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Shake that tax for me · She's On The Money

• 0:00
  Speaker 1: She's on the Money.
• 0:02
  Speaker 2: She's on the Money.
• 0:21
  Speaker 1: Hello, and welcome to She's on the Money, the podcast
• 0:23
  Speaker 1: for millennials who want financial freedom. My name is Annabel Lee.
• 0:27
  Speaker 1: If you're a diligent pod listener, you'd know that by now,
• 0:29
  Speaker 1: but if you're not, that's okay. I forgive you welcome
• 0:32
  Speaker 1: greetings all that, and as always, I'm joined by my
• 0:36
  Speaker 1: lovely friend and money expert Victoria Devine. Hello there, Hello.
• 0:40
  Speaker 1: Can I just say, firstly, I'm so impressed with how
• 0:43
  Speaker 1: responsive you are on our Facebook page to every She's
• 0:47
  Speaker 1: on the Money community member. You're just like, hi, there,
• 0:49
  Speaker 1: and you just give them your advice and it's brilliant.
• 0:52
  Speaker 1: I love it.
• 0:52
  Speaker 3: I think it's more opinion than advice.
• 0:54
  Speaker 4: Not sure if I would take it as advice, but yes,
• 0:57
  Speaker 4: I do love talking to everybody in the group. I
• 1:00
  Speaker 4: absolutely appreciate all of the messages I get and the
• 1:03
  Speaker 4: Instagram stories that get sent to me, like keep them coming,
• 1:06
  Speaker 4: thank you.
• 1:07
  Speaker 1: So on behalf of all of the the Ses on
• 1:08
  Speaker 1: the Money community members. Thank you, no, thank you, Victoria.
• 1:13
  Speaker 1: Today we're going to talk about something we've received dozens
• 1:15
  Speaker 1: of dms, about a three letter word that sparks fear
• 1:18
  Speaker 1: into the average millennial.
• 1:21
  Speaker 3: What is it tax?
• 1:23
  Speaker 1: Oh but before we really dig in, let's kick things
• 1:26
  Speaker 1: off by sharing a money win or a money confession
• 1:28
  Speaker 1: from the week you first.
• 1:29
  Speaker 4: Why do I always have to go first? I'm the
• 1:32
  Speaker 4: first one to be thrown under a bus. Okay, So
• 1:36
  Speaker 4: backing up last week's confession, I have another confession for
• 1:40
  Speaker 4: you guys.
• 1:41
  Speaker 3: So on the weekend, I went to.
• 1:43
  Speaker 4: A Dares with the purpose of purchasing a brand new
• 1:46
  Speaker 4: Doner because Adares had their fifty percent off sale and
• 1:49
  Speaker 4: that's incredibly exciting.
• 1:51
  Speaker 1: You know, us have really expensive they are so expensive.
• 1:53
  Speaker 4: So I had worked out that this Juner was probably
• 1:56
  Speaker 4: going to go on sale, so I've been hanging out
• 1:58
  Speaker 4: for it to be marked down. So off I go
• 2:01
  Speaker 4: to Adaz and I pick the doner that I knew
• 2:04
  Speaker 4: I wanted fifty percent off.
• 2:05
  Speaker 3: What a money win. But instead I picked the more deluxe.
• 2:09
  Speaker 4: Version of the doner and spent what I would have
• 2:11
  Speaker 4: spent on the full priced, cheaper.
• 2:13
  Speaker 3: Doner on this more deluxe doner.
• 2:15
  Speaker 1: Therefore, still she's fancy.
• 2:17
  Speaker 3: Very fancy.
• 2:19
  Speaker 4: But now I spent what I was going to spend
• 2:22
  Speaker 4: on the full price diner to begin with, and didn't
• 2:23
  Speaker 4: actually save any money.
• 2:25
  Speaker 1: Oh no, well, mine is also a money confession this week. Unfortunately,
• 2:29
  Speaker 1: I have, I think, done the opposite of what most
• 2:31
  Speaker 1: people do, in that I have become a coffee drinker.
• 2:35
  Speaker 1: And because I used to not drink coffee, I used
• 2:37
  Speaker 1: to be very caffeine in sensitive. But now I think
• 2:39
  Speaker 1: maybe it's because whenever I come here, you make me
• 2:41
  Speaker 1: this really fancy soy latte and I just can't say no.
• 2:44
  Speaker 3: It is really fancy. There's a heart on hers today.
• 2:47
  Speaker 3: I know I need everybody to know that.
• 2:48
  Speaker 1: But now every morning I'm going walking to the cafe.
• 2:52
  Speaker 1: I live in Richmond, so there are lots of choices.
• 2:54
  Speaker 1: I'm walking to a cafe and I'm buying a coffee
• 2:57
  Speaker 1: and it's not good for the bank.
• 2:59
  Speaker 3: Have I been in a neighbor learn this?
• 3:00
  Speaker 4: Because when I met you, you're like, oh, I'm sorry,
• 3:02
  Speaker 4: I don't drink coffee. And now every time you come
• 3:05
  Speaker 4: into the office you are too soy lattes deep before
• 3:07
  Speaker 4: ten am.
• 3:08
  Speaker 1: I'm like, give it to me, pomp it into my veins. Okay,
• 3:11
  Speaker 1: with coffee in my system, let's get straight into it.
• 3:14
  Speaker 1: We all know. The Australian income year ends on June
• 3:17
  Speaker 1: thirty and that you generally have from July first to
• 3:20
  Speaker 1: October thirty first to lodd your return from the previous year.
• 3:23
  Speaker 1: Now that we're in the middle of July, we suppose
• 3:25
  Speaker 1: lots of you are thinking the same thing as am I.
• 3:28
  Speaker 1: Where the hell do I start? And what am I owed? Victoria.
• 3:31
  Speaker 1: Let's start with just that there's an attitude out there
• 3:33
  Speaker 1: that we should be getting cash injections back into our
• 3:36
  Speaker 1: accounts at tax time. Is that actually accurate? Does the
• 3:39
  Speaker 1: average working Australian get a refund on their tax return?
• 3:42
  Speaker 4: This is such a complex area to start talking about,
• 3:44
  Speaker 4: and I think the first thing I need to do
• 3:46
  Speaker 4: is disclaimer that I am not an accountant.
• 3:48
  Speaker 3: I am a financial advisor.
• 3:50
  Speaker 4: So all of the opinions I'm going to give you
• 3:51
  Speaker 4: guys are just based on my interpretation.
• 3:54
  Speaker 3: Of tax law. Right, fun, right, Yeah.
• 3:57
  Speaker 4: So yes, generally Australian do get a refund, but they
• 4:01
  Speaker 4: don't get a massive one. I think it's also a
• 4:04
  Speaker 4: really backwards way of thinking to think that every time
• 4:06
  Speaker 4: you submit your tax return you are owed something. So
• 4:10
  Speaker 4: we pay tax in a country to live in this
• 4:12
  Speaker 4: country and have all the things that we have and
• 4:15
  Speaker 4: access to all of these beautiful things that enable our
• 4:17
  Speaker 4: world to keep going around. But a tax return is
• 4:21
  Speaker 4: actually just you submitting your claim of I earned this
• 4:24
  Speaker 4: much per year. Please compare this to what my employer said.
• 4:28
  Speaker 4: You are claiming anything that you spent money on in
• 4:30
  Speaker 4: relation to you deriving a taxable income.
• 4:33
  Speaker 1: So is it normal to get zero dollars back?
• 4:36
  Speaker 3: It is quite normal to that's happening.
• 4:39
  Speaker 4: And as much as it sounds a little bit depressing,
• 4:41
  Speaker 4: it's actually a money win for the government and for
• 4:43
  Speaker 4: your employer and for you because it means that the
• 4:46
  Speaker 4: right yeah when win win because it means that the
• 4:49
  Speaker 4: right amount of tax was taken out of your take
• 4:51
  Speaker 4: home pay for you to give to the government and
• 4:53
  Speaker 4: they didn't owe you anything back. So often when you
• 4:56
  Speaker 4: get a tax return, it means one of two things.
• 4:59
  Speaker 4: It either means that you got a pay rise in
• 5:01
  Speaker 4: that year and you had more taxable income than you
• 5:04
  Speaker 4: did before. Or it could mean that you had a
• 5:07
  Speaker 4: second job. You might be driving ubers on the side
• 5:10
  Speaker 4: and you've derived some more income, or you might have
• 5:13
  Speaker 4: expenses that you're able to claim that are related to
• 5:15
  Speaker 4: you deriving your income. So I think that there's a
• 5:18
  Speaker 4: real sense of entitlement around tax. You know, you go
• 5:21
  Speaker 4: to brunch with friends and they'll say, oh, I feel
• 5:24
  Speaker 4: like I'm paying too much tax, or the government is
• 5:26
  Speaker 4: taking so much of my income.
• 5:28
  Speaker 3: That's my income.
• 5:29
  Speaker 4: To put this in perspective for you guys, if you
• 5:31
  Speaker 4: go back twenty years and you were earning more than
• 5:34
  Speaker 4: fifty thousand dollars, you are actually in the highest marginal
• 5:37
  Speaker 4: tax bracket. So that means that your tax rate was
• 5:40
  Speaker 4: effectively forty seven percent, so you were nearly paying half
• 5:43
  Speaker 4: of your income to the taxman.
• 5:45
  Speaker 3: Whereas now, if.
• 5:46
  Speaker 4: You are earning fifty thousand dollars, you are in the
• 5:50
  Speaker 4: lower marginal tax brackets, so not the lowest, which is
• 5:53
  Speaker 4: people who don't have to pay tax, but you were
• 5:54
  Speaker 4: in the lower marginal tax bracket of only paying thirty
• 5:58
  Speaker 4: two percent tax. So I think it's really important to
• 6:01
  Speaker 4: realize that over time, the marginal tax bracket has been
• 6:04
  Speaker 4: declining as our incomes have been increasing.
• 6:07
  Speaker 1: Right, So let's talk horror stories for a second. What
• 6:10
  Speaker 1: are the most glaring mistakes you've seen with clients at
• 6:12
  Speaker 1: tax time?
• 6:13
  Speaker 4: So at the end of the day, so many taxpayers
• 6:15
  Speaker 4: are making incorrect claims, and as much as we've previously
• 6:20
  Speaker 4: been able to get away with these claims. The technology
• 6:24
  Speaker 4: that the ATY now has is so far advanced that
• 6:27
  Speaker 4: it's now not about if you get caught, but when
• 6:29
  Speaker 4: you get caught. So we're yeah, we're talking about you
• 6:32
  Speaker 4: know all of this robo advice with centralling.
• 6:35
  Speaker 3: Can you know?
• 6:35
  Speaker 4: The data matching has happened, And now all of these
• 6:37
  Speaker 4: people owe money that they thought that they either got
• 6:39
  Speaker 4: away with.
• 6:40
  Speaker 3: Or didn't know about.
• 6:41
  Speaker 4: And at L was essentially doing the same thing. So
• 6:45
  Speaker 4: I think the missteps that people are making now is
• 6:48
  Speaker 4: just assuming that they are able to claim for things
• 6:50
  Speaker 4: that they don't need to produce receipts for. So, for example,
• 6:53
  Speaker 4: I had a friend the other day say, hey, Victoria,
• 6:55
  Speaker 4: but I can claim up to three hundred dollars on
• 6:58
  Speaker 4: of work related expenses without producing receipts. And whilst this
• 7:02
  Speaker 4: is absolutely true, the issue here is you actually have
• 7:06
  Speaker 4: to have incurred those costs to be able to claim them,
• 7:08
  Speaker 4: and the ATO can audit you ad hoc if they
• 7:12
  Speaker 4: decide to do so, and you need to be able
• 7:14
  Speaker 4: to justify those costs. So as much as people are saying, hey,
• 7:17
  Speaker 4: I am able to claim up to three hundred dollars
• 7:20
  Speaker 4: without receipts, you're not actually able to claim it at
• 7:22
  Speaker 4: all unless you've actually spent it.
• 7:23
  Speaker 1: What about self employed people in particular.
• 7:25
  Speaker 4: So, I think self employed people are in a bit
• 7:27
  Speaker 4: of a sticky situation where they are often not earning
• 7:31
  Speaker 4: enough income or they feel like they're not earning enough
• 7:34
  Speaker 4: income to justify the expense of having an accountant on
• 7:36
  Speaker 4: their team. So that means that they are either guestimating
• 7:40
  Speaker 4: how much tax they are paying or overestimating what they
• 7:43
  Speaker 4: can claim. So something that the ATO is cracking down
• 7:46
  Speaker 4: on more recently is your home expenses, so your internet
• 7:50
  Speaker 4: and electricity charges. That people are saying, well, I am
• 7:53
  Speaker 4: a sole trader and I work from home one hundred
• 7:55
  Speaker 4: percent of the time. Therefore I'm going to claim one
• 7:58
  Speaker 4: hundred percent of my electricity or mobile bill or phone
• 8:01
  Speaker 4: bill or internet Whereas this is not actually the case.
• 8:04
  Speaker 4: You can only claim what you're entitled to, and that
• 8:07
  Speaker 4: is a percentage of your phone or internet bill, not
• 8:10
  Speaker 4: the entire amount.
• 8:11
  Speaker 1: You've got to be pretty specific with that then, because
• 8:14
  Speaker 1: how do you even calculate when you're using it for
• 8:16
  Speaker 1: work expenses and when it's for personal use.
• 8:19
  Speaker 4: So this is one of those things where it's sometimes
• 8:21
  Speaker 4: easier to have two separate plans. So you'll see some
• 8:25
  Speaker 4: people having two separate mobile phones because it's easier to
• 8:28
  Speaker 4: say one is solely used for work and the other
• 8:31
  Speaker 4: is solely used for personal if you aren't in that situation,
• 8:36
  Speaker 4: though I'm not in that situation. I use my mobile
• 8:38
  Speaker 4: for work and for personal. It just means going through
• 8:41
  Speaker 4: a couple of statements and working out on average, what
• 8:44
  Speaker 4: percentage am I using my phone for? Is it seventy
• 8:48
  Speaker 4: five percent work, twenty five percent personal? Is it fifty
• 8:51
  Speaker 4: to fifty? What does that actually look like? And then
• 8:53
  Speaker 4: justifying that to the ato. So as much as you
• 8:56
  Speaker 4: don't have to always preside receipts, make sure you've got
• 8:59
  Speaker 4: them for your own personal records.
• 9:02
  Speaker 1: So, speaking more generally, then, what are the big things
• 9:04
  Speaker 1: people can claim like travel expenses or work clothes? Is
• 9:07
  Speaker 1: that attacks me?
• 9:08
  Speaker 4: So if you are a PAYG employee, so it means pay.
• 9:12
  Speaker 3: As you go, Oh really, yes? Yes, So if you're
• 9:16
  Speaker 3: a payers who.
• 9:16
  Speaker 4: Go tax employee, this means that there's probably not a
• 9:20
  Speaker 4: lot of things you can actually claim on. And I
• 9:22
  Speaker 4: know that this is not what people want to hear
• 9:24
  Speaker 4: out of this podcast. You're probably on this podcast because
• 9:26
  Speaker 4: you're like, Oh, Victoria's gonna give me all the goals
• 9:28
  Speaker 4: and the things that I can claim to get money back.
• 9:31
  Speaker 3: When it's actually not the case.
• 9:33
  Speaker 4: If you are a PAYG employee, there's not a lot
• 9:36
  Speaker 4: you can claim on unless you are incurring costs that
• 9:39
  Speaker 4: are directly related to you deriving an income.
• 9:42
  Speaker 3: So that could be travel.
• 9:44
  Speaker 4: So if you had to go to Sydney for the
• 9:46
  Speaker 4: week for work, anything related to that would be claimable. However,
• 9:50
  Speaker 4: going to and from work in the car is not
• 9:52
  Speaker 4: a claimable expense, whereas if you get in the car
• 9:55
  Speaker 4: at eleven o'clock to go get the mail from the
• 9:57
  Speaker 4: post office, that is claimable. I know that a lot
• 9:59
  Speaker 4: of people have gotten in trouble previously because they're trying
• 10:02
  Speaker 4: to claim their work kilometers, but they're actually traveling to
• 10:05
  Speaker 4: and from work, not during work times.
• 10:07
  Speaker 3: Right, Yes, I.
• 10:08
  Speaker 1: Actually read this is maybe a bit of a tangent
• 10:11
  Speaker 1: that people who work in the sun a lot can
• 10:14
  Speaker 1: claim some protection like sunglasses, sunscreen for.
• 10:17
  Speaker 4: Some industries and some rolls, you can claim those things,
• 10:22
  Speaker 4: but that's because it is directly related to you deriving
• 10:26
  Speaker 4: an income.
• 10:27
  Speaker 1: So in your opinion, Victoria. Why is your tax return
• 10:29
  Speaker 1: so important? How far in advance should you maybe be
• 10:32
  Speaker 1: preparing for it.
• 10:33
  Speaker 4: I know these are boring, but it's actually a legal
• 10:35
  Speaker 4: requirement for you to fill in a tax return each year,
• 10:38
  Speaker 4: and if you aren't filling in a tax return each year,
• 10:41
  Speaker 4: there are actually fees and penalties that will apply. So
• 10:44
  Speaker 4: doing it is actually in your best interest to not
• 10:46
  Speaker 4: incur any kind of fine. You should be preparing for
• 10:49
  Speaker 4: your tax return always. If you're incurring a cost related
• 10:52
  Speaker 4: to your employment, just make sure you take note of it.
• 10:55
  Speaker 4: So whether that's you keeping a shoe box under your
• 10:57
  Speaker 4: bed of receipts that at tax time you pull out
• 11:00
  Speaker 4: and work out what you need to claim, that's fine.
• 11:03
  Speaker 4: I know a lot of people also take photos and
• 11:05
  Speaker 4: create an album on their phone to keep track of
• 11:07
  Speaker 4: these things. But at the end of the day, I
• 11:09
  Speaker 4: think always having in the back of your mind that
• 11:11
  Speaker 4: tax is important will definitely keep you on the right track.
• 11:15
  Speaker 1: So in your opinion, then, do you think it's worth
• 11:17
  Speaker 1: getting your tax returned done by an accountant or a
• 11:20
  Speaker 1: tax agent or through my tax.
• 11:22
  Speaker 4: So I think that this is a bit of a
• 11:24
  Speaker 4: fickle question to answer, because at the end of the day.
• 11:28
  Speaker 4: Tax agents and accountants are specialists in their area, so
• 11:31
  Speaker 4: if anyone is going to know what you can and
• 11:33
  Speaker 4: can't claim, it is them. It's not up to the
• 11:36
  Speaker 4: discretion of you saying, well, I feel like I should
• 11:38
  Speaker 4: be able to claim it. It might not actually be
• 11:40
  Speaker 4: a legitimate claim. I think if you're earning less than
• 11:43
  Speaker 4: twenty five thousand dollars a year, though, you should probably
• 11:46
  Speaker 4: be able to work out the my tax portal on
• 11:48
  Speaker 4: your own because you're not actually going to be paying
• 11:50
  Speaker 4: any tax to begin with, So to pay someone to
• 11:53
  Speaker 4: claim any small amount for your tax that you didn't
• 11:57
  Speaker 4: actually ever pay seems a bit redundant to me. If
• 11:59
  Speaker 4: you are earning over twenty five thousand dollars, though, and
• 12:02
  Speaker 4: you feel like you have some legitimate claims, that's probably
• 12:05
  Speaker 4: when I'd start talking to an accountant. But again discretionary.
• 12:10
  Speaker 4: Going to a tax agent means you're getting advice and
• 12:12
  Speaker 4: they're more likely to prepare your tax return in a
• 12:16
  Speaker 4: legal way. But if you feel like you are, you know,
• 12:19
  Speaker 4: a salary and wage earner, you only have one stream
• 12:22
  Speaker 4: of income, and you know you didn't spend anything to
• 12:24
  Speaker 4: derive your income, you can again probably work out my
• 12:27
  Speaker 4: tax portal on your own.
• 12:29
  Speaker 1: I also read that apparently if you used a tax
• 12:31
  Speaker 1: agent or etax dot com dot or you to lodge
• 12:33
  Speaker 1: your tax return last year, you can claim the amount.
• 12:36
  Speaker 3: Yeszy, so that's something you can claim. I don't know
• 12:38
  Speaker 3: that you can.
• 12:39
  Speaker 4: Often people actually forget that that's a claimable expense because
• 12:42
  Speaker 4: it happened in the previous financial year.
• 12:44
  Speaker 3: But yes, you can claim.
• 12:46
  Speaker 4: Your previous tax preparation fees from the previous financial year.
• 12:50
  Speaker 1: Because it's to do with work.
• 12:52
  Speaker 3: Yes, tax, Yes, because great.
• 12:53
  Speaker 1: I'm getting it. So what's the likelihood of being audited
• 12:58
  Speaker 1: to go down to dark? It's certainly tempting to exaggerate
• 13:02
  Speaker 1: a little when you're doing your tax return at the
• 13:03
  Speaker 1: chance of maybe getting a higher refund, But is that
• 13:06
  Speaker 1: really dangerous?
• 13:07
  Speaker 3: Absolutely it is.
• 13:09
  Speaker 4: So the likelihood of you being audited increases each year
• 13:12
  Speaker 4: because of technology. So the ADO is now able to
• 13:15
  Speaker 4: do what's called a desktop audit. So it's where they
• 13:18
  Speaker 4: don't actually call in your information. It's where they just
• 13:21
  Speaker 4: in their office go through all of your stuff because
• 13:24
  Speaker 4: no longer do you have to provide them with group certificates.
• 13:27
  Speaker 4: It's all online. So they already have access to the
• 13:30
  Speaker 4: ATO portal. They already have access to all of the
• 13:32
  Speaker 4: group certificates the business you work for has submitted. They
• 13:35
  Speaker 4: have access to your Medicare records, they have access.
• 13:38
  Speaker 3: To your supers.
• 13:38
  Speaker 1: Sounds so scary, It is.
• 13:40
  Speaker 4: Somewhat scary, but also it's a really nice thing to
• 13:43
  Speaker 4: have in place, because it means that more people are
• 13:45
  Speaker 4: doing the right thing, because there's less chance of you
• 13:48
  Speaker 4: being in a position where you can evade tax. What
• 13:50
  Speaker 4: the ATO is doing is more desktop audits, which means
• 13:53
  Speaker 4: just auditing people in general. And because this is more efficient,
• 13:57
  Speaker 4: it's happening more often, and with their data matching software,
• 14:00
  Speaker 4: they're able to just lump a lot of people together
• 14:03
  Speaker 4: and audit them all at one time.
• 14:04
  Speaker 1: Moving on from that, is it true that the gig
• 14:07
  Speaker 1: economy has changed the way the government monitors our tax returns?
• 14:10
  Speaker 4: Absolutely it has, And I feel like I say absolutely
• 14:13
  Speaker 4: a lot in this podcast, but absolutely it happened.
• 14:16
  Speaker 1: Is good.
• 14:17
  Speaker 4: I'm so certain about this because it's happening with a
• 14:21
  Speaker 4: lot of my clients as well. As you know, we
• 14:23
  Speaker 4: see a lot in the news about what's going on.
• 14:25
  Speaker 3: With the gig economy.
• 14:26
  Speaker 4: The economy is fantastic because it's enabling people to derive
• 14:29
  Speaker 4: more income and you know, have more control over the
• 14:32
  Speaker 4: income that they are producing for themselves. So for something
• 14:35
  Speaker 4: like Uber, it's in your hands. So you can go
• 14:37
  Speaker 4: and set up an Ober account, become a driver, and
• 14:40
  Speaker 4: you're in control of how many hours a day you're working,
• 14:42
  Speaker 4: how much extra income you are producing. The thing with
• 14:45
  Speaker 4: the gig economy, though, is a lot of people are
• 14:48
  Speaker 4: starting these side jobs creating income, but they're not declaring
• 14:51
  Speaker 4: the income they're making. So if you're a graphic designer
• 14:54
  Speaker 4: and you're doing a couple of jobs on the side,
• 14:56
  Speaker 4: I think it's becoming more and more likely that you're
• 14:59
  Speaker 4: going to be ordered to and the ATO is going
• 15:01
  Speaker 4: to find out that you are not declaring that income
• 15:04
  Speaker 4: because of data matching. Now, the ATO is going directly
• 15:07
  Speaker 4: to the employers or the businesses that are paying for
• 15:11
  Speaker 4: invoices and saying, hey, how much have you paid this
• 15:14
  Speaker 4: year and to who, and data matching it to what
• 15:16
  Speaker 4: you have said you have earned. So this has been
• 15:20
  Speaker 4: happening for a number of years in the building industry.
• 15:22
  Speaker 4: So they've done something called the Taxable Payment Reporting Scheme
• 15:25
  Speaker 4: or the TPRs for sure, and it's been in play
• 15:28
  Speaker 4: since twenty twelve, and it actually means that the ATO
• 15:31
  Speaker 4: is able to cross check between what people say versus
• 15:34
  Speaker 4: what they've actually earned.
• 15:36
  Speaker 3: And this is the type of thing that's going on
• 15:38
  Speaker 3: in the gig economy now.
• 15:39
  Speaker 4: So whether you're working as a freelance graphic designer or
• 15:41
  Speaker 4: you're working for a larger company like Uber, now, everything
• 15:44
  Speaker 4: is actually being taken into consideration and cross checked. And
• 15:48
  Speaker 4: as much as that sounds like, oh okay, they're cross
• 15:50
  Speaker 4: checking it, it maybe isn't that important. As a result
• 15:54
  Speaker 4: of the TPRs, in only one year, it increased the
• 15:57
  Speaker 4: ato's revenue by two point seven billion dollars. I thought
• 16:01
  Speaker 4: you were gonna say a million, but noorry other one
• 16:03
  Speaker 4: billion dollars. So you best believe that they're definitely investing
• 16:06
  Speaker 4: in making sure they're capturing all income from all places
• 16:09
  Speaker 4: as they're building a more fair tax system for everyone.
• 16:12
  Speaker 1: Oh my goodness that I just can't get over that number.
• 16:15
  Speaker 3: It's actually it's actually crazy.
• 16:17
  Speaker 4: So it's obviously in the government's best interest to make
• 16:20
  Speaker 4: sure that people aren't not declaring income because at the
• 16:23
  Speaker 4: end of the day, the tax that we have builds
• 16:26
  Speaker 4: our economy and it supports.
• 16:28
  Speaker 1: Us follow the law people.
• 16:29
  Speaker 3: It's important, Oh, says the law student.
• 16:38
  Speaker 1: Hi, there, you've called the Shees on the Money hotline.
• 16:40
  Speaker 1: Do you have a money problem you want help solving.
• 16:43
  Speaker 1: Do you have a money dilemma you just want to
• 16:44
  Speaker 1: chat about. Victoria is here to help. Every week we'll
• 16:47
  Speaker 1: be playing your hotline questions to help make sense of
• 16:49
  Speaker 1: the money mess you may have found yourself in. Give
• 16:51
  Speaker 1: us a call on four three five, two nine three
• 16:54
  Speaker 1: double eight six and you might find yourself on the show.
• 16:57
  Speaker 1: And over to today's listener questions.
• 17:05
  Speaker 5: How She's on the money. I'm start working full time
• 17:08
  Speaker 5: at the end of last July on a wage of
• 17:10
  Speaker 5: fifty thousand dollars. I've also done some furlanch writing work
• 17:14
  Speaker 5: over the last ym which I've only kind of occasionally
• 17:17
  Speaker 5: paid for. I do a lot of free work, so
• 17:20
  Speaker 5: even though I don't pay a lot, it doesn't pay
• 17:22
  Speaker 5: a lot, so it's probably less than five hundred dollars.
• 17:25
  Speaker 5: It is all done through in ABNS, So I guess
• 17:27
  Speaker 5: my question is how do I work out my tax
• 17:31
  Speaker 5: around this kind of small side gig income on top
• 17:35
  Speaker 5: of my actual income and if I am going to
• 17:38
  Speaker 5: be charged extra tax because I haven't really declared it
• 17:41
  Speaker 5: through the year. Can I offset this by claiming some
• 17:44
  Speaker 5: home office expenses? All right, thank you?
• 17:47
  Speaker 1: What should she do? Victoria?
• 17:49
  Speaker 4: So I think that she really needs to have a
• 17:51
  Speaker 4: look at the ATO website actually, because that has a
• 17:54
  Speaker 4: number of really good tax calculators which will actually tell
• 17:57
  Speaker 4: you how much tax you need to be saving from
• 17:59
  Speaker 4: each pay to go towards tax, and having a look
• 18:02
  Speaker 4: at how she wants to pay that.
• 18:04
  Speaker 3: So I know.
• 18:04
  Speaker 4: There are a number of different ways that you can
• 18:06
  Speaker 4: pay tax. You can either hoard it all until the
• 18:08
  Speaker 4: end of the year and work out what your tax
• 18:11
  Speaker 4: return is gonna ask of you. Or you can do
• 18:14
  Speaker 4: what's called a BASS, which you do every quarter and
• 18:17
  Speaker 4: you essentially make sure that you're on track with your
• 18:19
  Speaker 4: tax every single quarter. So each three months you'll do
• 18:23
  Speaker 4: a BAS statement, which is a business activity statement to
• 18:25
  Speaker 4: make sure that you are paying the tax that you
• 18:27
  Speaker 4: need to be paying and paying it in advance.
• 18:29
  Speaker 1: So can I do a BAS myself online or do
• 18:31
  Speaker 1: I need help with it?
• 18:32
  Speaker 4: Absolutely you can, So you can just do it through
• 18:34
  Speaker 4: the ATO dot dot au website, or you could talk
• 18:37
  Speaker 4: to an accountant about setting that process up. In relation
• 18:40
  Speaker 4: to the question about additional office expenses. If you incurred
• 18:43
  Speaker 4: those expenses in direct relation to the money that you
• 18:47
  Speaker 4: are earning, then it could be a claim that you
• 18:50
  Speaker 4: can make. But I think that to make sure that
• 18:53
  Speaker 4: that's one hundred percent on track, you need to have
• 18:55
  Speaker 4: a chat with an accountant just to work out what
• 18:57
  Speaker 4: those percentages are and what those claims actually look like.
• 19:00
  Speaker 1: Let's roll right into my next question.
• 19:05
  Speaker 5: Hey, guys, tili here.
• 19:07
  Speaker 6: So I'm two years behind on my tax returns because
• 19:10
  Speaker 6: I started working and an ongoing role a few years
• 19:13
  Speaker 6: ago for the government, earning over the HEX threshold for
• 19:16
  Speaker 6: the first time, and they weren't actually taking my HEX
• 19:18
  Speaker 6: out of my salary, which I didn't know at the time.
• 19:20
  Speaker 6: So when I went to submit my tax in the
• 19:22
  Speaker 6: Miagash portal, it was like, you're gonna have a future debt.
• 19:25
  Speaker 6: So I just didn't submit my tax. And I have
• 19:29
  Speaker 6: been told by someone that if I do submit my
• 19:31
  Speaker 6: tax and I get the tax debt, it'll have a
• 19:33
  Speaker 6: really high interest. So I was like, no, just don't
• 19:35
  Speaker 6: submit it. Really really good solution. So from there, I've
• 19:40
  Speaker 6: not done it for two years. This will be my
• 19:42
  Speaker 6: third year and I wanted to submit my taxes sixty
• 19:46
  Speaker 6: years basically, and I'm just wondering. I know I can
• 19:49
  Speaker 6: do them through the migras portal, but as a student
• 19:54
  Speaker 6: working in an admin type role, is it worth getting
• 19:58
  Speaker 6: an accountant? I know they're really good for businesses and
• 20:01
  Speaker 6: things because they know how to claim that, like what
• 20:03
  Speaker 6: for the business or for an individual with business related costs,
• 20:07
  Speaker 6: But for someone like myself who doesn't have any business
• 20:10
  Speaker 6: costs and who just has like personal coasts and maybe
• 20:13
  Speaker 6: some student costs and like the very basic admin role
• 20:17
  Speaker 6: pad costs, is there any value in getting an account
• 20:19
  Speaker 6: or should I just submit them myself to the mic gospettle?
• 20:22
  Speaker 1: Thanks you, so, Victoria, how'd she do? Should she get
• 20:26
  Speaker 1: an accountant? Do you reckon?
• 20:27
  Speaker 4: I think because she's behind in her tax returns, it
• 20:30
  Speaker 4: would be a really good idea to consult with an
• 20:32
  Speaker 4: accountant so that she can get on top of it
• 20:35
  Speaker 4: and so she can completely understand what she needs to
• 20:38
  Speaker 4: pay for her hex. But then also what kind of
• 20:40
  Speaker 4: fees and charges are associated with late submission of a
• 20:44
  Speaker 4: tax return, which is something that can happen. So if
• 20:46
  Speaker 4: you lodge your tax return late as an individual, there
• 20:49
  Speaker 4: will be fees and charges associated.
• 20:51
  Speaker 3: So talking to an accountant will mean.
• 20:53
  Speaker 4: That they'll be able to work it all out for
• 20:54
  Speaker 4: you and let you know what you do oh for
• 20:56
  Speaker 4: your hex, but then also help you get your head
• 20:59
  Speaker 4: around all of the other fees in charges that might
• 21:01
  Speaker 4: be associated with the late submission of a tax return.
• 21:04
  Speaker 1: So, Victoria, do you see this kind of thing a lot,
• 21:06
  Speaker 1: Because I feel like a lot of people maybe put
• 21:08
  Speaker 1: their head in the sand when it comes to getting
• 21:09
  Speaker 1: their tax returns in on time. I think so.
• 21:11
  Speaker 4: I think a lot of women put their heads in
• 21:13
  Speaker 4: the sand because it seems overwhelming and too much for
• 21:16
  Speaker 4: them to do, and it often feels like something that
• 21:18
  Speaker 4: we can just do later.
• 21:19
  Speaker 6: But you have from the.
• 21:21
  Speaker 4: First of July to the thirty first of October each
• 21:24
  Speaker 4: year to lodge your tax return. And if you're too
• 21:26
  Speaker 4: overwhelmed during that period of time, you can actually talk
• 21:29
  Speaker 4: to an accountant.
• 21:30
  Speaker 3: Because they have extended deadlines so they are.
• 21:32
  Speaker 4: Able to submit your tax return by the fifteenth of
• 21:35
  Speaker 4: May the following.
• 21:36
  Speaker 1: Year, and you can claim those fees on your next year.
• 21:39
  Speaker 3: Absolutely can.
• 21:40
  Speaker 1: God, I'm good, and now it's time for the purby stuff.
• 21:49
  Speaker 1: Today's money daries from a twenty eight year old PhD
• 21:51
  Speaker 1: student who didn't have the easiest upbringing when it came
• 21:54
  Speaker 1: to her family situation.
• 21:55
  Speaker 7: My main thing is that I never try not to
• 21:58
  Speaker 7: buy anything new, so basically by everything off Facebook Marketplace,
• 22:02
  Speaker 7: Like I'm obsessed. A lot of my friends actually think
• 22:04
  Speaker 7: I have a problem, but it is a really good
• 22:06
  Speaker 7: way to save money. And my entire house is furnished
• 22:08
  Speaker 7: from Facebook Marketplace. All the clothes I get, including like,
• 22:13
  Speaker 7: I have an absolute obsession with Gorman. I hope that's
• 22:16
  Speaker 7: okay to say that brand. So I get like most
• 22:19
  Speaker 7: of my Gorman stuff from Facebook Marketplace, and I save
• 22:21
  Speaker 7: loads of money. I suppose, like, I come from a
• 22:23
  Speaker 7: pretty low SS background SES means socio economic status, and
• 22:26
  Speaker 7: so I suppose from my mum and my dad. I
• 22:30
  Speaker 7: grew up with my dad cause so it's kind of
• 22:31
  Speaker 7: always been like single income, and then my mom's perpetually
• 22:34
  Speaker 7: been unemployed basically on and off throughout my whole life,
• 22:37
  Speaker 7: so never too much money coming in.
• 22:39
  Speaker 8: And I think, yeah, as a result, I've just been
• 22:41
  Speaker 8: super thrifty.
• 22:42
  Speaker 7: But also when I was eighteen, because I've kind of
• 22:45
  Speaker 7: lived out in the country, I had to move out
• 22:47
  Speaker 7: of home to go to UNI, and then so I
• 22:49
  Speaker 7: was forced to kind of live off centerlink and like.
• 22:52
  Speaker 1: Hospitality jobs stuff.
• 22:53
  Speaker 7: And so basically from when I've been eighteen till now,
• 22:55
  Speaker 7: which is twenty eight, so ten years, I've been like
• 22:57
  Speaker 7: a student the entire time. I think there was maybe
• 23:00
  Speaker 7: one and a half years where I was like working
• 23:01
  Speaker 7: proper jobs. But yeah, because of that, I've just always
• 23:04
  Speaker 7: been living off superlu income. I think now I have
• 23:07
  Speaker 7: a pretty good relationship. Like sometimes I get a bit
• 23:09
  Speaker 7: stressed about it, Like like if I have a friend's
• 23:11
  Speaker 7: birthday and I'm like want to buy them a presents, Like, Okay,
• 23:14
  Speaker 7: I'm gonna do this, but as a result, I'm gonna
• 23:16
  Speaker 7: have to live off me gong for the next couple
• 23:18
  Speaker 7: of days, you know what I mean.
• 23:19
  Speaker 8: Stuff like that. So it's okay, but yeah, sometimes it
• 23:22
  Speaker 8: can be stressful.
• 23:23
  Speaker 7: At the moment, I feel like I'm in a really
• 23:24
  Speaker 7: good place though, so much better now than even two
• 23:27
  Speaker 7: years ago I was like struggling.
• 23:30
  Speaker 1: Okay, so we know twenty eight and fifty has had
• 23:32
  Speaker 1: it tough. But let's hear the nitty gree stuff. How
• 23:35
  Speaker 1: much does she earn and how much is sitting in
• 23:36
  Speaker 1: her bank account right now?
• 23:38
  Speaker 8: Okay, so it's complicated.
• 23:40
  Speaker 7: So I'm on a PhD scholarship, but a specific one
• 23:42
  Speaker 7: through a different university, so it's slightly higher than the average.
• 23:45
  Speaker 8: Australian PhD scholarship.
• 23:47
  Speaker 7: So that's thirty two thousand a year, and that's tax free,
• 23:50
  Speaker 7: and that is like my base salary.
• 23:52
  Speaker 8: But then on top of that, I do what's called
• 23:54
  Speaker 8: RA work and consulting work.
• 23:55
  Speaker 7: So RA work is like research assistant work, so that's
• 23:58
  Speaker 7: like casual research work where you might work for another
• 24:01
  Speaker 7: academic and that's like forty bucks an hour in general.
• 24:04
  Speaker 7: And then my consulting work that's really good money, but
• 24:07
  Speaker 7: it's really sporadic. So I had a look like last
• 24:10
  Speaker 7: year in consulting, I got sixteen thousand dollars, which is brilliant,
• 24:14
  Speaker 7: but that's actually not tax free, so I actually don't
• 24:18
  Speaker 7: know how much of that. I'm going to the accounted
• 24:20
  Speaker 7: tomorrow to figure out how much of that I actually
• 24:22
  Speaker 7: get to take back.
• 24:23
  Speaker 1: But what I do is I put that.
• 24:25
  Speaker 7: Immediately into savings, so I didn't even touch that. So
• 24:27
  Speaker 7: even though I'm going to lose some of it to tax,
• 24:29
  Speaker 7: I'm still earning interest on it while it's in savings,
• 24:32
  Speaker 7: So before tax, I'm earning around forty eight thousand a
• 24:36
  Speaker 7: year and after tax it's about forty four thousand.
• 24:39
  Speaker 1: Yeah, and how much I have in savings, I've.
• 24:41
  Speaker 7: Actually got thirty thousand dollars, so I've been like steadily
• 24:45
  Speaker 7: working on that.
• 24:45
  Speaker 8: I'm super proud of it.
• 24:47
  Speaker 7: So this is why I say I'm really thrift to you,
• 24:49
  Speaker 7: because I basically live off my PhD salary and then
• 24:52
  Speaker 7: everything else I basically consulting work.
• 24:56
  Speaker 8: I put straight into savings, don't touch it.
• 24:57
  Speaker 7: And if I get RA money, that's a real bonus
• 25:01
  Speaker 7: I might I'll use that to spend like week to week.
• 25:04
  Speaker 1: So we know how twenty eight and thrifty gets paid,
• 25:06
  Speaker 1: but what exactly happens to that money after it's deposited
• 25:09
  Speaker 1: into her account.
• 25:10
  Speaker 8: Because it's a bit complicated.
• 25:11
  Speaker 7: Before how I was mentioning, I have the base salary,
• 25:13
  Speaker 7: so that works out is about twelve hundred dollars a fortnight.
• 25:16
  Speaker 8: So that's my base salary what I live off.
• 25:17
  Speaker 7: And then with the consulting, it's kind of really sporadic
• 25:20
  Speaker 7: when I get paid, So basically I get paid when
• 25:23
  Speaker 7: the company gets paid. So I was checking last year,
• 25:26
  Speaker 7: I got paid once in January and once in April
• 25:29
  Speaker 7: and that's it, So I kind of but I don't
• 25:31
  Speaker 7: even look at that, so it's okay. So twelve hundred
• 25:34
  Speaker 7: dollars a fortnite base salary, and then occasionally if I
• 25:38
  Speaker 7: get RA work, it might be a bit higher, but
• 25:39
  Speaker 7: basing everything on the base salary, twelve hundred to fortnite,
• 25:44
  Speaker 7: and then straightaway I put two hundred and fifty dollars
• 25:46
  Speaker 7: of that into my like ultra savings account, and that's
• 25:49
  Speaker 7: a savings I can't touch. Then two hundred and fifty
• 25:53
  Speaker 7: I put into like my accessible savings account, so that
• 25:56
  Speaker 7: leaves to seven hundred dollars. Unfortunately, then rent and Internet
• 25:59
  Speaker 7: is five hundred fifty dollars that automatically goes away. Then
• 26:02
  Speaker 7: that leaves me with one hundred and fifty dollars for
• 26:04
  Speaker 7: the fortnight. So you can see why I really rely
• 26:06
  Speaker 7: on my RA work or my consulting work, because basically,
• 26:10
  Speaker 7: if I have another bill, like a gas bill or whatever,
• 26:12
  Speaker 7: I have no money. So a lot of the time
• 26:14
  Speaker 7: what happens is I end up dipping into my accessible
• 26:17
  Speaker 7: savings account, like to the point where I've had a
• 26:20
  Speaker 7: lot of bills recently, so at the moment, my accessible
• 26:22
  Speaker 7: account is only at like four hundred dollars, So.
• 26:25
  Speaker 1: We know she's pretty damn good with saving, but what
• 26:27
  Speaker 1: about investing?
• 26:28
  Speaker 7: I have a raise account thanks to Shameless Girls, and
• 26:32
  Speaker 7: that's it only started that up in May, but I
• 26:35
  Speaker 7: did have it. I used to have an everyday round
• 26:37
  Speaker 7: up account, but I was finding I was like getting
• 26:39
  Speaker 7: no money from it and the interest was crappy, so
• 26:41
  Speaker 7: I moved it into rays and so far it's been
• 26:43
  Speaker 7: pretty good. Apart from that, nothing else, but like long term,
• 26:46
  Speaker 7: my goal is to eventually put some into proper stocks,
• 26:48
  Speaker 7: but don't really understand how to do that.
• 26:51
  Speaker 1: And where does twenty eight and thrifty set with her debts?
• 26:53
  Speaker 7: Okay, so I officially have no credit card or kind
• 26:57
  Speaker 7: of personal loan debt, which is fantastic, but my hex
• 26:59
  Speaker 7: day is hefty at fifty thousand goals.
• 27:02
  Speaker 1: So does twenty eight and thrifty have any good money
• 27:05
  Speaker 1: habits that she's especially proud of the.
• 27:07
  Speaker 7: Best one is probably that I live off my base
• 27:09
  Speaker 7: salary and everything else is a bonus. My savings, like
• 27:15
  Speaker 7: my consulting money, I don't even look at it. I
• 27:17
  Speaker 7: just put it straight into savings.
• 27:18
  Speaker 1: And what about her worst money habit splurging.
• 27:21
  Speaker 7: On occasion when I really shouldn't. So sometimes I'll dip
• 27:25
  Speaker 7: into my accessible savings account and get something like I
• 27:29
  Speaker 7: really shouldn't. Mainly clothes, it's the main weakness.
• 27:33
  Speaker 1: Yeah, what's twenty eight and thrifty actually saving for? What's
• 27:36
  Speaker 1: her big money goal?
• 27:37
  Speaker 7: So my main savings goal at the moment is for
• 27:39
  Speaker 7: a house. And the reason really is, I've been renting
• 27:42
  Speaker 7: for so long now that I've just been having lots
• 27:46
  Speaker 7: of issues with renting. Like so, for example, a few
• 27:48
  Speaker 7: places like homeowners just decided to up and sell the house,
• 27:50
  Speaker 7: so we had to find a new place in thirty days.
• 27:52
  Speaker 7: So I just really hate the insecurity of renting. So
• 27:54
  Speaker 7: I just want to kind of have her own place
• 27:56
  Speaker 7: and be like, Okay, we can stay here.
• 27:58
  Speaker 1: So how would today's money diary her own relationship with money?
• 28:01
  Speaker 1: If we force her to give herself a grade, let.
• 28:03
  Speaker 7: A grade, I'd probably give myself a maybe a B
• 28:06
  Speaker 7: plus because I'm super thrifty, maybe an A based on
• 28:11
  Speaker 7: your faces, I don't think like what I'm doing is
• 28:15
  Speaker 7: like it's not really sustainable, and it's really hard because
• 28:17
  Speaker 7: I don't have this consistent income, I find it really
• 28:20
  Speaker 7: hard to plan long term.
• 28:22
  Speaker 8: So like this fortnight, I had no ra wex.
• 28:24
  Speaker 7: It was literally twelve hundred dollars for the fortnight, which
• 28:28
  Speaker 7: so I had one hundred and fifty dollars left. But
• 28:30
  Speaker 7: then I'm taking like the dog to be groomed because
• 28:32
  Speaker 7: she needs to be groomed, and that's like there goes
• 28:35
  Speaker 7: sixty bucks and it's like I've got nothing left. So
• 28:38
  Speaker 7: I definitely have to dip into that saving. So I
• 28:40
  Speaker 7: sometimes wonder if I'm putting too much pressure on myself
• 28:42
  Speaker 7: how much I save, and maybe I should pull some
• 28:44
  Speaker 7: more out to be like less stressed.
• 28:46
  Speaker 8: Week to week.
• 28:47
  Speaker 1: Victoria, what do you think she's doing well?
• 28:50
  Speaker 4: I think that she's really good with her money. She
• 28:52
  Speaker 4: sounds like she's being incredibly frugal. I love that she's
• 28:55
  Speaker 4: on Facebook marketplace, even though she thinks her friends are
• 28:58
  Speaker 4: probably not on the same page.
• 29:00
  Speaker 1: She said that she loves Gorman. Yeah, so do I,
• 29:02
  Speaker 1: and I would like to say to anyone else who
• 29:04
  Speaker 1: loves Gorman follow the Facebook group Gorman Esque. It's greats.
• 29:09
  Speaker 4: I think it's really important to actually point out how
• 29:12
  Speaker 4: frugal she's being whilst also still enjoying things in life
• 29:16
  Speaker 4: that she wants to enjoy. So that Gorman is a
• 29:18
  Speaker 4: really expensive clothing brand. But if she's able to go
• 29:21
  Speaker 4: through you know, Facebook Marketplace or these Facebook groups that
• 29:24
  Speaker 4: you're mentioning, and you know, still wear the things that
• 29:27
  Speaker 4: she wants to wear and feel nice and have access
• 29:30
  Speaker 4: to these things, she's being a lot more savvy than
• 29:32
  Speaker 4: most of us. Like I know, I'm guilty of it.
• 29:35
  Speaker 4: Like if I would like to purchase something, I don't
• 29:37
  Speaker 4: think of an alternative way to purchase that. I just go,
• 29:40
  Speaker 4: all right, I want a new dress. I probably want
• 29:42
  Speaker 4: it from this place, and I go to the shop
• 29:44
  Speaker 4: work out what I want. It's something I want to
• 29:46
  Speaker 4: get better at. So I hope that I can learn
• 29:48
  Speaker 4: from her.
• 29:49
  Speaker 1: So what should she improve on?
• 29:50
  Speaker 7: Then?
• 29:51
  Speaker 3: I think that her education.
• 29:52
  Speaker 4: Around investing could be improved, just education around what she
• 29:56
  Speaker 4: can do with her money, potentially learn a little bit
• 29:59
  Speaker 4: more about home ownership. So what type of deposit does
• 30:03
  Speaker 4: she need? At what point should she be talking to,
• 30:05
  Speaker 4: you know, a mortgage broker. At what point should she
• 30:07
  Speaker 4: be starting to look at property? Has she thought about
• 30:10
  Speaker 4: how much the property she wants to purchase is going
• 30:12
  Speaker 4: to cost her and what associated.
• 30:14
  Speaker 3: Costs are going to come along with that? So I
• 30:16
  Speaker 3: think that.
• 30:16
  Speaker 4: You know, it's one thing to have a goal of
• 30:18
  Speaker 4: purchasing a home, but I really like tangible goals. And
• 30:21
  Speaker 4: we'll go back to that thing that we spoke about,
• 30:23
  Speaker 4: you know, when we're all in university, about setting smart
• 30:26
  Speaker 4: goals and making sure they're realistic and time relevant and
• 30:28
  Speaker 4: all of that other fun stuff. But you know, really
• 30:31
  Speaker 4: mapping out, all right, I want to purchase a home,
• 30:33
  Speaker 4: what does this home actually look like? How much can
• 30:35
  Speaker 4: I actually forward? Is this going to be a five
• 30:37
  Speaker 4: hundred thousand dollar home? Is it going to be a
• 30:38
  Speaker 4: seven hundred thousand dollar home. Those two things are very
• 30:41
  Speaker 4: different in terms of saving goals and the amount of
• 30:43
  Speaker 4: time it's going to take her to achieve that. So
• 30:45
  Speaker 4: I think if she can work out exactly what she's
• 30:47
  Speaker 4: aiming for and create a goal that is incredibly clear,
• 30:51
  Speaker 4: she's going to be able to achieve it one in
• 30:53
  Speaker 4: a shorter period of time, but to know when she's
• 30:56
  Speaker 4: achieving it, not just go Okay, well, I've saved thirty
• 30:59
  Speaker 4: thousand dollars, which, by the way, is incredible, incredible, especially
• 31:04
  Speaker 4: for her salary.
• 31:05
  Speaker 3: She's saved a year's worth of salary.
• 31:07
  Speaker 1: I'm so proud of her.
• 31:08
  Speaker 4: Who else can say, hey, I've got a year's worth
• 31:10
  Speaker 4: of my salary sitting in a savings account.
• 31:13
  Speaker 3: That's so not many. So I think that's really impressive.
• 31:17
  Speaker 4: But yeah, just that education piece and you know, really
• 31:19
  Speaker 4: refining her goals and picking that up.
• 31:22
  Speaker 1: So how would you consider her grade?
• 31:23
  Speaker 7: Then?
• 31:23
  Speaker 1: A B plus to A.
• 31:25
  Speaker 4: I think she can keep the A. I think she's
• 31:26
  Speaker 4: doing really well. I think it's really impressive, especially given
• 31:30
  Speaker 4: her history. And you know what she shared with us
• 31:32
  Speaker 4: about her money story, where she's gone and where she's going.
• 31:36
  Speaker 4: It's actually quite inspirational.
• 31:38
  Speaker 1: Very motivational. That's all we have time for today. Just
• 31:41
  Speaker 1: before we head off, as always, let's quickly wrap the
• 31:44
  Speaker 1: boring but important stuff. The advice shared on She's on
• 31:47
  Speaker 1: the Money is general in nature and does not consider
• 31:49
  Speaker 1: your individual circumstances. She's on the Money exists purely for
• 31:52
  Speaker 1: educational purposes only and should not be relied upon to
• 31:55
  Speaker 1: make an investment or a financial decision, and of course
• 31:58
  Speaker 1: we promise. Victoria Divine is an author representative of Consultant
• 32:01
  Speaker 1: Financial Advisors Proprietary Limited ABAN six five double O six
• 32:06
  Speaker 1: three seven three double nine to five AFSL two three
• 32:09
  Speaker 1: oh three two three. I did that in one breath.
• 32:11
  Speaker 3: You did that in one breath. I'm so impressed with you.
• 32:14
  Speaker 4: So join our Facebook group where seven thousand now women
• 32:18
  Speaker 4: share money tips and tricks every single day, free of judgment.
• 32:21
  Speaker 4: So She's on the Money on Facebook and join us.
• 32:24
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  Speaker 4: at She's on the Money AUS.
• 32:30
  Speaker 1: This podcast is a production of Shameless Media on behalf
• 32:32
  Speaker 1: of She's on the Money. See you guys next week.
• 32:35
  Speaker 6: Bye.