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Transcript

Are Bonds or ETFs the Better Investment Option? What to do When Your Tax Accountant is Being Dodgy · She's On The Money

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Speaker 1: My name is Tatasha Bamblet. I'm a proud First Nations
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Speaker 1: woman and I'm here to acknowledge country t Glenn Young
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Speaker 1: Ganya nianar Kaka yah y and beIN ah Waka nian
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Speaker 1: Our gay In Nimbini, yakarum Jar Dominyamiga Umagahawaka Woman damon
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Speaker 1: Imlan Bumba ban Gadabomba in and now in wakah Ghana
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Speaker 1: on yak rum Jar water Nadaa. Hello, beautiful friends, we
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Speaker 1: gather on the lands of the Aboriginal people. We thank
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Speaker 1: acknowledge and respect the Abiginal people's land that we're gathering
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Speaker 1: on today. Take pleasure in all the land and respect
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Speaker 1: all that you see. She's on the Money podcast acknowledges culture, country,
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Speaker 1: community and connections, bringing you the tools, knowledge and resources
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Speaker 1: for you to thrive.
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Speaker 2: She's on the Money. She's on the Money.
1:07
Speaker 3: Hello, and welcome to She's on the Money, the podcast
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Speaker 3: that makes personal finance fun, especially on Friday's Miss Jesscricci.
1:15
Speaker 3: It is our favorite day of the week because we
1:17
Speaker 3: get to get our little team together to celebrate you
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Speaker 3: the incredible She's on the Money community and you might
1:23
Speaker 3: have picked up It's actually just Jess and I today
1:26
Speaker 3: we are going to be sharing our favorite moneys. I'm
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Speaker 3: going to be sharing Beck's broke tips while she's away.
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Speaker 3: But don't worry, like she already set me up. I'm
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Speaker 3: fully prepared. They're not coming from me, They're definitely coming
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Speaker 3: from Beck. And we're going to be helping to answer
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Speaker 3: a money dilemma that's all about weather. Investment bonds or
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Speaker 3: ETFs are a better option to invest in and something
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Speaker 3: you just lead into our dams about what do you
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Speaker 3: do when your tax accountant is being dodgy?
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Speaker 4: Ooh?
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Speaker 3: Which I think is really interesting because low key, like
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Speaker 3: I don't know if I should be saying this on
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Speaker 3: the podcast, but the amount of messages I get Jess
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Speaker 3: from people being like, oh, have you got like a
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Speaker 3: dodgy tax accountant? Because they want to be claiming absolutely
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Speaker 3: everything that they're not entitled to and they want to
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Speaker 3: find someone who is dodgy that's going to buy you
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Speaker 3: in the bum my friend. Yeah, and like, do you
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Speaker 3: think I keep dodgy company? No, Like I'm low key
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Speaker 3: offended that that's who you think I would recommend anyway,
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Speaker 3: Moving on, Miss Jesse Gourici, before I ask you the
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Speaker 3: question of the week, which I'm excited about. Do you
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Speaker 3: want me to read you a five star review to
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Speaker 3: pep up your step?
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Speaker 2: Of course?
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Speaker 1: Right?
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Speaker 3: So this one is from Katie and she says accessible
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Speaker 3: and informative financial advice. Obviously it's not advice, but like,
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Speaker 3: we'll take what we get, Katie, She's on the Money
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Speaker 3: podcast is informative yet broken down to be easily understood
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Speaker 3: and explained. The girls are so passionate and keep the
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Speaker 3: podcasts entertaining and interesting. I love that there are three
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Speaker 3: different episodes each week and that they are in different
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Speaker 3: formats which keeps things really interesting, such as the deep Dives,
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Speaker 3: Money diarries and Friday with the Money dilemmas and.
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Speaker 5: Some of the spicy topics.
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Speaker 3: Thank you for making financial education so accessible for women
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Speaker 3: and anyone else who would like to listen to this
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Speaker 3: podcast and breaking down the barriers to us achieving financial independence.
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Speaker 5: Oh Katie, that's so lovely.
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Speaker 2: Thank you?
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Speaker 3: Isn't it so like you've hit the nail on the head. Like,
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Speaker 3: don't get me wrong, it's not even about the content,
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Speaker 3: like just the final sentence breaking down the barriers so
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Speaker 3: that we can achieve financial independence, Like absolutely, we are.
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Speaker 2: That is why we are here.
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Speaker 3: Yeah, it just makes me so excited that people are
3:23
Speaker 3: so empowered, and like, you know, I feel like maybe
3:25
Speaker 3: we've got this energy because it's like the start of
3:27
Speaker 3: the year and everyone starts like January with a clean slate.
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Speaker 3: But I feel like we've been rolling into the next
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Speaker 3: month very easily.
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Speaker 6: And I love that she said about the different episodes
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Speaker 6: and stuff too, because that's like why we designed the
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Speaker 6: show this day. So you can listen to whatever boat
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Speaker 6: to bow. If you really just want the deep dives,
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Speaker 6: you can loseen to Wednesdays. If you like the fun stuff,
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Speaker 6: you can join us on Fridays.
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Speaker 3: Yeah, and it sounds fun, but like there's actually like
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Speaker 3: in the background from a business perspective, Jess, you and
3:51
Speaker 3: I sat down and there's so much strategy that went
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Speaker 3: into that, because I was like, okay, cool. So like
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Speaker 3: there are a number of reasons people come to this podcast.
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Speaker 3: One of them is financial literacy. And some times if
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Speaker 3: you just want to get into like the gritty stuff
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Speaker 3: and learn money, you probably don't want the waffle, you
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Speaker 3: don't want to spicy topics. You just want like your
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Speaker 3: Wednesday deep dives. Other people come because they're like, I
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Speaker 3: don't particularly love the deep dives, but I love hearing
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Speaker 3: people's pervy money stories. Or you like all three and
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Speaker 3: you just like join in on the Friday because you
4:18
Speaker 3: like to hear what Jess and vare up to.
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Speaker 2: Yeah, like totally fine, that's a good time as well.
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Speaker 3: We love that Jess the question of the week. Are
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Speaker 3: you ready to get into our favorite time?
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Speaker 2: All right?
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Speaker 3: So still my favorite part of Friday drinks is when
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Speaker 3: you guys get the steering wheel and you get to
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Speaker 3: ask us the questions that you are dying to know,
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Speaker 3: and it can be about literally anything like this week's
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Speaker 3: one from Zoe, who wants to know if you could
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Speaker 3: do anything with the guarantee of landing on your feet
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Speaker 3: and it's all working out, what would you do?
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Speaker 5: That is such a good question.
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Speaker 2: What would I do?
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Speaker 5: What would I do? I think I would?
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Speaker 3: I love this because you're so conservative.
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Speaker 6: Yeah, as someone who is very risk adverse, I think,
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Speaker 6: can I guess what you would do? Go?
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Speaker 1: Go?
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Speaker 5: All right?
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Speaker 3: So I think you would do content creation one hundred
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Speaker 3: percent full time, I think so.
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Speaker 5: I think I would even if it wasn't content.
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Speaker 6: I think I would want to do something on my
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Speaker 6: own because especially working here, seeing the freedom of what
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Speaker 6: you can build, what you've done. We've spoken to so
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Speaker 6: many incredible women who've built these lives for themselves, and
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Speaker 6: I will say, I'm fully aware that it.
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Speaker 5: Is so much more work when it's for yourself.
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Speaker 2: We're not even justifying that.
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Speaker 3: Sorry, the question is like, you're guaranteed to land on
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Speaker 3: your feel so we don't even have to talk about
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Speaker 3: the work that goes into it.
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Speaker 2: That's fine.
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Speaker 6: I've always loved the idea of being able to build
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Speaker 6: a life that I can live on my terms, to
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Speaker 6: spend time with people I love, and to be able
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Speaker 6: to travel and do all those sorts of things. So
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Speaker 6: I think I would I think I would go all
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Speaker 6: in on yeah, my own business, creating content or I
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Speaker 6: don't know.
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Speaker 5: I've never really got a fire hand. It's your own business,
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Speaker 5: a pipe dream by yeah, something like that. If I knew,
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Speaker 5: what would you do?
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Speaker 3: Oh, this is rogue because like I'm a risk taker. Yes,
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Speaker 3: so like the business thing, yep, like like okay, I'll
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Speaker 3: do that, and thankfully it has worked out. I do
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Speaker 3: think that I don't know. I feel like I need
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Speaker 3: to disclaimer it. Like for me, obviously, I work ridiculously hard,
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Speaker 3: but it also is kind of like a mixture of
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Speaker 3: like good timing, making sure like the market was ready
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Speaker 3: for what we wanted to achieve, all of that stuff.
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Speaker 3: What do you think I would want to do?
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Speaker 2: Actually?
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Speaker 3: I think this is interesting because like I think that
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Speaker 3: my response is going to be really rogue.
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Speaker 5: Is it the skincare line?
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Speaker 3: No Ah, I would be really fun.
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Speaker 2: I don't know, station Relne.
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Speaker 5: Yeah, like some kind of fun line of something.
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Speaker 3: No, I want to go into politics, crazy for you,
6:32
Speaker 3: but I just feel like politics is so hard to
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Speaker 3: thrive in and there's so much politics in politics.
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Speaker 2: Yeah, and I'm not prepared.
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Speaker 3: For that, but I do love having the voice that
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Speaker 3: I have in the platform that I have to be
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Speaker 3: able to advocate for people. It's no surprise to anybody
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Speaker 3: that I have a very strong opinion or you know,
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Speaker 3: what's right and wrong, and that doesn't mean you have
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Speaker 3: to agree with me. But I feel like politics could
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Speaker 3: be really good way of me feeling like I have
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Speaker 3: that impact and me feeling like I'm doing really well.
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Speaker 2: Do I want to be prime and to start?
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Speaker 3: I don't think so, because I think that would be
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Speaker 3: the natural extension of why are you going into politics,
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Speaker 3: and I think it would be to advocate for minority
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Speaker 3: groups that maybe don't have the voice, so that I
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Speaker 3: could operate as the person who opens the door so
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Speaker 3: that they can walk through the door and then use
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Speaker 3: their voices to communicate change.
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Speaker 2: I think, I think, yeah, I love that.
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Speaker 5: That's such a great question.
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Speaker 3: But I don't know when I would have time or energy,
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Speaker 3: do you know what I mean. It's like, oh, if
7:29
Speaker 3: I'm guaranteed, well then I'd love to do that. But yeah,
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Speaker 3: that would be a full time job in itself.
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Speaker 6: Oh and the scary thing about politics with my pipe dream,
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Speaker 6: it's like, the worst thing it happens is I fail
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Speaker 6: and I have no money. But with politics, I feel
7:41
Speaker 6: like what we see so much. We saw an A
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Speaker 6: Ferguson last year and she spoke.
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Speaker 3: A little bit about her experience, and Hannah Ferguson for PM,
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Speaker 3: by the way, a one.
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Speaker 6: Hundred percent my queen backing her in. But it's the
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Speaker 6: way that people come for.
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Speaker 5: You personally, which is really sleary.
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Speaker 6: And I think in politics, especially because there is a
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Speaker 6: lot of entrenched misogyny and a lot of historical issues
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Speaker 6: that exist in that world specifically, that you would be
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Speaker 6: battling against I can see why so many people would go,
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Speaker 6: I want to make a change, but it's.
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Speaker 2: Not worth the risk of the personal warl.
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Speaker 5: But you put yourself through.
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Speaker 6: Yeah, that's why it's so admirable that Annah's like, well, no,
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Speaker 6: I'm going to do it, And for every other it's
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Speaker 6: really rough, especially who've done it.
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Speaker 3: It's really rough because people are savage. Like even when
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Speaker 3: I just post my opinion on things, like last year,
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Speaker 3: I posted so many things like you know, my opinion on,
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Speaker 3: for example, gambling. I piped up a little bit during
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Speaker 3: like the Melbourne Cup Carnival and spoke about how, yeah,
8:33
Speaker 3: like it's so fun to have a public holiday. And
8:35
Speaker 3: two things can be true at the same time. You
8:37
Speaker 3: can be against gambling and also really love a public holiday, like,
8:40
Speaker 3: don't get us wrong, love a day off. But we
8:43
Speaker 3: need to address domestic violence and we need to address gambling.
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Speaker 3: And I'm bringing these topics up at a time when
8:48
Speaker 3: people are like, let us have our champagne and they too.
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Speaker 3: The amount of rap that was in my DMS and abuse,
8:56
Speaker 3: I just go imagine if I was actually in politics. Yeah,
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Speaker 3: so back to the question you're telling me, I could
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Speaker 3: land on my feet in that space.
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Speaker 5: Great, Great, have that every I love that question. I
9:06
Speaker 5: want everybody listening to think about that, because it's such
9:08
Speaker 5: a nice thing. If you knew you wouldn't fail, what
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Speaker 5: would you do? Leave comments on Spotify?
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Speaker 3: Please leave it in the comments because I'll pour over them.
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Speaker 3: But I also feel like so many people would be like,
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Speaker 3: I'd quit my toxic job.
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Speaker 2: You can do that.
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Speaker 3: You can't do that because you will land on your feet.
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Speaker 2: You will.
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Speaker 3: Anyway, if you've got a question that you are dying
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Speaker 3: for us to answer, please also leave it in the comments.
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Speaker 3: When we say the comments, we mean the comments on Spotify,
9:30
Speaker 3: because I had a few dms a little while ago
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Speaker 3: of people being like, where are the comments section? I
9:33
Speaker 3: was like, only on Spotify.
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Speaker 5: Yeah, I doesn't do.
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Speaker 3: It yet, so I think doesn't do it yet. I'm
9:38
Speaker 3: hoping that they implement that. But anyway, all right, Jess,
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Speaker 3: I want your quick whip around of your favorite money
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Speaker 3: wins from the weekly thread Oh rightdie.
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Speaker 6: This week, I'm starting off with one from Gemma, who
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Speaker 6: said she bought four five hundred dollars worth of travel
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Speaker 6: insurance and she got twenty two percent cash back, so
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Speaker 6: she should be getting around a grand back.
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Speaker 3: Sorry, I have questions. Four thousand plus dollars of travel
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Speaker 3: insurance queen, where are you going and for how long?
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Speaker 3: And how much are you doing? Everest?
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Speaker 6: I feel like it must be a huge, big trip,
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Speaker 6: which I'm very jealous of. And also never seemed to
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Speaker 6: look for cash back for insurance, so I thought that
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Speaker 6: was very clever from me.
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Speaker 3: Have my shot back thing on so whenever I'm buying
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Speaker 3: it just pops up and tells me, because you're right,
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Speaker 3: I wouldn't go actively looking for it.
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Speaker 5: Yes, clever, clever, clever.
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Speaker 6: Next, I've got a money in from April, who said
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Speaker 6: she gave away a single bed, mattress and base on
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Speaker 6: Facebook marketplace and it was collected by somebody, which means
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Speaker 6: she doesn't have to pay tip fees for the mattress,
10:29
Speaker 6: and the persone who dropped it off also gave her
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Speaker 6: a little envelope with some scratches, Oh that's sad, a
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Speaker 6: little thank you, which I thought was really sweet. Next,
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Speaker 6: I've got a money in from Lauren, who said I
10:39
Speaker 6: went to buy dad a Bunnings voucher from colst his
10:42
Speaker 6: birthday and they had ten times flybys points when you
10:45
Speaker 6: bought vouchers so she just ended up stocking up on
10:47
Speaker 6: a few more to stash away as well.
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Speaker 3: Oh I love that.
10:50
Speaker 6: Catalina said her brother did a fuel lock for her
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Speaker 6: on the My seven eleven before flying out to the US,
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Speaker 6: which is going to save her around nineteen cents a
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Speaker 6: leader when she.
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Speaker 3: Goes to fill a car up in a few excuse
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Speaker 3: me nineteen cent?
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Speaker 2: Crazy?
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Speaker 5: If your skyrocketed all of a sudden, I don't.
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Speaker 3: Want to talk about it.
11:04
Speaker 5: Oh my god, the pain I am in.
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Speaker 6: And then, lastly, this week, I have a money win
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Speaker 6: from another Gemma, different gemma who said money in our
11:12
Speaker 6: local op shop had a kids and baby sale. All
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Speaker 6: of the kids and baby clothes and toys were three
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Speaker 6: items for one dollar.
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Speaker 5: Sorry, what wasn't it crazy?
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Speaker 6: I ended up buying three baby toys and twenty seven
11:22
Speaker 6: items of clothing. We're now set for the next couple
11:24
Speaker 6: of seasons for a grand total of ten dollars money win.
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Speaker 5: I was thinking about this.
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Speaker 6: I was op shopping on the weekend, and it's crazy
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Speaker 6: how expensive everything has gone. And then I see that
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Speaker 6: op shops are not taking donations because they've got to
11:37
Speaker 6: move through the stock that I got. And I don't
11:40
Speaker 6: know if I'm missing something, but it's the logical option
11:43
Speaker 6: not to sell things full less, like three things for
11:46
Speaker 6: dollar is crazy. Understandably, Like if you especially because a
11:49
Speaker 6: lot of them are not for profit, do you not
11:52
Speaker 6: just need to move the stock make it accessible to
11:54
Speaker 6: lots of people, especially right now, Especially right now, it
11:57
Speaker 6: creates a circular economy wherein things are not to Landville.
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Speaker 6: They're coming to the op shop and moving out, Like
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Speaker 6: people would buy stuff if it was cheap. But I
12:05
Speaker 6: went and there was like a harmemb what brand it was,
12:07
Speaker 6: but it was like not a great fancy brand or anything,
12:10
Speaker 6: not you know, synthetic materials. But I liked the design
12:13
Speaker 6: of the jumper and it was like forty dollars and
12:15
Speaker 6: I was like.
12:15
Speaker 5: But I can go by.
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Speaker 3: I've heard this from our community a few times now,
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Speaker 3: where we promote the secondhand economy, right and like you
12:22
Speaker 3: love an op shop, I love an op shop when
12:24
Speaker 3: I have time. There is nothing like sorting through and
12:26
Speaker 3: finding a bargain or like a real cute vintage top.
12:29
Speaker 3: Obviously we're all doing it for different reasons, but people
12:32
Speaker 3: will comment on our posts and rightly so and say, yeah, cool.
12:36
Speaker 3: The second hand economy is fantastic, but financially, I'm better
12:40
Speaker 3: off going to Kmart or Target and buying my kids
12:43
Speaker 3: a whole new wardrobe from there because it's cheaper. Yeah,
12:47
Speaker 3: and like I can just go get it in their size,
12:48
Speaker 3: like less thought less energy. I'm sorry that defeats the purpose,
12:53
Speaker 3: Like is the secondhand economy not meant to be helping us?
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Speaker 6: Well, it's really interesting and I know that, like, if
12:59
Speaker 6: you're a business, you've got to run on profit. But
13:02
Speaker 6: from my understanding, a lot of these op shops are not.
13:04
Speaker 6: So I just really don't understand.
13:05
Speaker 3: Yeah, I don't get it either, but I have and
13:07
Speaker 3: we all know A love a little TikTok's doom scroll.
13:10
Speaker 3: Like I don't think that's a secret, but I fell
13:12
Speaker 3: onto the side of TikTok and Jess, I know you're
13:15
Speaker 3: on this side too because you love an arts and
13:16
Speaker 3: earth crafts. In fact, Jess said the other day to me,
13:20
Speaker 3: V like, there's not enough arts and crafts so on
13:21
Speaker 3: my like for you page, and I was like, I'm
13:23
Speaker 3: a just dam You're in box with all of my
13:26
Speaker 3: arts and crafts so that hopefully our feeds merge together. Yes,
13:29
Speaker 3: But I saw people and they go into op shops
13:32
Speaker 3: and they don't care what the item looks like, but
13:34
Speaker 3: they're looking at the fabrication. They're like, oh, is this
13:36
Speaker 3: jumper Cashmir whenever you're with this, Yeah, and then they
13:39
Speaker 3: unthreaded all and like put the yarn back into a
13:42
Speaker 3: ball so that they can knit with it if they're knitters.
13:45
Speaker 1: Gee.
13:46
Speaker 3: So they go into like Savs or whatever it is
13:48
Speaker 3: when they've got like the extra fifty percent off and
13:50
Speaker 3: they're buying like three and four dollar jump hairs. They're like, oh,
13:53
Speaker 3: it's not brand name, it's not anything, but it's like,
13:55
Speaker 3: you know, made of good quality yarnah, And they're repurposing that,
13:58
Speaker 3: and I think that's just so Yeah. I don't know
14:01
Speaker 3: a few times I've gone to buy like wool or
14:03
Speaker 3: stuff for projects. It's so expensive, especially Kashmir. I wish
14:08
Speaker 3: you how to knit, because like there's a few things
14:10
Speaker 3: I've seen online. I'm like, Oh, I would love to
14:12
Speaker 3: knit that jumper, but I don't know how. It's not
14:13
Speaker 3: my journey either.
14:14
Speaker 5: Don't worry, No, it's such a cool girl hobby.
14:16
Speaker 6: But yeah, I love the idea exactly that repurposing it
14:19
Speaker 6: into something new, giving it new life, making it affordable
14:21
Speaker 6: for somebody like that's what it should be.
14:23
Speaker 3: I couldn't agree more. All right, let's skaddle into Beck's
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Speaker 3: broke tips, because I could talk about crafting all day
14:30
Speaker 3: and all night, and I know that you would let me.
14:33
Speaker 3: So the first broke tip Beck has given me is
14:35
Speaker 3: from Laura, who slid into her DMS and she said, Hey, Beck,
14:38
Speaker 3: my local shopping center is really popular for groceries and stuff.
14:42
Speaker 3: So every time I go, I get out of my car,
14:45
Speaker 3: I do a quick walking lap of the car park,
14:48
Speaker 3: and then I return the trolleys with coins and then
14:50
Speaker 3: the other people were too lazy to return, and usually
14:54
Speaker 3: I'm finding between three and seven dollars, and that pays
14:57
Speaker 3: for my coffee, sweet Tree.
14:58
Speaker 2: That's so clever.
15:00
Speaker 5: Also, if you're not putting your trolley back, you're a
15:01
Speaker 5: bad human.
15:02
Speaker 2: Do you not worry?
15:03
Speaker 3: I'll disclaimer that if you're not putting your trolley back
15:05
Speaker 3: and you are completely capable to do so, you're a
15:07
Speaker 3: bad human. If you're a mum or you aren't able
15:10
Speaker 3: to do so. I get it, queen. But also I
15:13
Speaker 3: saw someone the other day not put their trolley back,
15:15
Speaker 3: and I was like greasing them off, something shocking, And
15:18
Speaker 3: I was like Victoria divine, Are you turning into a Karen?
15:20
Speaker 5: I heear that maybe, like I just well.
15:22
Speaker 3: And then one time, this is when I was much younger,
15:25
Speaker 3: my dad saw someone do that and then he moved
15:27
Speaker 3: to the trolley to behind their car, so they had
15:29
Speaker 3: to get out and move the trolley before they reversed out.
15:31
Speaker 2: So stop pop up.
15:35
Speaker 3: So the next broke tip is from someone else who
15:37
Speaker 3: slid into becks. Dms Kaya says, when I'm having a
15:41
Speaker 3: really tight week and need to make cheap meals, I
15:44
Speaker 3: go on to TikTok for inspiration and then I look
15:46
Speaker 3: up all of the ten dollar Meal series and there
15:49
Speaker 3: are so many cheap recipes on there. It doesn't feel
15:52
Speaker 3: like I'm being cheap because it feels super creative.
15:54
Speaker 5: I love a ten dollar recipe.
15:56
Speaker 2: I think they're so.
15:57
Speaker 3: Clever exactly, and like I get so excited because I'm like, oh,
16:00
Speaker 3: that's crafty or like a big Please don't get me wrong,
16:04
Speaker 3: I know that you're like, oh, tray bake, but like sorry,
16:07
Speaker 3: a big.
16:07
Speaker 2: Risotto or like orso pasta.
16:10
Speaker 3: I've been really into recently that stretches and it reheats
16:15
Speaker 3: so well. There's like have you seen on TikTok again,
16:18
Speaker 3: TikTok rest, But marry me tuscan chicken.
16:21
Speaker 2: I've heard people say.
16:22
Speaker 5: Marry me chicken. I don't know what it is, and
16:24
Speaker 5: they don't marry.
16:25
Speaker 3: Me because like if I gave it to you and
16:27
Speaker 3: you ate it, it's so good that you'd want to
16:29
Speaker 3: marry me.
16:30
Speaker 5: Oh that's quite cute. Yeah, so cute.
16:32
Speaker 3: But there's been an orso version of the marry me chicken.
16:35
Speaker 3: And so like when you do like a risotto or
16:38
Speaker 3: a orso, you don't need a whole chicken breast for
16:40
Speaker 3: each person, Like you just need some chicken through it
16:43
Speaker 3: for flavor and like, you know, texture, So you can
16:46
Speaker 3: make a chicken breast, like one chicken breast last for
16:49
Speaker 3: four meals. And I think that that's such a good deal.
16:51
Speaker 3: But anyway, tiny pasta and rice makes the meal stretch
16:54
Speaker 3: so much. That bag of spinach, yeah, some cream bas
16:59
Speaker 3: and maybe a tomato source, you're good to go.
17:01
Speaker 6: Stay self challenge like a week of ten dollar meals
17:03
Speaker 6: or something. What a good way to like kind of
17:05
Speaker 6: just buffy your budget a little bit exactly.
17:07
Speaker 3: And if you're like scrimping and being like, okay, well,
17:09
Speaker 3: Christmas was hectic then I haven't replenished any of my
17:13
Speaker 3: emergency funds that I said I would. Maybe you could
17:16
Speaker 3: do a like small grocery challenge and be like, Okay,
17:18
Speaker 3: I'm going to do like a rice and beans for
17:20
Speaker 3: a week, because if I can live off X amount
17:23
Speaker 3: of money, I'll have eighty dollars spared this month and
17:25
Speaker 3: I can put it into my emergency fund. Future you
17:29
Speaker 3: is going to thank you, I promise. And now the
17:32
Speaker 3: last one is also about groceries. Sorry, I feel like
17:34
Speaker 3: I've got a theme here, like it's all about food
17:36
Speaker 3: and groceries and car parks and whatever. This one's from Beck,
17:40
Speaker 3: she told me v I think this one is actually
17:42
Speaker 3: really important to highlight. Lighthouse Care is a not for
17:46
Speaker 3: profit charity that provides free and discount food to families
17:50
Speaker 3: struggling to make ends meet through their low cost grocery
17:53
Speaker 3: stores and home delivery to most of Southeast Queensland. Obviously
17:57
Speaker 3: this is quite specific, but it's really cool initiatives, so
18:00
Speaker 3: if you're in Southeast Queensland. They've also got their own
18:03
Speaker 3: label of groceries, so they've kind of got their own
18:06
Speaker 3: home brand and have a twenty five dollars trolley each week.
18:10
Speaker 3: That you can purchase, which is incredible value. So they're like,
18:13
Speaker 3: stock it full of stuff twenty five bucks and you've
18:16
Speaker 3: done groceries.
18:16
Speaker 5: For the way. It's amazing. That's so fantastic.
18:19
Speaker 2: Is one of those Yeah, I know.
18:21
Speaker 3: So that's why I'm like, let's talk about this, because like,
18:23
Speaker 3: the more we talk about smaller initiatives, the more other
18:25
Speaker 3: people see it, and then maybe it could be implemented
18:28
Speaker 3: other places.
18:29
Speaker 5: Incredible.
18:30
Speaker 3: There's just so much stuff I want to do with
18:32
Speaker 3: my life, Jess, and I just I don't have time. Like,
18:35
Speaker 3: if somebody could pick that up and make it more accessible,
18:38
Speaker 3: that would be fantastic. I think it is time to
18:41
Speaker 3: go to a really quick break because on the flip side,
18:43
Speaker 3: we're going to be talking all about whether investment bonds
18:46
Speaker 3: or ETFs are the best strategy for you, and something
18:48
Speaker 3: that you slid into our dams about what do you
18:51
Speaker 3: do when your tax accounts being dodgy? What do you
18:53
Speaker 3: do when any finance professionals being dodgy? Don't go anywhere?
19:00
Speaker 5: Welcome back, everybody. Let's take a listen to this week's
19:03
Speaker 5: money dilemma.
19:05
Speaker 7: Hi, there, have you got a money dilemma? You just
19:08
Speaker 7: can't solve the sheese on The Money Team is here
19:10
Speaker 7: to help. Every week, we tackle your dilemmas, both big
19:14
Speaker 7: and small, to answer your most burning money, career.
19:16
Speaker 2: And life questions.
19:17
Speaker 7: To get involved, simply head to our website and leave
19:20
Speaker 7: us a short voice recording and you might just find
19:22
Speaker 7: yourself on the show.
19:23
Speaker 3: Now, let's take a listen to this week's money dilemma.
19:29
Speaker 4: Hi, Team, I recently came across investment bonds as a
19:32
Speaker 4: long term strategy, and I'm curious to learn more From
19:36
Speaker 4: what I understand, they're taxed at a flat thirty percent
19:39
Speaker 4: rate and they don't attract capital gains tax after ten years.
19:43
Speaker 4: This does sound appealing, especially since I'm currently taxed at
19:46
Speaker 4: thirty seven point five percent, but I'm wondering how they
19:49
Speaker 4: compare to regular investing, particularly ETFs. I know my ETFs
19:54
Speaker 4: will benefit from a fifty percent CGT discount after twelve months,
19:58
Speaker 4: and the plan is that I'll end up selling them
20:00
Speaker 4: closer to retirement when I have little to no income.
20:03
Speaker 4: But I'm also thinking about dividends since they're tax and
20:06
Speaker 4: my marginal rate. Would investment bonds help produce this impact?
20:10
Speaker 4: And what happens if I needed to access my money
20:12
Speaker 4: before this tenure mark. Is there a downside to liquifying
20:15
Speaker 4: assets early? For context, I have quite a bit of
20:19
Speaker 4: savings in my offset as well as my emergency fund,
20:22
Speaker 4: so I don't imagine I need to liquefy. But I'm
20:25
Speaker 4: just wondering if you could help me unpack the pros
20:27
Speaker 4: and cons of investment bonds for someone in my situation.
20:31
Speaker 3: Thanks, You're so cute. I mean listening for two years,
20:36
Speaker 3: like I mean, I did like the ego Stork moments,
20:38
Speaker 3: just like thank you, and I'm like, thank.
20:40
Speaker 2: You too does feel good. But also, we have actually.
20:44
Speaker 3: Done a whole episode on investment bonds, so we'll make
20:47
Speaker 3: sure that that is linked in the show notes for you,
20:49
Speaker 3: because like, it will dive much deeper than I can
20:52
Speaker 3: dive into it in the short time I have to
20:54
Speaker 3: answer this question.
20:56
Speaker 6: I'd like to shout out the title for that episode
20:58
Speaker 6: because I still remember it because I came up.
21:00
Speaker 5: Was it just the names bond, investment bond or ax
21:04
Speaker 5: bond something like that? Hilarious?
21:07
Speaker 1: I love it.
21:07
Speaker 3: But we'll link that in the show notes because mainly
21:09
Speaker 3: Jess is really funny, but it is all about your
21:12
Speaker 3: time frames and what you want to invest in and
21:15
Speaker 3: the types of returns that you get. Now, investment bonds
21:18
Speaker 3: are something that I have openly spoken about before. I
21:21
Speaker 3: do not personally have any investment bonds. However, when my
21:26
Speaker 3: son Harvey was born, I opened up an investment bond
21:29
Speaker 3: because for me, that was the best strategy for him
21:31
Speaker 3: because there's, as you mentioned, a number of different tax benefits.
21:34
Speaker 3: And I've obviously recently opened up a new investment bond
21:38
Speaker 3: for our new friend. But I think it's really interesting
21:42
Speaker 3: that you're like, oh, well, you know, obviously there's a
21:43
Speaker 3: whole heap of benefits for investment bonds versus direct ETFs,
21:47
Speaker 3: and from my perspective as an ex financial advisor, obviously
21:50
Speaker 3: can't give you advice. But it all comes down to
21:53
Speaker 3: tax benefits and the structuring, right, So you didn't tell
21:56
Speaker 3: me how much money you went, and obviously I couldn't
21:58
Speaker 3: give personal advice anyway, But investment bond is usually something
22:01
Speaker 3: that if you know you're investing for more than ten years,
22:04
Speaker 3: and you are also on a higher tax rate, so
22:07
Speaker 3: like you're at the top marginal tax rate, that might
22:10
Speaker 3: be a really effective way for you to invest. Because
22:14
Speaker 3: inside an investment bond, for those of you who are
22:16
Speaker 3: playing along at home, is honestly ETFs. Like most of
22:20
Speaker 3: the time it's either ETFs or a managed fund, it's
22:23
Speaker 3: a little bit more carefully curated. You have a little
22:25
Speaker 3: bit less control than you would have overgoing and buying
22:28
Speaker 3: individual ETFs like you and I do, Jess. But the
22:32
Speaker 3: benefit is if you're investing for the long term, it's
22:35
Speaker 3: more tax efficient. It does mean that tax time is
22:38
Speaker 3: a little bit less complicated for you as well, because
22:41
Speaker 3: you don't necessarily have to put all of that information.
22:43
Speaker 3: You don't have to wait for your tax statements to
22:45
Speaker 3: come through from Chaesis to upload to gift your accountant.
22:48
Speaker 3: But again it's personal preference. Is one better than the other?
22:52
Speaker 3: Ultimately the answer is no, They're just different structures and
22:56
Speaker 3: it just depends on, well, what's your long term game.
23:00
Speaker 3: I would say that an investment bond is slightly more inaccessible.
23:04
Speaker 3: So one of the things I like about my direct
23:06
Speaker 3: share portfolio, and I don't own direct shares, but you
23:09
Speaker 3: know what I mean, Like I directly invest into ETFs.
23:12
Speaker 3: One of the things I love about that is within
23:14
Speaker 3: three business days, if you know the proverbial hit the fan, Jess,
23:18
Speaker 3: I could have all that money back in my account
23:20
Speaker 3: where I need to access it, I can in saying
23:23
Speaker 3: that you should also always have a very good emergency fund,
23:26
Speaker 3: so you shouldn't technically need that. But I'm the type
23:28
Speaker 3: of person I think I've said on the show before,
23:30
Speaker 3: I'm like a conservative aggressive investor, so like aggressive in
23:35
Speaker 3: that most of my husband and my cash, like if
23:38
Speaker 3: we've got extra cash, it's going in the share portfolio.
23:41
Speaker 3: But my share portfolio is relatively conservative, So I'm not
23:44
Speaker 3: out here buying, you know, startup businesses and like taking
23:48
Speaker 3: risks on ETFs that have only just been launched. I
23:51
Speaker 3: love a Vanguard high growth. Yeah, and I love her
23:54
Speaker 3: because she's tried and true and tested and that just
23:56
Speaker 3: works for me. Might not work for you, and that's fine.
23:59
Speaker 3: And we have disclosed, Like if you go back through
24:02
Speaker 3: on Spotify, we have curated a whole playlist called Investing
24:07
Speaker 3: and it's all of our investing episodes.
24:09
Speaker 2: I tell you what I own.
24:10
Speaker 3: You know, there was a really great episode we did
24:12
Speaker 3: last year which went bananas. I didn't expect it to
24:14
Speaker 3: go as bananas as it did, where Brooke from our
24:17
Speaker 3: team outlined her exact investment strategy, her plan to retire
24:21
Speaker 3: before she's forty all of that, and she divulges what
24:24
Speaker 3: she's investing in. I know having spoken to her as well,
24:28
Speaker 3: and investment bond is in neither of our best interests.
24:31
Speaker 3: But you're right, it's quite tax effective, so I mean,
24:33
Speaker 3: look into it. Yeah, I can't tell you which is better.
24:37
Speaker 3: Is that a round enough answer, JA?
24:38
Speaker 2: I think absolutely?
24:39
Speaker 6: Yeah, look at the tax benefits versus how likely it
24:42
Speaker 6: is that you're going She needed all those sorts of things,
24:44
Speaker 6: and yeah, work backwards, sphere out fear. And if you
24:47
Speaker 6: do want advice, then that's when maybe you would look
24:49
Speaker 6: at speed to an advisor.
24:50
Speaker 3: Yeah, and if you want to speak to an advisor,
24:52
Speaker 3: go to our website. We can match you with an
24:53
Speaker 3: advisor if you go to get advice and fill in
24:56
Speaker 3: the form there that comes directly to me and my team,
24:59
Speaker 3: and then we have a look at like what your
25:01
Speaker 3: semantics are, like who you are, what demographic you are,
25:04
Speaker 3: what you're earning, what you're spending, and then we match
25:06
Speaker 3: you with an advisor that we think is the right
25:08
Speaker 3: fit for you. That's actually a really powerful way to
25:10
Speaker 3: get on top of it. The other thing I would
25:12
Speaker 3: say about investment bonds is just have a quick check
25:15
Speaker 3: about what you're planning on doing in the long term,
25:18
Speaker 3: because yes, it's a tax efficient way, but how are
25:21
Speaker 3: you drawing dividends out of that? Like are you planning
25:23
Speaker 3: on having the investment bond for maybe ten or twenty
25:25
Speaker 3: years and then transferring it to something else? Just a
25:28
Speaker 3: lot of questions. I'm sorry, every single investment bond is
25:31
Speaker 3: different because they're all run by different businesses.
25:33
Speaker 2: That makes total sense.
25:34
Speaker 3: Are you ready to talk DMS?
25:35
Speaker 2: Of course I am all right.
25:37
Speaker 3: So I am interested because, like, what even constitutes a
25:41
Speaker 3: dodgy accountant high ses on the money? My tax agent's
25:45
Speaker 3: being dodgy. I noticed this year only one of my
25:49
Speaker 3: accounts was listed for interest, even though I'd moved all
25:52
Speaker 3: of my savings into a high interest account months earlier.
25:55
Speaker 3: When I questioned him, he said that the ATO didn't
25:57
Speaker 3: pick up on it and just to leave it. I'm
26:00
Speaker 3: not a rule breaker, so this made me feel really guilty.
26:03
Speaker 3: Then I got audited and it turns out he didn't
26:05
Speaker 3: declare any interest for the last two years at all.
26:09
Speaker 3: He also claimed I had a partner to avoid the
26:11
Speaker 3: Medicare leve surcharge. I got private health the next year
26:15
Speaker 3: to cover myself, and he still kept it on there
26:17
Speaker 3: even after I asked him to take it off. I
26:20
Speaker 3: hate that someone else's actions could have repercussions on me financially,
26:24
Speaker 3: and I'm so worried it will affect my credit score
26:27
Speaker 3: or borrowing power when I apply for a home loan.
26:29
Speaker 5: That sounds like malpractice.
26:30
Speaker 2: I mean, that's actually reportable.
26:32
Speaker 3: So I don't know about you, Jess, but we're both
26:35
Speaker 3: a little bit black and white.
26:37
Speaker 2: Get a new accountant.
26:38
Speaker 3: Absolutely, I can match you with an accountant. So you
26:40
Speaker 3: know how I told you before about the financial advice thing.
26:43
Speaker 3: I do that for mortgage brokers, I do that for accountants,
26:45
Speaker 3: I do that for financial advisors, all of it. You
26:48
Speaker 3: want a finance professional, I've got you because nobody that
26:51
Speaker 3: I know would do that.
26:52
Speaker 6: They shouldn't be advising you to do the wrong thing.
26:55
Speaker 6: They also then definitely should not be going against your
26:58
Speaker 6: direct instructions.
27:00
Speaker 3: Sorry, if you told them I don't have a partner
27:01
Speaker 3: and they're putting down that you have a partner to
27:03
Speaker 3: avoid something. When I said, oh, people are looking for
27:07
Speaker 3: dodgy accountants, I thought you meant like, oh, they're claiming
27:10
Speaker 3: up to the threshold or something on something yeah, that's
27:14
Speaker 3: actually just actually poor work.
27:16
Speaker 2: That's actually just lazy. That's illegal, that is not okay.
27:19
Speaker 3: And if you got audited, I would actually go to
27:22
Speaker 3: the ATO and say hey, And like the thing with
27:24
Speaker 3: being audited, right, And the tricky thing about having an
27:28
Speaker 3: external accountant is that the onus doesn't ever sit on them.
27:32
Speaker 3: So what happens is you get your accountant and you
27:34
Speaker 3: say could you please do my tax return? And they go, yep,
27:36
Speaker 3: no worries, I'll feel the whole thing out. And then Jesse,
27:39
Speaker 3: you've got an accountant, so you know the process. They
27:41
Speaker 3: feel absolutely everything out. Then they come back to you
27:44
Speaker 3: and say could you please sign off on this so
27:46
Speaker 3: that we can lodge it? And you signing off on it,
27:49
Speaker 3: isn't you going yeah, like put it in, I'm.
27:50
Speaker 2: Ready to go.
27:51
Speaker 3: It's you taking responsibility for everything in that to say,
27:55
Speaker 3: as miss Jesse Gricci, I have checked every single line item,
27:59
Speaker 3: and I believe all of this information to be true
28:02
Speaker 3: and correct, so that when the ATO comes to audit you,
28:06
Speaker 3: they're not looking at your accountant. No, they're not going
28:08
Speaker 3: to come down on the accountant like a ton of bricks.
28:10
Speaker 3: They're going to come down on you because you're the
28:12
Speaker 3: one who ultimately submitted that you're the one who signed
28:15
Speaker 3: off on it. And I think that a lot of
28:16
Speaker 3: people don't know that. They go, oh, but if I
28:18
Speaker 3: get an accountant and they're the one doing the like
28:21
Speaker 3: dodgy or they're the one claiming up to the threshold,
28:24
Speaker 3: this isn't.
28:24
Speaker 2: Going to bite me. Yeah, you will bite you.
28:27
Speaker 3: It's actually your responsibility. So whether it's dodgy because you
28:30
Speaker 3: wanted it or dodgy because you didn't want it, you're
28:33
Speaker 3: the responsible party here. Yeah, So the ATO would have
28:36
Speaker 3: come to you directly and said justify your expenses. And
28:40
Speaker 3: at that point, yes, you could obviously be like, my
28:43
Speaker 3: accountant was dodgy. All of this stuff doesn't make sense.
28:46
Speaker 3: That's not true. They're going to go, that's great, Jess,
28:50
Speaker 3: but you signed off on it.
28:51
Speaker 4: Yeah.
28:52
Speaker 3: So I think it's really important to know that because like,
28:55
Speaker 3: obviously if you go got audited, he'll get in trouble. No,
28:58
Speaker 3: not necessarily, but what.
28:59
Speaker 5: You should be doing is reporting him or her shoe
29:02
Speaker 5: the governing body.
29:03
Speaker 3: Is it ax the account or is it a different
29:05
Speaker 3: body to acid which is really fun. You can also
29:08
Speaker 3: it depends on if they're like a CPA accountant. You
29:10
Speaker 3: could report them to their governing body. Just look them up.
29:14
Speaker 3: They'll have some fancy letters after their name, and then
29:16
Speaker 3: that's the body you would be reporting them too.
29:18
Speaker 6: Yeah, and I one hundred percent would be doing that
29:20
Speaker 6: because that is just not okay on any level as
29:23
Speaker 6: far as I'm no.
29:23
Speaker 3: And also, just get a new accountant. It's really easy,
29:26
Speaker 3: Like to leave an accountant is not challenging. All you
29:29
Speaker 3: do is go to the new account and say, hey,
29:31
Speaker 3: I want you to be my accountant, and they go, great,
29:33
Speaker 3: no worries. I'll log in and a letter get sent
29:36
Speaker 3: to your old accountant that says Jess is leaving, and
29:39
Speaker 3: they send all of the files over nice and easy.
29:41
Speaker 3: It is very easy and you don't even have to
29:43
Speaker 3: do it the new accountant or do that dirty.
29:44
Speaker 1: Work for you.
29:45
Speaker 2: Oh I love that.
29:46
Speaker 5: But what did everybody else say?
29:47
Speaker 3: No confrontation, We'd love to see it. And so first
29:50
Speaker 3: thing I asked them a few questions. I said, what
29:52
Speaker 3: would you do Jess in this situation? Forty eight percent
29:56
Speaker 3: of you are our queen's reporting to the tax practitioners
29:59
Speaker 3: bared twenty seven percent said I would switch accountants and
30:02
Speaker 3: move on. Twenty four percent say tell the ATO what happened,
30:06
Speaker 3: and one percent said, silently stress about it. Oh even question, honey,
30:10
Speaker 3: queen says, no confrontation. You can report him to the
30:13
Speaker 3: tax practitioners. Bored, Then you can get a new accountant,
30:16
Speaker 3: and then you can also tell the ATO what he did.
30:18
Speaker 5: Ticktick and tick.
30:19
Speaker 3: Is it my fault that your actions are making you
30:22
Speaker 3: look bad? Sounds a lot like not my problem exactly.
30:24
Speaker 3: Next question, be honest. Do you check your tax return
30:28
Speaker 3: before you sign it? Forty three percent of you are
30:31
Speaker 3: very relatable queens. You said I'll just skim it. Twenty
30:34
Speaker 3: seven percent say I do my tax myself. Love that
30:37
Speaker 3: independent queens. Fifteen percent said with a fine tooth comb
30:41
Speaker 3: and the other fifteen percent said, was I meant to
30:43
Speaker 3: do that?
30:44
Speaker 2: Well, now you know, you know?
30:46
Speaker 5: Yes, The answer is do you check it?
30:48
Speaker 6: Jess, I am team skimmer, but I'm actively like when
30:52
Speaker 6: I do it with my tax accountant, they like, we
30:55
Speaker 6: do it all together on a zoom.
30:57
Speaker 3: So I'm not your accountant too, because you got it
30:59
Speaker 3: for me. So she's doing a dodgy.
31:01
Speaker 6: Yeah, I know everything that she's putting in, and I
31:03
Speaker 6: just kind of skimmed through checkel the numbers, make sure
31:05
Speaker 6: nothing has been missed.
31:06
Speaker 2: More than anything, I'm like.
31:07
Speaker 5: I want to claim every dollar I can.
31:08
Speaker 3: But yeah, tim skim, I feel like that's reasonable when
31:11
Speaker 3: you trust someone. Yes, So don't get me wrong. The
31:13
Speaker 3: professional advice and the right advice I should be giving
31:16
Speaker 3: on this podcast right now is go through it with
31:19
Speaker 3: fine tooth constantly. But like you've been seeing, I would say,
31:22
Speaker 3: the same tax account for like five years. Yeah, yeah,
31:24
Speaker 3: he's crazy, Like do you know what else? Guys low
31:27
Speaker 3: key offside comment, so crazy? How much I know about
31:30
Speaker 3: Jess's personal financial situation. I'm like, oh, well, if she died,
31:34
Speaker 3: I know her accountant, I know a financial planner, I
31:36
Speaker 3: know where all her money is, I know her up
31:38
Speaker 3: bank account.
31:38
Speaker 2: Like are we in a relationship?
31:40
Speaker 5: Pretty much?
31:41
Speaker 2: It feels like I'm not mad.
31:42
Speaker 3: We also then said to the community, all right, what
31:44
Speaker 3: is your two cents? First person said to yikes, that's
31:49
Speaker 3: why I felt. I was like, excuse me. Next person said,
31:51
Speaker 3: I actually had this situation happened to me. Dodgy tax
31:54
Speaker 3: guy ordered it and find now I just do it myself.
31:58
Speaker 5: It is not worth it.
31:59
Speaker 2: Oh no, so don't let that put you off.
32:01
Speaker 5: I would say, like one bad egg is not representative of.
32:04
Speaker 3: Everybody, and a good accountant. So like, don't get me wrong,
32:07
Speaker 3: if you are a salary and PAYG employee and that
32:11
Speaker 3: is the only income that you have, you very well
32:14
Speaker 3: could do your tax yourself. I'm not allowed to give
32:16
Speaker 3: you advice, but we see in our community people in
32:19
Speaker 3: those situations thriving on doing their own. When you start
32:23
Speaker 3: to get a little bit more complicated, and I'm going
32:25
Speaker 3: to throw Jess under the bus again because she's a
32:27
Speaker 3: really great example of this, where Jess is a salary
32:29
Speaker 3: in PAYG employee, if she's on the money, Jess, you
32:32
Speaker 3: also have your own small business where you've got a
32:34
Speaker 3: number of invoices coming in and out. Yep, you also
32:37
Speaker 3: have investments, You also have a property, So it becomes
32:41
Speaker 3: a little bit more murky as to what you can claim,
32:44
Speaker 3: what you can't claim, maybe what you're missing, Like you
32:47
Speaker 3: want someone to go through invoices and make sure that
32:49
Speaker 3: you know any GST that was payable or not payable
32:52
Speaker 3: has like come in and gone out in the right ways. Like,
32:55
Speaker 3: it becomes a little bit more complicated and at that
32:57
Speaker 3: point you might go, really do need a trusted account
33:00
Speaker 3: but so many people these days. My tax system is
33:04
Speaker 3: relatively simple and with the data matching that's available now,
33:08
Speaker 3: which can be really scary. And I don't say that
33:10
Speaker 3: because I'm scared of it. I just know that people
33:12
Speaker 3: don't love the idea that data is floating around and
33:14
Speaker 3: it's being used. But these days, you log into your
33:17
Speaker 3: tax portal and they're like, these are your bank accounts
33:20
Speaker 3: and you go confirm, yeah, these your investments furry out?
33:24
Speaker 3: How do they get that?
33:25
Speaker 5: Yeah?
33:25
Speaker 3: But that's why, like when you sign up to like
33:27
Speaker 3: a SHARE's ease, they go, hey, Jess, what's your tax
33:30
Speaker 3: file number? Yeah, because on your behalf they will submit
33:33
Speaker 3: all of your tax stuff to the tax office. So
33:35
Speaker 3: if you wait long enough, you can just do it
33:37
Speaker 3: yourself and it's like kind of already pre filled.
33:39
Speaker 2: Yeah.
33:39
Speaker 5: It makes it so much easier, really, doesn't.
33:41
Speaker 3: I Mean, I'm just a maths and like finance girly.
33:44
Speaker 3: I just I think that they definitely have their place.
33:47
Speaker 3: But I can also see why you'd want to do
33:49
Speaker 3: it yourself.
33:49
Speaker 6: If I didn't have a complic more complicated scenario. I
33:52
Speaker 6: did my own v years and it was always great.
33:54
Speaker 3: Exactly Now, the next person said, girl, I don't understand
33:57
Speaker 3: my tax return.
33:58
Speaker 2: That's why I pay an accountant.
34:00
Speaker 5: I a mean to that.
34:01
Speaker 2: That's me.
34:02
Speaker 3: And if you don't want to do it, turns out
34:04
Speaker 3: you don't have to. And I feel like I'm like
34:05
Speaker 3: the promo girl right now. For tax accountants, you're welcome.
34:08
Speaker 3: By the way, they're tax deductible. So next year when
34:11
Speaker 3: you go to do your tax return, you can claim
34:13
Speaker 3: your accountant fees.
34:14
Speaker 2: Yeah, money win.
34:16
Speaker 5: We love that, all right.
34:17
Speaker 3: Next person said, my friends who use tax agents, their
34:20
Speaker 3: returns sound dodgy as hell, claiming all sorts of things.
34:24
Speaker 3: I think you should just diy.
34:25
Speaker 5: It's so interesting that so many people have had this experience.
34:27
Speaker 3: I have not had that experience, and I don't think
34:30
Speaker 3: that many people are actually doing that. I feel like
34:32
Speaker 3: that might be an isolated incident, because, like I'm sorry,
34:35
Speaker 3: the tax office is coming down on people like that
34:37
Speaker 3: with tons of bricks. Now, next one said, if they're
34:40
Speaker 3: doing this with someone honest, what are they doing for
34:43
Speaker 3: those that aren't honest.
34:45
Speaker 5: Well, that's so true.
34:46
Speaker 3: Someone else said, if you're paying for a service, it
34:48
Speaker 3: should be done correctly. I mean, yes, at the end
34:50
Speaker 3: of the day, you are absolutely correct. And then the
34:52
Speaker 3: last one I've got is I had a tax agent's
34:55
Speaker 3: neighbor who ended up in jail for doing all of
34:57
Speaker 3: these dodgy things.
34:58
Speaker 6: There it's going to come back around, I think. And
35:00
Speaker 6: it's good that you're thinking about doing the right thing
35:02
Speaker 6: and making sure that you're doing everything you're supposed to be,
35:05
Speaker 6: because you're right, like the instinct for everyone needs a
35:07
Speaker 6: ways to take the advice of the professional. That's what
35:09
Speaker 6: we preach all the time. Speak to a professional to
35:11
Speaker 6: fill the deficits in your knowledge. But in this case,
35:14
Speaker 6: if the professional is not doing the right thing, your
35:16
Speaker 6: gut instinct there are one hundred percent right, like you
35:18
Speaker 6: need to be speaking to someone who's advising you want
35:20
Speaker 6: to how to do the right thing, do it by
35:23
Speaker 6: the law, do it correctly, but don't let it put
35:25
Speaker 6: you off, because truly, if you are in a situation
35:27
Speaker 6: where it's relevant to you, a tax agent, an accountant, whatever,
35:30
Speaker 6: are worth their weight in gold.
35:32
Speaker 3: One hundred percent. And I just think the last thing
35:35
Speaker 3: for me is good things happen to good people. Just
35:37
Speaker 3: do the right thing, and nothing's going to come back
35:40
Speaker 3: to bite you. Like if you know that something's dodgy,
35:42
Speaker 3: or you feel like it's not good in your gut.
35:44
Speaker 3: Just find a new tax agent. It is very simple.
35:47
Speaker 3: It's not a hard thing to do. You might be like, oh,
35:50
Speaker 3: but be like they're my cousin's friend.
35:51
Speaker 5: It doesn't matter.
35:52
Speaker 3: I cut it off and move on and just say, oh,
35:54
Speaker 3: I just wanted to shake things up this year.
35:56
Speaker 2: Do good, be good.
35:57
Speaker 3: I'm going to cut the show here because I feel
35:58
Speaker 3: like a good yap on our advice for ages. But
36:01
Speaker 3: have the best week and we'll see you bright early
36:03
Speaker 3: on Monday morning for a money diary. Bye guys.
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