
• 28:20
  paying
• 28:21
  more
• 28:21
  tax
• 28:21
  every
• 28:22
  year.
• 28:22
  Yeah.
• 28:23
  So
• 28:23
  if
• 28:23
  you
• 28:23
  could
• 28:23
  wave
• 28:24
  a
• 28:24
  magic
• 28:24
  wand
• 28:24
  and
• 28:25
  change
• 28:25
  something
• 28:26
  about
• 28:26
  the
• 28:26
  tax
• 28:26
  system,
• 28:27
  would
• 28:27
  it
• 28:27
  be
• 28:27
  that
• 28:27
  or
• 28:28
  something
• 28:28
  else?
• 28:29
  It
• 28:29
  would
• 28:29
  absolutely
• 28:29
  be,
• 28:30
  be
• 28:30
  this,
• 28:30
  because
• 28:32
  most
• 28:32
  people
• 28:32
  in
• 28:33
  New
• 28:33
  Zealand,
• 28:33
  they're,
• 28:34
  they're
• 28:34
  salary
• 28:34
  earners.
• 28:35
  And
• 28:36
  I
• 28:36
  think
• 28:36
  just
• 28:37
  by
• 28:37
  making
• 28:37
  this
• 28:38
  change,
• 28:39
  this
• 28:39
  will
• 28:39
  have
• 28:39
  a
• 28:40
  big
• 28:40
  impact
• 28:41
  on
• 28:41
  whether
• 28:41
  it's
• 28:41
  the
• 28:42
  cost
• 28:42
  of
• 28:42
  living
• 28:42
  debate
• 28:43
  that's
• 28:43
  going
• 28:44
  on.
• 28:45
  This
• 28:45
  is
• 28:45
  a
• 28:45
  direct
• 28:45
  impact
• 28:46
  on
• 28:47
  the
• 28:47
  disposal
• 28:48
  income
• 28:48
  you
• 28:48
  then
• 28:49
  have
• 28:49
  in
• 28:49
  your
• 28:50
  pocket.
• 28:50
  And
• 28:50
  so
• 28:51
  I
• 28:51
  think
• 28:51
  personally,
• 28:52
  what
• 28:52
  was
• 28:52
  done
• 28:52
  in
• 28:52
  2024
• 28:53
  was
• 28:53
  really
• 28:53
  good.
• 28:54
  It
• 28:54
  just
• 28:55
  stopped
• 28:55
  again
• 28:55
  the
• 28:56
  last
• 28:56
  couple
• 28:56
  of
• 28:56
  years
• 28:57
  for
• 28:57
  whatever
• 28:58
  reason.
• 28:58
  And
• 28:58
  I
• 28:59
  hope
• 28:59
  it's
• 28:59
  not
• 28:59
  another
• 29:00
  14
• 29:00
  years
• 29:01
  till
• 29:01
  we
• 29:01
  get
• 29:02
  another
• 29:03
  adjustment
• 29:03
  of
• 29:04
  the
• 29:04
  income
• 29:05
  tax
• 29:05
  thresholds.
• 29:06
  Yeah,
• 29:06
  no,
• 29:06
  I,
• 29:07
  I
• 29:07
  think
• 29:07
  you're
• 29:07
  so
• 29:07
  right
• 29:08
  because
• 29:08
  it
• 29:08
  is
• 29:08
  very
• 29:09
  easy
• 29:10
  for
• 29:10
  these
• 29:10
  things
• 29:10
  to
• 29:11
  get
• 29:11
  neglected.
• 29:11
  And
• 29:11
  I
• 29:11
  think
• 29:12
  because
• 29:12
  tax
• 29:12
  is
• 29:13
  such
• 29:13
  a
• 29:13
  Bogeyman
• 29:14
  to
• 29:14
  people
• 29:15
  that
• 29:15
  we
• 29:15
  don't
• 29:15
  get
• 29:16
  much
• 29:17
  conversation
• 29:17
  about
• 29:18
  it
• 29:18
  except
• 29:18
  for
• 29:19
  in
• 29:19
  a
• 29:19
  debate,
• 29:20
  I
• 29:21
  don't
• 29:21
  want
• 29:21
  to
• 29:21
  pay
• 29:21
  tax.
• 29:22
  Which
• 29:22
  like,
• 29:23
  sure,
• 29:23
  but
• 29:23
  can
• 29:24
  we
• 29:24
  get
• 29:24
  more
• 29:24
  into
• 29:24
  the
• 29:24
  nitty
• 29:25
  gritty
• 29:25
  of
• 29:25
  that?
• 29:26
  It's
• 29:26
  a,
• 29:26
  a
• 29:26
  creep
• 29:27
  where
• 29:27
  people
• 29:28
  do
• 29:28
  end
• 29:28
  up
• 29:28
  paying
• 29:29
  more
• 29:29
  tax
• 29:29
  and
• 29:29
  we
• 29:30
  need
• 29:30
  to.
• 29:30
  If
• 29:30
  that
• 29:31
  needs
• 29:31
  to
• 29:31
  be
• 29:31
  the
• 29:31
  case,
• 29:32
  sure.
• 29:32
  But
• 29:34
  it
• 29:34
  should
• 29:34
  have
• 29:34
  to
• 29:34
  be
• 29:35
  a
• 29:35
  case
• 29:35
  made
• 29:35
  for
• 29:35
  that,
• 29:35
  not
• 29:36
  it
• 29:36
  just
• 29:36
  sort
• 29:36
  of
• 29:36
  happening
• 29:37
  automatically,
• 29:38
  right?
• 29:38
  Absolutely.
• 29:39
  At
• 29:39
  the
• 29:39
  very
• 29:39
  least,
• 29:40
  what's
• 29:41
  still
• 29:41
  unfortunately
• 29:42
  lacking
• 29:43
  from
• 29:43
  what
• 29:43
  I
• 29:43
  see
• 29:44
  personally
• 29:44
  is
• 29:45
  even
• 29:45
  the
• 29:45
  general
• 29:46
  awareness
• 29:47
  of
• 29:47
  how
• 29:47
  tax
• 29:48
  works.
• 29:48
  The
• 29:49
  fact
• 29:49
  that
• 29:49
  there
• 29:49
  are
• 29:50
  two
• 29:50
  separate
• 29:51
  set
• 29:51
  of
• 29:52
  rules,
• 29:52
  one
• 29:52
  for
• 29:52
  individuals,
• 29:53
  one
• 29:54
  for
• 29:54
  businesses.
• 29:55
  And
• 29:55
  if
• 29:55
  that
• 29:56
  confusion,
• 29:57
  and
• 29:58
  even
• 29:58
  if
• 29:58
  that
• 29:58
  distinction
• 29:59
  is
• 30:00
  made
• 30:00
  more
• 30:01
  clear
• 30:01
  to
• 30:01
  a
• 30:01
  lot
• 30:02
  of
• 30:02
  people,
• 30:02
  a
• 30:02
  lot
• 30:03
  of
• 30:03
  the
• 30:03
  questions
• 30:04
  will
• 30:04
  get
• 30:04
  answered.
• 30:05
  And
• 30:05
  because
• 30:06
  there's
• 30:06
  a
• 30:06
  lot
• 30:06
  of
• 30:06
  it
• 30:07
  is
• 30:07
  just
• 30:07
  myth
• 30:08
  out
• 30:08
  there
• 30:09
  and
• 30:09
  there's
• 30:09
  a
• 30:09
  lot
• 30:09
  of
• 30:09
  it
• 30:10
  is
• 30:10
  confusion
• 30:11
  which
• 30:12
  need
• 30:12
  not
• 30:12
  be
• 30:13
  there.
• 30:13
  Absolutely.
• 30:14
  If
• 30:14
  someone
• 30:15
  was
• 30:15
  listening
• 30:15
  to
• 30:15
  this
• 30:15
  and
• 30:16
  they
• 30:16
  did
• 30:16
  only
• 30:17
  one
• 30:17
  thing
• 30:17
  differently
• 30:18
  and
• 30:18
  how
• 30:18
  they
• 30:19
  approach
• 30:20
  their
• 30:20
  taxes
• 30:20
  and
• 30:20
  the
• 30:21
  tax
• 30:21
  system,
• 30:22
  what
• 30:22
  do
• 30:22
  you
• 30:22
  hope
• 30:22
  it
• 30:23
  would
• 30:23
  be?
• 30:23
  I
• 30:23
  think
• 30:23
  the
• 30:24
  one
• 30:24
  thing
• 30:24
  that
• 30:24
  I
• 30:24
  would
• 30:25
  suggest
• 30:25
  is
• 30:26
  do
• 30:26
  not
• 30:26
  ignore
• 30:27
  the
• 30:27
  ird.
• 30:27
  If
• 30:28
  you've
• 30:28
  received
• 30:28
  a
• 30:28
  letter
• 30:29
  from
• 30:29
  them
• 30:30
  or
• 30:30
  correspondence,
• 30:32
  do
• 30:32
  not
• 30:32
  leave
• 30:33
  it
• 30:33
  unopened.
• 30:34
  And
• 30:34
  while
• 30:34
  it's
• 30:34
  understandable
• 30:35
  that
• 30:36
  there
• 30:36
  could
• 30:36
  be
• 30:36
  reasons
• 30:37
  of,
• 30:38
  whether
• 30:38
  it's
• 30:39
  anxiety,
• 30:40
  whether
• 30:40
  it's
• 30:41
  procrastination,
• 30:43
  whether
• 30:43
  it's
• 30:43
  the
• 30:44
  fear
• 30:44
  of
• 30:45
  the
• 30:45
  ird,
• 30:46
  but
• 30:46
  ignoring
• 30:47
  it
• 30:48
  will
• 30:48
  not
• 30:48
  make
• 30:49
  the
• 30:49
  problem
• 30:49
  go
• 30:49
  away.
• 30:51
  Try
• 30:51
  your
• 30:51
  best
• 30:52
  to
• 30:53
  talk
• 30:53
  to
• 30:53
  someone,
• 30:54
  reach
• 30:54
  out
• 30:54
  to
• 30:55
  the
• 30:55
  ird,
• 30:55
  but
• 30:55
  do
• 30:56
  read
• 30:56
  the
• 30:56
  letter
• 30:56
  and
• 30:57
  act
• 30:57
  upon
• 30:58
  it.
• 30:58
  Because
• 30:59
  a
• 30:59
  lot
• 30:59
  of
• 31:00
  the
• 31:00
  tax
• 31:01
  issues
• 31:01
  or
• 31:02
  the
• 31:02
  tax
• 31:02
  problems
• 31:03
  or
• 31:03
  the
• 31:03
  tax
• 31:03
  debt,
• 31:04
  they're
• 31:04
  not
• 31:05
  related
• 31:05
  to
• 31:06
  tax
• 31:06
  at
• 31:06
  all.
• 31:07
  It's
• 31:07
  more
• 31:07
  of
• 31:08
  ignoring
• 31:09
  the
• 31:09
  problem.
• 31:10
  Once
• 31:10
  you
• 31:10
  talk
• 31:11
  to
• 31:11
  them,
• 31:11
  things
• 31:11
  get
• 31:12
  sorted
• 31:12
  out.
• 31:13
  I
• 31:13
  look
• 31:13
  back
• 31:13
  even
• 31:14
  to
• 31:14
  when
• 31:15
  I
• 31:15
  was
• 31:15
  a
• 31:15
  student
• 31:16
  and
• 31:16
  I
• 31:18
  budgets
• 31:18
  were
• 31:18
  tight,
• 31:19
  really
• 31:19
  tight.
• 31:20
  I
• 31:20
  think
• 31:20
  it's
• 31:20
  even
• 31:20
  worse
• 31:20
  for
• 31:21
  students
• 31:21
  now.
• 31:22
  And
• 31:23
  I
• 31:23
  did
• 31:23
  have
• 31:23
  a
• 31:23
  couple
• 31:24
  of
• 31:24
  things.
• 31:24
  I
• 31:24
  got
• 31:24
  sent
• 31:24
  to
• 31:24
  a
• 31:24
  debt
• 31:25
  collector.
• 31:26
  Wasn't
• 31:26
  great
• 31:27
  and
• 31:27
  I
• 31:27
  ignored
• 31:27
  it
• 31:28
  and
• 31:28
  it
• 31:28
  freaked
• 31:28
  me
• 31:28
  out.
• 31:28
  But
• 31:29
  I
• 31:29
  eventually
• 31:29
  got
• 31:29
  on
• 31:29
  the
• 31:29
  phone
• 31:30
  and
• 31:30
  talked
• 31:30
  to
• 31:30
  them
• 31:30
  and
• 31:30
  they
• 31:31
  waived
• 31:31
  all
• 31:31
  of
• 31:31
  it
• 31:31
  except
• 31:32
  for
• 31:32
  40
• 31:32
  bucks.
• 31:33
  And
• 31:33
  I
• 31:33
  had
• 31:34
  been
• 31:34
  stressing
• 31:34
  out
• 31:35
  about
• 31:35
  it
• 31:35
  for
• 31:35
  months
• 31:36
  and
• 31:36
  they
• 31:36
  just
• 31:37
  wanted
• 31:37
  to
• 31:37
  get
• 31:37
  rid
• 31:37
  of
• 31:37
  me.
• 31:37
  I
• 31:38
  was
• 31:38
  annoying.
• 31:38
  So
• 31:38
  they
• 31:38
  got
• 31:38
  rid
• 31:39
  of
• 31:39
  all
• 31:39
  of
• 31:39
  it
• 31:39
  except
• 31:39
  for
• 31:39
  40
• 31:40
  bucks
• 31:40
  and
• 31:40
  that
• 31:40
  much
• 31:41
  I
• 31:41
  could
• 31:41
  pay.
• 31:42
  And
• 31:42
  I
• 31:42
  think
• 31:42
  it's
• 31:43
  very
• 31:43
  much
• 31:43
  a
• 31:43
  similar
• 31:44
  thing,
• 31:44
  right,
• 31:45
  where
• 31:45
  if
• 31:45
  you're
• 31:46
  dealing
• 31:46
  with
• 31:46
  the
• 31:46
  ird,
• 31:47
  even
• 31:48
  you
• 31:48
  see
• 31:48
  big
• 31:48
  organizations
• 31:49
  like
• 31:49
  the
• 31:50
  Financial
• 31:50
  Markets
• 31:50
  Authority,
• 31:51
  there
• 31:52
  is
• 31:52
  Often
• 31:52
  this
• 31:52
  approach
• 31:53
  from
• 31:53
  them,
• 31:54
  thank
• 31:55
  God,
• 31:55
  a
• 31:55
  culture
• 31:56
  in
• 31:56
  New
• 31:56
  Zealand
• 31:57
  of
• 31:57
  we
• 31:57
  would
• 31:57
  rather
• 31:58
  work
• 31:58
  alongside
• 31:58
  you
• 31:59
  and
• 31:59
  work
• 31:59
  with
• 31:59
  you
• 32:00
  than
• 32:00
  coming
• 32:00
  up
• 32:00
  against
• 32:01
  you.
• 32:01
  And
• 32:02
  I'm
• 32:02
  so
• 32:02
  grateful
• 32:03
  for
• 32:03
  that
• 32:03
  culture
• 32:03
  because
• 32:04
  I
• 32:04
  think
• 32:04
  it
• 32:04
  is
• 32:04
  less
• 32:04
  scary
• 32:05
  once
• 32:05
  you
• 32:05
  actually
• 32:06
  face
• 32:06
  it.
• 32:07
  Right,
• 32:07
  absolutely.
• 32:08
  And
• 32:09
  thank
• 32:09
  you
• 32:09
  for
• 32:10
  sharing
• 32:10
  that
• 32:10
  example
• 32:11
  from
• 32:11
  your
• 32:11
  own
• 32:11
  personal
• 32:11
  situation.
• 32:12
  I
• 32:13
  have
• 32:13
  a
• 32:13
  similar
• 32:14
  example
• 32:14
  where
• 32:16
  I
• 32:16
  got
• 32:16
  a
• 32:16
  call
• 32:17
  from
• 32:17
  a
• 32:17
  debt
• 32:18
  collector
• 32:18
  and
• 32:18
  from
• 32:19
  the
• 32:19
  IIT
• 32:19
  is
• 32:19
  like,
• 32:20
  hey,
• 32:20
  you
• 32:20
  haven't
• 32:20
  paid
• 32:20
  your
• 32:20
  taxes.
• 32:21
  I'm
• 32:21
  not.
• 32:21
  No,
• 32:21
  I
• 32:22
  have
• 32:22
  paid.
• 32:22
  And
• 32:23
  what
• 32:23
  had
• 32:23
  happened
• 32:24
  was
• 32:24
  the
• 32:25
  IIT
• 32:25
  had
• 32:25
  not
• 32:26
  correctly
• 32:26
  allocated
• 32:27
  the
• 32:27
  payment
• 32:28
  to
• 32:28
  the
• 32:28
  right
• 32:29
  period
• 32:30
  and
• 32:30
  it
• 32:30
  was
• 32:30
  just
• 32:30
  a
• 32:31
  system
• 32:31
  error
• 32:32
  or
• 32:32
  someone
• 32:33
  had
• 32:33
  not
• 32:33
  picked
• 32:33
  it
• 32:33
  up.
• 32:34
  So
• 32:34
  sometimes
• 32:34
  it's
• 32:35
  as
• 32:35
  innocent
• 32:35
  a
• 32:36
  reason
• 32:36
  as
• 32:37
  that,
• 32:38
  but
• 32:38
  they
• 32:38
  don't
• 32:38
  know
• 32:39
  because
• 32:39
  while
• 32:39
  systems
• 32:40
  are
• 32:40
  good,
• 32:40
  processes
• 32:41
  are
• 32:41
  good,
• 32:43
  you
• 32:43
  don't
• 32:44
  know
• 32:44
  whether
• 32:45
  it's
• 32:46
  always
• 32:46
  a
• 32:46
  hundred
• 32:47
  percent
• 32:47
  accurately
• 32:48
  operating.
• 32:49
  Yeah,
• 32:50
  well,
• 32:50
  you
• 32:50
  put
• 32:51
  out
• 32:51
  some
• 32:51
  great
• 32:51
  information
• 32:52
  for
• 32:52
  all
• 32:52
  of
• 32:52
  us
• 32:53
  and
• 32:53
  we
• 32:53
  are
• 32:53
  grateful
• 32:54
  for
• 32:54
  you
• 32:54
  on
• 32:55
  that
• 32:55
  because
• 32:56
  tax
• 32:56
  is
• 32:56
  one
• 32:56
  that
• 32:57
  trips
• 32:57
  up
• 32:57
  all
• 32:57
  sorts
• 32:58
  of
• 32:58
  people.
• 32:58
  So
• 32:59
  if
• 32:59
  people
• 32:59
  want
• 32:59
  to
• 32:59
  get
• 33:00
  more
• 33:00
  from
• 33:00
  you,
• 33:00
  you've
• 33:01
  got
• 33:01
  a
• 33:01
  book,
• 33:01
  you've
• 33:01
  got
• 33:01
  a
• 33:01
  newsletter,
• 33:02
  you
• 33:02
  post
• 33:02
  a
• 33:02
  lot
• 33:03
  online.
• 33:03
  Where
• 33:03
  can
• 33:03
  we
• 33:03
  find
• 33:04
  all
• 33:04
  this
• 33:04
  great
• 33:04
  stuff
• 33:04
  from
• 33:04
  you?
• 33:05
  Thank
• 33:05
  you
• 33:06
  for
• 33:06
  having
• 33:06
  me
• 33:06
  here.
• 33:07
  Firstly,
• 33:07
  Francis,
• 33:08
  and
• 33:08
  then
• 33:09
  I'm
• 33:09
  most
• 33:09
  active
• 33:10
  on
• 33:10
  LinkedIn.
• 33:11
  And
• 33:11
  then
• 33:12
  the
• 33:12
  website
• 33:12
  is
• 33:13
  FinexAccounting
• 33:14
  Co
• 33:15
  NZ.
• 33:15
  That's
• 33:16
  where
• 33:16
  we
• 33:16
  get
• 33:16
  all
• 33:16
  the
• 33:17
  done
• 33:17
  for
• 33:18
  you
• 33:19
  services
• 33:19
  that
• 33:19
  we
• 33:19
  provide
• 33:20
  to
• 33:20
  primarily
• 33:21
  businesses.
• 33:22
  But
• 33:22
  then
• 33:22
  if
• 33:22
  you
• 33:23
  want
• 33:23
  a
• 33:23
  DIY,
• 33:24
  do
• 33:24
  it
• 33:24
  yourself
• 33:25
  approach,
• 33:25
  then
• 33:25
  there's
• 33:26
  the
• 33:26
  other
• 33:26
  website,
• 33:27
  bakerhussain.com
• 33:29
  the
• 33:29
  book
• 33:30
  you
• 33:30
  can
• 33:30
  find
• 33:30
  on
• 33:31
  the
• 33:31
  Finex
• 33:32
  website
• 33:32
  like
• 33:32
  you're.
• 33:33
  Hussein,
• 33:33
  thank
• 33:33
  you
• 33:34
  so
• 33:34
  much
• 33:34
  for
• 33:35
  coming
• 33:35
  in
• 33:35
  and
• 33:36
  sharing
• 33:36
  all
• 33:36
  your
• 33:37
  expertise
• 33:37
  with
• 33:37
  us.
• 33:38
  Really
• 33:38
  helpful.
• 33:38
  Now,
• 33:38
  if
• 33:39
  this
• 33:39
  was
• 33:39
  helpful
• 33:39
  to
• 33:39
  you,
• 33:40
  first
• 33:40
  of
• 33:40
  all,
• 33:40
  share
• 33:41
  it
• 33:41
  with
• 33:41
  a
• 33:41
  friend.
• 33:42
  Let's
• 33:42
  all
• 33:42
  make
• 33:42
  text
• 33:43
  a
• 33:43
  little
• 33:43
  bit
• 33:43
  less
• 33:43
  scary
• 33:44
  together.
• 33:44
  And
• 33:44
  until
• 33:45
  next
• 33:45
  time,
• 33:45
  have
• 33:46
  a
• 33:46
  great
• 33:46
  day.
• 33:48
  This
• 33:48
  podcast
• 33:49
  can
• 33:49
  only
• 33:49
  give
• 33:49
  you
• 33:49
  general
• 33:50
  information
• 33:50
  about
• 33:51
  how
• 33:51
  things
• 33:51
  work
• 33:52
  in
• 33:52
  most
• 33:52
  situations.
• 33:53
  It's
• 33:54
  not
• 33:54
  individual
• 33:54
  financial
• 33:55
  advice.
• 33:56
  If
• 33:56
  you're
• 33:56
  after
• 33:56
  that,
• 33:57
  a
• 33:57
  financial
• 33:57
  advisor
• 33:58
  is
• 33:58
  always
• 33:58
  the
• 33:59
  best
• 33:59
  bet.